Children's savings

mags24

I would say do what you think is best with the resources available, and that means your children's savings too. No point them heading for adulthood with a nice pot of money if starvation or homeless-ness is going to see them descend into hell before then!

I know I have been a prat with money in the past, but I got it sorted before the twins got to 18. Added to that, their granddad had bought them Children's Savings Bonds for NS&I, which he kept in his name/with him as trustee. If relatives are regular savers on your children's behalf, why not ask them to take these out from now on. That means future savings for your kids from other people is out of your reach, but you can use what is available currently to keep the family afloat in the meantime, knowing you have a decade-plus to replace it. It could be the best of both worlds.

You are the adult. You have to make the decisions and be man/woman enough to face the consequences. Its what being a parent is about - not necessarily right, but responsible.

moonlightpjs

How about saving all the 50p, 20p, 10p etc and waiting until you can fill a bank bag - I think its £10, £5 and £5 and paying it back that way. Your child can then take the bags to the bank himself and feel very grown up and you could also give him the book. Or maybe evening joining the £2 coin savers club and pay it back that way.

If you do intend paying it back then I can't honestly see the problem, you even asking on here proves you are a good Mum xx

My parents had an endowment policy set up for me when I was born to pay for my wedding - should have been approx £5k but they had to cash it in when my Dad was poorly (I was about 14). I still had a fantastic wedding and it was a fraction of what they would have got (about £1.5k) and best of all, they were then in a position to pay for it without getting in to debt. Obvioulsy I didn't know this at the time but am glad they did what they did.

mrsspendalot

Relatives are not regular savers for them no, it is money from when they were born and when they got Christened last year. Just £20 here, £30 there kind of savings. If it were regular then I wouldn't even consider it, but it is just sat there earning a few pence interest while we are struggling to bring up a family and pay off debt at 29.9%. Tough decision.

PropertyGuru

mrsspendalot wrote: »

If your kids had savings in their accounts would you use it to pay off a debt and then pay it back to them when you are debt free?

Of course. And you could send the little blighters down the workhouse while you are at it.

After all, those preteen scroungers are getting a free ride on the back of YOUR efforts, so it's only fair you steal their pocket money.

But seriously folks, if you ask them and they agree, then that's all right.

And if they don't agree, steal it anyway and blame it on Gordon Brown & Tax.

mrsspendalot

ha ha ha, thanks for making me smile

moonlightpjs

Work out how much you are paying back per month on the 29.9% debts, ie the minimum payment. Says its £40 for example - pay these debts off and save half or even a third or even just what you can afford to pay back your children. This way you won't be paying that amount of interest and your children will have their money back before you know it???? £10 a month works out at £120 a year - 2 years and you'll have paid it back and also if you can save more than even better. If you are paying the minimum payment every month then it could take that long to pay back the debts anyway and you are lining the pockets of the creditors.

Would you have let the children have this money during the next 2 years? Probably not!!! Do what you think is best xx

Aj_eye

I wouldn't.............(although I have considered it)..

Our son is 8 months old, and we have been saving the equivalent of his child benefit in an account for him... This was agreed before he was even born..

We save £100 per month...

tara747

If you can pay back the money to their savings accounts, then I guess it's your call.

My tuppence worth on the other points:

Spending tax credits/child benefit (mostly on the family anyway) - OK

Taking from children's birthday money - not OK

Being in debt through bum deal in life - I have sympathy

Being in debt because of not being able to control spending on consumer tat, holidays etc - no sympathy

Intending to pay off your own debts - good for you

Not intending to pay off your own debts - hanging's too good for you

Not cutting up cards now - why??

Best to cut up the cards...

mrsspendalot

Well we were going to chop the cards straight away ... but we thought we would get more satisfaction from cutting them up one by one as they are cleared ... another one bites the dust kind of thing. So we sealed them away in an envelope so we would see if each other had weakened and opened the envelope. However, that was before I came on here and got some motivation. Perhaps now is the right time to give them the snip afterall.

tigzem

I've borrowed my daughter's savings account in the past, and I felt guilty but the money was made up of, a) my 1st tax credits payment, b) my Sure Grant maternity payment and c) some gift money. I'm paying £25pm into her account so she's back up to where it was. I'd even considered borrowing some more to pay back my smallest debt of £84 but I don't think I will but only cos I've used so much of her money already. She does have £100 in premium bonds and £500 in her trust fund so she's not poor!

On another note..... if she were to win some money with her premium bonds, would I use that to become debt free??? I wonder?