“`html

Reduce Commuting Costs with O1ne Mortgage’s Expert Tips

As inflation continues to impact consumer spending and more companies return to in-person work, commuters are feeling the strain of rising transportation costs. According to AAA, the average annual cost of owning and operating a new vehicle reached $10,728 in 2022. Driving to work can significantly impact your budget. However, you can reduce commuting costs by opting for a more fuel-efficient car, carpooling with coworkers, or utilizing public transportation, among other strategies.

1. Use a More Fuel-Efficient Vehicle

If your household has multiple vehicles, use the one with the best gas mileage for the longest commute. Small differences in gas mileage can add up: a vehicle that gets 30 MPG can save you $918 annually compared to one that gets 20 MPG, according to fueleconomy.gov. Considering a new car? Opt for a fuel-efficient electric or hybrid vehicle. While federal tax incentives are more limited now, you can still get up to $7,500 for a new vehicle and up to $4,000 for a used one. Weigh potential fuel savings and tax benefits against the car’s purchase price, ownership cost, and any home modifications needed to charge your new vehicle.

2. Join a Carpool

Carpooling with a neighbor, friend, or family member who has a similar destination and work schedule not only cuts commuting costs but also reduces the stress of traffic. With a five-person carpool, you’ll only need to drive one day a week. Some large employers offer employee van pools or shuttles. Check your local transit agency’s website for carpooling options and resources to help you find carpool buddies.

3. Take Public Transportation

Switching to public transportation can save the average household up to $10,000 per year, according to PublicTransportation.org. Besides saving money, public transportation gives you time to read, nap, or catch up on work during your commute. Monthly or annual passes for public transportation are generally cheaper than daily payments. Also, check if you qualify for special rates, such as senior or student discounts.

4. Walk, Bike, or Ride a Scooter

Depending on the distance between home and work, your fitness level, and how much time you have, biking, walking, or riding an electric scooter to work could save money and provide a workout. Walking costs the least but takes the longest. Electric bikes and scooters let you cover more ground without breaking a sweat, making a longer commute feasible. Ensure you wear appropriate safety gear and understand local laws before hitting the road.

5. Take Advantage of Employer Stipends, Reimbursements, or Tax Savings

Your employer may offer stipends or reimbursements for parking fees, biking to work, or taking public transportation. Some companies have programs allowing you to set aside pretax money for qualified parking and transit costs. In 2023, you can save up to $300 per month for parking and up to $300 for transit passes or commuting in qualifying vehicles through these employer-sponsored plans.

6. Find Fuel Savings

Simple habits can help lower fuel costs. Maintain your car, properly inflate the tires, and avoid sudden braking or accelerating to get better gas mileage. Stop-and-go traffic consumes fuel; negotiating flexible hours can help you avoid traffic and save gas. Use gas apps like Gas Guru and Gas Buddy to find the lowest prices near you. Signing up for gas station or supermarket rewards programs can earn you significant discounts on fuel. You can also earn cash back, points, and other rewards by using a gas rewards card to pay at the pump.

The Bottom Line

Some money-saving commuting methods can also help you save on car insurance. Insurance companies often discount auto insurance premiums if you drive fewer than 10,000 or 12,000 miles annually; pay-per-mile auto insurance is another option. New cars or alternative-fuel cars may earn discounts, too. Many states allow insurance companies to check your credit-based insurance scores, which are derived from similar data as your regular credit score. Reviewing your credit score before shopping for insurance can give you insights into what insurers might see. Improving your credit score could help lower your car insurance costs and increase your savings on your daily commute.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

“`