Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Cost of living

Stretching your budget? Share tips and advice to discuss budgeting and energy saving here. For the latest deals and discounts, sign up for Mumsnet Moneysaver emails.

Original poster

We've massively overstretched ourselves. Would it be ok to borrow from the DC savings? Has anyone ever done this?

248 replies

Parsnipsandginger · 12/02/2023 23:15

We would put it all back over time. The plan is for DC to have their savings (from us) when they are 18. That's 5 years away yet
We urgently need to find £2.5k

Thoughts plse

OP posts:
nbcsw · 12/02/2023 23:18

How urgent is the situation?

SoCunningYouCanStickATailOnItAndCallItAFox · 12/02/2023 23:20

All depends on what you need it for doesn't it really?

SOWK · 12/02/2023 23:21

When I was a teenager my parents borrowed mine and my siblings savings to pay for a new boiler - the boiler had broken beyond repair in the middle of winter just after they’d paid for a funeral and mortgage rates were £££. They told us and it seemed completely reasonable.
so if it’s that sort of crisis - needs must.

kitcat15 · 12/02/2023 23:21

Don’t do it…it’s not yours to take…l.it’s wrong

Dotcheck · 12/02/2023 23:21

Depends what it is for

SettingPrecedents · 12/02/2023 23:22

Depends on what it’s for. Boiler, car failed MOT - yes borrow it. Holiday, new kitchen - no don’t.

quietnightmare · 12/02/2023 23:23

Yes

Mumof3teenagers · 12/02/2023 23:25

Yes, I’d borrow it for sure.

SoCunningYouCanStickATailOnItAndCallItAFox · 12/02/2023 23:27

SOWK · 12/02/2023 23:21

When I was a teenager my parents borrowed mine and my siblings savings to pay for a new boiler - the boiler had broken beyond repair in the middle of winter just after they’d paid for a funeral and mortgage rates were £££. They told us and it seemed completely reasonable.
so if it’s that sort of crisis - needs must.

Yep, I agree.

Ronhill · 12/02/2023 23:27

Yes I'd borrow, you'll pay it back I'm sure

LadyLolaRuben · 12/02/2023 23:27

Yes of course, its originally your money anyway

SarahDippity · 12/02/2023 23:27

If it’s money you have saved for them, for expenses that you were budgeting for like college, yes. I would see that as planning for future costs the family would have had, and you are just choosing to temporarily reallocate it. If it’s money (eg) grandparents put into savings for them, then no.

YomAsalYomBasal · 12/02/2023 23:28

It's fine if it's urgent. No point the DC having savings sat there if they end up homeless or freezing cold because the boiler has broken.

toastfiend · 12/02/2023 23:29

Depends what it's for, why it's necessary (genuine problem or unnecessary spending elsewhere) and where/who the savings have come from, I think.

If it's money you've been putting aside for them and it's for something essential then yes. If it's money from family members then only with their blessing, if it's for an optional extravagance then no.

Proudofitbabe · 12/02/2023 23:30

Of course, it's urgent. If you need it, you need it. Don't suffer while money sits there unused.

LoveBluey · 12/02/2023 23:30

Agree that if it's money you saved yourself then absolutely no question take it for urgent family expenses.
If the money came from other people I'd ask the DC if they minded you borrowing it and repaying it.

WhoNeedsSleepNotISaidMyBody · 12/02/2023 23:31

No hesitation it's money you've put to one side intending it to help them in the future.
it's not theirs yet.

JustDrama · 12/02/2023 23:33

When I opened the savings account t for our DC I made sure I could access the money myself in the event things got serious and I needed money to keep my head above water. Lost of kids don't have saving so I wouldn't feel bad.

neveradullmoment99 · 12/02/2023 23:33

Borrow it.

EntreMummy · 12/02/2023 23:34

Yes you should borrow it when things are tight for the family. You will pay it back in time - you’re custodians of the money until they’re of age so you have charge of it and where it’s invested until then.

Mammyloveswine · 12/02/2023 23:35

If it's money you've saved for them then yes absolutely!

No point the family struggling when you have money sitting there!

weathervane1 · 12/02/2023 23:36

Mine borrowed my £35 saved in the TSB in 1977 to buy food and pay for heating. Desperate times call for desperate measures. Even though I was on 11, it was automatic for families to pull together on the estate where we lived.

HoleyShit · 12/02/2023 23:36

What do you need it for and how long have you got to pay it back?

anxiouspeabrain · 12/02/2023 23:39

Borrow it unless it's just for paying usual bills etc because you're living beyond your means (because you'll just need to do it again next month, etc)

Alfiemoon1 · 12/02/2023 23:40

Depends what it’s for. But if it’s to keep a roof over your head put food on the table or heat the house yes definitely