In your quest for savings, you’ve most likely looked at the typical suspects for cost-cutting opportunities: food, cable, and phone. The cost of commuting may seem like an inconvenience that you have to accept.
To make money, you must, after all, put in your time at your job. However, taking the time to add up your commuting expenditures, knowing how to save money on petrol, and learning about employee commuter perks may help you uncover some commute alternatives that can help you save money on your transportation costs in the future.
Transportation is the second most expensive family cost. Only purchasing a home and making changes in this area can result in significant cost savings. Cars are the second most expensive item for many individuals in their annual budget. Their growing gas prices and maintenance charges are all conspiring to drive your car bill into the roof, with no apparent way out in the immediate future.
The daily commute is inevitable and you have no option but to accept it as a part of your daily routine. However, it does not have to be as expensive as you may anticipate. Did you know that you can cut down the amount you often spend during your commutes and make substantial savings? If you were not aware, here are ten ways to do so.
1. Use Public Transportation
You can save fuel and insurance costs by taking a bus or train. So, if you live in a place with mass transit options, then leverage them. Public transportation is a cost-effective mode of transportation, but it requires you to give up your automobile for the time being.
If this does not fit your lifestyle or if you live in a region where public transportation is not readily available, look for other alternatives to reduce driving time and distance.
Ride-sharing services are now more affordable than ever before, and they may help you save money on petrol while still offering you some independence when you need to use a car on an occasional basis.
2. Take Advantage of a Discount from Your Employer
The federal government and the majority of state governments provide substantial tax incentives to commuters. Some states offer more benefits than others.
Employers who provide transit passes, for example, are eligible for an additional 50 percent tax credit in Maryland. Suppose the employer allows the pass to the employee rather than deducting the cost from their salary. In that case, the corporation can claim the price as a business expense for federal and state tax purposes and the Maryland tax credit of 50 percent.
If your company does not give these benefits, you should advocate for them. They are low-cost or no-cost to the business, but they are significant employee perks that can attract and assist employees in saving money.
3. Consider Carpooling
Suppose you have workmates that take the same route as you; consider sharing a ride instead of everyone driving their car. If you and your partner take different vehicles to work together. You can change the cars every day or pick the most efficient vehicle for the commute.
The practice of carpooling is generally reserved for the last commuters. The process includes:
- Locating suitable passengers.
- Keeping track of automobile maintenance expenses.
- Arranging schedules to ensure that everyone arrives at work in a safe and timely manner.
If you can find one or two coworkers who live close to your place of employment, it may be worthwhile to form a carpool since you will be able to divide monthly expenditures and save money instead of traveling alone to and from work every day. You have absolutely nothing to lose by asking around to see if anyone else might be interested in some company!
4. Take the Bike or Walk to Work When Possible
If your workplace is fairly close to your home, then a bike proves to be a relatively cheap alternative. Riding a bike does not cost anything, and you get to work out during the process.
Cycling to work may seem like an impossible undertaking, but consider the health advantages and decreased gas expenses associated with doing so. Bike rentals and sales are available at a variety of local establishments at a moderate cost compared to automobiles.
You won’t be hot and bothered when riding your bike, either! Just come up with inventive ways to move it if required, such as using public transit or a bicycle.
5. Look for Other Transit Discounts
Also, ask your boss regarding employer-sponsored transit programs. Many organizations have special passes or reimbursement programs for public transportation workers like the subway or bus.
Maryland’s commuter rail trains are half-price for those over the age of 65, and students save 15% on most of the state’s commuter rail passes. Students at participating universities may acquire a $64 access for local bus, light rail, or subway transportation for only $39. The pass is valid for one year. Similar discount schemes are available in nearly every state.
6. Ensure Your Car is Well Maintained
When a vehicle is running properly, it consumes less fuel and reduces the chances of mechanical failure. Click here to find out more about scrapping your car for cash. Ask the mechanic how frequently you should change your car’s oil and what others should do routine maintenance jobs.
You can save money on fuel, repairs, and replacements down the line if you ensure your car tires are at the manufacturer’s recommended psi. According to experts, you lose gas mileage with each pound of air below the recommended levels.
Regularly checking tire pressure and keeping vehicles operating smoothly with easy DIY adjustments can save you hundreds of dollars over time while preventing more significant problems from occurring! Yes, you want to get to the workplace as soon as possible, but you risk being pulled over, getting into an accident, and reducing fuel mileage if you have a lead foot. In addition, driving slower tends to reduce your gas consumption.
7. Use a Rewards Card to Get a Discount
If you’re going to spend money on petrol, at the very least make sure you’re receiving something in return for filling up. Three percent cash back at petrol stations is available with the Blue Cash Preferred Card from American Express, rated the best credit card for daily spending.
“Many gas station chains offer very amazing rewards cards,” says Hamm, who suggests choosing a card attached to a low-cost gas station. Sign up for that card and use it only for gasoline purchases, paying it off at the end of each month and taking advantage of the perks as much as feasible.”
8. Purchase a Season Ticket
If you use the train to work, consider purchasing an annual season ticket rather than purchasing monthly tickets throughout the year. Many employers provide their workers with an interest-free season ticket loan, allowing them to purchase the more affordable yearly ticket while returning the loan every month.
Instead, opt for a credit card issuer that gives no interest on purchases; however, it offers an annual season ticket to pay off a twelfth of the total cost on each payday until the debt is completely paid off.
The most cost-effective method of saving money is to avoid commuting altogether. This may be possible for some people than others, but even if you only work from home once a week, you will be saving money on your expenses. In a similar vein, if your work hours are flexible, consider changing your arrival and departure schedules to avoid peak hour traffic.
Get an early start and reach the highway before or after the rest of the traffic to make your commute more manageable and enjoyable.
10. Look for Coupons and Promotional Offers
The days of painstakingly clipping coupons out of periodicals are long gone, and you probably imagine yourself spending ten hours a week doing so. There are entire websites dedicated to finding coupons for individuals just like you these days. These websites aggregate essential coupons that you may use to save money in various areas of your life, including your automotive budget.
Drivers on a tight budget might use websites such as Offers Club to find substantial savings on their annual automobile expenditures. Installation of brand-specific applications, such as Wendy’s or Dunkin’ Donuts, will allow you to take advantage of unique “app-only” promos and other specials available only through the apps.
Commuting to work is a significant expense for many of us. The good news is that there are several strategies to reduce your annual commuting cost. Some of these ideas may be too severe for you, while others may not be worth the effort. You’ll be amazed at how much you can save if you combine these ideas in your way.
When you inspect the expense of commuting, you may be astonished at how much you pay more. It doesn’t matter how much you save; understanding and adjusting your spending will help you feel more in charge of your finances and save you money over time. Making modifications should result in considerable savings. And that may help even the worst commute.