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to cash in some of DD1's premium bonds?

(10 Posts)
Gotbills2pay Mon 06-Feb-17 12:48:14

My grandmother died just before DD2 was born. She had bought all her great grandchildren £2k's worth of premium bonds, so my DD1 (now 9) got some while DD2 hasn't got any. I've made sure their CTF/JISA savings accounts are topped up and fair and square.
However last year my DH got made redundant, I was self employed at the time but then took a PAYE role, however some of the money put aside for my tax got spent (on food/mortgage) which meant when it came to paying my tax bill last month I was £1000 short. Now what I'm thinking is cashing in £1500 of DD1's premium bonds; buying DD2 £500 worth of premium bonds - using £1k to clear my tax bill (I don't owe any more tax as am now PAYE) and then as the year progresses top up both DD1 and DD2's premium bond accounts so they both have £2k. I feel guilty that I even have to consider this. Every birthday and when they get money it has gone into their savings accounts and before last summer when DH lost his job have topped these up myself regularly with £20 or even more when I can afford it. DH now has a job and is about to get his first month's salary but we need that to fix our car. AIBU or even really awful?

Gotbills2pay Mon 06-Feb-17 12:49:21

Actually now I've written that I don't even know if I can! So I may not even get the opportunity to be unreasonable...

someonestolemynick Mon 06-Feb-17 12:50:39

I wouldn't see anything wrong with it as you are paying it back.

Atticmatic Mon 06-Feb-17 12:56:49

I've done it. Just pay it back when you can. Needs must...

Claireshh Mon 06-Feb-17 13:10:18

I think as long as you pay it back it's totally fine.

BarryTheKestrel Mon 06-Feb-17 14:05:41

As long as you pay it back its fine. Needs must for the family. I've had to borrow small amounts of money from my DDs savings every now and again to ensure we can eat/ pay bills on a month where something unexpected has happened. If it wasn't for her savings we would have had a very cold winter as the boiler needed serious repairs in November ! It's almost all paid back now, one more pay day and it'll be done.

Gotbills2pay Mon 06-Feb-17 14:13:55

So glad to know I'm not the only one! Also does give me the moral motivation to make sure my DD2 has the same as DD1.

maras2 Mon 06-Feb-17 14:23:07

Sounds like a very sensible idea.Go for it.

EmeraldScorn Mon 06-Feb-17 15:21:54

There's no reason to feel guilty about it; You aren't stealing the money, you're only borrowing it in the short term and you will "repay" it when you're in a better financial position.

It's wise to borrow from family savings where possible instead of taking out loans or sticking it on a credit card - When your daughters come of age they won't even know you temporarily used some of their savings unless you tell them and even so I doubt they'd mind, it's not like you're using it for treats for yourself.

Mrsglitterfairy Mon 06-Feb-17 15:34:20

We've done it before, borrowed out of dcs accounts and paid it back. They started with money left for them by my gran and we've topped it up along the way. No matter what we have ever borrowed, they've always still had what my gran left.

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