Money Saving 101 while OTR?

Since food is essentially your only expense I'd suggest working on fixing things you enjoy that are healthy and can easily be managed in the truck. I've had a microwave onboard and virtually never used it. A standard cooler and a (semi-reliable) 12 volt cooler is all I carry now though the company is installing fridges. I shop at Aldi for lots of fresh fruit and prepackaged salads, nuts as well as simple sandwich fixins. I rarely eat away from the truck. Last 7 day trip I spent $2 ( outside my grocery shopping). I treated myself to 2 cheeseburgers from McDonald's when I ran in to get a scale ticket because I didn't want to take the time to make something. Your in a position to have pockets full of money if you're thrifty.

 

I was in your exact shoes 8 years ago. Same age, no rent, no payments when I got on the trainers truck at Werner. I had no support from my family or friends when I started out so I was determined to make it happen. I had a little 12 volt cooler in the truck with milk for my cereal in the morning and sandwich fixings for my evening meal. Usually just some snacks during the day. I still smoked back then so I would always stock up in Mo or Canada border when I went north. Once a week I would allow myself a warm meal at a restaurant. Also once a week I allowed myself a splurging, usually $20 or so on maybe a 3way 12 volt outlet or similar stuff that I needed in the truck. I started out by putting a $100 a week in savings and by the end of the year I was putting 75% of my paycheck in savings. My goal had been 10k and ended up with 18k in savings by the end of the year. I was very frugal and lived rather unhealthy that year but hey the look on my family and friends faces when I told them how much I saved was totally worth it!

 

as your driving keep an eye out for walmarts or stores with truck parking and write it down so if you get that way again you can plan to stop

 

15% of your income on 401k. You can take it with you should you change jobs later on.

Do this for the rest of your life.

 

Eh its alright I guess. Like buying shares of a small utility company. But you can easily do much better. Microsoft grew 51.6 percent in the last year. Just one example of many low-risk options.

Even my chosen utility company returns about 14%. I only use a savings account for my emergency fund and saving for specific things. Its growth is sub par compared to other options.

 

Hot Logic for your hot plate.

 

Its a very good thing you don't get spooked just because a stock dips. Low risk stocks are great and in my opinion should consist of most of a persons portfolio. Most of the money I have made so far aside from Microsoft has been from high risk stocks. I only started high risk after a few years of reading about the market chewing through a few books and following the market almost daily. It's easy to do now, all right from your phone.

Most people that fail in the market because they don't understand the difference between a bull and bear market. During a bear market people panick and sell. Informed investors are buying shares at a discount.

It does require research and an understanding of the business you are invested in. Then continued research as you own the stock, staying current on events and knowing how they might effect your chosen companies. Just don't over think it if you've chosen good companies you would be scanning for fundamental catalysts, something seriously good or bad like a CEO stepping down, or accusations of crime, etc.

I invest heavily in tech entertainment/gaming companies because I understand how those businesses work and the products they sell and the consumers they sell to. It also just makes doing the research more enjoyable.. Reading about technology and computer games.

 

Buy an electric cooler, pay $30 for 2 year warranty. Fill it with food you like from grocery store. Eat from you cooler. This can save 50-75% versus eating at truck stops. Try not to eat as much as you eat before trucking. Gaining weight is not good for you.

 

You have to focus on putting money away and that’s extremely hard for someone young and even harder if you’re coming into money for the 1st time. I would say try to stay within your means while creating assets so: “Don’t buy a new car, bike or go on expensive vacations or any buy anything out of the ordinary”. Set small goals that lead to bigger goals and monitor your progress reaching your goals.

You gotta focus on ASSET building. New cars, vacations and the such do not build assets. So before you even think about buying such goodies I would focus on an IRA, 401k and keeping an emergency fund of $2000-3000 that you never ever touch in a savings account. People can tell you how to save money on the road but if you are living beyond your means it doesn’t matter.

If you haven’t already, I would go to your bank and ask to open a regular IRA (NOT A ROTH IRA) so you can write it off your taxes. You can’t write a Roth IRA off on your taxes. Anytime you’re working you can add to your IRA and it lessens your tax bill while improving your assets. Just dump cash into it and don’t worry about investments or anything just get it started. Focus on filling that up to the max which is over $5000.

Next I would focus on building your credit score to at least 700 that puts you into a position for loans and mortgages and that takes time to build. First you need a way to monitor your score. If you haven’t already found a bank or credit union that you have easy access to online as well as physical location and see if one of the accounts comes with a free credit score option with the account. If you have no credit score then make sure the bank also has an option to open a secured loan where you give them $500 or 1000 but it sends you in the right direction to building your credit.

Next I’d focus on starting a 401k. A lot of companies have a waiting period to start a 401k.so you can’t start this up right away that’s why I said start a IRA first. You can add $18,000 to that which your company will also put money into, so that’s the next asset and tax reduction. If you can start the 401k soon and have an option of either the 401 or IRA go with the 401k because the company will give you “a company match” or in other words: FREEEE MONEY.

Next once you can fill the IRA, 401k, emergency fund then I would look for something that can make money whether it’s a mortgage for a rental property or a loan for a truck. So during that 1st year you are gaining experience and building your assets and at the end of the year you might not have a lot in your checking account but you’ll lessen your taxes, build your assets up and your credit score that allows access to bigger things and you didn’t squander the money.