Consumer Watch: The shockingly low amount you should be spending on transportation
OKLAHOMA CITY (KOKH) —
Gas prices can fluctuate on a daily basis, and that can mess with your budget. Transportation cost should only cost you 10-percent of your take home check, and that's including a car loan, and the gasoline it takes to drive it-- that's according to personal finance company Quicken.
Depending on where you live, and what kind of car you have, you may be spending more than that 10-percent. The question is how do you make your drive time more budget friendly? Try cutting back in other parts of your budget to make the cost work. For example, you can cut back on driving by making a carpool plan with co-workers, or see if public transportation might be an option in some cases.
Another tip if you are trying to lessen your gasoline consumption to save money: avoid unnecessary driving. Do everything you need to do on the same side of town at once. Also, during the week day, brown bagging your lunch is a money saving tactic for more than your food budget. Avoiding the drive around town during the lunch rush will also save you from using up gasoline.
When you are in the market for a new car, remember how much it will cost to run the vehicle. You might have a certain type of vehicle in mind, but if you don't have the money for regular up keep, and fuel prices that's a budget problem.