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"Let’s Save More on Transportation: Save More Series Part 6"

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In our previous article, we've discussed how to reduce one of our biggest expenses: the housing expense, to save more money in the long run.

Today, we will discuss what's arguably the second-biggest expense for most of us, which is the transportation expense. Thus, making any savings out of our transportation cost will have a significant impact on our savings goal in the long run.

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Here are some things you can do to reduce your transportation and mileage costs.

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1. Smart Driving

Don't speed up when necessary, mileage costs increase about 15 cents a gallon for every 5mph speed increase above 50 mph. Quick accelerations and sudden breaks can dramatically increase your mileage cost, as high as 33%. Driving assistant tools currently available can help you to drive more efficient, and can save up to 10% of your mileage costs.

2. Tune Your Car

Maintain your car at its peak performance to increase its efficiency by up to 5%. Also, don't forget to regularly check the conditions of your tire, keeping your tires properly inflated and in good conditions can improve your mileage efficiency by up to 3%.

3. Share A Car

Do you have multiple cars in your household? Consider only keeping one when necessary. Owning more than one car can add up not only on car costs, but on insurance, mileage, maintenance, and many more.

You can also use your spare car to start a rideshare business, such as “Uber” or “Lyft”. You can always hire or partner up with a driver if you are not willing to drive yourself. It can add a significant amount of earnings to your household.

4. Public Transportation

If your location has good public transportation services, you can always utilize it to save more costs. Using public transportations regularly can save a lot of money both short-term and long-term.

You can also use rideshare services such as “Uber” or “Lyft” regularly, especially if you live in a densely populated area.

If you live close to your workplace, consider riding a bicycle or walking to your office to save even more transportation cost.

5. Get a Cheaper Car Insurance

Car insurance can add up to a significant amount over time, so you might try to approach other insurances willing to take over your current deal at a better rate.

6. Refinance Your Car

You might also be able to get a better deal for your car loans, especially if your credit situation has improved since when you purchased the car.

However, this might not be an option if your car is too old, or you still owe more than its value.

To Be Continued…

Transportation and mileage costs are some of the most significant expenses we all make, and reducing it, even by a little, can enable us to save more money in the long run.

Stay tuned for the next part of this article series on how to save more money on other aspects of your life, don't forget, set a saving goal, and track your spendings regularly to be a more effective saver.