Managing Commuter Expenses

As most smart commuters know, enrolling in a transit or parking benefits program is a great way to save money on your commuting expenses. However, you need to make sure that this program is right for you, and the best way to do that is to figure out your annual transit/parking expenses. This will also be useful for when you decide to enroll. Having this information handy makes the enrollment process easier.

For parking, the first thing you need to do is gather your receipts for the past year. If you don’t have all of them, gather what you can and you can estimate the rest based on a few weeks or months. Once you have the total, you can determine how much you spend on average per month by dividing by 12. If it’s over $200, then enrolling in a parking benefits program would be a wise decision.

Figuring out your transit expenses can be trickier. If you take a bus or subway, you may not have receipts. If that’s the case, then you should keep track of your transit expenses over the course of a month. Keep a small notebook with you to make it easier. Once you have this, you can multiply by 12 can get a rough estimate of how much you spend each year.

If you pre-purchase bus, subway or train fare, then it should be easy enough – and more accurate – for you to figure out your annual transit expenses. If you spend at least $100 a month on transit, then it would be worth your while to save money through a commuter benefits program.

The amount you save on parking and/or transit varies from person to person and greatly depends on how much each individual spends on eligible expenses.  However, any money that ends up back in your pocket is better than nothing!

Stay in control of your commuting and parking expenses by enrolling in a commuter benefits program.