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Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Babies premium bonds off the table

16 replies

Tiddybiddy247 · 30/01/2024 19:05

I think I'm about to get told I'm a bad mum. But I'm questioning myself. I am a first time mum with a 5 months old. My mother in law gave us £50 to put in premium bonds when he was born and another friend gave us some money for the same thing. So he has about £300 quid in his bonds.

Meanwhile I'm not getting maternity pay from work as I didn't qualify and we are struggling to pay the mortgage. Gas and electric Went up again this month and our car is on its way out. We brought it for a grand on Facebook because it was all we could afford. We might have to sell the house in the spring if we can't afford the mortgage....

Anyway at a family dinner on the weekend with mother in law present, we were discussing car troubles and I said without thinking about it and not being entirely serious because I don't think it will happen, just wishful thinking, "if only baby's bonds could win big! We could afford a new car lol" my mother in law was disgusted saying all shocked "that's babies money!"

I was a bit embarrassed but didn't think more. Then it started to play on my mind so I asked my husband "what would you do if he won like half a million quid? Or something big just for arguments sake?" He agreed with his mum. It wouldn't be our money to take.

So now I feel like I'm missing some morale compass and also a bit bummed out... because I would have been ok to take a bit... paying it back later... but am I so bad?

OP posts:
mynameiscalypso · 30/01/2024 19:09

I think the problem is that it's not always going to be easy to pay it back in future especially with everything going up. I have set up DS' premium bonds to automatically invest in new premium bonds so I'm not tempted to spend it on anything. Less easy if it's a big amount of money. I guess if things were really desperate, couldn't afford food for example, I might use some but fundamentally anything DS wins is his. A big win would pay for uni fees/deposit for a house etc.

DeeLusional · 30/01/2024 19:11

Whose name are they in? You have to be 16 to have premium bonds in your name. If baby's bonds did win, isn't a decent secure childhood with parents who aren't broke and stressed better than having a miserable life with a million in the bank? You wouldn't have to spend it ALL.

Littlebitpsycho · 30/01/2024 19:11

I think it depends. If it was literally a case of your family (in which case, baby too) not being able to afford to eat, then I'd say yes use the bonds money and pay it back later.

I don't think it should be used for stuff like a new car though

DeeLusional · 30/01/2024 19:19

DeeLusional · 30/01/2024 19:11

Whose name are they in? You have to be 16 to have premium bonds in your name. If baby's bonds did win, isn't a decent secure childhood with parents who aren't broke and stressed better than having a miserable life with a million in the bank? You wouldn't have to spend it ALL.

Edited

And what if you have more children and this boy wins a million? Would you let one child be well off and the other/s not?

BloodyAdultDC · 30/01/2024 19:22

Hell no. What's the point of baby sitting on a huge windfall if you can't put a roof over its head?!?

I have premium bonds from an inheritance that I've put aside for my dc (in my name not theirs until they're old enough to use it wisely, they'd deffo spend it)and I've used some of their 'winnings' to buy things in an emergency.

Sapphire387 · 30/01/2024 19:27

I think it's fair game to use the money if you really need it, or to do things that will improve his childhood e.g. if you couldn't ever afford a holiday, or to pay for nice extras like music lessons or something.

Agree with the poster above who said what if you have multiple children but one wins big?

I'd see it as family money until the child hits whatever age they have to be (16?). I would try to save it for them if I could with the caveat as above, and if I had multiple children I would divide it between them.

ItWasaTRex · 30/01/2024 19:44

We used our 2 children's premium bonds when we moved house and then paid it back in later on. Otherwise, we wouldn't have got the house. I think it's great if you can save it for them but life is more important!

ItWasaTRex · 30/01/2024 19:45

DeeLusional · 30/01/2024 19:19

And what if you have more children and this boy wins a million? Would you let one child be well off and the other/s not?

Show quote history

In 12 years, that has never occurred to me! What do you do if one kid wins thousands and the other wins nothing?????

Dacadactyl · 30/01/2024 19:46

No of course you're not so bad.

In an ideal world you wouldn't touch it, but it's not an ideal world.

Ideally you could pay it back, but even if you couldn't, I wouldn't have an issue with it tbh if it went on essentials etc (a spending spree in Gucci would be a different matter)

My parents often dipped into our savings to help with bigger purchases and it was never paid back. I don't have an issue with it. They needed the money at that time and I didn't.

NewYearNewCalendar · 30/01/2024 19:47

Youre talking about (theoretically) using it to keep a roof over his head, I absolutely think that’s ok. Not ok to use it for something solely you for, but that’s not the kind of thing you’re talking about.

SecondUsername4me · 30/01/2024 19:48

Meanwhile I'm not getting maternity pay from work as I didn't qualify

You might not qualify for work mat pay but you may qualify for Maternity Allowance directly from the government.

Also may be worth seeing if you are entitled to any universal credit.

Daffyyellow · 30/01/2024 19:50

DeeLusional · 30/01/2024 19:11

Whose name are they in? You have to be 16 to have premium bonds in your name. If baby's bonds did win, isn't a decent secure childhood with parents who aren't broke and stressed better than having a miserable life with a million in the bank? You wouldn't have to spend it ALL.

Edited

No you don’t have to be 16. My DD has bonds in her name, she is under 16 so I have control over her settings to reinvest etc. But they are her bonds, in her name. At 16 she will gain control over them - these are NS&I’s rules not mine.

Icannoteven · 30/01/2024 19:50

DeeLusional · 30/01/2024 19:11

Whose name are they in? You have to be 16 to have premium bonds in your name. If baby's bonds did win, isn't a decent secure childhood with parents who aren't broke and stressed better than having a miserable life with a million in the bank? You wouldn't have to spend it ALL.

Edited

It doesn’t matter whose name they are in. The parents are trustees in this situation and legally any benefit from the premium bonds belongs to the baby. There isn’t a choice here. The parents would be breaking the law if they accessed this money.

80skid · 30/01/2024 19:51

It's a tricky one. I love premium bonds but will not buy any for my kids in case one wins and the others don't. I don't know that you would be able to spend winnings that were in a child's name - equally how daft to potentially give a millionaire child an overly frugal childhood because parents aren't well off!

Pippa246 · 30/01/2024 20:01

I’ve never put anything in my DC names - I’ve kept it in mine/DH but it is earmarked for them when they need it (house deposit etc). I’ve seen too many cases where DC turn 16/18 then get a few grand and just waste it.

A colleague’s daughter got £5k when she turned 18 from an endowment policy mum took out which was meant to be for Uni but the DD gave it all to her feckless boyfriend who spent it tarting up his car then dumped her. I also remember a girl in my year at school getting a few thousand when we were in 6th year and she basically squandered it all on buying all her friends a lot of shite.

You just never know how your DC are going to be in those adolescent years so I’d rather have some protection of it.

Also agree that DC needs a roof over their head, transported around etc so madness to just have the money sitting there if parents are really struggling. And then the case of one DC winning a large amount and others not.

fairo · 30/01/2024 20:03

I think you'd be allowed to spend it on things that benefit the child. Not a car but things like school trips.

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