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My children often get money for birthdays and other special occasions, and I never know how to handle it.
Should I make the kids save the money, spend it on something they need or just let them fritter it away?
It all depends on the size of the gift and the intentions of the giver. If it’s a relatively large sum-say $50 or more-you’d be justified in having the children save at least some of it. If Grandma stipulates that the money be spent on a new winter jacket, honor her wishes. But if it’s a relatively small amount-say $20 or less-and comes with no strings attached, let the kids fritter away.
Just remember to have them write a thank-you note to Grandma and tell her what they bought.
