Using DC's earned money for ourselves?

[EatonEntry]

To pay off our outstanding debts?

In a nutshell, myself and DH have quite a few things on finance that we are dying to pay off so we can be much better off eacgh month. We have both vowed never to have anything on finance again (we did it in a made rush when we needed things to move with).

Our DC is a baby and a very successful model.

Would we be unreasonable to use his money that earns to pay off some stuff?

I feel sick at the thought. It feels so wrong. It's in DC's own account, and I'd be withdrawing it from there. I feel like it should be his to have put away for his first car, perhaps to help him at university if he wishes to go, perhaps to help put down the deposit on a mortgage for himself.

DH's argument is we have extortionate rent to pay, and that money could make life from month to month a lot easier if we pay off our finance plans.

I think and feel that the whole thing is wrong, but I'm open to be told DH has more sense.

Who is right?

It's wrong. Unless you can guarantee you will absolutely pay it all back, plus lost interest, then it may be okay but it doesn't sit right with me.

My dcs have a lot of money in savings but I'd never touch it.

Mxyzptlk
I don't really agree with you there - they had some problems whereby they needed to spend out a lot quite quickly to move, and then the DH lost his job for a short while. How does that equate to "not being good with money"? The OP has admitted that they were silly to take on the finance plans and said that they never will do so again - doesn't sound like being bad with money now, but they need to get themselves out of the finance hole they got into then.

Of course you use the money now and replace it when you're in the black. I don't understand all this hand wringing

@ThumbWitchesAbroad

I took it to mean they took out finance to purchase furniture etc when they moved, in which case entirely their own choice. Not an emergency situation, you can also take out cover for loss of earnings in some cases on finance deals.

I don’t really agree with it but I guess if you do it and set up a DD of £100 a month to pay it back you’d still be £200 a month better off which would help you. I’m kind of on the fence.

Dd’s Money is in a child’s account which I technically have control of....statements come addressed to me however no money can be removed unTIL she’s 18yo.

In your situation I would use the money, no doubt about it. I'm not sure I understand the figures but if it's only £800 and it would male you, as a family, better off by £250 a month then it's a no-brainer. Just pay it back, he's never going to know!

Maybe my moral compass is all wrong though, I wouldn't judge you for using the money he has but I kind of judge anyone who puts their baby up as a 'model' in the first place. Maybe my kids just haven't been the types who would enjoy that kind of thing...

I'd do balance transfer onto credit card with 0% interest and pay that off. Keep your child's money for his future

In future be a bit more careful with your finances - we've all done it and learnt a lesson - it's not right to use his earnings though

I think you'd be bonkers to pay £250pm when you could borrow £800 of your son and pay it back. I wouldn't pay it back by £30/£40 a month though , I think I'd just have a tough 3 months and pay it back at £230pm . If you pay it back slowly you will feel guilty for longer or you will get complacent and stop paying it back.

Why are you planning on paying it back so slowly? Pay it back at the same rate you are now paying your loans and it’s gone much quicker. Even paying your son the interest he would currently get you will be paying less overall.

In the state of New York legally a certain percentage of child earnings have to be put into a trust fund for the child. That is not the case in Britain.

Your figures don’t make sense 🤔

I would have thought very few people don't use the money earned by their children modelling.

I know some who use it for Eca , nice clothes, car repairs etc

Certainly don't think it is illegal.

I would if it’s just sitting there unused and you paid it back

Could u message me what model place you use please

It makes sense for your family to borrow it and pay it back.

"Basically using your baby as a cash cow to buy stuff you cant afford."
Could not have said it better myself

Use the money, pay off your debts.Get yourself in a better financial position and take the stress off yourself. Once sorted start paying into a child isa for Dc. That money will probably be more long term than modelling. I’d consider it family money as it’s a baby. Not a Teenager. You could pay yourself a salary as a manager. But honestly I would just get your family finances straight

There is a very good reason you don’t feel 100% comfortable borrowing his money - that is your conscience telling you it is wrong.

You can tell yourself you’ll pay it all back but if finances are tight you can be pretty sure that something else will crop up which delays/prevents that. The boiler will need replacing or the car will fail its MoT or something else.

This is your financial mess of your and DH’s own making. If you convince yourself that it us fine to use DS’s money, you will have crossed a line and next time (there will be a next time) it will be far easier for you to dip in or stop paying it back, especially with your DH wholeheartedly behind the idea and apparently no qualms at all .

I would have thought very few people don't use the money earned by their children modelling.

I know some who use it for Eca , nice clothes, car repairs etc

Certainly don't think it is illegal.

Maybe not illegal (depends on where you live). But it is a bit child labour-ish.

And imo wrong. (For various reasons, btw.)

It is not something that I would do, but if you really need the money and you’re going to pay it back, I don’t see why you shouldn’t?

£8000?

Noticeable that there's been no reply to the many PPs asking why this could only be paid back at £20-30 a month, if paying off the loans saves the family £250pm ...

This is ridiculous. I’m clearly way out of step with most others because to me it seems utter madness for a baby to be wealthy (because their parents organise absolutely everything required to ‘earn’ money) whilst their parents struggle. You are a family unit! I’ve never been and hopefully never will be in this position but my parents used money given for me to meet emergency outgoings. They never paid it back. It wouldn’t occur to me to be annoyed! I lived in that family too. We would all have sufferers if they were too poor to pay for basics.

And, as many others have said, your figues make no sense at all so you are either making them up or still do not have a grasp of your finances which makes it even less likely you’ll pay back what you borrow.

what about taking some earning as if you were dcs pa,driver etc. so if she was your boss youd be earning for setting up the meetings.driving petrol etc.