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4 ways for truckers to master money management

2/10/2020

4 ways for truckers to master money management

When you live a life on the road, there's plenty to keep track of in your vehicle. While you may be simply - and understandably - concerned with getting to your destination on time and making sure you have the best possible planning behind every route you take, an often overlooked part of the job is keeping tabs on how, where and why you spend your money. If you can start managing your money more effectively, you may be surprised by the results.

Here are a few ways you can handle your money more effectively, and as soon as possible:

1) Use apps and keep track of your expenses

Perhaps the easiest way to see where you really stand financially from one day to the next is to integrate your financial data into one of the many high-quality money management apps that are now available, according to Truckstop.com. There are a number of options that will show you not only how much money you have in checking and savings accounts, but also how much credit card debt you're carrying and so on.

As an added bonus, apps that keep track of expenditures can also categorize each purchase you make, which will help give you a bird's eye view of where your money is going each month. That, in turn, potentially provides you with the opportunity to identify areas where you can cut back without affecting your ability to do the job.

2) Always plan your routes and stops in advance

A little bit of homework and preparation goes a long way when you're covering hundreds of miles or more each day, Truckstop.com noted. When you're putting together a plan for your next route, it's important to know more or less every turn you're going to take. This will help you find the route that either takes the least amount of time or covers the fewest miles, which will also give you an idea of the best rest stops or trucker-friendly parking lots on your route where you can stop to refuel, get a quick meal or do some grocery shopping.

3) Have one card specifically for business

It's not always easy to keep track of what you spend when you're on the road, especially if you're using a few different credit and debit cards, as well as cash, according to Overdrive. For that reason, if you can consolidate all your spending onto a single credit card - whether it's a new one you apply for or moving all your purchases onto an existing one (preferably one with a low balance already) - you will be in a better position to see just how much you spend on your driving-related expenses.

4) Keep an eye on your accounts

Part and parcel with concerns about how and where you spend money, carefully monitor all your accounts so you don't end up getting too close to the credit limits on them, or can identify potential mistaken or fraudulent charges, according to the Advanced Career Institute. That way, when you get your bill every month, there won't be any surprises.

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