Saving money is hard, but it’s even harder when you’re on the road. Budgeting your money is one of the most important parts of being a successful truck driver. It all starts with having a plan. Take a moment to read these budget tips to save money and develop a plan while on the road.
Budget Tips
- Understand the details of your payment package and benefits
- Be sure to know the details of your payment package and what factors impact your driving pay scale. Additionally, take advantage of your employee benefits and know their full potential to maximize your income.
- Document all income and expenses
- How can you ensure that you don’t run out of money? The simple answer is to make a budget. The first step is documenting your take-home pay along with all of your expenses. Below is a list of common expenses that you shouldn’t forget to account for:
- At-Home Expenses:
- Mortgage or rent
- Utilities
- Car payments
- Cell phone payments
- Insurance
- Medical costs
- Groceries
- Gas
- Childcare
- Internet
- Subscriptions
- Loans
- On-The-Road Expenses:
- Meals
- Snacks
- Toiletries
- Laundry/shower
- Entertainment
- ATM fees
- At-Home Expenses:
- Once you have a baseline for your budget, you can begin allotting money for certain expenses. For instance, limit your fast-food spending to $150 a month and keep track throughout the week. If you notice that you’ve spent more than half of your budget halfway through the month, you should shift your spending and start cooking your own meals. If you don’t write down where your money is going, it’s nearly impossible to budget.
- How can you ensure that you don’t run out of money? The simple answer is to make a budget. The first step is documenting your take-home pay along with all of your expenses. Below is a list of common expenses that you shouldn’t forget to account for:
- Establish a savings fund
- Let’s go back to budgeting basics, and establish a savings or emergency fund. Setting money aside can help you prepare for the unexpected and the future. It may be hard to see the bigger picture, but it’s critical to plan ahead. Even committing to saving $10 a week is a great starting point and will add up quicker than you think.
- Cook your own food
- Limiting spending on food may be a hard habit to break, but it will pay off in the end. Buying your own food and preparing your own meals is a great way to save money. It may seem like eating at fast-food restaurants is necessary when on the road, but it’s not. If you plan ahead, you can easily save money by creating a meal plan for the week, buying your own groceries, and cooking your own food. According to AOL Finance, the average cost of a homemade meal adds up to be about $1.50 to $3; whereas, the average meal at a fast-food restaurant is generally between $5 to $7. Think of all the money you could be saving… and let’s not forget you’ll be eating healthier, too!
- Take advantage of discounts
- Did you know that hundreds of places offer discounts for truck drivers? Don’t be afraid to ask employees at truck stops, restaurants, or hotels for special offers for drivers. Additionally, be aware of other great perks and discounts that are included with your driver benefits package through your company. Many companies offer free gear and driver bonuses for new hires or referral programs.
- Plan every stop
- Smart trucking starts with planning. Truck driving is more than just planning out your delivery route, but it’s also important to account for stops along the way, like truck stops, restaurants, and weigh stations, and having a payment plan for each. This will help cut out unexpected costs and save time.
Closing Thoughts
Rather than wondering your money went, tell your money where to go. By following these budgeting tips and documenting your monthly spending, you’ll be able to successfully save money while on the road. What budgeting tips will you try out?
Ready to upgrade your career? Liquid Trucking is a bulk liquid carrier headquartered near Omaha, Nebraska. We pride ourselves on providing the highest quality liquid transport services out of the Midwest while servicing the continental US and Canada. For more information, call us at 844-GO-TANKS.