Kids Saving Money Article 3

How to Tactfully Ask Relatives for Gifts of Money Instead of Toys

“I want to get Emma something special for her birthday. Do you know what she could use?” “Teenagers are always so hard to buy for. Can you give me some Christmas gifts ideas for Michael?” As a parent, you have most likely heard similar comments at one time or another. However, it seems like nobody listens no matter how many times we say, “Our kids have so much, don’t worry about buying a gift.” A birthday or Christmas gathering can yield a mountain of toys and games, many of which get played with only once at most. Wouldn’t it be nice to get some of those immediate gratification gifts turned into contributions toward a college fund? Let’s explore the possibilities.

One approach is to plan a volunteer project for your child. Perhaps you have a local charity in which your child has shown some interest. You could make an agreement with your child that for every hour he/she volunteers at the charity you will contribute a certain dollar amount to their education fund. Determine a total amount that you wish the child to earn and set that as a goal. Then, if relatives ask what kind of gift would be appreciated, inform them of the project and let them know that anyone can contribute.

Another tactic is to set up a true wish list. Have your child list 4 or 5 things they would really like to have. Somewhere in the list, add “college fund donations” as one of the items. When people ask what your child would like to have, give them a copy of the list. This allows the relative to pick the dollar amount without you verbally asking for it.

This next method relies on a bit of faith for it to work in your behalf. Many families have a group of children that are cousins and approximately the same age range. Take it upon yourself to choose one of your child’s cousins and set up a college fund for them. Go to a financial institution, set up an account, and make it all legal. Then take the time to tell all of your relatives, except for the cousin and their parents, that you have set up a fund and you are donating some money to it for a present. Let the relatives know that they are welcome to contribute to it as well, but keep it a secret from the recipient and the respective parents until the gift is given. If all works well, someone in the family will feel that you and your child would benefit from the same arrangement and will return the favor.

Proper decorum says it is wrong to ask relatives for money. But there is nothing wrong with providing a few suggestions when you are specifically asked for gift ideas.

This information is for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional advice or opinions on specific facts or matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the information in this article, it is recommended that a Doeren Mayhew representative be contacted. This article is property of Kids Saving Money.