Between gas costs, insurance, car payments, and other unavoidable expenses that often come with owning (or even leasing) a car, you may have contemplated giving up your car altogether. But depending on the area you live in and where you work, this may not be an easy option. Even if public transportation options are limited, or just plain non-existent, you can still potentially cut down on transportation costs by ditching your car. Here’s how:
Walk or ride your bike
If you live reasonably close enough to your job, consider walking to and from work. For journeys that are a little bit longer, you could always ride your bike if there is a safe route that allows you to do so. If you are close enough for either option and don’t live in an area that experiences climate extremes (brutal winters, for example), you may be able to make a daily habit out of it, and can potentially even do without a car. Even if you do keep your car and just bike or walk for your commute a couple days a week, this can save you a lot of money on your transportation expenses. It will mean less wear and tear on your car, fewer trips to the gas station, and so on. Not only does this help you cut down on expenses, but getting in that extra daily activity is also good for your health.
Join a carpool
Give your car (and your wallet) a break for a portion of the week by joining a carpool. If you have neighbors who work in the same area as you, or co-workers who live in the same town as you, a carpool can be a great way to cut down on transportation costs and give yourself a break now and then from that daily commute.
Work from home
If your job can be done remotely, find out if it’s possible for you to work from home. If you have an especially long drive, this can save you a substantial amount of money when you’re talking long-term, especially if you have car payments and you can just get rid of those extra monthly bills by selling your car. Even if you aren’t able to work from home full-time, telecommuting for just a portion of the week can help you cut down on transportation costs.
Car share services
If you are thinking about selling your car, but you’re hesitant because you know you’ll need one from time to time, look into the different car share service options out there and see if there are any locations near you. With a car share service, you can rent a car when needed by the hour, or for a flat daily rate. Your rate will usually include gas costs and insurance, so if you only need a car occasionally, this can be a much more cost-efficient option.
Do you need extra cash to catch up on bills and expenses? If you’re receiving long-term payments from a structured settlement or annuity, Peachtree Financial Solutions may be able to help. Contact Peachtree Financial Solutions today to find out how you can sell future payments for a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.