{"id":2465,"date":"2022-11-25T10:41:00","date_gmt":"2022-11-25T02:41:00","guid":{"rendered":"https:\/\/sg-financialadvice.com\/sg-parentingdiy\/?p=2465"},"modified":"2022-12-13T17:19:57","modified_gmt":"2022-12-13T09:19:57","slug":"parents-reasons-why-you-shouldnt-touch-your-kids-savings-account","status":"publish","type":"post","link":"https:\/\/sg-financialadvice.com\/sg-parentingdiy\/parents-reasons-why-you-shouldnt-touch-your-kids-savings-account\/","title":{"rendered":"Parents: Reasons Why You Shouldn&#8217;t Touch Your Kid&#8217;s Savings Account"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2465\" class=\"elementor elementor-2465\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-02b1072 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"02b1072\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1694cd6\" data-id=\"1694cd6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a926bb7 elementor-widget elementor-widget-heading\" data-id=\"a926bb7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">It's getting more difficult for parents to make ends meet, and some are resorting to taking money out of their children's savings accounts to do so. Here are some reasons why it isn't a good plan, and some suggestions on how you should work things out if you need to.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95c2685 elementor-widget elementor-widget-text-editor\" data-id=\"95c2685\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The rising cost of living throughout the world has forced some families to consider dipping into their children&#8217;s savings accounts to make ends meet.<\/span><\/p><p><span style=\"font-weight: 400;\">Even the most economically advanced nations are not exempted to this reality. According to a <\/span><a href=\"https:\/\/www.theguardian.com\/money\/2016\/may\/02\/piggy-bank-raiders-parents-childrens-savings-survey\"><span style=\"font-weight: 400;\">survey<\/span><\/a><span style=\"font-weight: 400;\"> in England (2016), nearly half of the parents have admitted to &#8220;piggy bank raiding&#8221; on occasion to pay for things like parking, takeout, taxis, school trips, or even the window cleaner despite their good financial reputation.<\/span><\/p><p><span style=\"font-weight: 400;\">About a third of the parents said they felt guilty about borrowing money from their children, although the majority (80%) indicated they plan to pay back the money they borrowed.<\/span><\/p><p><span style=\"font-weight: 400;\">Even though more than half of children don&#8217;t even realize the money is gone, it is comforting to know that most parents return back the cash, with one in seven paying back more than they borrowed to alleviate their guilt. These findings suggest that there may be stronger motivation for parents to push their children to begin saving early in life.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dfd8962 elementor-widget elementor-widget-heading\" data-id=\"dfd8962\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Singapore isn\u2019t exempt from the cost of living crisis\u2026<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdc0d16 elementor-widget elementor-widget-image\" data-id=\"fdc0d16\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"940\" height=\"788\" src=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/5-1.png?fit=940%2C788&amp;ssl=1\" class=\"attachment-full size-full wp-image-2466\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/5-1.png?w=940&amp;ssl=1 940w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/5-1.png?resize=300%2C251&amp;ssl=1 300w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/5-1.png?resize=768%2C644&amp;ssl=1 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff67bdb elementor-widget elementor-widget-text-editor\" data-id=\"ff67bdb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The rising inflation and high living costs make it tough for families to get by. In Singapore, <\/span><a href=\"https:\/\/www.todayonline.com\/singapore\/parents-2-children-need-earn-about-s5800-6400-monthly-basic-standard-living-study\"><span style=\"font-weight: 400;\">study<\/span><\/a><span style=\"font-weight: 400;\"> reveals that a family of four (two parents and two children) needs a monthly income of between <\/span><b>S$5,800<\/b><span style=\"font-weight: 400;\"> and <\/span><b>$6,400 <\/b><span style=\"font-weight: 400;\">to meet the most basic of expenses.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5f155a elementor-widget elementor-widget-heading\" data-id=\"d5f155a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">How much allowances do children receive?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-61825e9 elementor-widget elementor-widget-image\" data-id=\"61825e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"940\" height=\"788\" src=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/09\/2.png?fit=940%2C788&amp;ssl=1\" class=\"attachment-full size-full wp-image-1901\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/09\/2.png?w=940&amp;ssl=1 940w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/09\/2.png?resize=300%2C251&amp;ssl=1 300w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/09\/2.png?resize=768%2C644&amp;ssl=1 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0dea877 elementor-widget elementor-widget-text-editor\" data-id=\"0dea877\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In a survey conducted on Asianparent\u2019s Facebook, any mothers of secondary school-aged children provide their children with a daily allowance of <\/span><a href=\"https:\/\/sg.theasianparent.com\/how-much-school-pocket-money-should-you-give-your-kids\"><span style=\"font-weight: 400;\">$5\u2013$10<\/span><\/a><span style=\"font-weight: 400;\">. This is allotted for their food or things they need from the bookshop. Sometimes they also give them extra for extracurricular activities. The majority of their savings, however, are most likely to be built up from cash presents they receive on birthdays, holidays, and other special events.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ba73e2 elementor-widget elementor-widget-heading\" data-id=\"7ba73e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Reasons Why Parents Touch Their Children\u2019s Savings<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d207cea elementor-widget elementor-widget-text-editor\" data-id=\"d207cea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.getreading.co.uk\/news\/uk-world-news\/parents-forced-dip-childrens-savings-23402332\"><span style=\"font-weight: 400;\">a survey based in UK,<\/span><\/a><span style=\"font-weight: 400;\"> here are the top\u00a0 reasons why parents had to touch their children\u2019s own savings:<\/span><\/p><ul><li><span style=\"font-weight: 400;\">Needed cash for daily necessities<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To keep from having to deal with an overdraft by accidentally exceeding their balances<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To help cover an unexpected expenditure<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To have emergency funds set up just in case<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To help pay for treats for the children<\/span><\/li><\/ul><p>Some moms might need it for their sought-after nails but that\u2019s fine. After all, when prices here climb, you may find yourself occasionally inspecting your child&#8217;s piggy bank.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23cc3a1 elementor-widget elementor-widget-heading\" data-id=\"23cc3a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What Are The Consequences of Touching Your Children\u2019s Savings<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b48dcc8 elementor-widget elementor-widget-image\" data-id=\"b48dcc8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"940\" height=\"788\" src=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/4-3.png?fit=940%2C788&amp;ssl=1\" class=\"attachment-full size-full wp-image-2471\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/4-3.png?w=940&amp;ssl=1 940w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/4-3.png?resize=300%2C251&amp;ssl=1 300w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/4-3.png?resize=768%2C644&amp;ssl=1 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f6a9bf elementor-widget elementor-widget-text-editor\" data-id=\"6f6a9bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">So, you might be wondering, &#8220;So what?&#8221; I&#8217;m keeping the money for personal use; they probably don&#8217;t have any pressing financial obligations.<\/span><\/p><p><span style=\"font-weight: 400;\">On the surface, this may make sense; nevertheless, <\/span><a href=\"https:\/\/michiganross.umich.edu\/rtia-articles\/new-research-shows-children-form-attitudes-about-money-young-age\"><span style=\"font-weight: 400;\">studies<\/span><\/a><span style=\"font-weight: 400;\"> have shown that spending and saving elicited different feelings among children as young as five, and these feelings were translated into real-life actions. In addition, the results imply these attitudes and spending habits were not acquired from their parents.<\/span><\/p><p><span style=\"font-weight: 400;\">This means that your children might be at risk of developing problematic money attitudes even if you did not model them yourself.<\/span><\/p><p><span style=\"font-weight: 400;\">You should consider the following consequences before touching your kid&#8217;s savings.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62746b7 elementor-widget elementor-widget-heading\" data-id=\"62746b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Broken trust<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a5ae895 elementor-widget elementor-widget-image\" data-id=\"a5ae895\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"788\" src=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/6-1.png?fit=940%2C788&amp;ssl=1\" class=\"attachment-large size-large wp-image-2472\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/6-1.png?w=940&amp;ssl=1 940w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/6-1.png?resize=300%2C251&amp;ssl=1 300w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/6-1.png?resize=768%2C644&amp;ssl=1 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e7d47f elementor-widget elementor-widget-text-editor\" data-id=\"3e7d47f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Financial advisors (FAs) are often linked with a negative impression due to the common concept about them\u2013 being pushy and duping people with \u201clet\u2019s have coffee\u201d into endorsing some of the insurance products.<\/span><\/p><p><span style=\"font-weight: 400;\">Despite how much you dislike them, FAs could turn out to be very significant in your life.<\/span><\/p><p><span style=\"font-weight: 400;\">In the event of an emergency, they should be among the first persons you contact, and the ones to assist you with any claims you have.<\/span><\/p><p><span style=\"font-weight: 400;\">Since you can never predict the future, even the most affordable health insurance plan must be a top priority. Without health insurance, you&#8217;ll be stuck with a pile of unmanageable debt should something happen to you unexpectedly (crossed fingers).<\/span><\/p><p><span style=\"font-weight: 400;\">If you don&#8217;t have health insurance, you could spend hundreds of thousands of dollars on unexpected medical care overnight.<\/span><\/p><p><span style=\"font-weight: 400;\">Not sure where to start?\u00a0 Learn more about the various types of insurance policies that can provide financial security for you and your loved ones by reading this <\/span><a href=\"https:\/\/sg-financialadvice.com\/ensure-your-family-protection-with-the-right-insurance-policies\/\"><span style=\"font-weight: 400;\">article<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1ae2f2 elementor-widget elementor-widget-heading\" data-id=\"b1ae2f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Instilling a negative attitude toward money<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c1b9ed elementor-widget elementor-widget-image\" data-id=\"6c1b9ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"788\" src=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/7-1.png?fit=940%2C788&amp;ssl=1\" class=\"attachment-large size-large wp-image-2473\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/7-1.png?w=940&amp;ssl=1 940w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/7-1.png?resize=300%2C251&amp;ssl=1 300w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/7-1.png?resize=768%2C644&amp;ssl=1 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56941cf elementor-widget elementor-widget-text-editor\" data-id=\"56941cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Taking from your kids&#8217; funds can make them cynical about saving in the future (after all, why bother to save if you&#8217;re just going to take it away anyway?). The ability to save money is essential to building wealth, thus this is a bad sign.<\/span><\/p><p><span style=\"font-weight: 400;\">Moreover, your children might internalize the message that it&#8217;s fine to be irresponsible with money because you can always borrow if you find yourself short of cash or budget. This may encourage them to use unsecured forms of credit like credit cards and personal loans.<\/span><\/p><p><span style=\"font-weight: 400;\">Furthermore, the mental health implications of having to use their savings to meet home expenses may be the same to those experiences they had when they were still living in debt-burdened households.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6085c3f elementor-widget elementor-widget-heading\" data-id=\"6085c3f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">How to handle the situation if you need to touch your kid's piggy bank<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9d3294 elementor-widget elementor-widget-text-editor\" data-id=\"d9d3294\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As the old adage goes, &#8220;needs must when the Devil drives.&#8221; You may have to dip into your child&#8217;s money to get through a rough patch.<\/span><\/p><p><span style=\"font-weight: 400;\">Here are some ways you can assist your child cope with the experience and perhaps benefit from it.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d948aaf elementor-widget elementor-widget-heading\" data-id=\"d948aaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Don't hide the fact that this is a loan<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e9936c elementor-widget elementor-widget-text-editor\" data-id=\"5e9936c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Make it clear to your child that you are borrowing the money and will return it at a later date and not take it away.<\/span><\/p><p><span style=\"font-weight: 400;\">Help them regain faith by assuring them that the money is still theirs.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f860e94 elementor-widget elementor-widget-heading\" data-id=\"f860e94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">You should make sure they know why<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54565bf elementor-widget elementor-widget-text-editor\" data-id=\"54565bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">It&#8217;s important to tell the truth about why you need the money from their savings accounts.<\/span><\/p><p><span style=\"font-weight: 400;\">However, avoid making them feel burdened and worried by using guilt, threats, or fear to get them to agree. They might also begin to feel guilty or anxious about money.<\/span><\/p><p><span style=\"font-weight: 400;\">Make it clear that the family&#8217;s financial troubles are not their fault, but that they can still offer assistance if they want to.<\/span><\/p><p><span style=\"font-weight: 400;\">That way, they won&#8217;t end up\u00a0 feeling helpless and terrified, but rather, empowered.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b83fbb6 elementor-widget elementor-widget-heading\" data-id=\"b83fbb6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Repay the loan on time\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c2d6e17 elementor-widget elementor-widget-text-editor\" data-id=\"c2d6e17\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Don&#8217;t just put the money back without telling them you did it. Inform them to keep their trust.<\/span><\/p><p><span style=\"font-weight: 400;\">Do not get defensive if you are asked about the repayment plan if you end up being unable to pay back the money on time. If paying back the loan will take longer than expected, you should be honest about it.<\/span><\/p><p><span style=\"font-weight: 400;\">To handle your children&#8217;s funds so formally may seem crazy. However, you should know that you&#8217;re risking a lot more than a few hundred dollars by making this investment (or whatever the sum may be).<\/span><\/p><p><span style=\"font-weight: 400;\">Taking money out of your kids&#8217; savings can have a profound psychological effect, so be careful.<\/span><\/p><p><span style=\"font-weight: 400;\">If this is a common occurrence, setting a positive example by treating the situation with dignity and respect will go a long way toward preventing your child from developing unhealthy attitudes and behaviors related to money.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee3e928 elementor-widget elementor-widget-heading\" data-id=\"ee3e928\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-112d310 elementor-widget elementor-widget-image\" data-id=\"112d310\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"788\" src=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/8-1.png?fit=940%2C788&amp;ssl=1\" class=\"attachment-large size-large wp-image-2474\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/8-1.png?w=940&amp;ssl=1 940w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/8-1.png?resize=300%2C251&amp;ssl=1 300w, https:\/\/i0.wp.com\/sg-financialadvice.com\/sg-parentingdiy\/wp-content\/uploads\/2022\/11\/8-1.png?resize=768%2C644&amp;ssl=1 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b05fcdd elementor-widget elementor-widget-text-editor\" data-id=\"b05fcdd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You should help your children develop a lifelong habit of saving by doing things like opening a savings account and keeping track of weekly spending alongside them.It&#8217;s crucial to treat your children with respect, and stealing their savings would only sow seeds of distrust and suspicion in your relationship with them. Establishing mutual respect and trust within the family through open communication and asking permission if you ever need to tap into your child&#8217;s reserves helps unite the family and makes your bond even stronger.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>It&#8217;s getting more difficult for parents to make ends meet, and some are resorting to taking money out of their children&#8217;s savings accounts to do so. Here are some reasons why it isn&#8217;t a good plan, and some suggestions on how you should work things out if you need to. The rising cost of living [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[19],"class_list":["post-2465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-parenting","tag-parenting-guide"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Parents: Reasons Why You Shouldn&#039;t Touch Your Kid&#039;s Savings Account<\/title>\n<meta name=\"description\" content=\"It&#039;s getting more difficult for parents to make ends meet, and some are resorting to taking money out of their children&#039;s savings accounts to do so. 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