Most of us need to get from here to there and walking or pedalling is not always feasible. When it comes to transportation other than hoofing it, there is usually a cost involved. However, we can limit our transportation expenses by following several guidelines.
The start of a new year provides the perfect opportunity to address transportation costs so they do not consume a huge chunk of the household budget. You will have extra money to repay your debts and enjoy a stress-free lifestyle from a financial perspective.
Saving Money On Train Rides
Train commuters should inquire about carnets, which are batches of single tickets for off-peak and peak travel. Many train companies provide these for multiple commuter routes. Riders pay upfront and the tickets last for three months. For anyone making at least a few journeys each week, carnets are excellent values.
Carnets are also available for longer journeys, with some companies discounting the price while others provide 12 trips for the price of ten. People who regularly travel to and from London should consider these.
Groups travelling by train should purchase GroupSave tickets. Each ticket entitles a maximum of four people to travel for the same price as two adults during off-peak services. GroupSave tickets are available for groups of children or adults and additional children can be added for a flat fee of £1 per child. This is an economical travel option for organizations and large or extended families travelling by train.
Delayed trains are both a nuisance and an expense…
However, few people claim compensation for their inconvenience. By law, if a train is delayed by one or more hours, the traveller is entitled to a minimum compensation of 20 percent of the ticket value.
However, individual train companies tend to offer more generous terms and these are outlined in their passenger charters. First Capital Connect and Chiltern Trains provide 50 percent back for a 30-minute delay, which increases to 100 percent if a train is delayed by longer than one hour.
Reducing The Running Costs Of Your Car
Drivers also have opportunities to save money on transportation costs. Having the vehicle tested at a council-run MOT station may cost full price (currently approximately £55) but these locations do not profit from repairs so the incentive to fail the car is reduced. A garage, on the other hand, may fail the vehicle and charge a huge amount for “necessary” repairs. If a car fails testing at a garage, take it to a council-run MOT station and do not be surprised if it passes.
When taking a journey to a new destination, many travellers spare no expense when purchasing maps and guide books. They can save money by borrowing these from a library. Library shelves contain OS maps, travel guides, audiobooks to make the journey more pleasant, and even DVDs and CDs for the children to enjoy during the ride. Just be sure to return the materials by the due date or renew them to avoid fines.
A packaged bank account includes extras like breakdown recovery and travel insurance but it can cost approximately £300 each year. Each coverage is usually less expensive when purchased individually elsewhere. Call the bank to switch to a basic current account and shop for travel-related coverage from another source or go without it if appropriate.
These are just the beginning of ways to save on travel expenses. With a little creativity, anyone can save more without resorting to a pair of running shoes as the mode of transportation. Stash the money saved into a bank account that earns interest, creating an emergency reserve, or use it to open a retirement account that will make the golden years more financially comfortable.