As one of my favorite comedians, Mitch Hedberg, once put it, “Transportation’s a good way to get around.” But how much is your commute costing you? Could we save money by tweaking the way we travel?
If you’re like me, and 85% of Americans according to U.S. Department of State, your car is your main method of getting where you need to go. However, the cost of car ownership starts around $6000 a year even for a small car
Let’s take a look at eight ways we can save on transportation.
1. Utilize travel apps
Smartphone technology has place a wealth of information at our fingertips. Apps, such as Gas Buddy, allow drivers to find gas stations with the lowest gas prices. This information is updated in real-time by app users.
2. Carpool
With the rise Green Movement, many environmentally conscious businesses are helping connect employees who want to carpool to work. In addition to reducing your carbon footprint, you can save $500-$700 each year by splitting the cost of gas. There are even brand new apps that help you carpool, sort of like Uber for ridesharing.
3. Shop around and compare insurance costs
Car insurance costs can vary greatly, so it pays to do your homework. Most major auto insurance companies allow you to get a quote online by answering a few simple questions. There are also sites that allow you to compare quotes side by side.
You can also get discounts for meeting certain criteria, such as taking a defensive driving course.
4. Walk or bike
Pad your wallet and slim your waist by walking or biking to nearby destinations. Most of us drive to places within easy walking distance simply because we’re in the habit of taking the car. Since shorts trips cause the most wear and tear to your engine, you’ll save money on maintenance costs. Besides, getting outdoors is a great stress reliever.
5. Take advantage of public transportation
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If you live in a city, chances are you have access to some form of public transit. By taking the bus or the train, you save on gas, maintenance, and parking fees. Plus, the bus is a great place to read a book, check your emails, or just relax before you go into work.
6. Maintain and clean your car regularly
Regular maintenance is crucial to keep your car running smoothly. Changing your oil on schedule will not only increase your gas mileage, but it can also prevent costly damage from wear and tear on down the road. Ensuring your tires have the proper pressure and are rotated regularly will maximize their lifespan.
7. Limit your financing
Attracted by low monthly payments, many consumers are opting to finance their cars using long-term loans with an average term of 67 months according to CNBC. Obviously, the longer the term, the more interest you will pay. And since the cars depreciate in value over time, it is never a good idea to pay more than your vehicle is worth. If you are in a position to pay cash for your vehicle, do it. Otherwise, take out the shortest term loan you can reasonably afford
8. Join a car share
If you don’t use your car every day, car shares like Zipcar are a great money saving option. Like using public transportation, you will save on maintenance fees and daily expenses.
Conclusion
There are many ways to save on transportation – so don’t get overwhelmed. I recommend starting with one or two of the ideas presented here as a start. Then, you can try to add another to the mix.
Do you have any other tips on transportation? Let me know in the comments below.
