Many people choose self-employment because it offers much more freedom, when compared with traditional employment. A job that is continually in demand and therefore growing in popularity is delivery driving, with the majority of drivers themselves being self-employed. There are many advantages to being a delivery driver, including flexibility and the ability to choose your own working hours. However, ensuring that you are earning enough money to cover living costs can be a perpetual worry. Especially when you factor in the upfront and running costs of driving, whether that be the expense of the vehicle, fuel, tax and general maintenance.
When you’re in a situation in which every penny counts, the ability to save money can be vital. With this in mind, what are the best money saving tips for those who are self-employed delivery drivers?
Fuel Efficiency
Fuel can be a significant expense for any driver, but particularly so for those who drive for a living. Considering that fuel prices are currently at an all-time high, it has never been more important to embrace efficiency. Of course, looking for a competitive fuel price is a good place to start but not always possible, therefore getting the most from the fuel you have is paramount. Many of the ways in which you can be fuel efficient are just extensions of good driving. Planning your journey ahead of time, avoiding busy areas and remaining at a steady speed can all help to make your fuel last longer. It’s easy to burn through fuel with sudden acceleration and breaking, so avoiding these will also help.
Expenses
When becoming self-employed, there are many changes to get used to, one of the biggest being taxes. Whereas in traditional employment, taxation is automatic, those who are self-employed will have to complete self-assessment themselves. An important part of self-assessment is the declaration of expenses, which allows you to reduce your tax burden and save money. Drivers need to know what they can claim as expenses and ensure they submit this information to HMRC, on time and in full.
Typically, self-employed drivers can claim a wide range of expenses including, fuel costs, registration fees, parking fees, breakdown cover, road tax and repair and servicing costs, just to name a few.
Lifestyle Changes
We can all make small changes to our lifestyle in order to tighten our belts and save some money. Whether it’s tackling an expensive habit like smoking or reducing the number of streaming services we are subscribed to, any small changes can help. Even just shopping around for groceries could have a substantial effect on spending. Some people choose to approach cost cutting measures as a challenge, transforming a relatively grim task into something a bit more fun. For example, challenging yourself to a “no spend” weekend. Attempting to fill your time with activities that don’t require any money.
Work Smarter
As we know, due to changes in the way we shop, the demand for delivery drivers has never been greater. You can use this to your advantage. More and more businesses are realising that they need to offer more competitive pay in order to attract and secure drivers. Therefore, you may be able to shop around in order to get the best rate. Rates also change according to when you’re working and this can also be used to your advantage. Peak hours, whether that be a specific time of day or day of the week, may offer a higher rate of pay. You’re also more likely to secure better pay during particularly unsociable working hours, whether that’s late at night or during bank holidays.
Saving money may seem like a daunting task at first but with some small minor changes, you can make a big difference Whether it’s money saving tips or advice on self-assessment, U-Deliver offer expert financial solutions specifically aimed at those who drive for a living. Don’t hesitate to visit their website for more information on everything they have to offer.
U-Deliver – Accountants for Delivery Drivers & Couriers | Amazon, DPD, UPS, Hermes – U-Deliver
