Whats’ the biggest expense for rideshare drivers? Hands down has to be all the gasoline consumption, which is required for large quantity of mileage driven. During an average week, personally I’ll spend $40-50 on filling up my tank twice or three times. That works out to be ~$150/week easily!
To combat that never-ending thirst for gas that my vehicle has seemingly developed, always on the lookout for deals at the pump, with credit cards, at grocery stores, etc. Basically anyplace and anyway that I can cut down fuel costs, I’m doing it.
From the forums, drivers have reported spending an average of $12 – $17 per day on gas. Some drivers reported that gas costs ~10% of gross income, which at $200/day means ponying up $20/day for fuel. Other drivers, on Uberpeople.net, claim to be equipped with economically advantaged vehicles (e.g., cars with excellent mpg, hybrid cars, electric cars, etc.) These drivers still report spending up to $15 per shift, which can mean $90/week.
Sign up for the Chase Freedom card to save 30% on the cost of gas.
Chase Freedom Card
After spending $500 within the first three months of receiving my Chase Freedom card, I was awarded with 15,000 bonus points (which is equal to $150). Apply for your own card here. So, after putting $500 worth of gas on this card, I was awarded with $150. Which is like saving %30 off each fill-up! There are some other great perks associated with this card too:
- $150 Bonus after spending $500 within the first three months.
- 5% cash back on up to $1,500 in combined purchases of rotating categories.
- New 5% categories every 3 months (each quarter).
- Unlimited 1% cash back on all other purchases.
- No annual fee.
Yes, this is a call-to-action to use my affiliate link so that both you and I can get rewarded with free money. But I wouldn’t be advertising this particular credit card if I haven’t personally used it first, with success. Now most rideshare drivers use a portion of their income to pay bills, and credit card bills in particular rank pretty highly on the “eliminate at all costs!” list.
Related Post: How to Setup An Effective Budget
I’m just trying to make people aware that credit cards do have their benefits if wielded appropriately, and of course in moderation; however, I wouldn’t suggest applying to anything consumer credit related until you’ve a). paid off all your existing credit card debt already, and 2). have a credit score above 700. That’s just what’s worked for me personally.
And the perks and bonuses that come along with using credit cards responsibly may not even be worth the risk of falling back into debt for some. Which is completely understandable, and recommended by many personal finance gurus.
I’m the Gas-Man
Recognizing that gas is hands down the biggest expense for rideshare drivers has shifted my stance towards parting with my hard-earned cash, both knowingly and willingly for it. Why? Well, for one I’m a New Jersey native, which means I’m paying an extra $.20 per gallon since November of last year; because a gas taxed was implemented by our scandalous governor, Chris Christie. It become maddening to keep continually taking cash out to have on hand for the inevitable fill-up, which occurs twice maybe three times each week.
I’ve since gotten into the habit of swinging by my bank (also Chase btw) on pay-day, every Wednesday. Taking out cash to budget for the weekly expenses, which mainly was comprised of gas but also other things (e.g., car washes, groceries, etc.). Anything leftover, was stuffed into a stack of envelopes in my desk. That’s how I budget. And so far, there’s actually been more going in, then going out. Which I guess means that my budgeting strategy is (somewhat) effective?
The point of this post is simply to express that I’ve since developed more sophisticated “business tactics” for dealing with frequently occurring expenses, like gas station fill-ups. I realize too that the Chase Freedom card is only one of many similar credit card offers, which reward users for putting $x on the account within the initial first few months. So, pending a shortage of credit card offers there’s no reason not to float from one card to the next, reaping bonus cash rewards. And subsequently paying off the entire balance, and cutting the card itself up. At least this’s one strategy for getting a discount on the pump; however, keep in mind that paying with credit card is typically more expensive, per gallon, than cash.
Related Post: Check out my Recommend page for more products and deals that I personally use, and like.