Are you aware of how much you spend on commuting every year? In this read, we are going to look at some of the extreme measures you can take in order to cut costs on your commute and make big savings.
If you like your occupation but dislike the commute, perhaps it’s time to move. Living closer to your place of work can substantially cut your commute costs, especially if you find a place within walking distance. Some may see this as a bit extreme, but there are situations where it’s not. For example, if you rent your residence, you have the flexibility to find a new place, closer to your workplace.
However, if you own your place of residence, then moving can be both cost-prohibitive, and given the current state of real estate, extremely hard. In addition, the high relocation costs mean it will take some time before you notice a substantial change in the savings you make on your commute.
Get a New Job
If you are in a job that you dislike and dread the commute, perhaps due to distance or how much it costs you, then perhaps it is time to look for greener pastures. This is not a crazy idea if you own a house and have extremely portable or flexible job skills. Similar to relocating, switching jobs can save you a substantial amount of money in commuting expenses, without having to deal with the high moving costs.
However, it can be extreme if you can’t easily score a new job. So, be smart and don’t just quit due to the commit alone. Ensure you have another position lined up.
Many companies, especially after the pandemic have been more and more sensitive about the costs of running a business, including commuting. Nowadays, it is easier and advisable to take advantage of programs such as flexible working hours and the option to work from home. Even if you are needed at the workplace for most days, it is not a crazy idea if your employer is willing to compromise. Working remotely for just 2 days per week can cut commuting costs by up to 40% per year.
However, if your organization has a track record of refusing requests for flexible working hours, or your boss is not comfortable with the idea, it might be an extreme plan of action with the aim of cutting commuting expenses.
Ride a Bike
Riding a bike to work can save you a significant amount of money on your commute while keeping your body fit in the process. As more and more communities open up to the idea, it has become way easier to find safe routes and bikes lanes to work. Also, most office buildings have secure bike parking and so, you do not have to fret too much about theft.
However, weather conditions like rain and extreme heat can easily ruin your day and so, you may not want to fully depend on your bike.
If you do not want to make drastic changes, then carpooling is something you may want to consider. It is an easy and effective option that only calls for a little coordination among a few colleagues at your workplace.
Carpooling is a good idea as it allows you to utilize HOV lanes, thus drastically cutting commuting time and costs in most cities. However, if you feel like you are picking the slack when your colleagues are on vacation or sick leave, simply wait until you are able to depend on them for a ride. Otherwise, you won’t be saving much on the commutes.
Also, it can be hard to rely on others every day, making it a stressful undertaking.
Use Mass Transit
If you reside in a city with an ideal public transportation system, then you have an excellent way to cut down on commute expenses. You not only get to save money but also maximize the commute time to work. This can be in the form of enjoying a hot cup of coffee, reading the newspaper, a book, or even doing some work. It is just like having a personal chauffeur.
Taking mass transit is not a crazy idea as people use buses and the subway all the time. More often than not, they are faster, cheaper, and you can also arrange for pre-tax contributions to a bus or train transit spending account.
However, you do not have full control of your travel schedule and when the fares increase, they can take a toll on your budget. Some people even decide to get rid of their car altogether, see here for more information.
Work Longer Days
Instead of five 8-hour days, consider four 10-hour days. This not only has the benefit of an extra day off, but you get to save on the cost of commuting. However, you need to make the necessary arrangements with your employer, which may be easier said than done.