Parents: do you borrow money from your kids' piggy banks or savings accounts?

marleyboy

Yes

Yes - but only ever the piggybank and only in extreme circumstances. Of course the money goes back in as soon as as we have it.

AntoMac

Yes

I regularly borrow from my 11 year old's account, and pay her back at an interest rate lower than the debt I'm paying (e.g. Mortgage rate for an overpayment) and a rate higher than she earns in her Savings Account.
I have it all recorded on a spreadsheet. I currently owe her £185 which fluctuates up and down with additional borrowing and repayments. Haven't actually told her but I'm sure she wouldn't mind!
I often feel slightly miffed that my 11 y/o seems to have more readily available savings than I do.

fierystormcloud

I don't as I have no kiddies

But my mom is always pilfering off me! :rotfl:

And I return the favour a few months later and piler off her!

We never lend anything that we couldn't comfortably afford to lose though.

However if mum has a tenner off me, I never ask for - or expect it back - and she is the same with me. But if I ever have ever borrowed say £50 to £100, or if she borrows that much, then we would give it back: thats a bit much to keep letting go and not having back.

wendz86

Yes

I sometimes borrow money fir parking but will always pay back.

Spendless

No, but when they were little the piggy banks were just full of loose change rather than 'their pocket money'. As such we'd empty it for them if we were going away for their spends, but at other times it was just change in the house.

The money that's gone into savings, we've not touched, though I would in a dire straits situation. We did once take the money out of DS bank account to pay for the ice skates he'd wanted, had sharpened, worn once and then decided he didn't want them!

Jagraf

Yes

jjj1980 wrote: »

No, never have and never would.


My ex-husband did once empty DD's piggy bank out when she was about 9 weeks old as he wanted a takeaway(!!) and couldn't understand my anger as in his words "She's too young to understand or need the money"

With this in mind would you never lend money to your child either?

Jagraf

Yes

When I've been caught out, usually by the window cleaner (if you see what I mean :eek:).

I also occasinally (when needs must) use her mascara, ankle socks, expensive shampoo, deodorant, pens, perfume and hairbrush ...... Oh and boots, sleeping bag, scarves and sometimes eat her sweets she hides in her drawer. Oh and I've been known to steal a Creme egg too.

She has a lovely blemish stick I have my eye on

beth.stephenson2009

Don't have kids yet but my opinion regardless:

Depends on the circumstances. In an emergency like needing food, to pay for electric etc- yes. But for trivial things? No way, would never dream of it.

bylromarha

Yes

Yes, frequently.

We saved all the child benefit for the 1st kid, and when times were tough when no.2 came along, we emptied the account. We paid it back when we could afford to.

We currently owe DS £414. There is a post it on the laptop reminding us of this. He understands what that money was used for and sees the figure going back down towards zero. He also understands that being in debt costs money and was happy to lend us some of his savings so we didn't have to pay more money.

I don't think I understood the concept of interest like he does aged 10.

beth.stephenson2009

And r.e. lending my children money- if I have it; I wouldn't hesitate. That's something a parent is supposed to do- look after their child in any way necessary.