Budgeting for a big family

[PrincessFiona]

We have a huge problem: our teenager's cars.
1. Car insurance is bloody expensive
2. Car repairs
3. Extra college expenses

We have an agreement with our kids that we'll pay half if their repairs and all of their insurance.

Saturday, we had Andrew take his car in for an oil change. $800 later...... there went grocery $ for us and half of his savings.

We just spent $300 on amanda's car on bad shocks that we paid ourselves because the shocks were bad when we got the car. Last week? Check engine for O2 sensor. No vlue what the repair will be.

We've offered to pay their gas since we couldn't afford to put them on campus. The vehicles are driven to school and work. Still, the cost is crazy.

We can't get this to fit in our budget and Alex is 15 and will be wanting to drive soon. What are we missing here?

[Pollyanna]

Hmmmm, I'm not sure you are doing anything wrong. Do you shop car insurance? I check rates every single year and always manage to save money. I'm not afraid to change companies and am not loyal to one agent (I typically am my own agent). That alone saves a couple hundred/year. Of course that doesn't help with repairs, etc. We pay for all repairs/insurance and gas for our high schooler. There is no way he could have a job that would pay enough to cover those expenses. DD20 just got a car this year for college. She went without for the first two years and that saved a TON of money. She now has our '93 suburban and drives it limitedly because she has to pay for the gas. Cars are just very expensive. Dh will very likely moonlight to cover those extra expenses.

[PrincessFiona]

Ugh. I wish there was some easy solution. I feel like we've had the worst car luck lately too. DH is extremely stressed about it and that makes me stressed too. We want the kids to work part-time and save what they earn. They are both learning why savings are important.
I worry about how poor Alex won't be allowed to drive because of this. :/

I need to convince dh to moonlight.

Kris

[PrincessFiona]

Tara, do you think it's fair that dh is going to make andrew pay his insurance his junior/senior years?

[MAPPLEBUM]

many families have their children either share or buy their own cars. seems like one of those things great if you can but if it's a burden they need to figure it out for themselves.


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[PrincessFiona]

I know. I just feel guilty that we've set a precedent with the older 2. We bought a car for Andrew that was supposed to be the kid car. He needs it for school and work though, so my mom and I bought amanda a car. She will hopefully get her license wed. And will need it for school and work. That leaves no car for Alex. And we are out of cash.

[JDAZ11]

Could Andrew move on to campus and give up the car? Would that be just as expensive as buying another car?

[Pollyanna]

Tara, do you think it's fair that dh is going to make andrew pay his insurance his junior/senior years?

I don't know. Thomas needs to be realistic, insurance costs so much (especially if Andrew will have his own policy). I would run the numbers, how much money can Andrew make at his job and how much will he have in expenses? Also, what does his course load look like? He shouldn't risk his GPA for auto insurance.

Anyway, it's fair if it's realistic based on the numbers.

[JDAZ11]

I will say that I never paid for my insurance in college. I couldn't have. No way. I didn't drive much either, because everything I did was basically on campus. I finally got a job on campus my jr year as a research assistant because I didn't qualify for work study, and there literally weren't any extra jobs to have on campus, but I made NOTHING. (I really just did it as a resume builder, and because I liked the professor).

Also his rates are probably way higher since he is a guy under (what is it, like 35 when they start going down a lot for guys? We are new to the car thing, so I could be wrong).

I would really think about an on campus job if he can get one. Is there anyway him and Amanda could share a car? Probably not....

[Pollyanna]

Yes, what about car sharing? If you can get him back in the dorms can he go without a car? Maybe find a job within walking distance?

[diggitydot]

Any opportunities for carpooling? Do the kids have any friends with similar schedules even once or twice a week?

[PrincessFiona]

I'll have to put more thought into this. I don't know how people afford shit. Our neighbors have 1 parent working outside of the home as a nurse. They own 2 boats (1 new), a cabin (because this is MN) and have 6 kids. 3 of their kids are driving and they bought each of them a used car and pay insurance for all 3. Two of their kids are in college and they are paying for most (but not all) of it. I just wonder what we're doing wrong. Do they print money?

[diggitydot]

Don't compare your financial decisions to those of others. For all you know, they may be up to their eyeballs in debt.

[JDAZ11]

Don't compare your financial decisions to those of others. For all you know, they may be up to their eyeballs in debt.

True!! Or they inherited money. Or somehow figured out a really nice way to cheat on taxes.

[SoonerTexan]

This is what my family did (new driver every 2 year for 8 years)

We shared a junker in high school and chipped in some for gas, that was it. But we each had to drive siblings, etc. I went to college without a car my freshman year and bought my own for my sophomore year. I was responsible for car insurance over the summers when I was working.

My siblings weren't able to afford a car on their own, so my parents bought another junker they shared (going to the same college has bonuses) but my siblings had to make a lot more of an effort to live closer to campus, etc.

My dad is a mechanic so he did most of the maintenance, which was a pretty big burden on my parent's time. It was still crazy expensive for them too. I sold my first car to my parents to use as the next junker when the junker I drove in HS died. They were all Ford Tauruses.

#2 bought her own car when she got her first job a year ago.
#3 is still in college and driving the junker and probably will be for awhile.
#4 saved and chipped in 5K with my parents to buy his own car. He was always into working.
#5 is currently driving the one my parents bought from me. It is 14 years old and intermittently doesn't have A/C. She is thrilled with it though.