Having financial goals is key to leading a financially healthy life. Anyone who’s owned a car knows that cars empty your pockets and can really set your financial journey back a step. Car insurance, gas, car payments, repairs, parking fees and car washing/detailing all add up. According to AAA, it costs on average $8,849 per year to own and operate a new vehicle in 2018. All these expenses plus the unexpected ones (try going all summer without air conditioning) can cause major stress. Especially if you don’t have the cash to pay for it.
Are you in the process of repairing your credit or trying to get yourself out of debt? Your car may be holding you back from achieving your financial goals. In this article, we share some tips to help you ease the burden of car-related expenses.
If you can take public transportation to work, or you can carpool with a friend, family member, or colleague, then you may want to consider selling your car. Sure, it’s nice to have a car, but just think about all the money you’d save if you sold your car. To put it into perspective, make a list of all your car-related expenses and think about how free you’ll feel when you won’t have to pay them. If you are like many people who invest in a car they really can't afford, then this option is even more so for you. This is a big step to take but if it makes sense for you and can work, it will take you that much closer to your financial goals.
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Did you know you can rent your car using services similar to Airbnb for short-term home rentals? Turo and Getaround are two of these services. If you don’t use your car very often, and it’s just sitting in your driveway or garage, then you’re losing many opportunities to make money. Instead, earn money when you’re not using your car and offset the cost of owning and maintaining it. Chock one up for taking one more step closer to your financial goals.
What if your car could make money for you? If you have a flexible schedule or extra time on evenings and weekends, then you may want to consider becoming a Lyft or Uber driver. You can use your own car to give other people rides and earn as little or as much as you like, depending on how much time you have.
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Shipt and Postmates are two popular services that will pay you to deliver stuff. Shipt hires personal shoppers that will deliver items from stores. In order to qualify, you just need to be at least 18 years old, with a 1997 model car or newer, have auto insurance and a smartphone. You make up your own hours and you can earn anywhere from $22 per hour or sometimes more.
Postmates on the other hand is delivering all kinds of stuff. From food and drinks to retail stuff. They don't specify how much you will get paid but it seems to be around the $20/hr mark and you work when you want. You also make tips and get to keep all of them. You also need a smartphone for this one since you need to download their app.
Did you know that you can earn money from agreeing to post advertisements on your car? According to an article from the Penny Hoarder, there are some legitimate companies that will pay you to put advertising on your car. One of them is Carvertise and they are currently looking for drivers. If the appearance of your car is not important to you, this may be an excellent option for you.
Now that you know about these tips, you can start offsetting the enormous costs of car ownership and get that much closer to achieving your long term and short term financial goals. Whether it’s repairing your credit or saving money for the future, your financial wellness should always be at the top of your list.