The True Costs of Owning a Vehicle ~ what to budget for

Jan 25, 2021


Your transportation costs are the #2 expense of household spending, a 10.1% rise from 2018 to 2019. That means you’re spending more on your transportation costs than savings, health care, entertainment, pretty much everything with the exception of home ownership. 


This was the largest increase among all other spending. This is the perfect time to finally get your costs in check to be sure you aren’t throwing money away that you could be putting into another , more important category. 


Working from home and riding your bike or walking places doesn’t seem like such a bad thing after hearing that. These are way to actually cut costs and keep money in your pocket. 


Sometimes the things we think are inconveniences are really exactly what we need.  Find out what you have been spending on your transportation and make some changes if you see things are out of balance. 


If you are in the market for a new (used) vehicle this is a great time to prepare yourself for the best budget friendly vehicle purchase and protect your finances from unforeseen and unnecessary costs you could avoid. Get a perfect purchase plan for you that you have created not from someone trying to sell you something based on their agenda. 


A quarterly check on your Income + Expenses really helps keep everything in order and on track to achieving your long term goals. Take the time to visit your routine spending to be sure you are on the path to enhance your life and support where you are going. 


            “Know what you own, and know why you own it”
                                                                 -Peter Lynch 

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