I am debating closing my son’s ( 1 yrs old) savings account to pay a medical bill. This would help me become closer to my goal of being debt free. He has $100 in his account and I could take $50 from it and pay a medical bill (or break up the money to pay several medical expenses). Advice from others, please?
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let the kid keep his hundred
Do not close your son account .
Go to the court and get child support from your ex husband.
leave the poor kid’s money alone – you can’t pay a $50 medical bill?
Do it only if it will save your credit or avoid paying interest or other collection charges and it will make you debt free meaning you won’t be making any more payments on the debt and therefore will be able to pay him back. Then put it back in the same manner you would have paid the medical bills, such as if you could only afford $5 or $10 a month. On the last payment, add $2 to compensate for his lost interest earnings. It is better to pay him the interest than a credit card company or other business and that would make it fair to him.
Not if you can do it some other way. You will just get his savings account built back up and something else will come along. It will end up being your money and won’t fullfill the purpose of a savings account for him.
All you will eventually teach him is that it’s OK to use OPM (other people’s money).