401Dave is the child saves for a car & when he gets his drivers license the parent matches what the child saves dollar for dollar. Our kids know about the 401Dave plan & at 14 & 11, they know they will be buying their own car & that we will match it.
My oldest son, Zakkery is 14. He's nearing the point that he will be starting drivers training soon. He doesn't show much emotion about it. When he was younger, he never wanted to drive. The thought scared him. Being the oldest, he's my safety child. But he has always loved cars. He's my artist, so he draws cars ALL the time. His dream is to work for GM and draw their prototype cars! Let's not discuss the recalls on GM cars right now, ok!
As the years have passed, he's okay with learning to drive a car on a road where there are laws. He does indeed love driving go carts & off road vehicles, which never makes sense to me. But I digress. He will be signing up shortly for drivers training because I will not be driving him to college. That would be weird people!
Once again, I am raising men!
How have my kids saved for their future cars?
They are savers. Whenever they get money for work, allowance (which that word no longer is allowed in our house), birthdays, holidays, etc., they put it in their wallet (which they don't ever carry). Then I go in and check out how much money they have in there & it's easily over $100. I then notify the husband that he needs to have the boys make a deposit into their "bank account". They then add up their money & get the total & it's all done on a piece of paper.
You see, my husband & I don't spend a $1 here or there. The dollar store wasn't a reward store for the boys. We never felt the need to buy the boys something every time we stepped foot into a store. When we stop to get gas, we just get gas. We don't run in and grab a box of candy & a drink for everyone. That innocent spending is mindless & it adds up. So being that we don't spend our money that way, the boys don't either. If I am running to the store & they are going with me, they don't say, "Oh wait, I need to grab $5 in case I see something I want!"
That is how my kids have been able to save their money for their future cars!
**My husband & I are wondering if we will be able to match dollar for dollar because they have some serious cash going on!**