financial

Tips to Prepare for your Teenager's First Car

Tips to Prepare for your Teenager's First Car

By Kerrie Beene, CFP®

Since Oprah stopped giving cars away in 2011, we recently had to face the challenge of getting our daughter a better vehicle. While her getting older and purchasing this car should have come as no surprise, it came faster than we wanted (we should have started earlier!!) and I wanted to share a few things we did to prepare for the purchase of the car.

  • Utilizing Savings

  • Throwing all Extra Funds into the Savings

  • Create a Physical Savings Chart

  • When the time arrives to Purchase, Choose a Budget!

  • Involve your Teen in the Purchasing Process

  • Utilize a Teachable Moment