According to the Institute for Transport and Development Policy, Americans spend about 13% of their income on transportation. Most of these expenses were tied to owning a car.
These expenses include gas, insurance, repairs, and the cost required to buy a car.
If that percentage seems too high and you’re interested in saving money, keep reading. This article is going to provide five simple ways to save on transportation expenses!
1. Finding Alternatives to Transportation Expenses
A simple way to cut transportation expenses is to use a car as little as possible.
Consider using public transportation, such as buses, subways, or trains. Taking public transportation minimizes air pollution and reduces traffic. It also frees up personal time.
Time spent on public transportation is an opportunity to read a book, call a friend, or listen to a podcast.
Walking or riding a bike are also great alternatives to driving. These methods of transportation are eco-friendly. They also minimize the time that is normally spent in traffic or looking for a parking spot.
Lastly, walking and biking are great sources of exercise that promote cardiovascular health.
2. Think Before You Buy
If you’re thinking about buying a car, there are several things to consider.
Car insurance will vary based on a car’s make and model. Buying a newer car will cost more to insure. Similarly, the newest most expensive car will have a higher car payment than an older model.
Additionally, smaller cars may offer greater fuel efficiency than big trucks or SUVs.
3. Car Insurance Strategies
Instead of sticking with the same insurance company you’ve always had, take a look at other options. You may be surprised to find other companies that are offering coverage for a much lower price.
One way to find the best car insurance is to get car insurance quotes.
An insurance quote will estimate monthly payment depending on information, such as the make and model of the car, or the number of drivers.
Getting quotes from multiple companies is also an opportunity to search for discounts. Some companies will offer discounts for various demographics, such as military affiliation, students with a 3.0 GPA, as well as safe driving history.
4. Car Care
By taking care of your car, you’ll reduce any unnecessary repair expenses.
This means scheduling the car for regular maintenance, like oil changes and tire rotations.
Taking care of your car can also mean engaging in defensive driving. Cars get fewer miles to the gallon when they speed. Accelerating, and slamming on the brakes, can waste gas and potentially damage a vehicle.
5. Gas Prices
One last way to minimize transportation expenses is to pay attention to gas prices.
Certain gas stations may offer rewards programs that are tied to purchases made at nearby grocery stores. For example, purchasing $100 worth of groceries throughout the month qualifies for a $0.10 discount for every gallon of gas!
Different mobile apps are also available that compare the prices of local gas stations.
Be Intentional
These are five of the simplest ways to minimize transportation expenses! Some tips may be more efficient for you than others depending on your lifestyle. Overall, as long as you’re thinking about your expenses, you can find and implement realistic ways to save!