Parachute fund?

GlasweJen

My mum made me open a credit union account years ago and i completely forgot about it until earlier when she mentioned that she needed my signature as my book had been filled and they needed my signature to issue a new one.

I found out that she has been putting a couple £ away in mine and both my sisters names in these accounts that she calls our parachute funds. The idea is that if we need to leave a relationship quickly we have money that our other halves don't know about to see us through until we're sorted. I think she's done this as she was in a very abusive marriage but didn't have the means to leave until it was too late.

Does anyone else have this sort of fund? I'm in 2 minds about discussing it with OH.

redrabbit29

That's a fantastic idea, your Mum should join the site!

You could mention it to your OH, but maybe just say it was setup for emergencies, and NOT mention it was incase your relationship went boobies-up.

mirrorimage0

dont think your mum would be best pleased though if you mentioned it to your other half

Paparika

Thats a really nice mum.

And no even if you have the very best relationship with you OH, this is yours, and you never know when (if ever) you may need it.

MrsTinks

That's very nice of your mum and I think that you should keep it to yourself - after all that's why she set it up for you she obviously has a very good reason to and wants to know that IF something should happen to you (you never know what the future holds) then you have that safetynet should you need it.

RedBern

I'd keep quiet about it - think of it as your emergency fund for rainy days that will never happen - but know that if it starts drizzling you've got enough for an umbrella at least and if you ever need an ark..........;) This is between you and your mum - no need for OH to know - he may have different ideas of what an 'emergency' is if he knows about it!

Scubabe

I agree with everyone else - definitely do NOT mention it to OH.

I have one as well, as I was once in your mum's position... so now, even though I am now married to the world's sweetest man who cannot even bring himself to swat a fly, I still have an account which I add to each month, just in case.

You never know when you will need it, or what for, so respect your mother's history and just let her do her thing.

Ness

starbump

I agree with the other posters: don't mention it to anyone, including hubby. This is clearly for your mom's peace of mind after a difficult experience and, as it isn't hurting anyone, you should let her keep it secret. It's not a reflection of your (and your sisters') marriage(s). In fact, I'd just forget about these accounts completely and be glad they make your mom feel happy.

Btw, to answer the OP question, I don't have any such fund earmarked myself. However, although all our finances are joint, some accounts are in my sole name e.g. ISAs.

belfastgirl23

This is your mum's way of giving herself peace of mind and giving you and your sister an insurance policy. Telling your OH about it might well take away her peace of mind. I'd take the view that it's no one elses business personally....

And yes I do believe it's important to have a little bit of money tucked away in your own name. One of those things that hopefully you'll never have to use but it is nice to have something that you're not accountable to anyone but yourself for...

The other thing of course is in the event of serious illness or death of your OH you have a slush fund till joint monies are sorted out. Depressing thought I know but very important...

Janepig

At the risk of sounding like GD :rolleyes:, just wondering how the posters who are recommending that the OP keeps this information from her partner would react if it was the fella keeping money from her incase he needed to do a midnight flit? Just curious.

I would mention it, but say that it's just for "emergencies".

Jxx

busiscoming2

I have one of these, once bitten etc... Your mum has done a lovely thing for you and your sister. I wouldn't tell your husband unless you have to. BUT a little warning. Mine is kept in an account with my parents address for corespondence, but I was pushed into a corner when my husband was ill for almost a year and the benefits agency wrote to him quoting the BS and account number to him, asking to have a face to face meeting about it!!! He told them he knew nothing about it (truth) but I was so racked with guilt and came clean and told him it was for my pension/retirement. He was fine and thought it was a good idea.