Re: Would You Use Kids' Money to Pay Debt?
We borrowed from our kids for our closing costs for our house. I didn't like doing it, but when we sold our first house, we made a large deposit into their accounts, so basically we just took back that money. Also, some of the money in their accounts came from FIL who flat out told us we were to use it for whatever we needed, even if it was to pay the utility bill or buy diapers.
Their bday money goes into their bottle and we don't touch that. We've decided, though, to open a special account with that money because we're getting close to $500 (or more, maybe) and getting a little afraid of having it stolen. The kids are okay with the idea because I explained about interest. We're still trying to figure out how we will decide they have earned their disney trip (what they were saving for) since the original goal was to fill the bottle.
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