Do I use childrens savings to pay off debt?



  • Broken_hearted
    Broken_hearted Posts: 9,553 Forumite
    I'm sorry but I'd rather the kids had a good childhood and no savings than loads of savings and no childhood.
    Barclaycard 3800

    Nothing to do but hibernate till spring

  • Thank you guys. I would never forgive myself if I couldnt pay them back. I will look for better interest though for the oldest two I think youngest is stuck for another 18 months. He has a government account as well.

    Monies wil be left alone but we may use some for thier passports as they are desperate to go abroad. Was thinking of a cheap camping trip to France next year which I hope you agree will benefit them. Subject to budget of course!
    May 2013 new beginnings:j
  • rayday2
    rayday2 Posts: 3,960 Forumite
    I'm sorry but I'd rather the kids had a good childhood and no savings than loads of savings and no childhood.

    Its not about good or bad childhoods.

    I hope my children will be helped out when it comes to university, or wanting driving lessons its about opportunities and choices.

    Just because a child has savings does not mean they have a bad childhood - you can do both!
  • Broken_hearted
    Broken_hearted Posts: 9,553 Forumite
    Not everyone can
    Barclaycard 3800

    Nothing to do but hibernate till spring

  • dancingfairy
    dancingfairy Posts: 9,069 Forumite
    It's a question of priorities isn't it. Which is more important to you using the money and becoming debt free, saving money on the interest or knowing that it's there for the children and unless there was a dire emergency you wouldn't use it. There is no right or wrong answer, I think you have to make the best choices you can for yourself and your children. I think it is a horrible situation to be in to even have to contemplate but know that sometimes people don't have a choice in the matter and/or it would make significant difference to the standard of living for the family.
    Making my money go further with MSE :j
    How much can I save in 2012 challenge
    75/1200 :eek:
  • Bismarck
    Bismarck Posts: 2,598 Forumite
    I would use the savings to avoid repossession/eviction. ..Would I sell the car that essentially provides an important use to them to pay the mortgage before using children's savings...hmm...that's a good one.
    For what I've done...I start again...And whatever pain may come ...Today this ends... I'm forgiving what I've done -AF since June 2007
  • I think the main thing is we are coping and trying to raise extra for a few treats by doing the Grocery Challenge, second hand clothes, ebaying, carbooting etc. I want my kids to respect money but also to be able to remember fun times when growing up.

    If for some reason things turned bad I definately would use the monies. Right now its not essential just trying to think of moneysaving ways to be debt free and do whats best for our kids.
    May 2013 new beginnings:j
  • (Land_of)_Maz
    (Land_of)_Maz Posts: 11,738 Forumite
    Wendy, i think you've got your answer hun. And i think it was the one you would have expected.

    Well done on getting this far without using it at the really desperate times!

    and yes, i would use it to put towards their passports if you need to. That's not unreasonable.

    Isn't this forum a great place at times!!?
    I'm just a seething mass of contradictions....
    (it's part of my charm!)
  • pandapaws
    pandapaws Posts: 2,119 Forumite
    I agree with the general concensus, not just for the moral reasons about it being the kids' money, but also because it is a bit of security for you as well - if you ever do get really desperate then you know it's there.

    We currently owe my son £300, for £250 we transferred/nicked from his Halifax account to our own to avoid us getting a £40 overdraft charge. Didn't like doing it, but it made far more sense than wasting £40. We decided to pay the £40 to him rather than Halifax, so will repay £290. (The other tenner was nicked out his piggy bank because the nearest cashpoint is miles away and the Chinese here don't take Switch!:o ) It will all get paid back with interest though just as soon as I'm next near the bank.
  • The only reason I would dip into my children's savings would be if it was to prevent us losing our home, and only then if all other avenues had failed.
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