Here’s a helpful hint to all parents: don’t borrow your child’s money it just causes problems. Now if you are one of those parents that borrows the money then immediately pays them back with interest go right ahead. If you aren’t your child will end up resenting you and basically start to think of themselves as unable to spend their money on things they want and need because they need to have the money in their bank accounts for you.
My parents started borrowing money from me as a teenager, at first I didn’t mind because I didn’t have that many expenses. After awhile I got fed up, especially when they couldn’t get me things that I needed like new shoes (my old ones were tearing up my feet). During that time I wouldn’t eat lunch with the small amount of lunch money they gave me because I needed to save up that money to get me something that they were unable to get for me. Then the borrowing got worse. It was “We’ll pay you back on payday. Next payday. Next month. Soon.” At one point in time when I was 17 my mother owed me $300 for close to a year before I finally got paid back. For several years my parents were really good about paying me back but when 2009 came around the pattern began again. I got back from Europe and Mom forgot the debit card at home (we had already ringed up our groceries), so I swipe mine through even though I didn’t have that much left in my account with the promise that she would pay me back within a week. Well I got about half of it back in two days but a year and two months later I still haven’t been paid back entirely. Then recently my mother asked to borrow fifty dollars from me until dad got his paycheck. I agree, how stupid of me, and a month later I’m still waiting. When I brought it up she said that she would send the check within the week, that was two weeks ago. So like any child fed up as being thought of as their parents’ safety net I started a spread sheet of the money they said they would pay me or borrow from me. As of today the total is over $600. That’s interest free too!
Although it may seem like I’m complaining the fact is parents if you don’t pay back your kids when you say you do you are going to strain your relationship with them. I’m almost to the point where I want to start sending my parents a monthly bill for each month they don’t pay me back my money, and yes I know this will make our relationship worse. The fact is they have two other kids and they don’t borrow money from them, just me. I’m tired of being the safety net and unable to do things thinking that I need to have the money in my account for my bare basic needs and the rest for them. I also thought that the child borrowed money from the parent, not the other way around.
This entire situation sometimes makes me feel like Cinderella, only without the cleaning up after my family, fairy godmother, and Prince Charming. If my parents did the same to my siblings I might not feel this way, but they don’t and I do. The moral is: don’t borrow money from your kids it can create a really bad situation for all parties.