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Reply to "What to do with kids’ money?"
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[quote=Anonymous]My kids each have a several hundred dollars in 1’s and 5’s. The oldest is 5. What do you do with kid money? I know they’ll keep getting money and when they’re older then I would let them spend within reason. We give them $20 when we go to Disney for souvenirs, sometimes they buy ice cream and each spends $5 at dollar tree/target for siblings birthdays. Currently there’s not a good solution and they get into the cash in their rooms. Dh wanted to open bank accounts for them, but that’s not a thing anymore right? I know my bank charges a monthly fee if you don’t have direct deposit. A- put it in their 529s or half in their 529s B- put it in my bank and keep track for the kids how much is in there. C- trade it in for $20s and keep it in my own safe. [/quote]
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