Would you borrow money from your child's saving account??

SarahNeedle1872

I personally wouldn't touch it unless I absolutely had to.... Lucky kids with £10k savings though!!!
You should use the money you have saved to pay off the cards, then BT the rest to 0% and pay it off ASAP.... cutting up the cards of course!

Then if your DH does ever loose his job, and you need to, you have the children's money to fall back on...

Why not also post an SOA so we can see if we can help to cut your monthly outgoings too.

HTH

jenjade

i agree with piglet uses your saving then if you have a emergancy you will have to borrow the kids

iwannanicerlife

Thanks for your comments everyone. I will look at my SOA today and post it later. We have really turned things around in the last year or so, tightened our belts. It would be great to have a clean slate!

For those that asked, we have paid in approximately £2k into each of the children's accounts, the rest has come from other family sources.

iwannanicerlife

Grrrrr just typed my SOA and the machine crashed!!

Here goes again:

IN:

OH's salary £1494 (will get this for the first time this month following £2K payrise)

Salary £599
Child tax credit 41
Child benefit - 125

Total - £2259

OUT:

Council tax - 121
Insurance - 20.43
TV licence 11.61
Children's bond - 20
Insurance - 32.48
House insurance (B&C) - 28.07
Critical illness - 59.91
Credit card 1 - 60 (Sainsburys, balance 2662, 16.94%)
OH's pension - 121.50
Loan to MIL - 60 (finishes this month)
Mortgage - 622 (5.94% fixed until 2013)
Mobile - 15
Credit card 2 - 47 (Tesco, balance 1552)
Orange (broadband & calls) - 16
Gas - 14 (due to overpayment)
Electricity - 40
Sky - 48
Wildlife park membership - 5
Groceries (everything including groceries, b/d presents, kids clothes) - 240
Fuel - 80
Dinner money - 7

Total - 1662

I also aim to save the following:

Xmas - 35
Car (tax, mot, service, insurance) - 50
Savings - 50
Holiday - 20
Bills 25
Swimming lessons - 20

but somehow I rarely manage it!!

I know there are two insurances listed above, but can't remember what they are for - will check later!

I know looking at it we're fine, but we are just breaking even each month .... any help welcome!

cantcope

hi, well done for posting your SOA.. you have almost £600 left each month what do you spend this on?

In answer to your original question i'd use your own savings before the kids savings. you could always use theirs if there was an emergency. Honestly though i dont think you'd need to use either with that amount of surplus cash each month.

Keeping_Positive

Looks like you need a spending diary, its so easy to spend money without realising IYGWIM. Try this http://www.spendingdiary.com/.

Personnally with the excess you have I would use your savings to clear most of the cc's transfer reat onto 0% then set up a standing order on payday to your savings account to rebuild the savings.

tyllwyd

iwannanicerlife wrote: »

Car (tax, mot, service, insurance) - 50

I'd have a look at this - I bet you that it is costing a bit more than you think.

iwannanicerlife wrote: »

Groceries (everything including groceries, b/d presents, kids clothes) - 240

And this - all credit to you if you do manage to get all these things for this much, but if you look at the last few months, is this figure realistic?

perfectlypoor

Could you reduce the sky package almost £50 is a lot of money, I would not use the childrens savings but use your own and if somethings happens down the line like your OH losing his job you can borrow their savings then. you have quite a bit left after things are paid almost £600 have you included everything in your budget, do you have pets? how much is your water rates? you really need to include the car things in your budget also school trips entertainment etc. I would also keep the clothing, birthday and food seperate as its so easy for this creep higher than £240 when you include all the little extras like popping in shop for things, buying the child ice creams, takeaways and all the other extra littles bits and peices.PP