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

sugarbaby125

I always ask my son who is 15, then I give him the equivalent note. For example £5 for £5 in change. If he only has £4.70 of change I will still give him £5. It is theft from your own child otherwise. I have my own piggy bank pig as well, so most of the time, I can just use my own change that I have saved up

scrimperdave

I learned a very bad lesson like this. When I was 14 we emigrated to South Africa in 1966 and my savings account was converted to cash (£26 and some shillings).
When I asked my father for the money back, aged 16, he refused, telling me it it covered their costs in bringing me with them.
It was just another lesson in not trusting the people who were supposed to care for me, but it was many years before I bothered saving any money.

Fireflyaway

I don't think its nice but I have taken money out of my kids piggy bank, bank account and cashed in premium bonds. Not nice and I feel ashamed but I feel its better than taking out some loan shark money and getting in serious trouble.

I now give my kids regular pocket money and have set up a standing order to savings account.

From conversations with colleagues I know many mums who have 'borrowed' from the piggy bank.

I might be a pocket money thief but at least I admitted it.......

System

The only time we take their money out is to cash it up at the post office. We made the mistake 1 time of letting them take their pennies to the shop and it took so long counting them out!

Sulevia

mdcollins1984 wrote: »

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.

Quite agree. They will 'borrow' all sorts of your stuff if you don't set the example that 'my stuff is my stuff' and 'your stuff is your stuff' and asking *before* borrowing is essential.

somethingcorporate

Is there really any other option but no?

I think it's fine for a one off, with their permission, in an emergency but a stash of IOUs just shows a lack of respect for your children.

joehoover

Do you not have your own 'penny jar' Surely you don't manages to spend all your loose change every time.

But no it's not really acceptable, especially as you haven't mentioned it hence the four IOU's there, you should have mentioned it after the first one.

LameWolf

It's only ok if the IOU is written on a ££ note of equivalent or higher amount than the amount "borrowed".;)

Jagraf

Yes I would do and have done.

I have been too broke for new school shoes for DD. The choice was wet feet or borrowing the money out of her piggy bank.

I would have a real issue with sending her to school with wet feet

She has lovely healthy feet now and enough shoes to make a centipede smile, so I'm glad I didn't put her through that trauma years ago, because she would have remembered the shoes.

And I would do it again and again if I needed to.

gaving7095

Crikey this one's attracting a whole lot of judgement :-)
If it gets paid back, personally I don't think it's a big deal. I only wonder what kind of a piggy bank contains any significant amount of money, or else how exactly you find yourself that short that piggy bank money gets you out of a hole.
Start your own piggy bank maybe? :-D