Money Moral Dilemma: Is it OK to borrow from my kid's piggy bank?

Former_MSE_Nick

This week's MoneySaver who wants advice asks...

My eldest recently went to her piggy bank but she found it full of IOUs from me. I'd borrowed money as I needed the change but always planned on replacing it - is that acceptable?

If you haven’t already, join the forum to reply!

[threadbanner]box[/threadbanner]

Tigsteroonie

It's only acceptable (to me) if you can and do replace the money before they find out.

(I do it quite often! A borrowed £10 from littl'un's money box to go to the market, in the knowledge that on the same trip I'll go to the supermarket as well and get cashback. The IOU only lasts two hours.)

Petaldust

Did you ask her before leaving the IOUs whether you could borrow it? I think you'd have something to say if she 'borrowed' your money without asking first.

Primrose

No, i don't think it's acceptable. It's giving her a message that you can't trust your nearest and dearest to be honest with money and it will undermine her trust in you..

Get yourself down to the bank and buy £20 worth of small change and keep it in a safe place for when these emergencies occur.

ceecee1

Another hypothetical question from MSE.... has it been a quiet day?

Indie_Kid

I'm sure someone posted this question recently?

Owain_Moneysaver

I don't know how old your eldest is, but I understood the concept of interest on deposits at a very early age. Thus money did not accumulate in the piggy bank, and my mum realised that raiding my piggy bank would cost her more than wonga.

I was however quite amenable to changing £8.97 of piggy bank money out for a tenner in if mum need small change.

mdcollins1984

Yes, if you think it's acceptable for them to borrow your car and return it before you notice.

Seriously, you should be open in discussing finances with your children as part of educating them. Sneakily borrowing money on multiple occasions isn't really fair and you should talk to them first, and replace as soon as possible rather than racking up multiple IOUs.

amistupid

Nick as much as you can from them when they're young, because they'll rob you blind when they get older.

marleyboy

How many IOU's does it take before you pay just one back???

Jagraf

Indie_Kid wrote: »

I'm sure someone posted this question recently?

Yes there have been loads of similar ones.