Cash Car
She did it. She paid cash for her car!
Years ago, before our oldest son started driving, Brandon and I discussed at lengths how to handle kids and cars. We never wanted our kids to have the nightmare of a car payment hanging over their heads, and there was no way we were going in debt to give cars to our kids. We wanted them to feel the pride of buying and owning their own cars and to feel the satisfaction of working towards a long-term goal. In short, we wanted to help build work ethic we felt would last a lifetime.
We decided all those years ago, we would give our kids full use of one of our cars, including gas and insurance, for a full two years. Now, we’re not talking about some luxury vehicle—these kids took turns using our already paid off 2006 SUV that seemed to get a little more banged up with each kid that used it. We had to set the time limit at two years so the next kid in line could have their turn. The deal we made with each kid is they had full use of the car for two years in exchange for them working and saving their money to pay cash for their own car at the end of the term. However much money they had at the end of two years, that was their budget to purchase a car.
And just like our older son and daughter did before her, at the two-year mark, Olivia bought her own car!
Olivia managed to remain an honor student and varsity cheerleader while working a part time job. At the beginning of this summer, just after graduation, she realized her car fund was still nowhere near where she needed it to be. Knowing time was ticking, she buckled down and worked as many shifts hosting and serving as the restaurant would give her. Every penny went to savings as she slowly watched her car budget increase. Just as we knew she would, she had saved enough and is a new, proud car owner.
We have really enjoyed sharing this part of their journey with our kids. We have stood by them as doubt has turned into determination and worry has turned into reward. We love seeing the pride they have knowing they can do all the big things they say they can do!
