A Mileage Tracker Log can be your best friend these days with costs going up on the daily.
Especially with a lot of people driving back in or somewhat in, to the work place and our every day errands growing by the minute and not to mention making life decisions at the gas pump.
This is why you need to track you mileage and help keep a grip on your budget.
Biggest fans of you not keeping records of your driving mileage (more money for them )
#1 IRS
#2 Service + Repair Shops
So just for those reasons keep your trips tracked.
For one, it will be a valuable tool to cross check your maintenance log and see what is due for service based on the miles you have driven.
You can refer to your owner’s manual to see at what mileage/miles something should be serviced or replaced. (good to know for issues still covered under warranty too!)
This will save you money and peace of mind by knowing you are not servicing or replacing things that do not need it or need it and you should not be paying because it’s under warranty.
You can also calculate exactly how many miles you drive in any given time period.
Track your business vs. your personal mileage and even break them down into deeper categories.
For example, going to a work meeting or lunch with a client.
OR
Personal errands like, drove kids to school, went out to dinner, road trip, etc.
Not to mention you will be able to see how many miles you are driving a year which can help you with:
- - calculating your fuel costs
- approximating how many miles will be on your vehicle at time of pay-off
- determining if you are or could ever be a good candidate for a car lease
And if you are a serious budgeter and organization maniac you can add in the fuel expense sheet and break down how much you’re spending on gas on each excursion.
This all can be valuable information when it comes to budgeting and tax time.
If you are planning on writing off your business mileage, it’s a great idea to have a mileage tracker log of all your trips at your fingertips for reference.
Since the rate for mileage deduction is adjusted for inflation each year this could really be in your favor with fuel and depreciation so be sure to log every mile for business!
I am in no way a tax expert so check in with your accountant to be sure you are logging and keeping all the information you need for write-offs.
Another quick and easy way I record my trips onto my mileage tracker log is by keeping my trips in my google maps app and then writing them into my budget binder when I have a minute later.
I hope you found this helpful and I made the mileage tracker log in 5 different colors to make things a little exciting.
Happy tracking,
Lori
CEO & Founder
TitleKeyCash.com & Girls Guide to Car Buying
Become A Confident Car Buyer!