“When money realizes that it is in good hands, it wants to stay and multiply in those hands.” Idowu Koyenikan
One of the most necessary skills that should be possessed by not only every truck driver but also every human being is having good money management practices. Only you know where you should be spending your money and when you should be spending it. Money management practices are learned not only from your own experiences, but also from other people and your environment: your upbringing, friends, financial advisers, spouses, etc. Phoenix Capital Group suggests that financial planning and money management practices for truckers should start as soon as possible.
#1. BUDGET
One vital part of financial planning is keeping track of cash flow. A good way to gain a clear idea of your spending and expenses is to gather all your receipts, bills and financial statements from the previous month. Sort them in two different categories: fixed and variable. This will give you a realistic monthly budget. Once you have figured out your fixed and variable expenses, subtract it from your total monthly income. The leftover amount can be separated into paying off debt and place into savings.
#2. EQUIPMENT FINANCING
Equipment financing is a safe and realizable method for truckers. Low down payments along with flexible payment schedules give you the benefit of owning and operating a truck or fleet. It also saves you time as a trucker, because you will experience quick closing at any dealership, nationwide. Many truckers worry about bad credit and feel it is holding them back from expanding, PCG doesn’t require a credit check to finance. For more information, apply online commitment free and learn more about PCG equipment financing.
#3. CREDIT CAUTIOUS
The number one strategy to combating credit card debt is to fight temptation. Be brutally honest with yourself and live within your means by not spending money on things you (1) do not need and (2) truly cannot afford. Another wise idea is to keep constant tabs on your credit report. You are able to set up alerts to notify you if there is any case of fraud or identity theft.
#4. FREIGHT FACTORING
As a trucker, meeting monthly expenses like payroll, fleet fuel, and maintenance can be difficult when it takes 30, 60, 0r 90 days to receive your invoice payment. Phoenix Capital Group helps truckers and fleets receive money faster by purchasing invoices. Truckers receive immediate cash for their invoices while PCG handles the invoice payment process. Take a few minutes to learn more information about freight factoring by visiting our website and talk with an account representative.
#5. SAVE YOUR PENNIES
Saving your money is a wise choice to make for various reasons. You can begin by putting 5 percent of your income into savings and gradually work your way up to 15 percent. Everyone knows emergencies happen, but what most people don’t know is that those emergencies can cost a pretty penny. Your health, vehicle issues, family emergencies, and retirement are a few ample reasons to start saving as much as you can, as soon as you can!
#6. FUEL CARDS
Phoenix Capital Group understands that there is a lot of money going into your freight fuel tank, about 40% of your company’s operating expenses to be exact! Start saving thousands of dollars a year by applying today for PCG’s fuel card program. Along with fuel discounts, truckers receive 20-40% savings from over 4,000 hotels!