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Savings Accounts for Kids

Anonymous
Posted by Anonymous
  • 99 Replies

So now I'm curious from another post....

If you have savings accounts for your kids, but life happens and you need that money for whatever reason (emergency, loss of job, etc- and yes, in life, things can compound and you can easily drain your own savings and then end up wondering where your next dime comes from... For those lucky enough to never have that happen- good for you- but it does happen)- do you consider the kids' savings accounts yours in case of emergency?

Or do you consider them untouchable?

Just curious. I'm sure for those who will say they are untouchable and they'd just find another way to make money- I think that's the easy answer that's not always a viable solution.

Posted by Anonymous on Jul. 29, 2013 at 9:17 AM
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Replies (1-10):
peanutsmommy1
by Ruby Member on Jul. 29, 2013 at 9:18 AM

I consider that money untouchable

mcginnisc
by Gold Member on Jul. 29, 2013 at 9:19 AM
1 mom liked this

We've never been in that position thankfully... that said, it is their money. We would never touch it as it is mostly money given to them by others...only a portion of it is what we've deposited into the accounts. 

Claire


" I can do all things through Christ who strengthens me." Philippians 4:13 

Anonymous
by Anonymous - Original Poster on Jul. 29, 2013 at 9:21 AM

Yeah- if it's money from others, that could put a different light on things!


Quoting mcginnisc:

We've never been in that position thankfully... that said, it is their money. We would never touch it as it is mostly money given to them by others...only a portion of it is what we've deposited into the accounts. 



bcoll
by Brandi on Jul. 29, 2013 at 9:22 AM

Their savings accounts are their own and we would not touch them. 

Anonymous
by Anonymous on Jul. 29, 2013 at 9:22 AM
2 moms liked this
That money is untouchable. We started my 2 step sons accounts when my dh and I moved in together. I was the one putting money into their accounts, no dh. And we started our son's account when we found out we were pregnant. The two older boys use their piggy bank money for stuff they want but ds1 has all his put into his account along with bday money. So ss's have about $1600 and ds1 has $1100. But dh and I have a hefty savings account so we'd really have to be in bad shape if we went through all of it.
Anonymous
by Anonymous on Jul. 29, 2013 at 9:24 AM
My dad opened savings accounts for the kids and has been the only person to deposit money into them. That is their money. I am also doing the Pinterest savings thing and I also consider that money untouchable.
highlandmum
by Spunky on Jul. 29, 2013 at 9:24 AM

 They are untouchable.  In it is money they have got from birthdays, family, Christmas, allowance and such.  It is their money not ours.

Anonymous
by Anonymous on Jul. 29, 2013 at 9:25 AM
The kids accounts are untouchable. Most if not all of the money they have is from other people. I wouldn't feel right spending it. I would rather swallow my pride and ask our families for help if needed.
destiny3513
by Silver Member on Jul. 29, 2013 at 9:26 AM
My bf is good with money... He doesn't touch the savings ever and makes sure there's always atleast x amount in checking in case he gets laid of..... So my sons money is his we wouldn't touch it or have to.
MommyBoha
by Ruby Member on Jul. 29, 2013 at 9:29 AM
They are untouchable.
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