Money Saving 101 while OTR?

Food is expensive on the road.
That'll be your biggest expense in the situation that you describe.

Say that you eat breakfast, and dinner, and maybe a small snack mid day..
That's easily $20. Easy..Unless you only eat a $3 breakfast burrito and a Subway sammich each night with no extras. Your still at $10-$12
That's $360- $600+ per month.

When, and if, you get a solo truck with a refrigerator you can get crafty with making your own meals and save some money, AND eat a lot healthier too.
Laundry has to be done. Not that expensive, but it's an expense.

Be smart and stay a company driver for a good while to learn what you're doing.
Those companies are notorious for talking noobs into being "OwnerOps" very early on a lease purchase.

Seldom works out. You'll make more as a company driver.
Get your experience and a plethora of better paying gigs open up for you if you've stayed safe and reliable.

Not much of a way to save more money since you don't have expenses.

Get a rewards card at each main chain and scan it for fuel purchases.
Your showers will be free.
If your trainer always scans his.. he can get you a free "team shower" when he scans his card.
You don't share.. it's separate.

 

PrimE should provide the fuel card which I am sure is comdata. You be surprise how much money you will be saving.

 

1. I'm sure Prime has a 401K.

2. Have a checking account for your direct deposit. Then have a separate savings account that will draft say $50 or $100 every Friday directly from your checking account.

3. Shop Walmart and/or Amazon for most everything like food, bluetooth, trucking gadgets, work gloves. Truck stops are way high priced on everything. Even the fast food is higher by a dollar or 2 for the meal. And, they sure dont have any 2 for $3 or $5 deals you see on tv.

4. Get the fuel points card from the big 3 pilot, t/a, and loves. All 3 have pros and cons. You also earn showers with a full up.

 

One of the worst pieces of advice I hear over there was "don't take advances".

Like some guy at the cafeteria ordering a steak. You could pay with your Comdata card and it would come out of the next settlement... They would whip out the wallet and pay cash instead thinking their next check would be bigger....

Your spending $10 either way. $10 you have now, or $10 your getting "tomorrow", it's still $10 you spent.

They would have been better off getting a hot dog instead of a steak to save money.

 

You have a dead head from Little Rock to Memphis tonight drop hook load to detriot. Call it 150 empty and 750 loaded roughly give or take a little bit. .50 a mile gross pay, 900 miles total $450.oo to you before any deductions.

Figure 40% for uncle sam and the home state that leaves you with 270.oo Then you need tonight, tomorrow morning to be in Detriot. One meal today two meals tomorrow at 30 dollars total. No more than that. 240.oo left goes to savings when load is delivered.

Repeat with each load dispatched carefully allowing yourself just enough to purchase sufficient fluids, protein, carbs to maintain your strength as you run. That way your savings will build with each load.

After about two months you are ready for home wherever that is. Set the tax money aside into a bank account with no connections to anything like a debit card, checks etc. You literally lock up that money against tax time once a year.

The savings follow you ready for use instantly in whatever form you are comfortable with. You will have mountains of money one week and you will eat into your savings on weeks you have nothing but sit.

Eventually you will have 10,000 then 20,000 maybe before the end of your first 12 months. (We averaged between 8000 to 16000 with additional state and federal deductions approaching 18000 per year between wife and I. That fights any bad taxes on high gross years and is the alamo reserve against a burned down house or whatever once a year. 9-11 was the ultimate alamo problem for us. We were replacing a storm damaged room cold cash at 9000, combined with a destruction of our Payroll company. The remaining alamo savings ran the two of us 6 weeks before a new payroll company is contracted, back pay added up and paid caught up.

So. A working checking account with a credit card at the Military Credit union big enough to do anything we need to in USA, A closed account just for tax time and a isolated alamo account that needs joint signature for either to draw or a death certificate on one or the other to draw. And not tied to debit, checks or anything.

It's a little complicated at first. But the goal is no matter what happens on the big road including imprisonment, bail, ER, Trauma bills (A friend was stabbed in Maryland. They flew him to trauma in baltimore the billing total for 7 days was 100,000) They saved his life. and god only knows what else is possible. (Anything)

Eventually in 5 years or ten you revaluate where you are. You should be in a position to pretty much buy any home and lands you ever want anywhere in these United States, Call that Travelers Rests for yourself. If you are lucky to maintain your heart, Bones, muscles etc into 20 or even 30 years towards the 50's where most truckers go to medical disability from sheer wear and tear if not outright killed or hurt too bad to continue. You will have quite something to fall back on to show for a lifetime of whatever this country throws at you.

This is not BS, this is not circus sideshow barking. It's actually our system into our final years on the road and even 9-11 could not stop that truck from rolling. We were free. Not a care in the world. House paid, land paid, no problems just the next load and it's associated problems. almost happy.

 

Or they pay a $5 atm fee to withdrawal money when they could fuel up and get a cash advance for free

 

Don't let some people on here tell you about Ramen noodles or $2 hot dogs. Don't save money at the expense of your health, out here living like a caveman eating nonsense.

Download the app Mint if you haven't already. Have a monthly goal and stick to it, not hard at all.

Without penny pinching or being frugal AT ALL, 10K in savings after 1 year is easily obtainable given your current situation. It's not all roses though, most don't even make it a year.

Good luck.

 

One big thing. You are young.

While you are investing into your personal future do not advertise this to anyone. You will meet many people good and bad and maybe just maybe you will meet someone good enough to marry. That person must be equal to you in every way with money resources same as yours. You cannot risk having a floozy undermine and spend all of your resources before you had a chance to get into your 30's It's is a information for yourself only. Too many people have loose lips and so fall into a pit they cannot get out of.

Money is not everything. But it is way better than ever going to the dispatcher saying I need a comcheck advance for 100.00. What is this? A BANK!? FORGET IT. Get going yer late. =)

You might not know it now, but where you are at 22 or whatever young age, you have a big opportunity here. Make it happen. Most people waste it, squander it and spend it all frivolously in the casino or carousing in the bar or whatever. Be sure to have something to entertain you and amuse you that is not too expenive. And take a moment now and then to culture yourself in our Nation's history.

You will be fine. Just takes a little time and work against a time where it might not be possible to drive anymore. Maybe. Who knows? You might buy a thousand tractor trailers and instantly become a big company with a mission. Free and clear. Who knows? Anything is possible.

 

Don't lease a truck; be a true company driver, not a company lease driver that pays all the bills on the truck. Fuel & tires are expensive.