Kiddiwinkles Savings should i use them??

milanos

As has already been mentioned, I think you really need to get to the bottom of why you're struggling to make ends meet and having to contemplate this.

If after that you really do need to use some of the money, I would only use money that you have contributed to the fund as I don't think it's right for you to use gifts to your children for this.

The suggestion that you have a CTF for gifts etc and a seperate one that you can contribute to but still have control over is a very good one.

Hope all goes well and this is just a brief blip!

Happytogetdebtfree

I would utilise the saving and pay it all abck once sorted no doubt whwn kids get olde they will utilise your savings :-)

Happytogetdebtfree

I have to say what the court judgement would be on using a 2 year olds savings and paying it back i just am flabergasted at the sort of thought this has outlined, seriously theft from a 2 year old I'd have to laugh off unless they were a millionaire baby :-/

Cloudy456

I have just read this whole thread and there are some good points made from various points of view....I agree entirely with the consensus that it counts a theft if money was given from someone else to the child e.g. a grandparent, but if it is money that you yourself have put aside for a child's future then it is yours to do what you like with until such time as you hand it over the the child for their use.

No child is 'entitled' to these kind of gifts that many parents (who can afford to) choose to provide, it should be seen as a gift that not all are lucky enough to receive. If the OP is not in a position to make these kind of provisions for the children's future, better to accept that now and stay in the black, instead of getting into the red by trying to do too much that they can't afford (including making provisions for the kids future) even if it is done with the best intentions.

Whatever you decide to do, learn the lesson from how hard the decision is to make and in future keep all finances separate e.g. what belongs to the kids and what is YOUR money that you MAY decide to pass on to the kids but that you may not be able to do in the end.

LilacPixie

I personally would not touch the savings money however the OP implys in her post that she currently contributes to the savings amount monthly. I would be stopping that contribution.

vgstar44

!!!!!!! hell....go away for a few hours and all hell breaks loose.

I want to clarify that the accounts in question i considered using is money only from us. Money we have put away for to give them the advantage of a lump sum when they need it most. For example for my youngests 1st Xmas he was only 2 months so started the account with money as we felt we couldnt buy him much at that age. My eldest similarly gets that much from relatives we put away money at birthday time instead of buying stuff for the sake of buying it.

They have there own piggy banks in there rooms for pocket moneys from grandparents ect and we also have a child trust fund set up for both of them that we also add to every month.

I do need to start budgeting but im not in a situation where things are too bad. I want to hit the nail on the head before it gets to a point where i am lying in bed at night worrying when the debt gets to thousands and thousands through irrational spending. For example the local petrol gargage which is a pay by card only doesnt accept my bank card only my mastercard. Say i will transfer it when i get home. Dont end up doing. I know i need to go somewhere else for petrol ....but its sometimes easier said than done.
I have been plodding along not noticing it creeping up until i had a wake up call and realised the monthly payments i was making were barley touching the balance and only hitting the interest. I came to the conclusion the money in those accounts (im am a named person on the accound too btw) is sitting there accumulating not much interest with such crap rates at the moment. Why not save myself some interest and pay it towards the debt.

I'm worried probably like alot of people that if i dont get it paid off quick with all this recession malarky either myself of my hubby looses our jobs and we are in a major rut.

I understand it might not be the most sensible option but thats why i thought i would ask for peoples opinions.

Vicky x

zarazara

wuckfit wrote: »

That depends. If it's in an account in the child's name, it is the child's money; and therefore taking it without consent is no different to taking money from any other account that does not belong to you, ergo, theft.

but the child is a minor and the parent or guardian is in control. I dont agree with taking money given to the children by third parties, but if its money put aside for the child by the parent then I see no problem. Its no different than having money in different envelopes for different purposes then shuffling it. For example, the monthly wage/salary is divided up into different envelopes ,one for food,one for petrol,one for mortgage etc. If the mortgage cant be met for some reason then its pointless sitting on the,for example,envelope marked "clothes", just because its put aside for clothes.I;d use the clothes money to pay the mortgage. Here the OP has put aside money marked "children" but needs money now,today, to cover a bill.[debt] Its still her money because the children are not 18 and the children need clothes food and a roof over their heads. I agree that the underlying cause needs addressing,ie the OP must budget to live within her means,and this may mean she simply wont have enough to put away for the kids each month,or for books or DVDs or flowers or whatever. Its pointless putting money away for the children if the basic week to week necessities cant be met.

zarazara

and I should have added that not having to pay the interest to the card companies will mean more left each month so the mother,and therefore the children will be better off.

zarazara

Cloudy456 wrote: »

I have just read this whole thread and there are some good points made from various points of view....I agree entirely with the consensus that it counts a theft if money was given from someone else to the child e.g. a grandparent, but if it is money that you yourself have put aside for a child's future then it is yours to do what you like with until such time as you hand it over the the child for their use.

No child is 'entitled' to these kind of gifts that many parents (who can afford to) choose to provide, it should be seen as a gift that not all are lucky enough to receive. If the OP is not in a position to make these kind of provisions for the children's future, better to accept that now and stay in the black, instead of getting into the red by trying to do too much that they can't afford (including making provisions for the kids future) even if it is done with the best intentions.

Whatever you decide to do, learn the lesson from how hard the decision is to make and in future keep all finances separate e.g. what belongs to the kids and what is YOUR money that you MAY decide to pass on to the kids but that you may not be able to do in the end.

This is a brilliant post

zarazara

Just an aside here,my husband and myself put away money for our 2 children on a regular basis,small amounts because that is all that we could afford.We thought it would be useful to them at 18 for uni or something. My eldest bew it a on his hobby. Very upsetting for us,then at 20 went to live with his girlfriend and proceeded to spend the £10,000 inheritance from his grandad on gifts for her,her family holiday and so on. Suprise,suprise the month it all disappeared she threw him out. My youngest though, is like me and his dad,he banked his ,added to it and is going to buy his first (second hand) car soon loan-free,we are careful spenders and dont use cards. I am heartbroken at how my eldest behaved and just cannot understand it.However its been a hard lesson for him and I just hope hes learned well now. Sort of puts me off saying its good to put money away for children when they recklessly throw it away,especially when it was so hard for us to save in the first place.