To use DC savings to fund their activities/tuition?

[lechatnoir]

Thanks to generous relatives my DC have healthy bank balances. We've never spent any of it but they are now wanting to do after-school activities than we can't afford & I'm considering using their money to fund it assuming of course they agree. Likewise, we think ds1 would benefit from some extra tutoring but haven't pursued it for cost reasons - AIBU to fund these things with their money?

To avoid later drip-feeding I should add that they each have a trust fund set up by my parents which should be enough for uni, first car or towards a house deposit so they do have some provision for later in life.

Why not. They are going to enjoy the activities. If you don't what are you saving it for cos I bet if you give it to them later on they will spend it on far less beneficial stuff, maybe clothes or just nights out.

I don't think you're being unreasonable. We use their accounts set up by a relative for exactly this reason. They both do swimming lessons and a couple of other sports which they want to do which we would otherwise be unable to afford.

I would spend it on them now-these experiences/skills learnt will last a lifetime, where a lump sum won't. They have trust funds to so will be getting best of both.

Of course you should. With a trust fund as well they are very lucky and well provided for.

Thanks & I don't know why it feels a bit wrong using their money like this - it's not as if they need more toys & you're right about them frittering it away on clothes/partying when they're older.

I've always used their savings to help pay school fees and to fund dds dancing.

Can't see a problem at all.

If they have other money for things like uni and generally starting out in life, then go for it.

Talk to them about it and use it as a learning experience for them. If you include them in the decisions you make you will be teaching them about the value of money and the importance of making a commitment to an activity. They may decide they don't want the activities as much as they thought they did, or they might do the activity with extra effort and enthusiasm because they know how much it will cost.