In a recent survey of InYourArea users, we discovered that car owners might be overlooking a significant opportunity when it comes to cutting living costs and how to save money fast on a low income. Participants indicated a preference for considering various other areas, such as Spending/Shopping, Socialising/Holidays, and Monthly Bills, before contemplating adjustments to their car/travel expenses.
Surprisingly, only 6.3% of respondents identified Car/Travel as a priority for potential cost-cutting measures, despite it being the second-largest monthly expenditure after rent or mortgage. Considering factors like fuel, insurance, tax, repairs, and parking, determining the true financial impact of car ownership can be challenging. Taking a closer look at these expenses is a practical step toward how to save money fast on a low income. Most people need a car to get from A to B: but many don’t know about a free tool to cut down the cost of car ownership.
It’s worth noting that, aside from routine costs, the actual car itself often represents a substantial portion of overall car expenses. Whether financed through a personal loan, dealership agreement, or a loan from a family member, recent surveys indicate that 2.2 million drivers in the UK had cars on finance last year.
