There are ways to cut transportation costs
The average Canadian household spends between $9,000 and $13,000 per car each year for driving costs. If you want to save some money, look for ways to cut your transportation costs.
Servicing your car saves money in the long run by extending your car’s operating life. You also reduce the chance of being stranded and having your car towed to a service station.
Read your owner’s manual. Put your car’s oil changes and tune-ups in your calendar. Change the oil and oil filter regularly.
Monitor your tires. Under inflated tires or poorly aligned wheels waste fuel by forcing the engine to work harder. Let the tires cool down before checking the air pressure. If you see uneven tread wear, indicating out-of-line wheels, have them aligned by a professional.
Keep your engine operating at its peak efficiency. A misfiring spark plug can greatly reduce gas mileage. Ignoring service engine or warning lights can result in a minor problem becoming an expensive fix.
Drive sensibly
Staying within speed limits helps you conserve fuel. Drive gently. Sudden accelerations guzzle gas. Anticipate traffic patterns ahead and adjust your speed gradually. Maintain a steady pace. Limit braking. When you are heavy on the acceleration and heavy on the brakes, you waste fuel.
Travel in off-peak times when traffic is light. Avoid stop-and-go traffic congestion and the need to idle your car as you wait in lineups.
Batch errands into one trip. Plan your itinerary for the most efficient route. A GPS unit can pay for itself by finding the shortest route. Save time and gas. Pay your bills online to eliminate some errands.
Shut off your vehicle while waiting for friends and family.
Park in the shade. Clear out your garage to make room for your car. Park in your garage to keep your car out of the summer sunshine. You will have less need to use gas-guzzling airconditioning
in July.
Parking and transit
Do you park in an expensive parking space next to your workplace? Instead, if you choose to walk a few blocks to cut your parking costs in half, your health will also benefit from regular exercise.
Take the first available parking spot. If you spend five minutes driving around the parking lot to look for a really close parking space, you will use more gas. Walking a little farther across the parking lot might do you good.
If you live close to a bus stop, then owning a second car is probably an expensive extravagance. Claim the cost of your public transit passes on your income tax return. Claiming $500 of bus passes can save up to $75 of tax, for example.
When you commute to work, consider riding the bus or carpooling. You can cut down on gas and maintenance expenses, as well as eliminating parking costs.
Does your household have one car per person? Only nine per cent of the world’s population owns a car.
Especially if you don’t have young children at home, selling an unnecessary car can eliminate about $10,000 in annual expenses. Renting a car or taking a cab when necessary is far less expensive than owning a second vehicle.
Burn calories instead of gasoline. Walking or biking to work not only saves you money and keeps you fit but it helps the environment, too. If possible, move to a better location for non-car travel.
If you can live comfortably, while spending less on transportation, you will be able to get out of debt faster and save more for retirement. Once you do retire, your good habits will allow your savings to last longer, too. Terry McBride, a member of
Advocis, works with Raymond James Ltd. (RJL). The views of the author do not necessarily reflect those of Raymond James Ltd. (RJL). Information is from sources believed reliable but cannot be guaranteed. This is provided for information only.
Securities offered through Raymond James Ltd., a member of the Canadian Investor Protection Fund. Insurance services offered through Raymond James Financial Planning Ltd., not a member of the Canadian Investor
Protection Fund.