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

[Parsnipsandginger]

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

yes, do it if its crucial for your family welfare, whether you speak to them about it depends on the age of the children and the exact status of the money

Absolutely - but you would need to commit to paying them back at £50/month for the next five years.

THIS.

Personally, I believe this is the approach that should be taken.

It's not your children's money until you've given it to them. If it's money you have put into an account for them, and not somebody else who has given money to them, then its your money not theirs.
Very lucky they will be getting money at 18 at all! I got a box of chocolates when I turned 18.

I don't see why not if the children will benifit from what it's needed for and you avoid getting into debt. The money is there they don't need it yet so use some.

If it is really urgent, like keeping a roof over your head type urgent, having enough to eat, being able to keep power connected or being able to get to work, I'd borrow it. When I was 12, I gladly gave my money over to meet some outgoings. My parents paid it back shortly after. This does not apply to clothes or holidays.

Years ago, my husband and I put every penny into buying our house. We had a large mortgage and we cut every expense to the bone to get it under control. My husband was hanging out for us to get the mortgage paid down because then we could buy paper towels and drink real orange juice. It sounds like you should be making some fairly savage cuts in you spending.

I'd borrow it with no guilt. Your welfare is their welfare.

Yeah, it’s money you saved on their behalf it’s a gift not an entitlement. We keep cash gifts DD has received from others in a separate account and would never touch that but she also has money from us and I would feel guilty about touching it but would do it in a genuine emergency and definitely put it back.

Yes I've done it several times! Like yours, it's money for when they are 18, so as long as it's back by then, who cares!
I'll be honest though, the larger amounts have been difficult to pay back as I'm on a tight budget anyway, but I'm getting there.

If you feel guilty about it (which you shouldn't IMO), you can always do what my XH did, and that is to pay it back but with "interest" added.

@frances2000 Wrong thread.

OP at least you've had mostly sensible responses for once instead of an army of posters who've never had a money problem in their lives trying to make you feel bad by accusing you of 'stealing from your DC'.

But whatever the issue, have a look at the moneysavingexpert.com budgeting section to see how your incomings and outgoings really compare and see if you can make things a bit easier by reducing some essential costs or find debt management help if that's what you need.

Yes, needs must but have a plan to give it back. The money is only sat there depreciating in value. It’s a nice thing for your kids to have. But keeping your heads above water is more important.

I would use savings for important stuff - boiler repairs etc and pay it back ASAP

When you say you 'have massively overstretched yourself' is it just a short term issue?

Absolutely yes I wouldn’t hesitate. You can pay it back.

Also, unless it’s for uni, 18 is too young to be given a load of savings.

Friend of mine got into debt without her husband knowing. Nearly all on food. Both like good food but can’t afford it - champagne lifestyle (with food anyway) lemonade budget. Not only did she owe thousands her DH knew nothing about but she borrowed all the kids savings (to buy more food instead of telling her DH they can’t afford it) without her DH knowing too. We are 14yrs on now, doubt she ever paid it back to them. Really unfair. But as others say it will depend on what you need it for

'We've massively overstretched ourselves'

Makes me think your not good with money. What makes you think you will pay it back?

Yep absolutely fine. We did the same when I was on maternity leave. Not sure why everyone thinks it’s so wrong

If your DC were teenagers, I would be honest with them about the situation. My mum 'borrowed' from an inheritance my brother and I received when were teenagers and never re-paid us and I honestly still feel quite upset by it, even though at the time, her reasons for needing it were completely legitimate.

Do NOT listen to the people telling you to take out a loan- thats terrible financial advice if you have the money already in an account. Take it and replace it later. What is the point of saving for a future date if you have no heating now for example? its ridiculous- take it and replace it. All this hysteria about it being the children's money and morally wrong is ludicrous. Its not actually theirs until you give it to them anyway.

My parents spent every penny of the money that they had intended to give me when I was 18 and I have absolutely no issue with it.

It was originally their money and they needed it, why should they have struggled.
They were/are both great parents and worked hard until retirement.

Not everyone is handed money at 18, it's not statutory!

Get a loan?!

Madness.

Of course you spend the savings. If this is money you have put aside for the child then it is not their money, it's your money! Yes it's a nice plan to gift them some money when they turn 18 but the vast majority of people are not in the position to do this. Circumstances change and plans change.

Bit of a specific/ patronising suggestion. How do you know OP won't be in a position to pay them back in one go if she gets a Christmas bonus, or a tax rebate or something. How do you know the amount she is wanting to borrow is more than £50?

@Showersugar because they read the thread 😂