Being an owner-operator can have its challenges: you are responsible for the truck payment, fuel, maintenance, tolls, etc. Every once in a while, you may find yourself wondering if you made any mistakes that could have negatively affected your paycheck. Sometimes you could lose your business mindset, forget extra responsibilities, and make some decisions that can impact your overall income. It is especially hard to stay positive with the current market conditions, which seem to be hitting an all-time low.
We will highlight some tips that can help you manage your finances better and maximize your income in the upcoming months.
Be regular with your PTIs
Thoroughly checking all of your truck parts before hitting the road can prevent major breakdowns and, therefore, save you a lot of money. Make sure to do preventative check-ups every couple of months with your trusted mechanic shop. Any time you hear a strange noise or notice an air leak, give your fleet manager a call and address that issue before it turns into an expensive disaster. Pay special attention to the air pressure in the tires. Check the tread on them regularly for abnormal wear.
Plan fuel expenses
Planning your fuel is probably the most important step since fuel is your biggest expense. Try to limit idling, reduce the speed, optimize your routes, avoid over-fueling, pre-plan fueling stations, and check tire pressure often. Our drivers recommend never fueling more than 100 gallons at a time and keeping the speed down to 65 mph. Apps like Mudflap can help you find cheap gas. You’ll save a lot of gas money each week if you take these tips into account. Additionally, we have explained how to calculate your cost per mile in a separate blog that you can find here.
Invest and return
Another thing that will drastically impact your fuel expenses is investing in an APU or a power inverter. They will generate power at a fraction of the fuel price you would normally have to pay if you idle your truck for power. Yes, they can be somewhat expensive, but they’re investments for the future and will ultimately save you lots of money.
Prepare your food
Speaking of APUs and power inverters, cooking food in the truck is another domain where one can easily save hundreds of dollars every month. We are all aware of skyrocketing prices at truck stops, especially if you try to eat healthily and shy away from fast food. Not only is this option a lot cheaper, but it’s also so much healthier, which is essential for a sedentary career like trucking. Making food regularly with good ingredients can help you take care of your cardiovascular system.
Get the most out of every week
There’s a reason why we advise our drivers to drive 3000 miles weekly! It’s because we want them to get the most out of every week! Picking up an extra load on Friday will help you start the next week right and create additional revenue. Remember that our dispatch is non-forced and allows you to choose the best loads the market has to offer at any given moment. Don’t be afraid to communicate with your dispatcher about your goals and expectations; they will do their best to support you.
One more tip: with current weather conditions, the majority of drivers are trying to avoid the north. However, prices are usually better where the volume is lower. You can secure much higher rates in regions where there aren’t many truckers covering them. Try not to avoid poor weather, but instead, opt for those exact areas while making sure your truck is properly prepared.
At the end of the day, owning a truck is a pretty big deal. We want to help you reach your trucking goals however we can, but you have to prepare for setbacks and obstacles and not give up on your vision. Some weeks will be better than others, but regardless, being your own boss is definitely worth it! Let us help on that route: Apply at Super Ego, and let’s do amazing things together!