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Original poster

Would you borrow from your Children’s savings?

51 replies

Iceywhite · 03/02/2024 18:59

Hi,

after just engaging with a similar thread, I’m interested in peoples views in this…

would you/ have you borrow(ed) money from your Children’s savings, and if so, did you feel guilty?

my kids are older now but I borrowed from their savings accounts a few times, always repaying it over time.

i think it’s fine, but others think it’s scrounging/stealing! What do you think ?

OP posts:
Ponderingwindow · 03/02/2024 19:03

No. We intentionally set the account so that we couldn’t touch the money we add. She has restricted access as we put the money in a trust.

RandomMess · 03/02/2024 19:04

We did occasionally and repaid with interest.

BeadedBubbles · 03/02/2024 19:06

Yes - a few times. But only in the knowledge that we would pay it back. Can't see the problem - especially as we were the ones who put most of the money into their savings accounts in the first place.

Floopani · 03/02/2024 19:09

I did, once, when buying a house. Paid back double when it was sold, so it worked out a pretty good investment for them.

PastorCarrBonarra · 03/02/2024 19:10

In a dire emergency. Yes. I would have. Thankfully I never had to. They are adults now. If I were desperate for money these days, I’d ask them for help with no qualms. And vice versa!

BeadedBubbles · 03/02/2024 19:10

RandomMess · 03/02/2024 19:04

We did occasionally and repaid with interest.

This is what we did. I remember once it was either borrow money from the bank for a car and pay them interest, or borrow from dcs and repay them with interest (at a higher rate than their savings accounts were paying). No brainer.

whosaidtha · 03/02/2024 19:10

Ponderingwindow · 03/02/2024 19:03

No. We intentionally set the account so that we couldn’t touch the money we add. She has restricted access as we put the money in a trust.

Edited

We did the opposite. Because I would hate to be in a position where we lost our house and the kids had 1000s in the bank. Unlikely but not impossible.
We haven't borrowed from them but would if we needed to. But it would have to be a need not a want. I want a new iPad wouldn't borrow it. Couldn't afford the weekly shop, would.

POTC · 03/02/2024 19:11

Yes, I have. The choice was do that or not have a car (cheapest runaround i could find, not a rolls!) which meant they couldn't get to school 🤷‍♀️

ThursdayTomorrow · 03/02/2024 19:14

Yes, of course. We needed it at the tine, they didn’t. We paid it back. I truly don’t see any issue.

AnnaMagnani · 03/02/2024 19:15

What I said on the other thread:

it is most important that your children are clothed, housed, fed and warm.

If you have no money for this, what is the point of the children having savings?

My parents borrowed my savings but never managed to pay them back. I was annoyed when I found out as a child, but honestly money was tight, why should I have had a nice windfall when they spent my childhood working their arses off to support me?

NewYear24 · 03/02/2024 19:16

I would and I wouldn’t think anything of it.
I would have put the money in the account in the first place.

Tryingtohelp12 · 03/02/2024 19:17

Have contemplated for buying a caravan - in the knowledge it would be paid back as a loan . With the thought that they would get to enjoy the money twice … once on lovely family holidays and again when they are over 18. Never actually did it though. I think it’s fine if paid back.

Missingmyusername · 03/02/2024 19:19

Depends. If I’d put the money in then it’s my money not theirs (technically). It’s a bonus for them, not a guarantee.

If it’s gifted money, inheritance then no. That is not my money.

Therollinghills · 03/02/2024 19:20

For me it depends on where the savings have come from. I wouldn't borrow money that family had given DC but would borrow money I had saved for her if I had to, as its just in a separate savings account in my name anyway.

Ponderingwindow · 03/02/2024 19:22

why is the child’s savings the go-to for an emergency? I am saving for my child, but I am also saving for myself for the short-term and for retirement. I save for myself first and would access my own larger accounts in an emergency.

also, child’s savings isn’t just from us. It comes from grandparents as well. I don’t think they would be as inclined to make deposits if it wasn’t secure.

BooksAndHooks · 03/02/2024 19:23

Yes we were considering it when buying the house as a short term thing but didn’t need to in the end.

We took a lump sum from each and invested in bonds but also paid the amount back in case they don’t get the money back at the end.

Lantyslee · 03/02/2024 19:24

Borrowed £4k last year from young adult child. We had an inheritance coming and knew we'd be able to pay a couple of months later.

TempleOfBloom · 03/02/2024 19:29

Yes, for cash flow when to the overall benefit of the family (including the kids), repaid with the appropriate interest.

It was money we had put in in the first place. And ultimately the children were not disadvantaged.

Fourcandleforkhandle · 03/02/2024 19:31

I have borrowed money many times from my Son and I always pay it back. In August last year I borrowed 8k and have £3500 left to pay back. My Son is 21 and lives at home. He's studying at a near by University so hasn't moved out. He also pays me £200 per month. My Son has always let me borrow money and I've always paid it back. I don't see what the problem is or why I shouldn't use his savings.

Itsbeginingtolookalotlikexmas · 03/02/2024 19:33

Our kids have a substantial amount so at the moment it’s paid off our mortgage. When they need it we will re-mortgage. It makes no sense paying interest on debt and having a huge amount in the bank.

PermanentTemporary · 03/02/2024 19:35

Yes, from a particular account. I'd always said to myself that I could use it for dental fees or shoes for ds. As it happened it was another bill but it was about securing the house after a burglary. I don't feel particularly guilty.

whosaidtha · 03/02/2024 20:02

Ponderingwindow · 03/02/2024 19:22

why is the child’s savings the go-to for an emergency? I am saving for my child, but I am also saving for myself for the short-term and for retirement. I save for myself first and would access my own larger accounts in an emergency.

also, child’s savings isn’t just from us. It comes from grandparents as well. I don’t think they would be as inclined to make deposits if it wasn’t secure.

Edited

Good for you being able to save. But not everyone can. No one is suggesting using kids savings over their own but perhaps kids have savings that the parents don't. There have definitely been times when my kids have had more money than me.

Jmaho · 03/02/2024 20:12

I haven't but if I genuinely needed to then I would without a second thought. I'd pay it back with interest. Only we have contributed to their savings and they have no clue there are any. It will stay that way until they're 18

Globules · 03/02/2024 20:48

RandomMess · 03/02/2024 19:04

We did occasionally and repaid with interest.

Me too.

Didn't feel guilty about it

Original poster
Iceywhite · 03/02/2024 20:49

i remember borrowing £500 from dd when our boiler new up. It was a case of no hot water or borrowing the money. I always paid it back and I don’t recall ever telling dd that I’d borrowed it. I never, and still don’t feel any moral issue with it

OP posts:
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