With the rise of inflation driving up the cost of all goods and services, many rideshare drivers are starting to question if it’s worth it to keep doing gig work. In this article, RSG contributor Tyler Philbrook outlines the best ways you can fight inflation as a rideshare or delivery driver.
According to YCharts, inflation is at 8.2%, far higher than the long-term average of 3.27%. While that number is projected to decrease by the end of the year, it’s not far off to say that inflation is probably impacting most Americans negatively.
Inflation has been around for a long time, but until recently, it hadn’t affected so many things very quickly.
Going to the gas pump is a nightmare, groceries cost more than ever, and the housing market is out of control, just to name a few.
So, with inflation going up so much and so fast, will drivers start seeing a pay increase from gig companies?
- Fight inflation by saving money at the pump with gas rewards cards and cashback apps.
- Earn passive income by wrapping your car or partnering with advertising companies.
- Keep up with car maintenance to help prevent larger issues down the road, saving money in the long-term.
Will Uber and Lyft Pay More?
The short answer? Probably not.
These companies are businesses, and as such, their number one priority is making money. Even if they increase the cost of a ride, delivery, batch, etc., it does not mean that the driver will see an increase in pay. In fact, the majority of the time, that money is not passed on to drivers at all.
Even the small gas surcharge that many drivers have been receiving is ending. So, that little bit “extra” will no longer be there to help offset driver costs.
However, tthere are ways you can give yourself “a raise” by saving more money, and earning more.
Save More While You Drive
The first step toward that “raise” is to find ways to spend less.
The number one expense of a driver is their car, namely gas and maintenance. So, saving money on these can keep more money in your pocket.
We’ve covered common driver expenses before, like gas and maintenance, with the biggest cost as a driver being gas because with ridesharing and delivering, you’re going to be driving a lot of miles.
First, find the cheapest gas you can, as long as it’s still from a reputable place. Places like Sam’s Club and Costco are typically the cheapest gas you can find, sometimes $0.30 to $0.50 cheaper than anywhere else.
Many drivers have used Upside to save hundreds on gas. Upside is great because you get cash back and can use it in a variety of places, plus it can help drivers save at gas stations across the US. No more searching for a Costco or Sam’s Club if they’re out of your way – many of the big chains are covered by Upside.
Here are step-by-step instructions for how to use Upside: How to Use the Upside Gas App to Save Money
The second thing is to not delay maintenance. Small issues often become big problems. You may think putting off an oil change is no big deal, but when the entire engine is blown because you delayed that simple maintenance, you won’t feel that way.
Without your car, you can’t work, so maintaining your car is very important. Even if you think that you can wait, or feel like the maintenance is too expensive, or whatever, taking time and money to take care of those little things now, could save you weeks of lost work, and thousands of dollars later.
Rideshare Mechanic is a company that comes to you to do all kinds of typical vehicle maintenance. See how it works here: Rideshare Mechanic Review – Virtual Inspections for Uber and Lyft Drivers
Make More While You Drive
There is a limit to how much you can cut or save, but the only true limit to how much you make is how much work you put in.
You can drive more to make more money, but a better way is to make more with the same amount of time you’re already working. But how can you do that?
First, learn your town. Find out when major events are going on, and where the “place to be” is, making sure you’re doing all you can to take full advantage of those opportunities.
Next, multi-app. Using multiple apps is an easy way to make more money, especially if those apps do different things.
When I drove full-time, I would start early in the morning, catching requests for airport rides and people going to work. Then around 11, the rides in my area slowed down, but you know what did get busy then? Food delivery. All those people who are working are now ordering lunch.
So I would turn on all my food delivery apps, and make more money doing that than I would if I continued to try to get passengers.
Another way to make more money while driving is to add things to your car that earn passive income.
Companies like Wrapify pay you to get your car wrapped with an advertisement for a company that has set up a campaign to reach more customers. They then send you a monthly check for driving with your car wrapped.
See how Wrapify works in action here: What It’s Like Having Your Car Wrapped with Wrapify
In addition, you can use your tablet to make more money with the passengers in the car. A company like Vugo allows you to have advertisements in your car and/or on top of your car, allowing you to make more money while you drive.
Just doing a few of these things can make you a few hundred dollars more a month, allowing you to fight inflation.
Inflation affects all of us no matter what you do to make money, whether you’re a 9 to 5 employee, freelancer, or gig worker. Use the tips and tricks in this article to fight inflation, bring more money in and spend less whenever and however you’re able.
Make sure you do all you can to save on regular expenses with gas apps, rewards cards, etc., and then earn more for doing the same amount of work by working smarter and utilizing passive income sources like Wrapify and Vugo.
How are you fighting inflation? Any tips or strategies we missed?
-Tyler @ RSG