Transportation costs consume at least 15% of a household’s budget, according to Money Crashers. This is also due to the fact that car ownership is expensive. Those people who are only footsteps away from the market, school, work, and other basic community structures are indeed lucky. However, you could also consider yourself lucky by cutting down your transportation expenses with these tactics.
1. Use Your Feet
Use your feet when your destination is not more than a 15-minute walk. Walking can reduce your transportation expenses significantly. It also helps improve the mood and maintain a healthy weight. Besides, it’s free.
2. Use the Bike
MADSEN Cycles recommends using family bikes for short-distance travels, such as when going to the supermarket or going to the post office. Like walking, biking has many wonderful health benefits. It helps improve cardiovascular health, muscle and bone strength, and avoid obesity.
If you need transportation to go to work, why not share the ride with friends or co-workers? Carpooling allows you to save as much as $600 on gas if you split the fuel expenses among the passengers.
4. Use Public Transportation
Around 45% of Americans do not have access to public transportation, according to the American Public Transportation Association. Consider yourself lucky if you can make the most of public transportation to go to work or get to main points of interest.
5. One Car is Enough
Car ownership is coupled with a lot of financial responsibilities. You’d have to shell out money for financing, insurance, fuel, maintenance, and repairs. Imagine how much more money you have to spend if you own two cars. Evaluate your needs to know whether having two cars in the garage is better than one.
6. Rent vs. Buy a Car
How frequent you need to use a car would best determine whether owning one is better than renting. If you seldom travel long distances, then maybe renting a car is better. It’s cheaper since you would avoid maintenance and repair costs.
Transportation expenses are unavoidable, but there are ways to reduce its costs. Save money on transportation expenses when you take advantage of other transportation means around you. Also, doing some tricks to reduce car ownership costs would help.