Re: Would You Use Kids' Money to Pay Debt?
What is the purpose of the money? Is it a "rebate" from the government for taxes you've paid, and you're eligible for it because you have kids? If so, I think it ultimately is your money and not theirs and you should spend it on whatever you want without a second thought.
But if this money is really THEIR money (e.g., birthday gifts), then you have a fiduciary responsibility to keep it for them and only spend it on items for them (not clothing, food, and basic necessities that you're responsible for anyway), and it should be turned over to them when they reach 18 or 21.
|