4 Ways to Save Money on Transportation
Saving money is important, and it can be difficult to decide where to cut costs in order to save more. One large area of the monthly budget that can be a great place to save money is in your car allotment. Following some or all of these easy driving tips can not only save you hundreds of dollars every year, but also may keep you safer and healthier in the long run.
Check Around for Insurance
There are so many variables with insurance, it’s a good plan to reevaluate your insurance needs annually. There are several different things to consider when determining what or how to save money on insurance. First, raising your deductible can save you quite a bit of money every month. However, before raising your deductible make sure that you have the money in savings to bridge the gap in case you ever need to use your insurance.
Another way to save money on insurance is to regularly call and check other insurance rates. It may be that you are already getting the best rate, but it is always good to verify. If you have moved, even if it is just down the street, there is a possibility that insurance in your new home is cheaper than your old one. If you do happen to find a company cheaper than your current insurance, call your insurance to see if they are willing to meet or beat the price to retain you as a customer. They may say no, but at least you asked.
Additionally, many companies offer multi-policy discounts and any other little ways to save based upon driving skill, so ask your company if there is anything you can do to lower your insurance premiums.
Keep Your Car Properly Maintained
Making sure that your car is feeling good will enable you to eek out the most kilometers per liter. One way to bump up the average is to make sure the tires are inflated to their recommended amount. Changing the air filter and oil regularly will also lower your gas costs. The added bonus of properly maintaining your car is that you will likely avoid expensive, catastrophic repairs by being up to date on general maintenance.
Consider Going Hybrid, or Even Electric
If you use your car primarily for commuting, consider trading in your gas car for an electric or hybrid model. These models, depending on the options, can be competitive with their gasoline counterparts. If your car is paid off, this may not be a great option for you but if you are in the market for a new car consider one of these money saving options.
Use an Alternate Method of Transportation
While it may take longer to get to work, using an alternate method of transportation even just once or twice a week can cut your transportation costs by 20 to 40%, which is quite significant. Popular alternative options are walking, biking, public transportation or riding with a co-worker.
It is very possible to save a decent amount of money by making some small changes with your transportation. By implementing even just one of these ideas, you could save hundreds of dollars every year to use to pad your savings account, or for a fun vacation.