Updated September 2020
Keeping track of your finances can be difficult when you are on the road. Are the bills being paid? How much is my credit card bill? How much should I be saving? All these kinds of questions may be swirling around. If so, here are 5 ways you can get a handle on your finances when you are out on the road and far from home.
Check to see that your bank has an app that allows you to check your balances, pay your bills, and receive electronic deposits. This should help you see how much money you have in the bank at any given time no matter where you are.
Electronic Bill Pay
Set up all your bills to be paid electronically. This includes your phone, electricity, water, and rent. In some cases, setting up electronic bill pay could get you a discount on your overall bill.
Keeping track of your finances over the road doesn’t have to be a headache. There are several apps out there that can help you stay organized and manage your cash flow while OTR.
- The Acorns app lets you set up automatic withdrawals to a linked investment account all from the comfort of your truck. We love it because it’s cheap at $1/month, and works will all kinds of phones. A major selling point of this app is that it allows you to save or invest the pennies left over from purchases when you use your bank card. You’d be amazed how quickly small change adds up! You can save for retirement or help pay off trucking school.
- Intuit’s Mint app has been around a long time and has a great reputation. We love that it’s FREE! The unique draw with this app is that it brings all of your banking together on one screen: your checking and savings balances, your debts, and even your credit score. It’s like a one-stop-banking, all from your phone or laptop.
- Digit is a savings app that uses an algorithm to pull a couple of bucks out of your checking account and drop it into your savings account every few days. It costs $2.99/month and works with most (but maybe not all) phones. Of these apps, Digit is our least preferred for professional drivers. It has the highest cost, the fewest functions, and is working in your account a couple of times a week. Unlike other professions that get paid daily (think barbers and bartenders), OTR drivers usually get paid once or twice a month. If you only haul local loads and get paid per load every few days this app might be a good fit.
- LearnVest is an online tool to help you set up a monthly budget. It helps to keep your spending low when expenses are high, ensuring you are using your money smartly!
Credit Card Just for Travel
To help you stay organized while you are on the road, get a credit card that is just for when you are on the road. Instead of cash, use this card for all your expenses. It will help you keep to your spending limits by allowing you to see the total amount spent on a daily basis when you check the app.
If you are looking for ways to stay on top of your finances, Inc.com recommends 10 Podcasts That Will Make You Smarter With Your Money. Take the time while you are on the road to check them out and get ahead of the money game.
These are just a few ways that you can stay on top of your financial game while you are on the road. Saving money and paying bills is a huge factor in your long-term success both before and after you complete CDL training. To learn more about how DriveCo can help you with your finances, visit our CDL training tuition assistance page or contact us for more information.