It’s no surprise that the cost of getting from A to B is becoming more and more expensive.
From July 1st, the prices we pay at the pump will increase by $0.25 due to the government subsidies on petrol excise duty and road user charges coming to an end.
This impacts the cost of almost everything, like our food, public transport, and deliveries to our homes. Basically, anything that gets transported from the producer to the consumer is impacted.
So how do we soften the blow? Well, here are 5 ways to make sure that you can still get around without blowing the budget.
1. Set a realistic budget and stick to it.
Before doing anything else, map out what the costs are to keep your mode of transport running each year, whether it’s public transport or your own car. It's important to map out things like the cost of fuel, tyres, and maintenance.
List out each expense and how much you intend to spend per week, month, or year. Then you can work out what your budget will look like compared to other expenses and your income.
Use this as a guideline for what you’re doing now. If you think you don't have much wriggle room to take on increased fuel costs, then you may need to make some adjustments to other expenses that are more of a want than a need.
If you can’t reduce expenses, figure out ways to increase your income.
2. Use apps like Gaspy to find the best deals.
Gaspy is an app that can help you find the cheapest fuel prices around town. It’s a worthwhile app to have in your arsenal to save money.
Download the app on your phone, and it will show you the best fuel prices for the day. Next time you need to fill up, whip out the Gaspy app and check where the cheapest fuel is in your area.
Although the savings are only cents per litre, this adds up every time you fill up. You never know how much you could save and keep in your pocket by using the app.
3. Carpool to work or other common places
A problem shared is a problem halved.
Carpooling is another practical way to save money on transport costs. If you have colleagues who work or live in the same area as you, you can take turns driving and share the cost of fuel.
Doing this every time you travel to work can quickly add up to some hefty savings compared to travelling to work by yourself.
Even if you have a company-paid vehicle, help your coworkers out and pick them up on the way to work. It's a win-win for everybody.
4. Use public transport.
Taking public transport is one of the most cost-effective ways to travel around town, make the most of it if you have access to it where you are.
Buses and trains are available in most major areas, and buying a monthly transport pass can help you save a lot more than buying daily tickets. The cost of public transportation is much lower than the cost of using your car.
Even better, if you use public transportation, you’re indirectly contributing to cleaner air, reduced congestion, and fewer carbon emissions.
5. Work from home a couple times a week.
Many jobs today can be done remotely, so why not make the most of it?
If your employer allows you to work from home, take advantage of this, as it significantly reduces your transportation costs and the headache of sitting in traffic every day.
It’s a win-win for you, you get some extra time in the morning and afternoon to do the things you want to do instead of having to travel. While also being more productive in the comfort of your home and, most importantly, making significant savings on fuel.
Well, there you have it. At times like these when costs are increasing, there are always creative ways to keep costs down or eliminate them all together.
There are also many other ways to reduce the cost of transport. Take some time and brainstorm some ideas on how you could reduce the cost according to your lifestyle. You’ll be surprised at what you can do!
As the curtain begins to close on the end of the Cost of Living Series 1, be sure to get in touch with us about what you want to hear more about and what insights we can provide for you.
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Final words
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Disclaimer
This blog or any other information provided by BudgetBuddie is not financial advice. If you're needing financial advice please get in touch with a licensed financial advisor or professional.
