Do you struggle with what to get kids for their birthdays? If you are like me, you notice that a niece or nephewʻs birthday is coming up, and try to think what size clothes they wear or what kind of toy they are in to. For me, I have 15 nieces and nephews on my side of the family and on my other halfʻs side we have 4 nieces and nephews. Their ages range from 1 year old to 21 years old.
This year we decided to do something a little different for birthday and Christmas presents. We are going to start Savings/Investment accounts for the kids. We will manage the accounts and make deposits for their birthdays, Christmas and other special occassions throughout the year. Once they turn 18 years old, they will be able to have the money plus any accrued interest and earnings; only once they make a plan with us on how they will invest or spend it.
This takes the guess work out of gift shopping for us and saves us on time and travel to go to the store to buy a gift. We will also be sharing with other family members what we are doing just in case other family members would also like to contribute to their savings.
Note* Be sure to budget any type of gift giving into your finances.
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