Receiving money as gifts

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Snow White

Sun, Dec 16 2018, 1:22 pm

I usually stuff the extra cash I receive into my wallet. A few times I have bought myself jewelry or luxury items and I always remember the gift giver thru that item.
Someone just gave me $50 for my baby’s first birthday and I want to purchase something for my baby otherwise I’ll forget that person has gifted me. What is a good buy for baby worth $50 , I don’t feel like he actually needs any new toys right now.

ez-pass

Sun, Dec 16 2018, 1:29 pm

I put all of the monetary gifts I get for my children in their bank account.

pbandjelly

Sun, Dec 16 2018, 1:29 pm

Clothes - maybe a sweater, jacket or pajames in the next size?

Or spend it towards an experience. Do you have a children's museum with a good toddler playspace in your area? Sometimes memberships are around $100 for the year...you can put the money towards that.

Or you can open a savings account for him Smile

Snow White

Sun, Dec 16 2018, 1:33 pm

pbandjelly wrote:

I don’t have saving accounts for any of my kids, maybe I should start now.
But I do like the idea of spending it on a membership, smart!
Thanks.

L25

Sun, Dec 16 2018, 1:33 pm

can you open up a bank account for the baby and put it in there?

Amarante

Sun, Dec 16 2018, 1:39 pm

I agree with others that setting up a savings account is a great idea. Once you have the account set up, it's much easier to just allocate money towards it and watch the money grow. It might also serve as a psychological incentive for you in terms of thinking before spending discretionary income on stuff that the child doesn't really need - you just can put that money into the account and let it accumulate.

lucky14

Sun, Dec 16 2018, 4:13 pm

or buy a gift card to a store you think you'll purchase something for the child from in the future (clothing, toys, etc) and write on the gift card that it was a present from X so when you do end up using it you'll remember who gave you the money.

zaq

Sun, Dec 16 2018, 4:45 pm

Invest the money in a Uniform Gift to Minors account. You control the account till the kid turns 18. The money grows and you pay tax on earnings at the kid's tax rate, which unless the kid is loaded, is zero. When the kid goes off to yeshiva, sem or college, s/he'll have a nice cushion, or keep it invested and have a nice start for married life.

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