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Budget Hack – Ridesharing

Posted by Kya Thompson on April 6, 2017
People happily sharing a ride

Most adults imagined driving solar powered flying cars or something of the like in their childhood, but unfortunately, that future has not come to pass. These days, your car is a depreciating asset and may or may not be costing you a fortune. On the other hand, without a vehicle, most people wouldn’t be able to get to work or carry on with their daily lives. If you are someone who depends on their vehicle but finds it is eating into your monthly budget, consider the benefits of ridesharing to get some of your money back.

Join a Carpool

Nothing particularly innovative about this, but it is an effective way to save on your daily commute. You have 2 options, be a driver or a passenger. If you decide to be a driver, you will have to deal with getting up a little earlier to pick up some folks along the way, but you will get paid. This option is great for people who a) wake up early, b) don’t trust other people to be on time/pick them up, c) have a fuel-efficient vehicle. If you’re not into driving being a passenger has its benefits as well, especially if you’re someone who doesn’t enjoy driving or has a sometimes unreliable or gas guzzling vehicle.

In addition to the personal benefits of carpooling, it’s also great for the environment. When you join a carpool you’re instantly reducing the number of cars on the road. If everyone carpooled once a week, traffic on the major highways and roads could be reduced by as much as 20%. With the effects of climate change becoming more evident each year, everyone should be doing their part to reduce greenhouse gas emissions. Carpooling keeps thousands of pounds of greenhouse gasses out of the atmosphere each year and saves tens of millions of gallons of fuel.

If you’re not currently carpooling with friends, coworkers, or family, and you’re thinking of joining a carpool program, consider checking out the best carpool and rideshare apps.

Be a Rideshare Driver

Looking for a little extra income or a part-time job? Why not consider becoming a driver for a rideshare program? By offering competitive compensation for their drivers – making roughly $10 an hour after paying mileage – it’s better than making minimum wage at $7.25. On the other hand, you must take into account how this may affect your current auto insurance and any other tax considerations. Think about starting small and driving enough to pay for a phone, cable or internet bill. Do some research and weigh the pros and cons. Before you commit long term, it may be a good idea to test it out for a week to see if joining a rideshare program is right for you.

Carpooling and ridesharing can be two easy ways to save and make money on your vehicle. If you’re looking to cut down on how much you spend on gas, your ecological footprint, the amount of time you spend driving and want to prolong the life of your current vehicle, find someone you can carpool with or join a group. If you’re someone who is in need of some extra income and doesn’t mind driving, becoming a rideshare driver could be a side gig that fits your schedule and allows you to reap benefits I the form of additional cash in your pocket.


Disclaimer: This article provides general information only and does not constitute financial, legal or other professional advice. For full details, see MoneyKey's Terms of Use.

Posted in: Financial Tips

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