Your child's saving account?

Do you ever take money out to buy them stuff?

I have been saving every check/cash he has received as a gift since he was born. On top of that, I also have a money automatic deposit for him.

But the other day, I took out $100 for some new clothes and I feel so guilty.

Re: Your child's saving account?

I dont touch my DS money- thats for college and other large things when he gets older.

Your child's saving account?

I don't touch it either- but if I needed to I would. Luckily I don't.

If she gets money (she's almost four). I let her keep some in her piggy bank and if she wants a new toy or ice cream man, she uses that. Tryin to teach her money lessons early!!

Re: Your child's saving account?

No I have never taken any money out. My children have a savings account and a CD. But if I had to take money out to buy them clothes, food etc..I would. You should not feel guilty as you are trying to provide for your child. If I had to borrow money from their account I would replace what I took whenever I could.

Re: Your child's saving account?

I don't remove money from my kids accounts, but if in dire need I could understand doing so. If possible, at a later point put the money back.

Re: Your child's saving account?

we had to close Ds's account in order to clear something up in order to close on our house... we did it without blinking. We will re-open and restock that money when before he ever needs it

Re: Your child's saving account?

If you put your own money into it, then i wouldn't feel bad taking it back out. I wouldn't do that for gifts she has received from others though.

Re: Your child's saving account?

Why would you feel bad? You used their money to buy things for them. I don't see what the big deal is. If you took that money to spend on yourself that's one thing (unless you replaced what you took) but using their money for them is what that money is for.

Re: Your child's saving account?

Re: Your child's saving account?

if it makes you feel better I don't even have accounts for them. Granted they never got that much money I don't host big parties for them and the little money they do get IMO was not worth saving I always just used it towards something they need/want. Also most of the people that do give them money for occasions specifically ask me to buy them something they need/want. Gift Cards you cant save so those get spent also on them.

I have no guilt over this; I didn't have all this money saved for me when I got older and I was ok with that; I didn't feel deprived.

Re: Your child's saving account?

I usually never touch it but I took money out to buy him a new mattress for his full sized bed frame. We just moved and had way too many expenses at once. I felt bad but I also do an automatic deposit monthly so its not like i'm not replacing it!

Re: Your child's saving account?

No, I'd never touch DS's account. It's for him when he's older.

Your child's saving account?

I don't touch it. I think I would only do it if our financial situation was such that it was the only money I had.

Re: Your child's saving account?

Re: Your child's saving account?

Why would you feel bad? You took a small sum to buy something for your child. It's not like you bought yourself new shoes and a bag on a shopping spree. It's fine, really.

Re: Your child's saving account?

Your child's saving account?

So far, we just put the money in and don't take it out. DH puts extra in too. I wouldn't feel bad about it though. When I give money gifts for birthdays, it's mostly because I don't know what to give and I want the parents or child to pick something out.

Your child's saving account?

I feel so sick about the fact that we have needed money for neccessities and have had to take some out. I plan on repaying him but it makes me feel so terrible.

Re: Your child's saving account?

Re: Your child's saving account?

Yes, we have in the past when necessary, but we try to replace it ASAP. Clothing is a necessity, IMO, and it's not like $100 now is going to prevent them from going to college in the future.

Re: Your child's saving account?

Re: Your child's saving account?

My parents always did this when we were kids. It wasn't even an "emergency/temporary" thing.

It wasn't specifically long term college savings--it was just money people had given us.

My mom out it in our own accounts so that it would only be spent on us & then she would take money from it for back to school clothes for us (both of our birthdays are earlier in the year.)

It is no different than if my grandma had sent me clothes, instead of sending me money or if someone sent money & my mom bought us a gift with it right away instead of putting it in an account.

Your child's saving account?

Nobody should feel bad about doing this, ever!

If your child got a $50 check for his birthday from an aunt/uncle and he needed sneakers, why not use the $50 to buy the sneakers?? It wouldn't be any different than if the gift giver had gotten the sneakers to begin with.

Its not like someone is sending you checks specifically earmarked for college and you used the money for dinner and drinks!

Re: Your child's saving account?

Re: Your child's saving account?

If you took it out to by yourself that pair of new shoes you wanted.....yes I would say it was wrong BUT to take money out to provide for your child, don't feel guilty about that. You will have plenty of time to make up for it, hopefully put it back in the future when you are able to.