Question about potential winnings on scratch-off lottery tickets

[mrudman]

DD's absolutely love to play lottery tickets, so we'll usually get them one to scratch every 6 months or so.. most they've ever won is $2, which I let them keep.

But for Christmas, as a stocking stuffer, I've bought them 5 tickets each. But have a question how I should divide up any possible winnings.

I was thinking if they win up to $5, they can keep it, but anything beyond that goes into their bank account.... seem fair?

Heaven forbid they get a big winner, such as $100, I don't want them thinking they can just splurge on toys, lol.

Also, any cute way of putting them in their stocking, rather than just wrapping them up?

 

[ndfi78]

I think that sounds about right.

 

[leadfootlevi]

Build a house of "cards"

 

[Hannathy]

see I would let them have all the money if they win. How are kids and you don't have real young kids learn to mange money if you do it for them all the time. And what would be wrong with them taking their winnings and buying a big toy that they would normally have to wait until a birthday or save a long time? or to save it as a big chunk towards something big but let them decide. I would encourage them to use it for something substantial but I wouldn't make them they need to learn.

My DS 11 got $100 last Christmas and he saved it until summer and put it with birthday and other money to buy his Xbox360. But if he had wanted to buy several halo miniatures or other things it would have been his choice.

If you insist on managing it for them I think 5 is a little low, what the heck but junk can you get for $5?

 

[HM]

I'd let them have it all. Help them plan on how to use (or save) it wisely, but let them make the ultimate decision on how they use it.
At the very least, half to spend now and half to save up for a purchase later.

 

[JB2K]

DD's absolutely love to play lottery tickets, so we'll usually get them one to scratch every 6 months or so.. most they've ever won is $2, which I let them keep.

Heaven forbid they get a big winner, such as $100, I don't want them thinking they can just splurge on toys, lol.

The suggestion about "splurging on toys" suggests the daughters are children.

Since lottery tickets are, for all practical purposes, legalized gambling, is this appropriate?

 

[*BTMRR*]

Am I the only one who thinks it's not very appropriate to give lottery tickets to kids? I can see having sort of a family lottery ticket where you all sit down together and the child scratches it off and any winnings go toward buying something for the family, but in my opinion your girls are too young to have their own lottery activities.
I'd say it would be good to let them scratch them off but just say that the family (with parents having veto power) will decide together what any winnings will be used for.

 

[Leshaface]

The suggestion about "splurging on toys" suggests the daughters are children.

Since lottery tickets are, for all practical purposes, legalized gambling, is this appropriate?

Sure it is!

My family has been doing it for years and I know LOTS of families that buy 20-30 of these for that "Mad Santa" Christmas exchange (where there are children playing as well)

All in fun I believe!

 

[SandrA9810]

We've traded lotto tickets for a while. It wasn't an every year thing, but it was fun when they came around.

If one of them actually wins big, I'd hang onto the ticket for a week before cashing it in. That way the cash is not burning a hole in any one's pocket. During that week, you can go over suggestions on how to spend or save the money, or possible share some of it with the other sister. That way there's no impulse buying either, and she can decide what she really wants it for.

What is the max payout on these tickets? I would put an automatic cap on how much cash they can have now, and each month they can have a certain amount out of it if they want to or leave it in savings. But I'd leave the number pretty high, like 150-200$ for the initial payout. There's no way I'd hand over 500$ or more to a 10 year old.

 

[jeepgirl30]

So you are giving a gift with strings attached?

If you gave lottery tickets for a gift exchange at work, would you tell the recipient they can only get up to a certain amount or would the winnings be 100% theirs??

I can see if you pick up a ticket together once and awhile and limit it but not if you give it as a Christmas present. It would be like giving a candy cane in the stocking but only letting them eat 1/2!

 

[Heidict]

I love giving lottery tickets as stocking stuffers and have given them to my niece and nephew when they were young. It is not against the law for someone under the age of 21 to receive them as a gift so I see no problems with it.

OP, personally, I think that they should be allowed to keep whatever they win and they should get to spend it on what ever they want. Now, if they win $100,000 the rules might change real quick.

 

[NYCDiane]

You're giving each child 5 tickets. I say whatever each child wins is theirs only. That will teach a lesson about gambling, too, and that it doesn't always work out in your favor.

As far as $$ amount. If they win it, it's theirs! Even if it's $200 or $500. Let them do with it as they please. You may be surprised and hear your child offer 1/2 to her sister. Or say she'll keep $100 and put some in her bank account and the rest for a family thing.

I wouldn't put a condition on the tickets. They're a gift and you don't want to ruin a Christmas gift by telling her she can't have it once she's won.

 

[mrudman]

OP here..

Thanks for all your thoughts everyone... after thinking about it, guess it would seem unfair to tell them they can only have a small amount.

Guess I'll keep mum till after the tickets are scratched.. figure out IF they did win anything, then go from there.

The caps on a couple of them are up to $10,000 so no way I'd let them keep that, but I'll just see how it plays out on Christmas morning, lol.

 

[kimkoz]

We always got a couple in our stocking each year - My moms only rule was if anyone won over $20 we would split the winnings. There was just 2 of us.

 

[patsal]

I guess if your not prepared to deal with them winning 10,000 and keeping it than that would be a bad gift. Sorry, but until it is scratched the possibilities are endless and if they do win that amount you should have a plan, only an adult can cash it in, so taxes would be your responsibility, Overall the whole thing could be a great learning experience. Some win some don't. Not all tickets are winners, luck of the draw, etc. Taxes take a good chunk away so that is a good lesson and then the spending vs saving thing. All would work out as very good lessons.

However if I put them in my kiddos stockings I would let them keep whatever they won minus taxes as it is theirs to spend or save. I guess what I may be expressing is only give them what you are prepared to have to deal with. If you gift it it isn't yours to control anymore.

 

[Mom21]

The suggestion about "splurging on toys" suggests the daughters are children.

Since lottery tickets are, for all practical purposes, legalized gambling, is this appropriate?

Sure. What's wrong with it? You know the lady on here looking for the mini Tabasco sauce bottles? Well I'm going to slip a few mini bottles of tequila and Kahlua along with a bunch of lottery tickets into my 13yo dd's stocking. That way if she wins, I can get her drunk and steal the tickets!!!!

Just kidding. My dd loves to scratch those things off. I may get a couple to place in her stocking. Hadn't thought about it.

 

[traviesojmt]

If you are giving your children the tickets, then it is their money. Having said that though, we do have rules regarding money in our home. On any money received, our children tithe 10% and the remaining money is split with half going to their savings account and the rest is theirs to keep. We do this regardless of the amount. My DD7 won $50 at a school fundraiser. She tithed $5 and put $22.50 in her savings and got to keep $22.50. We do the same if they get $20 for Christmas. I tell my children that they will thank me one day when they have money to buy a car. LOL If it were my DH and I, we would do the same with any winnings from the tickets. Kids keep half and save half.

 

[Ava]

We always got a couple in our stocking each year - My moms only rule was if anyone won over $20 we would split the winnings. There was just 2 of us.

That sounds fair. I once won $12 at bingo with my grandmother, and she made me split it with my 3 cousins - so we got $3 each. I was so mad, I could've done a lot with $12.

 

[SandrA9810]

If you are giving your children the tickets, then it is their money. Having said that though, we do have rules regarding money in our home. On any money received, our children tithe 10% and the remaining money is split with half going to their savings account and the rest is theirs to keep. We do this regardless of the amount. My DD7 won $50 at a school fundraiser. She tithed $5 and put $22.50 in her savings and got to keep $22.50. We do the same if they get $20 for Christmas. I tell my children that they will thank me one day when they have money to buy a car. LOL If it were my DH and I, we would do the same with any winnings from the tickets. Kids keep half and save half.

Those are good rules to follow, as long as they've always been enacted. Unless the rule comes up prior to the winning of money (or potential winning), you can't change the rules in the middle of the game.

If they kids are old enough, you might want to start them on the path of saving on their own.