Maintaining your first car as a student represents freedom and independence, but it’s also an expensive commitment. Your car expenses shouldn’t take an outsized chunk of your budget or add to your stress during your university years. Here are five budgeting tips to help keep your wheels turning and your bank account safe.
Understanding your car’s needs and your financial limits
One of the most important skills in car ownership is good maintenance. You can’t drive your car forever without considering the price of running it. Expensive maintenance may seem like a drain on your wallet, but regular check-ups on your car will save you money in the long run. Costly repairs down the road can be avoided if you pay attention to that strange noise or to that check engine light. Of course, not all car-related issues are serious enough to rush to the mechanic. Learn to prioritize car repairs on need and safety. Basic maintenance, like changing your oil or air filters, is pretty easy to do when you do some research and buy some tools.
Opt for economical parts
Auto repair shops often give student discounts, so ask about them. The worst they can say is no. When your car needs a new part, try out the generic brands. They can work just as well as the name brands but at a fraction of the cost. Finally, know where to get your parts from. The internet, local stores, and even junkyards are good places to get quality parts for a fraction of a regular price.
Insurance: A necessary evil, but manageable
Everyone needs car insurance, but how much you spend on it can vary. Here’s how you can lower the cost:
- Shop Around: Always shop around for the best rates by comparing insurance quotes.
- Get A Good Student Discount: If you maintain a ‘B’ average or better, you may qualify for a discount.
- Take a Defensive Driving Course: Completing a driving course approved by your DMV will lower your rates because you’ve demonstrated an ability to drive safely.
- Go For The Low-Risk Car: Repairing cheaper cars is more budget-friendly, and you’ll pay less for insurance.
- Increase Your Deductibles: Pay more monthly to lower your deductible, but ensure you can afford it if an accident happens.
- Drive Less: Less driving equals lower premiums. Take the bus or share rides.
- Opt For Bundle Policies: Combine different insurance policies with the same provider for a discount.
- Keep a Safe Driving Record: Avoid accidents and moving violations to qualify for lower premiums over time.
These tips will help you control your insurance costs while keeping yourself and your car safe.
Fuel costs: Drive smart and save
There is nothing that can drain your budget quicker than fuel. So, drive efficiently to save on gas. Things like maintaining steady speeds, avoiding hard braking and acceleration, and removing unnecessary items that add weight to your car can help boost fuel economy. Pair your car with an app that can tell you where the cheapest gas is in your area instead of pulling into the nearest station. You can also try carpooling. It is not just for elementary school kids; it could be a lifesaver for college students who want to save on gas and reduce vehicle wear and tear. There are websites and apps where you can find carpooling buddies. There also are other resources where you can get literature review help without AI for cheap. They can be lifesavers for busy and budget-conscious students.
Make your car a money-maker
If you have the time available, why not use your car to make some money? Ride-sharing or food deliveries are a good option as they are fairly flexible, and you can use the money you earn to cover the extra cost of your car or perhaps leave a little extra for a rainy day. Of course, you need to factor in the additional wear and tear on your vehicle and consider how this will impact your insurance.
Keeping your wheels without re-inventing them
Being a student doesn’t mean you need to change your lifestyle when it comes to managing car expenses; it simply requires making some smart tweaks and planning moves to stay on top of things. Once you know what your car needs, you can find discounts, take care of some maintenance yourself, and drive in a way that uses fuel more efficiently. Every penny saved on car costs is a dollar you can spend on something else. Start making these changes and keep your finances running as happily as your car!
