Saving Money
Topic 7475 | Page 1
Honestly I don't see how you couldn't in your situation. With nothing tying you down you could literally have no bills by just running hard and living in your truck rent free. Except maybe a storage unit to keep stuff in I should think that saving at least a fair amount of money per month would be completely possible. If you just live as minimally as possible you could do it. Couple that with going to a Company-Sponsored Training and you wouldn't even have debt from getting your cdl. I say go for it.
CDL:
Commercial Driver's License (CDL)
A CDL is required to drive any of the following vehicles:
- Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
- Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
- Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
- Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
Company-sponsored Training:
A Company-Sponsored Training Program is a school that is owned and operated by a trucking company.
The schooling often requires little or no money up front. Instead of paying up-front tuition you will sign an agreement to work for the company for a specified amount of time after graduation, usually around a year, at a slightly lower rate of pay in order to pay for the training.
If you choose to quit working for the company before your year is up, they will normally require you to pay back a prorated amount of money for the schooling. The amount you pay back will be comparable to what you would have paid if you went to an independently owned school.
Company-sponsored training can be an excellent way to get your career underway if you can't afford the tuition up front for private schooling.
Yes you can do it but you will be living a very spartan life. Some out here can live it some can't. I go spartan for a week, then slow down and rest/spend a bit. If I go minimal for to long I get burned out.
If you get rid of any mortgage/rent payments, no utilities, and get your mail at a relative or friend's home, you can probably get away with only having the regular expense of your cell phone and food. I made over $40K my first year as a driver, if you are single you should be able to put away a significant chunk of that, especially with per diem and expense claims on your taxes.
Tracy
Per Diem:
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
If you get rid of any mortgage/rent payments, no utilities, and get your mail at a relative or friend's home, you can probably get away with only having the regular expense of your cell phone and food. I made over $40K my first year as a driver, if you are single you should be able to put away a significant chunk of that, especially with per diem and expense claims on your taxes.
Tracy
If you are taking the "standard per diem" deduction - what other kind of "un-reimbursed expenses" are you taking?
Rick
Per Diem:
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
It would be close. I lived in the truck for a lot of years and I was pretty effortlessly saving like $1,200/month or so. I didn't monitor it closely but that's about what it worked out to. If I had really tried saving money it could have been $1,500/month without too much trouble. Like Attila said it would have to be a very spartan life to save that much. Your second and third years out there you can conservatively expect to make $42k-$50k/year.
It would be close. I lived in the truck for a lot of years and I was pretty effortlessly saving like $1,200/month or so. I didn't monitor it closely but that's about what it worked out to. If I had really tried saving money it could have been $1,500/month without too much trouble. Like Attila said it would have to be a very spartan life to save that much. Your second and third years out there you can conservatively expect to make $42k-$50k/year.
So that's how you can afford to live like a hermit on the hog in your own secluded chunk of the world - with your farm animals.
It would be close. I lived in the truck for a lot of years and I was pretty effortlessly saving like $1,200/month or so. I didn't monitor it closely but that's about what it worked out to. If I had really tried saving money it could have been $1,500/month without too much trouble. Like Attila said it would have to be a very spartan life to save that much. Your second and third years out there you can conservatively expect to make $42k-$50k/year.
So that's how you can afford to live like a hermit on the hog in your own secluded chunk of the world - with your farm animals.
Yeah he worked hard so he can be a well-established hermit! This city boy doesn't understand.
You can save a lot of money if you stock your tractor with supplies, and rarely spend any money at the truck stops.
Case in point. One Mountain Dew a day at the truck stop will cost you $2, which comes out to $60 a month. Same Mountain Dew at Walmart will cost you .60, for a grand total of $18 a month.
I mostly go inside the truck stop to transflow, and get the free shower my fuel card gets me when I pump over 50 gallons. Other than that, I try to keep my wallet in my pocket.
If you get rid of any mortgage/rent payments, no utilities, and get your mail at a relative or friend's home, you can probably get away with only having the regular expense of your cell phone and food. I made over $40K my first year as a driver, if you are single you should be able to put away a significant chunk of that, especially with per diem and expense claims on your taxes.
Tracy
If you are taking the "standard per diem" deduction - what other kind of "un-reimbursed expenses" are you taking?
Rick
Anything I buy for the truck that could be construed an expense. Tools like a socket set, drill, etc. The company would probably reimburse me, but I prefer owning it myself. Clothing that is job related like coveralls for chaining up, steel toed boots, etc. Bedding for the truck, FedEx expense if I have to send something, ATM fees, etc.
Do an Internet search for 'Trucker Tax Deductions' and you will find a lot of information.
Tracy
Per Diem:
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
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I am looking into getting into trucking to save up money to get to into pilot school. Is it possible to save $2,000 a month from your earnings? after you get your year of experience. I would be pretty close to being debt free going into this. I am single. Do box truck driving right now for my co. right now.