I was recently at a networking event in Washington DC and during a conversation, I found out that my interlocutor did not own a car. As much as this is expected in cities such as DC or NY, I still hard for me to comprehend living without a car.
For some of us who live in the suburbs, having a car means freedom, independence and save time. If you have just bought your car, it may mean excitement, but a lot of responsibility is involved. It means being able to get from A to B without the help of anyone else and having the maturity to do so alone. Having a car means many amazing things, but, unfortunately, it also spending money. Aside from a house, buying a car and subsequently multiple cars during your life could be one of the most expensive purchases most people make in their life, and running it is one of the largest household expenses. Thankfully though, there are plenty of ways to save yourself some cash. Instead of letting a car drain your money, consider the tips below.
- Drive Sensibly and Safely
The first few weeks after buying a new car, everyone drives it very carefully. We pay attention to curbs, we avoid potholes, we avoid pressing the brakes often or suddenly, etc. However, after a year or two, it is a different story. Have you ever wondered why older people’s cars usually last longer and are in better shape? One factor is that they drive very carefully. No one should ever drive their car unsafely, but, if you want to save yourself some cash, then this is a tip to consider. Speeding and hard braking both lower your gas mileage. They also increase your chances of being in an accident, which could result in a nasty fine or repair bill.
- Keep Your Tires Inflated
Driving with tires that aren’t properly inflated can waste a lot of fuel. Because of this, it’s important that you check your tire pressure once a month and ensure that it is always kept at the correct level. You can find this figure printed on a sticker on the glove box or driver’s side door. Overinflating your tires is just as wasteful, and can be dangerous, so 1 or 2 psi above the recommended limit is plenty if you like having extra pressure in your tires.
- Shop Around for Insurance
For millennials and especially for individuals under 25 or 21, car insurance can be expensive, but it’s a necessary expense nonetheless. Before you choose an insurance provider, take some time to shop around or ask friends and family. You can save a fair bit of cash if you do some homework. A simple google search for cheap car insurance near you may lead you to the right provider for you. However, beware of unworthy and incredible insurance companies. It is recommended to review your policy costs on a yearly basis before a potential automatic renewal. Chances are, you could to find something less expensive.
- Think Before You Claim
Your car insurance is there to cover costs if and when you get into an incident such as a car accident or a broken windshield. However, that doesn’t mean that you should claim for every single issue that needs fixing. It is not a rule but filing a claim can increase your premiums even if you’re not the one at fault. Because of this, you may want to incur some out of pockets expenses when they are not too high. Compare the expense to the long-term impact of an increase insurance premium and decide what is the smart move.
- Handle Easy Repairs Yourself and Keep Up with Maintenance
Do you need a mechanic to change your car’s air filter? I recommend you look up how to on YouTube and do it yourself. Whether you know much about cars or not, you should try to complete small repairs yourself. These could include changing fuses and lights and replacing wiper blades. This type of maintenance is simple and by doing them yourself, you would probably save hundreds of dollars per year. When you feel uncomfortable attempting any small repair, the safest move is to visit your auto shop.
For other preventive maintenance, it’s crucial that you know what your car needs and when it needs it. You can find this information out in your owner’s manual. Your mechanic will tell you when you’re coming up to an important maintenance milestone. Remember to visit the shop on a regular basis.
Cars when not managed and maintained properly can be incredibly expensive, but, hopefully, with this advice, you’ll be able to save yourself some cash.
***This article is in partnership with a guest writer, or a brand, or a company and may contain affiliate links. Nonetheless, these are my experiences and my opinion. For questions, contact me directly here.
Money-Smart Millennials 