Should You Give Children Money as a Gift for Birthdays?

List: Posted: 09/19/11

Do you struggle with finding the right gifts for children on their birthdays each year?  If you are wondering whether you should ditch that educational toy or game in favor of money, there are actually some pretty good reasons that you should do so.

 

First, giving money as a gift can help to teach children fiscal responsibility.  If you want to introduce a youngster to the concept of saving money, giving it as a gift (along with a piggy bank or child savings account opened in their name) can be a good way to start doing this.  It will help teach them the value of a dollar, as well as teaching them about saving if they want to save up for a larger purchase.

 

Another reason that giving cash to children can be good is that you avoid the problem of returns and exchanges.  And by giving children money, you ensure that they are able to get the gift that they actually want, rather than something that they will be unhappy with.

 

Finally, giving children cash can also save you money in the end.  When you buy a gift, you have to pay for the wrapping paper, as well.  Add more to that amount if you are shipping the gift.  Giving children cash or a gift card helps you save extra money.

 

There are plenty of reasons why you might want to give children cash as a gift, whether it's for the holidays or a birthday.  It is recommended that you check with the child's parents before giving cash, just to be in the safe side.

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