Whether you are flying or driving for business, travel costs are climbing, directly impacting your bottom line. There are plenty of ways to cut these costs, such as switching to a motorcycle, bicycle, or more fuel-efficient car, using public transportation, or even walking when feasible.
Some businesses adapt by shipping products rather than delivering them in person and encouraging employees to rely less on cars and travel. Face-to-face business meetings are becoming less common as virtual communication becomes the norm.
If flying is necessary, creative ticketing strategies are gaining popularity, though many airlines disapprove. For example, back-to-back ticketing involves purchasing two round-trip tickets with the Saturday night stay requirement and only using the outward journey from each. This method can save over half the cost of a mid-week return flight, but be aware that airlines are cracking down on these practices, considering them a violation of their policies. Despite the risk, some businesses continue to use this method due to the significant savings.
Other ways to reduce airline ticket costs include booking as early as possible, being flexible with travel dates and times, and flying to nearby airports. Flexibility can save you up to 30% or more on airfare.
For those who need to drive, you are likely familiar with basic gas-saving techniques, but here are a few lesser-known tips:
- Limit engine warm-ups to 30 seconds.
- Buy gas during the coolest time of day and stop filling at the first click to avoid overflow.
- Slow down. Driving at 55 mph can save over 20% compared to driving at 65 – 70 mph.
- Keep windows closed at highway speeds and remove roof accessories to reduce drag. Even a vinyl top adds friction and consumes more fuel. Streamlined aerodynamics save money.
- If you have an automatic transmission, shift to neutral when idling for extended periods. This reduces strain on the engine and transmission.
- Clear snow or ice and remove unnecessary items from your trunk. Extra weight means extra fuel consumption.
- Gas prices are often higher in affluent neighborhoods, so consider filling up elsewhere.
While global demand for gas is rising, U.S. consumption is declining as people drive fewer miles each year. However, gas prices continue to climb, making the penny-wise business traveler the ultimate survivor.