If it’s not bad enough having to be there (sorry boss), getting to and from work can be a real pain. It’s not just the delays, the cancellations, the traffic jams, the road works, or the long hike, it’s the expense too.
For many working people, commuting is unavoidable but there are things you can consider to cut the cost. In this guide, we provide our top tips to cutting the cost of commuting. We also explain the importance of budgeting when it comes to reducing the amount you spend on travel, and assess how the impact of rising commuting costs is hitting those working through debt management solutions.
How to cut commuting costs
Commuting to and from work can be more than just a daily hassle – it can also put a significant dent in your wallet. Fortunately, there are several ways you can cut down on these costs and ease the strain on your budget.
Car share
Sharing the journey to work with a friend or colleague can cut the cost of your commute by half.
You can either alternate who drives or work out a weekly contribution if only one of you is behind the wheel. Car sharing will not only cut expenses, it could speed up travel-times if you can access car-sharing lanes, and a bit of banter might break the monotony of an otherwise boring journey.
Consider sticking something on the work noticeboard or in the staff newsletter to see if there are any colleagues interested. Failing that there are several car sharing websites that can match you up with someone in your area.
Bike it
Pedal power is worth pondering if your commute to work isn’t too long or hazardous.
Check if your workplace is a member of the Cycle-to-Work Scheme. If it is, you can get your hands on a bike, helmet and all the relevant safety gear tax-free and sometimes heavily discounted.
There are things to factor in. Are there cycle paths on your route to work? Will bad weather make your journey difficult? If you must be suited and booted for your job, can you leave your clothes in the workplace (no underwear in the filing cabinet, please). Does your organisation have showers you can access?
Take the bus
Travelling by public transport can be so easy if the connections work in your favour. What’s not to love about 10 minutes to read, snooze or contemplate the meaning of life? Even if it doesn’t take you directly to your place of work or front door, you could get off at the nearest stop and walk the rest of the way. Some employers offer interest-free season ticket loans to buy a year-long travel pass up front – which can save money. Check to see if yours is one of them.
Park and ride
This combination of driving and public transport is a great way of saving you the hassle of finding – and paying for – a parking space, which can be eye-wateringly expensive in city centres.
Walk tall
No brainer but we’ve got to mention it in case you’ve forgotten what those things on the end of your legs are for! Like cycling, walking is only an option if your commute is not overly long, but it will get you fit and ensure you hit your daily step-target. Your local authority may have walking-route planners which highlight the quickest and best way to go.
How to manage debt while commuting
If you are struggling with debt, commuting to work can often add to your woes. Indeed, depending on your chosen method of transport, commuting can be a significant expense, especially when combined with other financial obligations like debt repayments. For this reason, if you’re struggling with debt, it’s essential to manage your commuting costs effectively. With this in mind, think carefully about the tips above to reduce your daily expenses. If any of them suit your circumstances, give it a go. Then simply allocate the savings you make towards paying off your debts faster.
And remember – if your debt feels overwhelming, seeking professional advice can help you regain control of your finances. MoneyPlus offers debt management services that can assist you in creating a realistic budget, negotiating with creditors, and finding the best debt solution for your situation.
Budgeting for commuting costs
As touched on above, creating a budget that includes your commuting costs is essential for managing your finances effectively. To do this, start by calculating your monthly commuting expenses, including fuel, public transport fares, and parking fees. Then, explore the cost-saving strategies outlined above to see where you can make reductions.
We provide budgeting advice that can help you manage your income and expenses more effectively. By incorporating your commuting costs into your budget, you can ensure that you’re not overspending in this area and have more money available for other financial goals.
The impact of rising commuting costs on debt management
As commuting costs continue to rise, they can have a significant impact on your overall financial situation, particularly if you are managing debt. Higher commuting expenses can reduce the amount of disposable income you have available to make debt repayments, potentially leading to missed payments or increased borrowing.
If you’re finding it difficult to balance commuting costs with debt repayments, MoneyPlus can help you explore options such as debt consolidation, budgeting advice, or formal debt solutions like an Individual Voluntary Arrangement (IVA) or Debt Management Plan (DMP). Understanding the impact of rising commuting costs on your finances is the first step towards making informed decisions about debt management.
