Are you a freelance truck driver? This is a great career to get into and one that can be very lucrative.
But even the most successful truck drivers have difficulty with managing their finances. You want to make sure that you’re able to save, invest, and reduce your tax burden.
This will give you the freedom to work when you want. It’ll also give you the option to expand your trucking business if you choose.
Read on for our personal finance advice for truck drivers.
1. Find a Great Accountant
The first step is to hire a trucker CPA. This is an accountant who will help freelance truck drivers with budgeting, paying taxes, and handling payroll.
You want to make sure you keep track of your revenue and profits. The accountant will help you increase your profit margin as much as possible. They can also advise you on how to decrease expenses.
With taxes, they’ll help you comply with rules and can also help you reduce your tax burden as much as possible.
2. Find the Best Gas Stations
There are many gas stations across the country that are made for truckers. They can help you fill up your gas, do your laundry, take a shower, and have a delicious meal.
Often, many of these gas stations offer discounts on amenities for truck drivers. It will be cheaper to eat or do your laundry at these gas stations than at your local motel.
3. Budget for Food
You want to make sure you don’t break your bank on your meals. The best thing is to invest in a microwave and portable stove to carry on your truck.
It’s best to bring food along and cook it during your rest breaks. At times, you’ll need to stop at a fast-food place or diner. But it’s best to avoid these whenever possible.
When you do eat at restaurants, make sure you keep your receipts. Look back and see where you spent the least amount of money. These are the only restaurants that you should frequent.
4. Pay Bills Online
As a trucker, you’ll spend days and weeks away from your home. So what happens when a bill arrives at your doorstep?
If you don’t attend to it on time, you can expect to pay high penalty fees. You should arrange to pay your bills online. You can download apps to your smartphone to pay your credit card bills, etc.
You might also wish to set up automatic billing. Make sure you download your bank’s app so you can always keep track of your finances.
Share This Personal Finance Advice
Please share this personal finance advice with your fellow truckers. By following these 4 simple steps, you’ll be able to save and build your trucking business.
The first step is to find the right CPA who can help you plan your trucking business. Afterward, make sure you always look for deals at gas stations and restaurants.
You want to be self-reliant with your meals whenever possible. Make sure you keep track of your bills and pay them without delay.
You can find more great business tips on our website!