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

meritaten

Yes

same as Alikay - yes I have raided the kids piggy banks if a few coins were needed - put it back ASAP, but no didn't pay interest. we are a 'family' not a bank and we often 'lend' or 'borrow' from each other.

jjj1980

No

Alikay wrote: »

Why? I don't think it's a big deal at all, and frequently lend or borrow a bit of cash to/from family and friends if they've only got a large note or haven't yet been to the cashpoint. Obviously paying it back is a priority but none of us have a problem saying "remember you owe me that fiver from Tuesday" or putting an IOU in kiddies money boxes.

Our children didn't mind a bit, as I tended to take loose change to make up the dinner money etc, but when I repaid, it was usually in larger denominations of coins.

Because the money is hers, not mine. Even if I've given it to her as pocket money, it belongs to her once given.


To be honest, I only ever know how much she has in her money box when its full and we empty it to take to her bank account or when she asks me to check it as it's not working (she has one of those that counts and displays the total held but sometimes it confuses coins). I'm not sure how else to explain other that repeating myself that the money is hers, not mine.

Jagraf wrote: »

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

Of course I would!! I would never hesitate to help her whenever she needed and to whatever extent I could. Just as my mum did with me.

Lunar_Eclipse

Yes

meritaten wrote: »

we are a 'family' not a bank and we often 'lend' or 'borrow' from each other.

I love this line.

Jagraf

Yes

jjj1980 wrote: »

Because the money is hers, not mine. Even if I've given it to her as pocket money, it belongs to her once given.


To be honest, I only ever know how much she has in her money box when its full and we empty it to take to her bank account or when she asks me to check it as it's not working (she has one of those that counts and displays the total held but sometimes it confuses coins). I'm not sure how else to explain other that repeating myself that the money is hers, not mine.









Of course I would!! I would never hesitate to help her whenever she needed and to whatever extent I could. Just as my mum did with me.

Would you rather her keep her money than put food on the table, if it came to it? Or are your principles based on having enough money to choose your options?

jjj1980

No

Jagraf wrote: »

Would you rather her keep her money than put food on the table, if it came to it? Or are your principles based on having enough money to choose your options?

I'm guessing it's not your intention but I'm actually quite insulted by this!! It's not my 5 year old daughter's place to be putting food on the table!! My original response was in regards to my situation without judging or commenting on anyone else's. However, you are coming across as very judgemental in regards to my opinion.


No, my principles are based on that I could not take from a child, whether that's just to borrow or keep.


I'm not willing to explain myself further than to say I've been through some very rough times financially and never once did I think it would be right to take from my little girls savings to sort it.

iwannanicerlife

Yes

A few years ago now, we had run up debt on our credit card and my husbands job was looking unstable. Both our kids had very healthy savings accounts (partly from us saving all child benefit when they were young and partly from an inheritance). We borrowed the money from them to pay off the card in full and then set up a monthly direct debit to replace the money borrowed plus the interest they would have earnt. I honestly have no problem with what we did.

Last year my eldest daughter (12) wanted to buy an refurbished iPad. By now, her main saving account was not so readily accessible for interest reasons and she was about £100 short in her spending account. We lent her the outstanding balance and set up a repayment plan to her to pay the money back (we did discuss an interest rate but didn't charge it in the end).

iwannanicerlife

Yes

We regularly borrow money from each other or write IOUs for small amounts, and I'm sure if we were to sit and work it out I'm far more out of pocket than they are!

onlyroz

I do think there is a difference between borrowing a tenner to pay the window cleaner or milkman with the intention of paying it back in a day or two, to pilfering hundreds of pounds from a savings account. I have done the former but would never do the latter, and I'm shocked that some people think it's ok.

Jagraf

Yes

Anyone reduced their childrens pocket money to pay for bills? With little ones where money goes straight into savings accounts, surely this is e same thing? It's just not dressed up in the same way.

LilElvis

Jagraf wrote: »

Anyone reduced their childrens pocket money to pay for bills? With little ones where money goes straight into savings accounts, surely this is e same thing? It's just not dressed up in the same way.

Of course it's not the same! A parent can increase or decrease the amount of money they give to a child as they wish or as their circumstances dictate. It's a gift, not a contractual obligation. To take money that has been gifted, whether in a bank account or a piggy bank, is theft. What is it teaching a child? "I need it more than you do, so I'm going to take it". Great lesson in morals from their parents. It's a completely different scenario if the parent explains why they need the money and asks to borrow it.