I don't personally feel that it is very ethical to lump my kids' money (from gifts or whatever) in with any of my accounts. I have separate savings accounts for each of them where I deposit their gift monies and when those hit a certain balance (not sure yet, maybe $1000 or so) I will start a Vanguard brokerage account in their name for each of them (we do have a separate 529 to which we contribute a set amount each month). Then, when they start to show a real interest in managing their money, maybe in their early teen years, I will start letting them pick their own investments, or withdraw the money and spend it. They need to be given leeway to learn and make mistakes. I will encourage them to save their money and spend it on a wise purchase, not clothes, cell phones, and other consumer products that quickly lose value.