Fiver parties are on the rise, but what exactly are they?

It's actually a pretty brilliant idea if your child has a big-ticket item on their birthday list.

Fiver parties are when party guests bring a card and $5 instead of a present. The $5 goes toward the expensive present that the child has on their birthday list. It's kind of like when everyone at the office pools their money together to buy a "nicer" present for the boss.

Birthday's can be expensive and if your child is going to multiple parties a year you're talking $20 for a present every time. Fiver parties cut down and cost and eliminate the clutter of excess presents. Let's be real, your kid is going to be over playing with half their presents 15 minutes after the party is over anyways.

Mom-of-three Sarah Schultz told Today.com that her son Braden "was very happy with his fiver party and it was a wonderful lesson to teach him about saving money instead of spending money as soon as you get it." Braden saved his Christmas and fiver party birthday money so he could buy a pet hedge hog.

Check out more information on the Today website.

Would you throw a fiver party for your child?