Kiddiwinkles Savings should i use them??

vgstar44

Hi everyone!!!! this is my 1st post so please be gentle with me

I have been trying to take my debt into control for the last few months but have been finding myself getting into a rut by paying to much to the debt initally when i get paid leaving me struggling come towards the end of the month and then having to use credit card as im short.

My debt is sitting at £3600 but seeing as i only work part time i am still limited to how much i can pay. My husband pays all the bills and mortgage ect so i cant use his wages.

I have been considering dipping into the childrens accounts (bad mother i know) which we saved up by putting away birthday money and a standing order of £10 per month which is currently sitting at £1646 combimed. I feel rotton for thinking about it but once we have it paid off i will be in a better financial position to put the money back and start building up our own savings.

Bad idea or worth a shout??

Vicky x

andys15

I wouldn't think twice. You need the money now, just remember how much you owe them, add a little interest and when you are debt free, save it again, increase standing order etc etc

carpedieme

you should be ashamed of yourself for even thinking about it, you got yourself ito debt you get yourself out o it without robbing your own children!!

lizzie_b

I think thats a bit harsh!!
How old are your children vgstar?? Are they old enough to understand the concept of debt and that they would be helping start a better situation for you all. I know when I was younger I would have helped my parents any way I could. Are they at an age where they are going to want to spend the savings or will you be able to replace them before they are wanted by the children?

vgstar44

Hi thanks for posting guys ....really appreciating your input.

My kids are 2 and 7. My plan is to save for them till they are 18 or older and give them it towards deposit for home / university.

My debt is over 2 companies so it would pay one off, which would be a huge relief mentally more than anything else and it would mean i could adjust the payment easier to be able to budget for the whole month

Vicky x

andys15

carpedieme wrote: »

you should be ashamed of yourself for even thinking about it, you got yourself ito debt you get yourself out o it without robbing your own children!!

What a load of rubbish. Who said parents have to save for the children anyyway. I never got a bean, and so what. Some might say kids now a days lack any drive. Perhaps saving a nest egg for them, loses them drive. Do gooders like you are to blame for todays society. Get of your moral high ground.

andys15

I have no savings for the children. I will give them an extra treat on there 18th birthday, and will help towards university. They cost me enough as it is, and I want them to work hard when they are older, as this in my opinion will help them appreciate thiings in life. I am not going to give them £1000s of pounds for nothing.

lizzie_b

Well said Andy.

You only need to read some of the stories on here anyway to see how children will happily help their parents out with the debtbusting. As long as at least the money that was given as a gift (ie birthday money) is replaced once you are debtfree I cant see a problem with it.

Maybe talk to the 7 yr old about it, tell them that you need to save a few more pennies to make things better in the long run, I know I would have raided my penny jar if it was needed for my parents when I was that age.

Dont feel guilty about borrowing from them when you will be building a better future for you all.

wuckfit

andys15 wrote: »

What a load of rubbish. Who said parents have to save for the children anyyway. I never got a bean, and so what. Some might say kids now a days lack any drive. Perhaps saving a nest egg for them, loses them drive. Do gooders like you are to blame for todays society. Get of your moral high ground.

How do you know that the savings are not gifts of money for birthdays and christmasses from relatives?

Personally I think dipping into the childrens' savings accounts is technically theft or embezzlement.
It will start off as a few quid here and there, with every intention of repaying, and before you know it, the accounts will be empty as well, and there will be no chance of repayment. And someone will have to explain to the kids where their savings has gone when they want a new computer game and the account is empty.
Don't Do It.

Percy1983

I have to agree that you don't owe yout kids anything, you could argue part of this debt is becuase you have been saving for them.

If you intend to save up for them for when they are 18 then just do it and replace it when you are solvent, but do you have to replace it? another question completely. I got a few hundred for my 18th yes more money would be great but if it ment my parents had nothing/debts for fund it then I would want it, they don't owe me anything.

I know somebody who got £10000 for there 25th, what does that teach in life?

carpedieme

perhaps you should do some overtime instead of robbing the childrens savings accounts otherwise manage your finances better!!