Thursday, April 30, 2020

Tips for Budgeting for Car Repairs for Large Families



When you have four or more people living in a home, it can get expensive to do anything. From family outings to utilities and car repairs, the list is endless. We have four ways you can plan for the cost of living and driving as a large family below.

Plan for the expected events


With several drivers in the home, it becomes more likely for an accident to occur, whether it is with another vehicle, a fallen branch, or a wayward softball. Someone may end up with a crack or hole in the windshield. 

Many car insurance companies cover auto glass replacement for broken windshields. You may only need to save back a deductible for this style of claim. Your agent can answer these questions and make sure you have the correct policy for this coverage.

Other things that fall into this category include tires, windshield wipers, and all consumable parts. The more people in the home, the more likely some vehicles will have more miles. Brakes also fit this area. You might want to take advantage of the coverage as long as it does not raise your insurance premium.


Save extra paychecks


You might be thinking there are no extra checks at my house. However, there is an average of two months each year that have three paydays, says U.S. News. 



If you can afford to put these checks in the bank, then you will have an emergency fund of several hundred dollars. You can use this money for yearly maintenance checks. Then, you fix most problems that might arise.

Join a loyal rewards program


Many companies will offer deep discounts to keep people coming back. You will need to spend some time comparing programs to find one that works for your situation. For example, one company might offer a certain amount of money off for spending $50 or $100. 

Another may have a percentage discount with a deeper cut for coming back for routine maintenance like turning rotors and rotating tires.

Save a little out of every paycheck


When you put aside even five or ten dollars a check, the money accumulates much faster than you expect. After three months of depositing five dollars a week in your bank account, you will have $60. Now, this may only pay for a small repair, but another three months, and then three more. You get the picture.

When you have several people in the home, a vehicle typically gets more wear and tear than one in a smaller family. By combining all these techniques, and others you find, you could end up with a large fund in a short time. Then, you can concentrate on a back bill, college funds, a clothing allowance, vacation, or an emergency fund for the house.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan


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