Creative Ways to Save on Transportation Costs

< Back to Money Minute

With the inflation monster looming, we’ve all seen our increases on the essentials.  Even if your spending habits are the same, you may find that you are paying more.  In order to get your budget back to where it used to be, you may need to get creative.  Here are some tips to reduce your transportation costs:

Shop For New Car Insurance Coverage

This can really work in your favor if you have a good driving record and credit rating. Some insurance companies also offer discounts if you drive less than 12,000 miles/year.  Others consider you a low-mileage driver if you drive less than 5,000 miles/year. So shop around, ask about their discounts. And use this time to reassess your deductible amount. A higher deductible can decrease your insurance premium. Just keep in mind, if you increase the amount, ensure the deductible amount is a manageable amount for you in case of an emergency.

Look For Work-From-Home Opportunities

Working from home even for one day a week can help you save a good chunk of change a month. If your work doesn’t require you to be present 100% of the time, propose to work 1-2 days of the week from home. A great time to do is during a positive performance review or when you’re negotiating during a job offer.

If it’s that time to part with your job, consider remote jobs during your search.

Ride Your Bike to Work

If you live close to work, consider riding your bike to work a few times a week. Aside from this being a eco-friendly option, this wallet-friendly option is a great way to improve your physical health.  With gas prices as high as they are right now, consider how many tanks of gas biking would save.  A bike may pay for itself in a few months.

Slow Down & Lay off the Brakes

It pays to follow the speed limit. Speeding and slamming on brakes causes less fuel efficiency. As a matter of fact, it’s been shown that speeding and aggressive braking can increase fuel consumption by as much as half a gallon! Taking it slow and braking smoothly is a more effective strategy to help you save on transportation costs.

Hopefully these tips will help ease some of the pain of inflation and make your transportation costs a little easier on your wallet!

If you need help establishing a budget to combat rising prices, consider Apprisen’s free comprehensive financial review. It includes suggestions from a financial specialist on how to decrease expenses and increase income.

< Previous Next >

Get Started with IRIS

Financial health happens when you partner with IRIS! Securely submit your financial information to IRIS and receive a free, comprehensive financial plan within hours! This plan is reviewed by one of our live Certified Financial Specialists. It's the first step on your journey to financial health!