Mummy says… 2019 brings my eldest sons 17th birthday and he super excited, as it is when he can drive his own very car. Of course, I want to make this come true for him and hope I can surprise him with his dream car as he embarks on a journey of new found freedom and excitement…
However, saving for your teen’s first car can be challenging, as cars cost a lot of money, whether new or second hand. I am looking for ways how to save and make the right choices. Click here to learn more about how to get some money to reach your target. Here are some more tips for saving for a car for a 17th birthday:
Plan early and start saving
Your teens 17th birthday will arrive sooner than you think! It seems like only yesterday Luke was born so start planning early and look for ways on how you can save. Keep motivated and make efforts to make
small daily savings. Cut down on unnecessary expenditure to get into the habit of saving and avoid any temptation to spend.
Involve your teen in the plan
It is a good idea to involve your son or daughter and make them feel responsible towards the goals of saving for their car when they reach seventeen. Your growing child will feel equally important and accountable when you discuss things with them and will be willing to work towards the financial goal. Your teen can work also work part time to help raise money for the car.
Set a separate saving account
It is a good idea to create an account where you put money just for the car for the 17th birthday. Set realistic targets every month and stick to them. Keep in mind that savings accounts are created for the long term.
Understand the cars and their costs
Keep an eye on current cars that are the most suitable for growing teens and their fluctuating costs. The average cost of a new car is a whopping £30,000 while that of a good, newer used car is about £10,000 You can pick up bargains from around £5000 though. Browse websites and keep your teen in your discussions so you have an idea of which cars to consider.
Look for ways to raise your income
Have a good clear out at home and see what you can sell, either online or at carboot sales. Set your teen off washing neighbours cars or mowing their lawn for a few pounds. Look for anything to fit in with your week to earn some extra money such as dog walking, or private cleaning.
So, follow the above tips and set yourself a goal to gift your teen a car for his or her 17th birthday. There are so many different ways and means of making and saving money, provided you remain committed to the financial goals. You will be such a proud parent when you see your teen driving away in their first car!
Have you any tips to add for Saving for a Car for a 17th Birthday? Please let me know!