Transport costs can put a real squeeze on your bank balance. But while you can always cut back on socialising when money is tight, commuting will always be there, along with all those other essential journeys you need to make.
Overlay
Ideas for everyday living
How to save on transport costs, no matter how you travel
Cycling
Cycling – rather than driving or taking the train – is a great way to save money. It’s better for the environment and keeps you fit, too.
The catch, of course, is that if you don’t have a bike you’ll need to buy one. But did you know that if you’re planning on switching to a two-wheeled commute, you might be able to get some help from your employer?
The Cycle2Work scheme is a government initiative that lets you take out a loan from your employer to pay for your new set of wheels.
You’ll need to repay the loan from your salary, but – and here’s the really good bit – your repayments can be made without paying Income Tax or National Insurance on that money. Just how much you save depends on the rate of tax you pay, but rest assured it’ll be a significant chunk.
Trains
Cutting the cost of commuting by train isn’t easy, since it usually means paying a premium to travel at peak times. But there are still opportunities to save.
If you spend part of your week working from home, you might be able to cut the cost with a Flexi Season Ticket. With one of these, you can travel at peak times for eight days over a 28-day period. Find out how much you could save with National Rail’s season ticket calculator.
If you regularly travel by train, it’s worth checking out Railcards. They typically cost around £30 for the year and give you a third off your fare. In addition to longstanding Railcards for those aged 16-25 or over 60, there are now options for couples and families, among others. Find out if you could save on the Railcard website.
For longer journeys, you can also try something called split ticketing. Rather than booking a bog-standard return, this approach involves buying multiple single tickets for different legs of your journey. Strangely, this often works out cheaper. It’s a bit of a faff arranging it yourself, but there are apps that do it for you, like The Trainline.
Driving
Getting around by car can be costly, but there will always be some journeys you just can’t manage any other way. Thankfully, there are plenty of opportunities to save.
A good starting point is to shop around for the cheapest fuel. Petrol Prices helps you track down the cheapest forecourts near you. The key is to plan ahead and top up before the gauge drops too low. If you end up running on fumes, you’ll have no choice where you fill up.
To make sure your tank doesn’t run down too quickly, you might also want to think about fuel efficiency.
Easy ways to save fuel include:
-
01
Going easy on acceleration and driving in the highest gear possible.
-
02
Combining several journeys into one – warm engines are more efficient.
-
03
Avoid quick acceleration and harsh braking by anticipating what’s going to happen ahead of you.
-
04
Emptying the boot and removing roof racks.
-
05
Regular servicing to maintain your engine’s efficiency.
-
06
Try a fuel-tracking app like Fuelio to analyse fuel usage on your journeys.
-
07
If you drive to work, check to see if your company offers any ride-share initiatives.
Financial scams are on the rise – here's what to look out for
We spoke to a fraud prevention team about ways to protect yourself from being scammed and common scams to look out for.
Information Message
Six gas and electricity providers offering cost of living help
Here’s a rundown of how energy suppliers are supporting their customers.
Information Message
This content is for information purposes only and shouldn’t be regarded as financial advice. While we’ve taken every effort to make sure this information is as accurate as possible, it has not been independently verified.