Ok so DH pays BM $200 a month. There is no court order saying that he owes her anything for child support. We get the kids 50% of the time and pay half of everything. It just irritates me that he pays her that money. Why you ask? B/c he used to give her that money for child care but the boys have no needed child care in like 4 years but he kept giving her the money b/c she said that she runs the boys to Drs appts and picks them up for school so he owes her gas money. Well I can guarantee you that she does not spend $200 a month in gas charges picking them up from school and taking them to appts. It just irritates me b/c we could be using that money to pay some bills.
I do realize though that we have it good considering what some of you have to pay but I just wanted to get this off my chest. Please don't flame me!
Re: Just need to vent
No flames here. We pay $250/mo (Mediator let DH pick an amount out his butt that he felt was fair cause we have joint 50/50. It's unheard of but true) I wanted to kick him like, give her butt $50 just to say she gets something and lets call it a day. DH felt that even though he didn't feel he owed a dime to her, he loves his kids and wants the best for them so give her some money to cover afterschool care with the babysitter and lets move on.
Your DH obviously feels for whatever reason that he wants to give that for his kids and if he doesn't seem bothered by it and it's what he wants to do, then let him. I'd love to use that $250 to put away for family vacations or to put the kids in music lessons but it is what it is and because those are his kids, I have to be ok with it.
It can't be a Roth IRA unless the kid is working and making a salary. However, a UGMA savings account would be proper. Online savings such as HBSC, ING and others, or a savings and loan will have excellent rates. One of our local ones (Boeing) has a UGMA at over 6% for "super savers."
Maybe they can think about it and come to some sort of compromise. The kids can have first car or college funds started with it.