Decision made regarding Christmas gifts for the two kids

United States
November 22, 2016 8:27am CST
With much thought we came to the conclusion that we will not buy the kids Christmas gifts from a 'list' we will be given. No no no. We will not be buying gifts at all, Christmas or otherwise. Here is the plan: We are going to open a savings account for each child. Only the child's name and our names will be on the account. That way no one can touch the money except the kids when they are old enough. We got the SSN numbers so next week we will open the accounts and then when gift giving time comes around they will get a bank statement showing money has been put in their accounts. We haven't quite broken the news to the parents, that will come soon and probably not go over very well......but, it's our money and our decision how to best spend/give it! It also shows that we are old enough to do what we want to do! Someday those kids will appreciate it, we hope! PS: We made sure that the bank we use has a branch in the state where they live. Photo: pixabay.com/en/bag-money-wealth-revenue-finance-147782/
18 people like this
18 responses
@much2say (40477)
• United States
22 Nov 16
Oh I wish my mother in law would do this! She loves to shop but is on a strict budget . . . but she goes way overboard when it comes to gift shopping for Christmas. And then she ends up with a bunch of stuff the kids really have no use for so it's really a big waste of money. One year we actually asked if we could all forego the gift giving - she agreed - and bought everyone presents anyway. Another time we just finally said do not buy gifts - we don't need anything - and that an account of some sort would be much more useful .. . but she said that was boring. Can't win. I think what you're doing is smart!
5 people like this
• United States
22 Nov 16
Boring, money in the bank is never boring! Maybe you need to explain to her that with the new president and all the changes, that money in the bank might be more useful than ever. It's hard dealing with inlaws for sure and the money thing makes it worse.
4 people like this
@much2say (40477)
• United States
22 Nov 16
@AbbyGreenhill Exactly. One of her daughters (my sister in law) is in the worst financial situation ever with her family and had they been taught to better manage their money, I'm sure they wouldn't call a forethought account as "boring". One has to be smarter with their money these days (and mother in law should know - she's in a doozy herself) . . . starting an account for a child is a great gift - it's not another "thing" that will be tossed into the toybox to be forgotten.
2 people like this
• United States
22 Nov 16
@much2say Exactly and then sold at a yard sale LOL
3 people like this
@JohnRoberts (64997)
• Los Angeles, California
22 Nov 16
The kids won't appreciate such a wise gift now but will when old enough to understand the real value.
4 people like this
• United States
22 Nov 16
Since the baby is only 4 mos. I am not worried. Besides, they will get piles and piles of gifts. The boy already has more toys than Toys R Us.
3 people like this
@marlina (79644)
• Canada
22 Nov 16
@AbbyGreenhill It is your decision anyway, not theirs.
2 people like this
• United States
22 Nov 16
@marlina Exactly.
2 people like this
@Happy2BeMe (75381)
• Canada
22 Nov 16
I think that is a wonderful idea. They may not like the idea now but they will be thankful for it in years to come.
3 people like this
• United States
22 Nov 16
Thanks, it took a while, but we chatted with the girl at the bank and we came to this conclusion.
2 people like this
@Happy2BeMe (75381)
• Canada
22 Nov 16
@AbbyGreenhill I think it is wonderful!
2 people like this
• Jacksonville, Florida
22 Nov 16
It might go over better than you think, I hope so anyway.
3 people like this
• United States
22 Nov 16
That's true, and if it doesn't go over good, that's not my problem. Gifts of any kind should not be expected! There is nothing written were it says we have to give them a gift. We're lucky if they send us a card and if they say thank you. Seriously, I always have to ask to even know if they get the things.
2 people like this
@fishtiger58 (30319)
• Momence, Illinois
22 Nov 16
A fantastic idea. Last Christmas my husband and I opened an IRA Retirement account for our two sons,. They have both gained and my boys are thrilled. Of course they are in their 20's so understand what an important gift that was. Yup someday the kids will appreciate what you did.
2 people like this
• United States
22 Nov 16
See, I'm very money minded - guess that comes from having a father who was associate dean of a college and was in charge of a big budget and he had a Ph.d and Masters in Economics. So to me a bank book with money for the future is a good thing!
2 people like this
@fishtiger58 (30319)
• Momence, Illinois
23 Nov 16
@AbbyGreenhill It's a very good thing. But kids and young adults don't get that so they need us old folks to tell them, and show them.
@amadeo (75741)
• United States
22 Nov 16
well depend on the nature of this.Are they mature enough. I will say wait later
2 people like this
• United States
22 Nov 16
You know, kids aren't going to argue with us since we won't see them. They came to visit once three years ago. The parents are going to be very rich down the road due to family money they will get...this way the kids have their own little nest egg.
1 person likes this
@snowy22315 (54237)
• United States
22 Nov 16
They probably won't appreciate it until they older.
2 people like this
• United States
22 Nov 16
I know that, but they are not lacking in toys.
1 person likes this
@LadyDuck (182256)
• Switzerland
22 Nov 16
This is a great idea and if the parents do not appreciate is their problem, you are the one who decide.
1 person likes this
• United States
22 Nov 16
Yes, I wish I had thought of this 4 years ago LOL!
2 people like this
@LadyDuck (182256)
• Switzerland
22 Nov 16
@AbbyGreenhill It is so much better than having to think to a gift or to give a check for the kids. This year I have informed the family that we are NOT going to cook and host for Christmas. The 27th is our 45th anniversary and we plan to go on vacation a few days.
2 people like this
• United States
22 Nov 16
@LadyDuck Good for you! You deserve to have a good time and not have to do all the work involved in a Christmas dinner. How did they react?
2 people like this
• United States
22 Nov 16
Aww that's a good idea =) The kids may not be the happiest but once they get older they'll be pretty happy!
1 person likes this
• United States
22 Nov 16
That is what we thought also. Besides, it puts the decision making back in our hands.
2 people like this
• United States
22 Nov 16
@AbbyGreenhill That's very nice of you two to do this! :) It's more thoughtful than toys!
1 person likes this
• United States
22 Nov 16
@infatuatedbby Thank goodness our bank has a few branches in NJ since its mostly in the south.
2 people like this
@celticeagle (120473)
• Boise, Idaho
22 Nov 16
That is a great idea! Sounds like you have it all very well thought out. Hope it goes over well and the parents are understanding.
1 person likes this
• United States
23 Nov 16
I don't know why anyone would turn up their nose at money for their kids....but one never knows for sure.
1 person likes this
@celticeagle (120473)
• Boise, Idaho
23 Nov 16
@AbbyGreenhill .....It's such a great learning tool. Kids need to learn to save early. I heard a story of a young girl who wanted to be a millionaire before she went to college. I thought that was great. She would do lemonade stands and all kinds of things to make money and saved it all.
1 person likes this
• United States
23 Nov 16
@celticeagle I think it's a great teaching aid and I always had a savings account when I was a kid...I think that's part of the reason I respect money today.
1 person likes this
@Jessicalynnt (47879)
• Centralia, Missouri
22 Nov 16
lovely idea! I had a friend who's parents did that, with saving bonds, and when they got to college they had quite a bit put back!
1 person likes this
• United States
22 Nov 16
Unfortunately buying savings bonds is not easy - you have to buy from Treasury Dept and you have to have an account and the person you are buying for has to have an account. No more running to the bank to buy them - I researched that.
1 person likes this
• Centralia, Missouri
24 Nov 16
@AbbyGreenhill ah, gotcha, I had never looked at it myself. Still the idea, bonds, savings, whatever, is a great idea!
@paigea (22615)
• Canada
24 Nov 16
That is a great idea. I would appreciate it if I were the parents of the kids.
1 person likes this
• United States
24 Nov 16
Thanks, we think so too LOL!
1 person likes this
@Daljinder (22196)
• India
23 Nov 16
That's an awesome plan! Very well done
1 person likes this
• United States
23 Nov 16
Thanks - we think so also.
1 person likes this
@cindiowens (4551)
• North Myrtle Beach, South Carolina
23 Nov 16
That sounds like a wonderful idea. I don't want an account though, you can just send me some Russell Stover through the mail ,lol.
1 person likes this
• United States
23 Nov 16
LOL - If I were to walk into that store the candy wouldn't last for me to get to the post office!
1 person likes this
@PatZAnthony (13118)
• Charlotte, North Carolina
22 Nov 16
This is an excellent idea. Hopefully the kids will hear about the plan when they are old enough to be looking in your direction for gifts and realize what is happening.
1 person likes this
• United States
22 Nov 16
Yes, we hope so too. I will mail the deposit slips in a card so when they are old enough they can 'see for themselves.
@LoriAMoore (4667)
• United States
22 Nov 16
FANTASTIC! It's a responsible and thoughtful gift.
1 person likes this
• United States
22 Nov 16
Thanks, I am becoming a grown-up
@TheHorse (73480)
• Walnut Creek, California
29 Nov 16
How old are the kids?
• United States
29 Nov 16
4 and 4 months.
@JudyEv (136837)
• Bunbury, Australia
22 Nov 16
I think that is an excellent idea. Well done for coming up with this. Most kids don't really need 'stuff' but money in the bank will always have a use.
• United States
22 Nov 16
Thanks, I think it's the best all the way around.
1 person likes this