I've recently been receiving regular child support payments after 11 years. What do I do with the money? Should I put it away for my child or do I use to to pay bills that I owe etc??
I've recently been receiving regular child support payments after 11 years. What do I do with the money? Should I put it away for my child or do I use to to pay bills that I owe etc??
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2 Replies
Spend it on anything that your children will benefit from.
I spend it on every day living for my kids (&
myself- petrol etc)
Bills... food... whatever they/ we need. If we're ahead, I take them out... movies, dinner... shopping.
Its money owed to you and your children. Do with it what you like.. as long as your kids have everything they need, you can spend it together or save it for them. Up to you. We cant tell you what to do with it :)
You pay bills, debts etc. you don't know how long that money will come for and debt is expensive.
I used a lump sum child support payment to buy a new car as ours was on it's last legs and our family needs a car.
Retiring some debt and paying bills is smart use of the money as your child would have contributed to the debt and bills. That money is for the expense of raising your child.