We work, in part, to make money, but all the dough we spend getting to and from our jobs can make the trip feel like we're being robbed. Commuting can be stressful enough – the traffic alone could make someone want to put the brakes on their daily travel. But there are ways to save money on your commute that will have you feeling as happy as a dog with his head out the window catching a breeze.
Your commute doesn't have to leave you broke. Use your hard-earned money for more exiting purchases and let your ride be smooth sailing!
Carpooling isn't just for moms and dads taking their kids to soccer practice and Boy Scout meetings. Adults can carpool too, saving money and mileage in the process. Find some co-workers seeking to save just like you who live nearby. They don't even have to work in your office. As long as their workplace is near yours, you can commute together. Not only will this save gas money, but you'll deepen relationships along the journey.
Another plus, HOV lanes! As per The Simple Dollar, "On the days you do drive, you can use the HOV lane for more efficient driving. Even if you're just giving someone a lift each day, it's still worthwhile. If you have a HOV lane available to you, you can now access that lane and drive at a more reasonable pace with substantially less stop-and-go driving."
Not to mention, on those days you're not driving, you can sit back and relax as you're chauffeured to work. That's especially inviting on those mornings you're feeling like you didn't catch enough zzzzs or after a grueling day at the office.
If you can't seem to find anyone to carpool with, no worries. Consider ride sharing to set you up with others seeking a carpool. Via is great for flat rates rather than how long the ride is. Gett is another great option and you can even book up to two weeks in advance - so no excuses for not making use of the service. Duet is a cool one to try - it will set you up with commuters near you and you can even coordinate your rides together. Check out some more ride sharing options via Nerdwallet.
2. Use Public Transportation
If you reside in a community where public transportation is available to you, make use of the trains, busses, and subways regularly. This mode of transport is not only environmentally sound, but it's far cheaper than driving solo to and from work every day.
According to And Then We Saved, "There are costs associated with riding public transportation, but they can be offset by the money you save on gas." While your trip may not be any faster, you can get other things done on the way to and from your place of work. Catch up on reading, peruse the latest headlines, get prepped for a staff meeting, slug through emails, or listen to some tunes.
Using public transport for just a few days per week can add up to significant savings. Some places of business will even reimburse you fully or pay for a portion of your commute. Inquire with your HR department about the Transportation Reimbursement Plan. The Transportation Reimbursement Plan is an employer-sponsored plan which permits you to set money aside on a tax-free basis to reimburse yourself for qualified transportation expenses. Qualified transportation expenses are work-related parking and commuting expenses. As per the details of this plan, "In 2016, the maximum allowable parking benefit is $255 per month and the maximum allowable mass transit/commuter vehicle benefit is $255 per month. The two benefits can be used simultaneously for a total of $510 per month." That's a decent savings over a years' time!
3. Ride a Bike
Get in some heart-healthy exercise, breathe in the fresh air, and save money by biking to work if your job is located within a reasonable biking distance. U.S News & World Report notes, "A number of bikers say peddling past cars stuck in rush hour traffic makes their commute that much more pleasant." As those drivers are frustratingly sitting in all that congestion, you can zip by with a sense of freedom.
Many large cities have bike sharing programs, such as Citi Bike, the nation's largest bike share program. Rates are reasonable - the annual membership is just $14.95/mo with annual commitment (or $155/year if you pay in full). It includes unlimited 45-minute rides. Rides longer than 45 minutes incur extra fees: $2.50 for the first additional 30 minutes, $6.50 for the next additional 30 minutes, then $9 for each additional 30 minutes after that.
If you're located in a smaller town, you can purchase a reasonably priced bike at your local cycling or sports store that will last you for years of precious pedaling. Just be sure to be safe, follow the rules of the road, wear a helmet, and dress appropriately for bike riding.
4. Adjust Your Hours
If it's possible, talk to your boss or supervisor about adjusting your hours so you're not traveling at the height of rush hour. Even a couple of hours' difference (or less) can be a huge time- and money-saver. You will get to work much faster, saving gas in the process. U.S. News & World Report suggests that a different start time could potentially, "cut the time you spend commuting by half."
Another idea is to reduce the number of days per week you go into the office and add a few hours to those days you do work. Not only does this give you a 3-day weekend, but you'll save on travel expenses.
Your commute should be exciting, not expensive. Steer clear of extra costs you don't need to spend as you take the road less traveled!
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.