Perhaps, aside from birthdays, children appreciate Christmas the most. They get to receive gifts, and the food is just overflowing.
Christmas is also the time for reunions and meetups. Visiting friends and relatives not only gives us the time to catch up but gives the boys — much to their delight– the opportunity to receive gifts either in cash or in kind. My boys received mostly cash from these visits.
Usually, I let them spend their Christmas money, but still under my supervision. Last December though, husband and I encouraged them to open a bank account and start saving. Part of the money they deposited were their own savings from their school allowance. To encourage them all the more, husband promised the boys he will double the money they invested in the bank.