Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Mom Confessions Mom Confessions

RATIONAL mamas only, need rational advice!

Anonymous
Posted by Anonymous
  • 57 Replies

 

Poll

Question: What would you do?

Options:

Lock up money into a CD for another 4 years until minor is 16?

Use money and reimburse when minor is of legal age?

Use it and never think twice because the money is going towards a house?


Only group members can vote in this poll.

Total Votes: 119

View Results

In 2006 my son and I were in a car accident, he was 6. He had no lingering side effects, had a few adjustments and was fine. I still have problems and will probably always need to go to a chiropractor because this was my third accident. My son and I both received a small settlement. I got $7k he got $4k that was locked into a CD. He is 12 now.

My question is this, it's about to expire and I have the choice to withdraw the funds or lock it up for 4 more years until he is 16. We are looking to buy a house and it could be used, with other savings for a down payment. I am/will be financially able to buy him a car when he's 16, and I have money set aside for his college as well. I am in a temp. Financial bind as other obligations came up recently. Is it wrong to use it and reimburse later? Please no bashing! 

Posted by Anonymous on Mar. 25, 2013 at 12:15 AM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
littlesippycup
by Ruby Member on Mar. 25, 2013 at 12:16 AM
2 moms liked this

I would feel bad using it. So I wouldn't. JMO though.

Anonymous
by Anonymous 2 on Mar. 25, 2013 at 12:18 AM
3 moms liked this
I wouldn't touch it. What if something comes up and you're not able to replace it?
rvb146
by Gold Member on Mar. 25, 2013 at 12:18 AM
1 mom liked this
4k is a lot of money to pay back. I would feel guilty but if that money is used for your child then I see no harm. Plus being 16 with 4k spells disaster. Maybe when you pay him back put it in an account that he needs to be 23 (whatever age you choose) to withdraw.
Posted on CafeMom Mobile
anotherhalf
by on Mar. 25, 2013 at 12:19 AM
1 mom liked this
I wouldn't use it. It doesn't belong to me.
Posted on CafeMom Mobile
ghostcat90
by Bronze Member on Mar. 25, 2013 at 12:19 AM
1 mom liked this

You could change the length of the cd.  Personally I wouldn't use it if you don't need it.  I see that as "his" money, but if you wanted to give it more availability, I would talk to the bank about changing it to a shorter term or moving it into a savings account.  Either way, I'd do something so that it could grow.

NiamhWitch
by Platinum Member on Mar. 25, 2013 at 12:21 AM
1 mom liked this

That's a toughie.  I am NOT thinking option 2.  As I feel that in 4 years, you may be getting him the car anyway... whether you used his money or not.

I see the point behind option 3 (it *is* going toward a house and not something frivolous), but I think I'd have to say option 1.  At the very least, if you do withdrawl it, take no more than half (and reimburse the second half)... keep the rest in a savings for college.

Good luck!

im_2_xblessed
by on Mar. 25, 2013 at 12:22 AM
Look into a high interest savings account for him.. And let him just sit on the money .
skymama10
by Silver Member on Mar. 25, 2013 at 12:24 AM
1 mom liked this
I would try not to take any if you truly NEED it take as little as possible and make it a priority to pay it back.
Posted on the NEW CafeMom Mobile
Anonymous
by Anonymous 1 - Original Poster on Mar. 25, 2013 at 12:28 AM
3 moms liked this

Wow! Thank you ladies. In such the short time it looks like the responsible and rational thing to do is secure it for another time frame. I appreciate the response, sincerely!

Mommy2b2many
by on Mar. 25, 2013 at 12:29 AM
1 mom liked this

OOh this is hard... I'd put it back in a CD; because I'd feel bad if I wasn't able to pay it back later. But I'd keep it there until he was 18... that way it earns mor iinterest... and hopefully 18 year olds are a bit more mature lol


Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)