Post # 1
My boyfriend’s nephew is 5 years old and ever since he was a baby, for birthdays and christmas we’ve been puting money in his bank account. The reason for this is he gets a ton of toys from the rest of his family and we view it as a waste of money plus hes going to grow out of the toys. We want him to have some money saved for when he gets older.
Just recently I found out his mother has been taking money out of his account to buy things for him or to get him involved in activites bacuse she “can’t afford it”. That bothered me a bit. I know when you give someone money you have no control over what they do with it. Also recently he lost his fathers Iphone and they said they were going to take the money out of his account to replace it (which i thought was ridculous because a 5 year old is not responsible enought the hold onto an Iphone) but luckily they found it!
Does anyone know anything we can do for him from now on for birthdays and holidays? I don’t want to buy him toys, and am no longer comfortable putting money in his bank account. Help, ideas, experiences please!
Post # 3
You could buy him books, or savings bonds for college 🙂
IMHO kids love toys and if gets even 5 minutes of joy out of the toy it was not a waste of money. Playing has been shown to have an immense role in brain development.. Plus hes just a little muffin, why not play with all the toys he can now, before he grows up and doesnt have time. 🙂
Post # 4
you could create your own account for him and give him access when he’s 18.
he’s going to grow out of pretty much anything you give him. didn’t you have something that was your absolute favorite when growing up that you no longer have a use for? a doll, a little car, a book, a stuffed animal, a costume, a chalkboard, anything?
Post # 5
@showmethebling: You could continue a separate savings account with only your names on it so the mother doesn’t have access to it. If you don’t want that, maybe look into savings bonds.
I’m with you though – if everyone else is buying him toys, he doesn’t need even more toys from you!
Post # 6
@showmethebling: Savings bonds! Parents cant use it then for toys and he can cash in when he is older and trying to pay for school or a house
Or you could make an account in your name and hold the money there, then just give him something small on bdays/christmas
Post # 7
Thank you eveyone for the input. I’m going to have to look into the different options. I briefly looked up savings bonds & they are a little different than the ones we got when we were kids. They are now electronic and you and the person you are purchasing it for, need to open a TreasuryDirect account. I’m not sure the other details of it yet. Also if I got him any kind of college bonds i don’t want that to hurt his chances of him getting financial aid of loans when he applies to college. (Not sure if it would but just a thought.
The other main thing is I don’t want to hurt the feeling of my boyfriend’s sister who is the mother of his nephew. Every year when we put money in his account we let her know. So if we opened our own account I think she’d get the picture and feel hurt. I don’t want to cause a fight or have to tell her that we dont agree with her taking his money out.
I’m 28, & growing up my grandparents and a few select aunts and uncles would just give me cards with money in it. My mom saved each and every one and gave them to me a few years ago when I needed money to buy books for college and back to school clothes shopping. I appreciated having it. I actually still have a bunch of the money and cards that I’m saving (I’m not sure for what lol). The old style 50 & 100$ bills in the cards from my grandparents (who are no longer here) actually mean alot to me and I still havent spent them.