Do people still give saving bonds as gifts?

by **SanJoseMommy** on Fri Oct 23, 2009 9:30 pm

I am looking at gifts for my kids for christmas and am getting a little irritated... Why spend money on toys they will have forgotten about by next year when we could be building towards their future? My husband and I want to send our kids, they are 14 mos and 2.5 yrs old, to private school and be able to pay for them through college as well.

So I guess I am wondering if I can tell my dad to skip buying them presents and give each of them a bond or equivalent instead? I would of course still get them each a couple of special toys, but nothing pricey.

What are your thoughts? As of right now we have an ING account that was supposed to be our savings, but we have been paying off our debts (just the last few payments on our car) instead which I think is good.

How do bonds work? You go to any bank and say "I want a $50 savings bond." ?

Are there any similar things, but they accrue interest?

by **pdooma789** on Fri Oct 23, 2009 9:37 pm

Sure. I gave someone a savings bond for their child's christening gift just the other day. But remember, that bond will belong to them - you can't spend it.

Christmas isn't about the presents. A few small things you think they will really enjoy with paper and ribbons to play with is just fine.

by **Kelsey574** on Fri Oct 23, 2009 9:38 pm

I think its a great idea!

by **Emoja572** on Fri Oct 23, 2009 10:09 pm

People still do that. My stepdad bought a 20 year bond for my son when he was born. It's a great idea and I'm sure your dad will agree.

by **ozboz48957** on Fri Oct 23, 2009 10:15 pm

Yes, we've done that and we've also made charitable donations in the child's honor.

All the best.

by **Emsi140** on Fri Oct 23, 2009 11:21 pm

lol, stupid, is their standards for all child gifts? like why are you asking yahoo questions, ask him what he wants.

by **PetMom087** on Fri Oct 23, 2009 11:22 pm

My Mom gives each of the grand kids a $50 savings bond for Christmas and their birthdays. We put them in a safe deposit box and will let the kids have them to attend a higher education facility of their choice.

You can go to your local bank and purchase one. Whatever face value you want will cost you half that. For example, a $200 bond will cost $100. You fill out paperwork and pay for it then. It will come later in the mail.

by **MisterTerrific759** on Sat Oct 24, 2009 12:05 am

Well.....telling your parent what to give your children? I think that's pretty cheesy. Let the grandparent/s spoil the kids, and you cut back on the number of toys that YOU buy.

If your kids are so young, I'd take the money you were planning on spending on Xmas for them, pull out enough for two "important" toys, and bank the rest for their college. Let your DAD buy the other toys and be the hero--you might want to drop hints, but let him be "The Guy"--the one who plays Santa, in essence.

I'd start real live college funds for them if I were you--the kind where the money goes in, but it can't come out unless there's a major catastrophe and they accrue top tier interest because you can't touch the cash.

Savings bonds do the most good when you buy every month via the payroll savings plan. The odd bond here-n-there isn't going to do the trick. More trouble than they are worth.

Do people still give saving bonds as gifts?