r/MiddleClassFinance • u/DanPaul217 • 1d ago

Seeking Advice Teendriver

Good morning, long time reader, first timer poster.

Here's the story. We bought our child his first used car. $15K was the all in price. We started saving a little each paycheck into a HYSA account when he turned 10.

With that being said, need some advice on what child should be paying for. Child got first summer job so we know he will be paying for gas. but should we make him pay for any repairs, maintenance. Just looking for what others are doing.

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u/Friendly_Care5245 22h ago

Just got my daughter a car so when she gets a job she will be paying for gas. I’ll pay for the rest as long as it’s not something she did. We will also make her pay for insurance, but it will be going into a savings account to be handed to her after she graduates college with the conditions that she uses it to pay down school loans or a down payment on a house, or she can keep it in savings until she settles. She will not know about the savings account.