Is spending a fortune every day going to work draining your bank account? Going to the office can cost a lot in terms of gas, parking, office, and maintenance fees. Fortunately, you can significantly reduce your travel costs with some creativity.
This article will share five tips for reducing monthly transportation costs by $100 or more. Minor adjustments to your commute can lead to actual savings.
Discover simple ways to keep more money in your wallet by changing travel habits.
For many people, commuting to work is one of the most essential items in their budget. According to AAA, the average American spends more than $2,000 a year—the equivalent of $167 a month!
It saves you time commuting to the office every day and frees up money for other priorities, such as paying down debt, building an emergency fund, or contributing to retirement savings. Who couldn't use an extra $100 or more per month?
Reducing transportation costs also has environmental benefits, such as reducing fuel emissions and traffic congestion. Less driving also means less wear and tear on your vehicle.
Read on to learn simple ways to lower your commuting costs and keep your wallet greener.
Carpooling with coworkers who live nearby is one of the easiest ways to cut gas and toll costs in half. Coordinate your schedule so you can carpool a few days a week. Alternate each week to spread the price of the vehicle evenly.
Sharing the cost of a 20-mile round trip with just one other commuter each week saves each person more than $50 per month.
Carpooling is also a great way to build camaraderie and relationships with coworkers. Share music playlists and enjoy a fun ride.
Using public transportation, such as buses, subways, and trains, eliminates gas and parking costs. A monthly public transport pass is much cheaper than driving into the city centre and parking every weekday.
Find out if your employer offers pre-tax payroll deductions for transportation tickets to save even more. Many transit systems also offer discounted fares for seniors, students and passengers with disabilities.
Allow extra time for your commute so you can use it to relax, continue reading, or learn something new with educational podcasts. It only takes two or three car-free days a week to add up.
Walking or bike to work whenever possible, even if it's part of the journey. Active commuting saves money on fuel costs and has health and fitness benefits.
Invest in good hiking shoes, speakers for listening to music or podcasts, and a backpack or shoulder bag for carrying work supplies. Start slow on your first long trip.
When commuting by bike, equip your bike with safety lights, luggage racks, and fenders. Again, only start part of the journey before building up your endurance. Active travel and transportation can be perfectly combined.
An active commute saves money, reduces your environmental impact, and provides a mini workout to help you start and end your workday healthy.
Thanks to technology, remote work has become a viable option for many careers. Check if your workplace allows partial or complete working from home. Working from home just one day a week can reduce your weekly fuel and parking bills by 20%.
Convert commute time into extra sleep and free time at home. Today, wearing work clothes or packing a lunch is unnecessary. Start a trial once or twice a month to prove you can be more productive remotely.
Working from home, even occasionally, can reduce transportation costs and improve work-life balance by increasing flexibility.
The most radical way to reduce commuting costs is to move closer to work. Calculate precisely how much you would save in gas, parking, tolls, and maintenance if your daily round-trip commute time were shortened by 10 miles.
It also helps increase productivity and free time by limiting travel time. Although there are up-front costs associated with moving, moving to maximize your commute can pay huge dividends, especially in the long run.
Ask your employer about relocation assistance programs. Travel expenses should also be considered when considering new job opportunities. The proximity offers active travel options.
Small changes in how you work daily add up to an impact. Try carpooling, taking public transportation, actively commuting, working remotely, or moving closer to home to reduce your monthly transportation costs by $100 or more.
You will keep more of your hard-earned money, reduce your carbon footprint, become healthier through active travel, and improve your overall work-life balance.
Which pendulum technique would you try first? Imagine how much extra income you could make if you implemented a few great ideas. Get creative and save money on your daily commute. Your wallet will thank you!
