5 Critical Money Management Tips For Uber Drivers

money management for uber drivers

Being an Uber driver is a complicated and dedicated job. It can take a lot out of people, physically, emotionally and financially. The best way to handle the latter would be to focus on ways to spend less and put more of your earnings into savings. The more money you have available to you, the higher your spending power will be, and the more likely you will be to get a better rate when buying or renting vehicles for work.

1. Carry Snacks

This is especially important for those drivers who do deliveries for UBEReats. There is nothing worse than carrying other people’s food around all day while your stomach is growling, then spending money you do not really have trying to satisfy your cravings. The best way to avoid this issue would be to carry plenty of small snacks with you in your vehicle. Things like crackers, dried fruit and nuts are all good options. Not only are they healthier, but they are much less expensive than grabbing prepared food on a regular basis.

2. Opt For Weekly Payouts

Let’s face it, there are some people who are just not that great when it comes to managing money responsibly. Choosing the Instant Pay option and having cash on you every day is certainly not the best option. By waiting until the week is through to get your payment, it will be much easier to pay all of your bills and set some aside for a rainy day. While the instant option is great for emergencies, this is not something that you should be using on a regular basis.

3. Leave Your Card At Home

It is easy to grab your debit card and buy things on a whim if it is always with you. For this reason, you should make sure that you leave it at home when you are on the road. This will prevent you from chipping away at your finances and spending money that could be saved for something more useful. It is a good idea to carry a little cash around if you need anything. You can always run home and get your card in case something unexpected happens.

4. Only Drive During Peak Hours

Driving around aimlessly waiting for calls is a great way to waste money since you will be using gas while not making any money. To get around this, try focusing on driving during peak hours, like Friday nights. These are the times when you are likely to have the most luck making a decent amount of money. The only time you should be willing to bend this rule is when the app surges prices in order to convince more drivers to work. Be sure to pay attention to hot spots in your area so you know where the most requested drop-off and pickup points are. This will help maximize earnings during working hours.

5. Give Riders A Great Experience

This may seem like it has nothing to do with money management, but it does. The nicer you are to the people you are driving around, the more likely it is they will leave a tip. Having things like candy, phone chargers and Kleenex are nice gestures and many riders do not mind tipping for this courtesy. Asking about their day, comfort levels and music preferences are also great ways to ensure you will be on the fast track for more tips. If you’re unsure of best practices on how to do this well, 7×7 offers a convenient “Basics” course that will tell you everything you need to know. Click this link to view our Online Rideshare Courses and see which one is best for your needs.

Managing your money well is essential for all adults, but particularly those who work for rideshare programs. If you are a driver and you want to qualify for better rates on the vehicles you are buying or renting, the key is making a lot of money and making sure you don’t mismanage it or squander it away. Your financial future will ultimately depend on this.

Interested in learning more tips & tricks to boost your tips, ratings, and overall quality of life driving for a ride share company? Check out our online courses today.