spending LOs savings

megann831 · April 2013

DH suggested we take $1000 max from each kids account for a nice backyard swing set. Part of me things this is really wrong, but DH pointed out $1000 is like 1 college course, so in the grand scheme of things, it really isn't that big of a deal. WDYT?

kgs0505 · April 2013

Absolutely not.

prazenjc · April 2013

if you can't afford a swing set w/your own $, go to a public park. don't rob from their futures or things they really need.

megann831 · April 2013

prazenjc:
if you can't afford a swing set w/your own $, go to a public park. don't rob from their futures or things they reall

missesru · April 2013

megann831:
prazenjc

rjeller32 · April 2013

kgs0505:
Absolutely not.

Agreed. As tempting as it can be, if you really want a swing save up for it

agytay · April 2013

megann831:
prazenjc

honeybee111 · April 2013

No. College education is more important than a swing set.

megann831 · April 2013

agytay:
megann831:</st

missesru · April 2013

megann831:
agytay:</st

honeybee111 · April 2013

"....choose to spend it on something I might enjoy."

This line kind of says it all for me. You seem concerned about making your kids happy in the moment(or for the next few years) as opposed to thinking about what might benefit them in the

BrittKav · April 2013

I would not.

lite-bright · April 2013

Bad idea. Bad, bad, bad.

It may "only" be $1K now from each -- and apparently you're talking about a $2K swingset -- but then that money can't earn interest and grow. So if you're investing that money, presumably in some kind of college fun

TiffanyBerry · April 2013

To follow up on another poster's point you aren't using 1000 each, due to compounded interest, you are actually taking 1600 assuming an average 3 interest over the next 16 years out of each child's college fund. So, yes, you are "robbing" the college fun

pitterpatter129 · April 2013

No. But we are poor and it takes us a long time to get $1000 in there in the first place. Once money goes into college savings, it doesn't come out. Our own personal savings has similiar rules too though. For big purchases, we save separate money until we

sosoph · April 2013

No It sounds like your dh wants your kids to ante up at the table and pay for their own things.

zeptattoo · April 2013

If you just need the money now and you plan on putting that money back, then I don't see it as a big deal. If you do not plan on putting the money back, then your kids have just paid for their own swing set. &n

Alexandrap · April 2013

I have borrowed from my sons acct a few times BUT I have always put it back with interest. Every occasion was either a family emergency, like my father passing away. An unexpected expense, our only car needed transmission work or something he needed right

superned · April 2013

No way. Our backyard is too small for a swing set and DD is perfectly happy playing with rocks and digging in dirt in the backyard. We have a water table and this year will do a small, covered sand box. We go to the park to swing and go

kristennd · April 2013

This is one reason I support 529s. Once the money goes in, you cannot remove it on a whim.

RayRay007 · April 2013

Interesting thread...

If it's your kids college savings, I agree with PPs that it puts you on a slippery slope.

If it's a savings account for your kid to spend on things they want, then maybe. Like, DD has some cash in a regular bank a

Stephanie2167 · April 2013

Nope.

drpayne · April 2013

I wouldn't spend $2000 on a swing set, no matter where the money was coming from.

chardonnay24 · April 2013

It depends on the type of account. I usually put money from gifts in his 529. And once it goes in there, it doesn't come out.

However, if you have a separate savings account for monetary gifts (given with the intention that you'd spend it on the

Sonadora · April 2013

No. I don't ever use the money people give her for things I want for her. When she's no longer a minor I will turn the account over to her with the news that it's to pay for her needs/incidentals while in college. That's what my parents did for me, it

memali26 · April 2013

From college savings accounts? Absolutely not.

From their savings accounts of monetary gifts? We have used money from that to buy things for them, but I would never take $1000 from it. Some people give the gifts and specify they would like

stever · April 2013

drpayne:
I wouldn't spend $2000 on a swing set, no matter where the money was coming from.

This. But I real

SCtoDC · April 2013

memali26:

From college savings accounts? Absolutely not.

From their savings accounts of monetary gifts? We ha

dragon_chica · April 2013

Nope. A $2k swingset that will only last for maybe 10 years (and will depreciate every minute it's used) is not worth it to me when I can just take a quick walk to the park. If you're deadset on a swingset then like a pp said check out Costco

katie4253 · April 2013

Heck no. If you'd said you both lost your jobs, didn't have money for food then I wouldn't have a problem, but for a swing set? No. Absolutely not.

If you want to buy them a swing set start saving for it or use your own s

sschwege · April 2013

katie4253:
Heck no. If you'd said you both lost your jobs, didn't have money for food then I wouldn't have a problem, bu

sschwege · April 2013

Gastro:
I think taking money out for a swing set could start a slippery slope. Unless its an emergency I wouldn't touch the mo

groovygrl · April 2013

I agree with the others. Why not save up for the swing set? Your youngest isn't even a year old so s/he won't really be able to play with it for awhile anyway. And don't forget $1000 is one college class, at a state/public university, TODAY.&nbsp

12bailey18 · April 2013

prazenjc:
if you can't afford a swing set w/your own $, go to a public park. don't rob from their futures or things they reall

AimeeL85 · April 2013

I wouldn't, because you can truly get a nice swingset for much less; that's a lot to remove from their accounts for a swingset.

I do, however, understand the temptation when you want something that you can picture your kids really loving, and try

brownie123 · April 2013

I think it depends on the situation.

We are thinking of doing the exact same thing - however (well, not a $2000 playset) the money is not being taken out of their college funds. We wouldn't touch that. But the girls have a separate savings

Kingston54 · April 2013

Definitely not. I'd keep it in the savings account and take them to a park. My neighbors have a swingset and they never use it. DS used it the first week they put it in and never since. I think the novelty wears off too quick to

laurakaz13 · April 2013

sschwege:
Gastro:</

lynsef · April 2013

I wouldn't do it. I would just put some $ aside each month until we could afford it outright.

PunkyBooster · April 2013

I personally would not- I would spend my own fun money on a swingset- but not one that cost that much. I have seen some really nice wood ones for way less than that. And you can also get them from people moving out of state for a good deal as well. Esp

erbear · April 2013

megann831:
prazenjc

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