Owning and operating your own rig is a goal for many drivers. But it also comes with a challenge: managing trucking expenses. From fuel costs to unexpected repairs to business taxes and licensing fees, the dream of the open road can start to feel like a nightmare if you don’t stay on top of it all.
So, how do you manage trucking expenses as an owner-operator? The best strategy is to track your costs consistently with a spreadsheet or dedicated tracker and to use proven cost-saving tips for each major expense category.
Below, we’ll break it all down.
Types of Truck Driving Expenses
Understanding where your money goes is the first step toward managing it. Like all expenses, truck driver expenses fall into two categories: variable expenses and fixed expenses.
Variable Expenses
Variable expenses change based on how much you drive, where you drive and where you operate. When it comes to variable expenses, small changes can have a big impact on your trucking cost per mile.
Common variable expenses include fuel costs (often your largest ongoing expense), maintenance and repairs, tires and oil changes, meals and lodging, tolls and parking fees, and weigh station fees. Because these costs change over time, planning and tracking them is crucial.
Fixed Expenses
Fixed expenses don’t change much month to month. Think of them as the cost of simply being in business as an owner-operator.
Typical fixed costs include truck insurance, truck loan or lease payments, permits and licensing fees, business taxes and registration fees, and regulatory fees (like IFTA).
So, how much does it cost to be an owner operator? Knowing your baseline spending can help you calculate the answer to that question and understand how much revenue you need to stay profitable.
Pro Tip: A well-structured owner-operator trucking expenses spreadsheet makes it easier to track both variable and fixed costs in one place. Keep reading for more details about how a spreadsheet can help you save money!
Tips for Managing Trucking Costs
Once you understand your cost categories, the next step is to manage them effectively. Here’s how to save on the biggest trucking costs.
Fuel
Fuel accounts for a large portion of your trucking cost per mile, so even small savings add up.
Tips to Reduce Fuel Expenses:
- Use a fuel card like the one offered by RTS for discounts at truck stops nationwide.
- Plan routes strategically to minimize deadhead miles.
- Avoid excessive idling and use cruise control whenever possible.
- Keep tires properly inflated and perform regular engine tune-ups for better fuel efficiency.
Maintenance and Repairs
Unexpected breakdowns can derail your budget. That’s why preventive maintenance is your best friend.
Maintenance Management Tips:
- Follow a strict maintenance schedule for oil changes, brakes and inspections.
- Keep a maintenance fund (2 – 5% of revenue) for emergency repairs.
- Build relationships with mechanics and parts suppliers you trust.
- Note and repair small issues before they become big ones.
- Use a TMS to track your maintenance needs.
Meals and Lodging
Road life is expensive even in the best of times, but small adjustments can save you hundreds of dollars each month.
Tips to Save on Meals and Lodging:
- Pack meals and snacks from home instead of eating out every day.
- Use apps to find affordable, truck-friendly lodging.
- Join loyalty programs at truck stop chains for meal and shower discounts.
Tolls and Parking
As a truck driver, you are probably all too familiar with toll and parking fees. What may seem like minor savings can actually add up quickly over thousands of miles.
Tips for Tolls and Parking:
- Use toll calculators and plan routes that minimize toll roads.
- Invest in annual parking memberships if you frequently stop at the same locations.
- Record every toll and fee in your spreadsheet for accurate tax deductions.
The Power of an Owner-Operator Trucking Expenses Spreadsheet
The real key to mastering truck driving expenses — no matter how many tips and tricks you follow — is to track these expenses consistently. A good owner-operator trucking expenses worksheet can act as both a record and a roadmap for your business.
First, start small by setting up your spreadsheet, reviewing your expenses and focusing on reducing one cost category at a time.
Then, try to make it a weekly habit. Routine tracking isn’t just good for business — it’s good for your peace of mind. When you make tracking expenses part of your regular workflow, managing your finances stops feeling so overwhelming.
To get started, download our free trucking expenses spreadsheet [LINK].
Managing Trucking Costs with RTS
Being your own boss on the road is rewarding, but it takes careful planning and discipline to keep your business afloat. By understanding your truck driver expenses, using proven cost-saving tips and tracking everything with an owner-operator trucking expenses spreadsheet, you’ll know exactly how much it costs to stay profitable on the road.
RTS is a leading provider of fuel and maintenance savings programs for trucking companies and independent owner-operators.