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

Oh sorry I can see the amount is stated in the OP, but my point still stands.

Borrow it. Pay it back asap.

I wouldn’t. It rarely gets put back.

I know, sorry, I’m a newbie and thought I was starting a new thread. I’ve reported myself so hopefully it’ll get taken down. Apologies to the OP

I don't see an issue with this. It's borrowing, you pay it back, what's the problem?

I'm not sure why anyone thinks this is wrong? While they are sub 18, as parents you legally manage their lives and such, their money.

If it was money provided by other people I'd maybe rethink borrowing it. But if ultimately it's your money that you put in their savings in the first place,then I absolutely wouldn't hesitate to borrow it in times of crisis.

If it's for a holiday or other non-necessity then I would vote absolutely DO NOT borrow it.

Of course it’s Ok to borrow it. You’re the custodians of the money. What do you think the banks do? They look after your money and in turn they lend it out to other people. If you need to take it back they give it but they’re still using it while you don’t have it. Obviously that’s really simplified.
If the children don’t get it until their 18, and you put it back before then what’s the issue? My kids money boxes at home have little IOU notes from me in when I’m scrabbling about for cash. We and my kids think nothing of it. They always get it back. It’s a non issue.

If this is your money that you saved then yes, why wouldn’t you? If it was birthday presents etc then it depends what the urgency is.

You need to reframe 'Children's savings'

This is YOUR money that it sounds like you need to spend short term on something urgent. It is admirable that you do have a savings account for DC but this pot being left untouched does not usurp your immediate needs.

Do NOT get a loan for this - ridiculous suggestion.

If it's money the kids have saved, you need to ask them.

If it's savings you have put aside for them then you can only save what you can afford,the money is family money as needed until such time as it is handed over to them and the general needs of the family outweigh the idea of saving money for the kids future.

Is it money you have put aside for their future? If so then yes.

If its money they are aware of, and has been saved through various gifts then no. That's their money and you need to ask them. They are 13 so old enough. Just because you have control of an account doesn't make it your money.

Is there anyone else you can borrow off? I think it's a bit naive think you can easily pay 2.5k back if you haven't been able to save that for yourself. You need to be realistic and think will you actually pay it back, and think about the consequences of that. I would say you are more likely to pay back an adult who can chase rather than a child who has no concept of the money gone.

Also how urgent?

Of course not. And as much as there is a plan to put it back, we all know what happened with plans. You both need to find it without involving your kids.

If it’s money you have saved for them, yes. If it’s from GP’s etc then I think that’s morally more tricky.

How will you resave it if you currently have no savings?
That's not to say don't borrow but seriously consider the way forward.

I agree. This is exactly why I’m saving for my kids via my own bank account.

it’s my money until they get to 18 and they can have what they need then for uni etc based on necessities I have had to take out up until then. I never got a lump sum from my parents at age 18 but when I was older my dad helped us with a deposit for a house. I’m soooo glad he did it that way as if I’d had the money at 18 I would have likely spent it. This is what I intend to do. No kid should expect a lump sum at age 18.

I don't think its morally more tricky, I think it's morally unacceptable. Money from GPs is not their money

Money in an account that OP has saved up for e.g uni/car/house deposit, that essentially is just what they have put aside is fine to borrow from as that is OPs money, whatever she intends to do with it in the future.

You need to ask them IMO, whoever saved the money for them it doesn’t matter. It’s still their money. At 13 they are old enough to understand if the boiler is broken.

if it’s because you haven’t budgeted and are going to continue poorly budgeting then that’s different.

So many important details missing.

What is the money for?

Where did the money come from?

How will you pay it back, particularly as you have 'overstretched' yourselves?

How will you pay it back if you're already overstretched? Is that a realistic plan?

This. If it’s for an essential just do it.

This is exactly what I did when I opened their savings accounts as well - I hold it in trust for them and one of the reasons for that is that I can access that money in a real family emergency.

If you don’t have another option then what else are you going to do?

Yes of course, it is your money, you use it for the good of the family.

Yes. Presumably it's for an emergency that will affect their lives now and possibly in the future, if not dealt with immediately. Particularly, if I have understood correctly, if it is using money you yourself have put away for the DC's future, rather than gifts to them from others

Ask? by the sounds of it, the child is 13, so old enough to understand.

After all if its to pay for a new roof or a boiler, it benefits them too but if its to pay off your gambling debt then find the money yourselves.