Should I use my kids' savings to pay off credit cards?

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ViralMuse123

New Member
Hi there... Can I get some advice on how to pay off my credit cards? I'm a mom of two... living ith my boyfriend. This is my portion of the bills... and he covers groceries and household supplies. I also have $3,500 in my children’s savings—(I’ve been the sole contributor)—and I was wondering... should I use that to pay off my debt and then start saving for them again once everything’s paid off? I also have $1,000 in an emergency fund.
 
Here’s a breakdown of your plan to tackle debt and build savings:

Monthly Breakdown:
Credit Card Payment: $800 toward your credit cards.
Savings: $174 set aside for those unexpected kiddo expenses.

I’ve included a payoff schedule example for you to review. You’ll notice a larger payment to Ally in September aim to pay this off before interest kicks in. While this means dipping into your and the kids’ savings now, remember you’re rebuilding that cushion every month with the $174. Once Discover i s paid off in May 2026, you’ll have the full $974/month to save.

Stick with it you’ve got this!
 
Hey there! Here's the plan: first, use your savings to knock out that debt you can always contribute more later, no rush. Then, take the majority of your paycheck and throw it at the debt too. Whatever’s left, use it as your independence fund. Because let’s be real, having to ask permission for every little purchase is no fun at all. So, leave yourself with whatever amount makes you feel comfortable whether it’s $50, $100, or more and make sure the res t goes toward that debt. You’ve got this!
 
Hey there, just a heads up please don’t ever wipe your kids’ accounts. I just want to share something that happened to me and my sister when we were younger. Our parents did the same thing, thinking they’d replace the money later, but it never happened. I lost around $8k, and my sister lost about $10k. Ouch, right? Take it easy!
 
Stop contributing to your kid's savings while you have debt. Use that money to pay off what you owe. Secure your own finances before helping others.

1. Cut expenses. Cancel Netflix, negotiate a cheaper phone plan, and shop for lower cost Internet. Sell unnecessary items, downsize if needed, and pick up extra work.

2. Pay off your debt as fast as possible. Close aall credit cards except the oldest. Use the remaining card sparingly for emergencies only. Keep utilization below 30% and pay the balance in full every month.

3. Build a 6 month emergency fund. Keep it in a high yield savings account.

4. Start contributing 15% of your income to retirement accounts immediately.

5. Create sinking funds for upcoming large expenses. Invest in stocks and real estate for your own future. Once stable, start saving and investing for your kids.
 
Alright, so here's what you gotta do: figure out how much you need to pay each month to get those 0% credit cards paid off before the deadline hits. Set that amount as an auto pay every month, and then toss any extra cash in your budget toward paying down the Discover card. Easy peasy!
 
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