I am the mother of THREE boys! Three boys who will all become young men with driver's licenses and whom will require car insurance. I predict they will be as busy as Husband and I were in high school between work and school activities, so I envision a used car lot in my driveway. Boys are EXPENSIVE to insure, and two of mine are only 20 months apart in age.
That said, Mommy needed a gameplan for CARS (or trucks if you live in Georgia like we do).
I knew that college savings needed to be different from a car fund, and I have always been a Dave Ramsey fan. I remembered Dave saying that he would match whatever his children saved for a vehicle, and I really liked that idea. I wasn't 100% sure what I was doing, but I wanted to have an account open to at least get started.
I will lay out how I use the car fund system in our household. The boys have never known any differently than this, so it has worked well. If you are starting this with older children, there might be some mutiny and a learning curve at the beginning.
A few closing thoughts:
I hope you consider starting a car fund. You can even use these tips if you don't have children. Use them for yourself! All of us can benefit from these basic principles.
Happy Saving and Godspeed.
I started these accounts for my boys when Braden was a baby, Jake was 2, and Cameron was 10. This just shows I practice what I preach and it has worked well for our family.
Best of luck as you save for your kiddos!
Less Stress is Always Best!!!