To use my child's money?

[henparty]

Just looking for opinions on this. We are about to move house, buying a much nicer house in a better area. We can afford the repayments but are maxing ourselves with the move (trying to put as much deposit in as we can to get a better interest rate plus stamp duty, legal fees etc). We are using up every penny of savings but a year from now should be fine. When looking at the very stretched figures yesterday DH suggested we use our DDs savings. She was gifted £5000 by her grandmother before she died but the money is in an account in my name. DH said we could put the money back in within a year and pointed out that as DD is our only child (we cant have more) she will inherit the house one day anyway. AIBU to worry that it is wrong to borrow from your child?

[RiverCambs]

I wouldn't, I'd think of it as stealing. It was given to him, it is his and he cannot give consent for its use.

if you're taking your child's money, then you cant afford it

[Molly333]

My ex husband has stolen the children's money his elderly parents had put in the bank for the children , I hv no access to the account but he does as do the children but they cannot withdraw until 18 . The grandparents are Frail and upset . Do the children hv any legal redress ?

[MissDuke]

My dad looked after the finances of an elderly aunt with dementia - would it have been ok for him to 'borrow' large sums of money without her being able to give consent? I do think there is a fine line here.

Personally I think that if you cannot afford this move then it is crazy to go ahead with it. However I am not sure that borrowing the money is hugely wrong, though I definitely wouldn't do it, no matter how tight for money we have been in the past, we have never dipped into the children's savings.

[cornishglos]

I would have no problem using my dc money in an emergency. But this isn't an emergency. I don't think you can afford the house.

[FarAwayHills]

I can see your logic OP, however the money is inheritance and technically not being spent directly on your DC. However if this is a solution to a short term cash flow issue and as long as it's paid back its ok.

We have an account where we pay a small amount in each month and also any birthday money etc. We have occasionally used some money for specific things the DCs want to do e.g a rather expensive school trip abroad, dance summer camp, extra lessons and a laptop for homework. My reasoning is that those that have given cash birthday gifts would be happy to see it used towards these activities and gave it with the intention that my DCs would buy themselves something in lieu of a gift.

Also I'm not convinced handing over a large sum to an 18 year old is the wisest move. Many are not ready for this responsibility until much older. My friends DS spent his savings on a motorbike and several tattoos