Izzy is an expert on driving lessons and saving. We thought you might be interested in what she had to say. Please take a moment to learn more about how you can save for your child’s future behind the wheel.
Kids are expensive, there’s no doubt about that, and with family vacations to pay for, birthdays to splurge on and college fees to think about, finances can be tight. It may seem a long way off yet, but when your kids decide they want to get behind the wheel, you’ll most likely be the one footing the bill.
Driving lessons don’t come cheap, and when you’ve got more than one child to budget for, the cost of getting a license can seem a little intimidating. This guide from PassSmart will give you 5 reasons why you should start your own driving lessons fund, and will help you devise a realistic saving plan to ensure you reach your targets.
Squirreling
Squirreling is a skill which many parents learn quickly. Keeping a little bit of money aside will make a big impact later on, without burning a huge hole in your monthly outgoings. If you can afford to spare a few dollars each month, you’ll be surprised at how much you can amass over the years.
We know that there’s already a lot to save for when it comes to kids, but the benefit of a driving lessons fund is that you’ll have a much longer time to save than you would with other things. Start squirreling money away early to avoid having to make more drastic cutbacks in the future.
Creating future ‘you time’
The taxi of mom and dad is a luxury which many teens like to make the most of. Making sure you save for their driving lessons means you’re also making sure you don’t become a glorified taxi service in the future. OK, there may be a few years of ferrying back and forth before their 16th birthday, but why not let the eldest become the brother/sister taxi for the younger ones once they’ve passed?
It may seem like a long way off now, but you’ll be saving valuable ‘you time’ in the future and – as long as we haven’t all gone electric by then – some fuel costs too!
Future prospects
A driving license opens up possibilities, and will give your future teen many more opportunities when it comes to jobs, colleges and universities. Whether they want to go straight into work or continue their studies, having the funds for driving lessons will make getting on their chosen path much easier.
It’s not all up to you
A driving lessons fund is something which everyone in the family can pay into. Remember that the whole weight doesn’t have to lie on your shoulders. Whether it’s grandparents, aunts or uncles, if you all give a little every now and then, the fund will soon start to grow.
Use milestones as dates to reach X amount by. So, for example, if you’re looking to reach $200 by their 10th birthday, you know what you’re working towards. Relatives can also use birthdays and Christmas’ as the time to pay into the fund, instead of buying expensive presents which will only get left in the box.
Dividing the pot
If you’ve got more than one child to save for, you might not have the funds to cover the whole cost of driving lessons for all of them.
Remember, having something to get them started with can provide a great starting point. Don’t worry if you can’t cover the whole cost, because they may well have a part time job to fund them with too.
This guest post was written by Izzy from PassSmart.com.
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