Is spending a fortune to get to work every day draining your bank account? Getting to the office can cost a bundle of gas, parking, office, and maintenance. Fortunately, you can significantly reduce your commuting expenses with some creativity.
In this article, we'll share five savvy hacks to trim your monthly transportation costs by $100 or more. Minor adjustments to how you commute can pay off in actual dollar savings.
Read on to find easy ways to keep more cash in your wallet simply by changing up your daily travel routine.
For many people, the commute to work is one of the most significant line items in their budget. According to AAA, the average American spends over $2,000 annually just driving to work and back—that's around $167 per month!
It saves on your daily travel to and from the office and frees up funds that could be used for other priorities like paying down debt, building an emergency fund, or contributing to retirement savings. Who couldn't use an extra $100 or more each month?
Cutting transportation expenses also has environmental benefits like reducing fuel emissions and traffic congestion. Less driving means less wear and tear on your vehicle, too.
Read on for easy ways to slash your commuting costs and keep your wallet greener.
Sharing rides with coworkers who live nearby is one of the simplest ways to halve your gas and toll costs. Coordinate schedules so you can carpool a few days per week. Alternate driving each week to distribute vehicle expenses evenly.
Splitting costs with just one other commuter for a 20-mile round trip five days a week can save each person $50+ per month.
Carpooling is also a great way to build camaraderie and relationships with colleagues. Share music playlists for an entertaining ride.
Using mass transportation like buses, subways, and trains completely eliminates gas and parking costs. A monthly public transit pass is much cheaper than driving and parking downtown every workday.
See if your employer offers pre-tax payroll deductions for transit passes to save even more. Many transit systems also offer reduced fares for seniors, students, and riders with disabilities.
Build in extra commute time so you can use rides to relax, catch up on reading, or learn something new through an educational podcast. Going car-free just two to three times per week can really add up.
Walk or bike to work whenever feasible, even for part of the trip. Active commuting saves on fuel costs and provides health and fitness benefits.
Invest in good walking shoes, a speaker to listen to music or podcasts, and a backpack or messenger bag to carry work items. Start slow if you are new to walking long distances.
For bicycle commuting, equip your bike with safety lights, racks, and fenders. Again, start with just part of the trip before building up endurance. Combining active travel with transit can work perfectly.
Active commuting saves money, reduces environmental impact, and provides a mini-workout to start and end your workday on a healthy note.
Thanks to technology, remote work has become a viable option for many professions. Check if your workplace allows partial or complete work-from-home days. Just one day per week at home can slash weekly fuel and parking costs by 20%.
Turn your commute time into extra sleep and leisure on those stay-home days. There's no need to wear work clothes or pack a lunch these days, either. Initiate a trial once or twice a month to demonstrate you can be just as productive remotely.
Even occasional work-from-home days help trim transportation spending and improve your work/life balance with extra flexibility.
The most dramatic way to reduce commute costs is moving closer to your workplace. Calculate precisely how much you'd save on gas, parking, tolls and maintenance by shaving just 10 miles off your daily round-trip commute.
It also contributes to added productivity and free time by limiting travel time. While moving does involve upfront costs, relocating to maximize commute efficiency can pay huge dividends, especially over the long term.
Ask your employer about relocation assistance programs. Weigh commute expenses when considering new job opportunities, too. Living close allows for active travel options.
Minor tweaks in how you get to work every day add up. Try carpooling, taking mass transit, active commuting, working remotely, or relocating closer to trim your transportation spending by $100 per month or more.
Not only will you keep more of your hard-earned money, but you'll also reduce your carbon footprint, get healthier through active travel, and improve your overall work/life balance.
What commute hack will you try first? Imagine how much extra cash you'll have if you implement several great ideas. Get creative and save on your daily trek to the office. Your wallet will thank you!
