Commuting does not have to break the bank
Are you heading back to the office soon? There’s no better time than now to figure out ways you can save some money and reduce your commuting costs.
Here are some tips to help you save money:
1 – Commuter benefits
One of the best ways to save money on commuting is through commuter benefits. Commuter benefits allow employees to save up to $270 per month tax-free in their paychecks. The money reduces their taxable income.
Employers must sponsor the program. Each employee that participates can use the money they save for public transportation, rideshares, or qualified parking. Employers benefit as well. They’ll pay less in payroll tax because employees have less taxable income. A company can save about $24,000 in a year on the payroll tax with 50 people participating.
2 – Carpooling
Before the pandemic, the average cost of commuting was $2,000-$5,000 per year, according to FlexJobs. With the price of gas averaging about a dollar more per gallon than a year ago, commuting by car will get pretty expensive.
One option is to carpool with your co-workers and neighbors. If public transportation isn’t the best option in your area, then a carpool might be better for you. Carpooling is good for the environment, an excellent way to reduce parking demand, and you can share your travel costs with others.
3 – Micromobility vehicles
Whether it’s electric scooters, bikes, or other shared vehicles, micromobility transportation is a good way to get around your city without having to spend a lot of money.
Micromobility has caught the attention of commuters because it’s easy to practice social distancing. You can rent vehicles per ride or on a subscription-based service. If your company is a client of Edenred Commuter Benefits, you may be eligible to receive subsidized micromobility transit on Lime vehicles through a special partnership. Any company can also set up a system where rider fees are paid for with a prepaid card.
If you’re interested in learning more, book a meeting with us so we can help you get started.
