Almost everyone is feeling the strain on their monthly finances because of increased prices on goods and at the pump.  Family finances for truckers and their families are more pronounced because they depend upon lower fuel prices to make a better living.  Unfortunately, fuel prices continue to rise which makes controlling family finances more difficult.

Many truck drivers are carrying payments for their rigs.  This expense, compounded with their family expenses, makes long haul drivers doubt whether or not they can make ends meet, much less earn enough to pay all of their bills.

What can a family with a truck driver as the main income earner do?  The simple answer is to live below your means; don’t spend money you don’t have.  However, the answers aren’t always that simple.

Begin with a budget.  If you don’t know what you’re bringing in each month and what’s going out, you’ll never get ahead.  The saying goes “knowledge is power,” so having this basic information is a great first step.

Make a list of all income that comes in each month.  Is there only one source of income, or do both partners work?   Do you have monthly income from rental properties?  What about investments?  Whatever regular income you have, list it all and add it up to find out what your monthly income is.

Next list all of the regular expense you have.  List the following:  mortgage or rent, all vehicle payments including rig payments, utilities, food, clothing, medical bills, insurances, entertainment, eating out, credit cards, etc.  Don’t forget any expense, no matter how small.  Whatever money you have going out, list them, and then add them up to determine your monthly expenses.

After you’ve determined your income and your expenses, you hope that your expenses are less than your income. Now what do you do once you know where your money is coming from and going to?  Start putting a certain amount of money each month into savings.  Ideally you want to have three to six months income in savings for future emergencies.

Cut expenses where you can.  Reduce the number of times you eat out each month; this can add up to a great deal if you eat out often.  Does everyone in the family really need to have their own cell phone?  If not, consider reducing the number or the types of services to lower the monthly bill.  The same goes for landlines, cable, and the Internet.  Reducing services may add to the amount of money you have to spend each month.

If you have extra money each month, paying extra on credit cards, housing payments, or vehicles payments can help your bottom line in the long run.    Start with the bills with the lowest payment and add an extra amount to it each month.  When you have that paid off, add the total amount you’ve been paying to the next lowest payment.  Before long, you’ll have all of these types of payments paid off.  Make sure that you close the account when it is paid off and cut up the cards to avoid using them and running the balance back up.

When you have your debt in check, begin to invest in stocks or mutual funds.  This will involve meeting with a financial advisor, but the advice they provide may be invaluable.

Finances are an issue for most families.  Family finances for truckers and their families is something else entirely.  By following some of these suggestions, you may be able to get your finances in order and even begin to save for the future.