What are your fixed monthly car expenses?
My fixed monthly car expenses are;
What are your variable monthly car expenses?
My variable monthly expenses include;
What is your total cost per month?
Approximately how many miles do you drive per month?
Approximately, I drive 1,500 miles per month.
Divide C by D to figure your cost per mile.
What changes might you make to save money on your total car expenses?
There are numerous changes that I can make to save money on the total expenses of my car. Firstly, since car payment is one of the biggest monthly expenses, I will sell my car and downsize to a less expensive car. Through this, I will be able to drive a car that fits my budget, as well as save a lot on car payment. Secondly, I will change my driving style since driving moderately is the key to gas saving. Studies have shown that driving moderately reduces consumption by over 30%, meaning a 30% savings on the costs of fuel. Thirdly, since competition in the insurance industry is high, I will shop for the best (cheap) car insurance rates. Through this, I will be able to reduce the insurance cost I incur monthly. Lastly, I will save money on maintenance by tuning my car properly, changing my car’s oil and oil filter as per the owner’s manual, and by checking fluid level, as well as tire pressure regularly. Through this, I can improve the gas mileage of my car significantly.
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