mileage reimbursement

[greenskeeper]

My work started reimbursing me for using my car going between buildings. I previously took the company truck.

Last paycheck the reimbursement was $110 for driving 176 miles @ 56.5 cents per mile.

I used 3.5 gallons of diesel at a cost of $13.30

The difference of $96.70 is going into a savings account for car repairs/maintenance.

At first I was against using my car for company travel, but it may pay off in the long run. I'll be interested to see how much the account grows vs repairs, perhaps I can pay for the next car from that account when the wheels fall off of my current vehicle.

[riverwed070707]

I've had the same experience. I frequently bounce from one side of my state to the other for meetings and such. Some months more than others but I easily bank a couple thousand dollars a year on mileage reimbursement. My car is a manual 01 Honda Civic and gets about 35 mpg. Its paid off and the money I get back more than covers the gas and maintenance. I don't save the rest though, I add it to our monthly budget to offset the gas/maintenance for DH's truck. Either way, its a good deal.

[debtfreeme]

Reimbursements

For years I have put the reimbursements of the mileage/parking/tolls into my savings account for repairs and replacement of my vehicle. For me it can total upwards of $400 a month on the really busy months, some months it is $25. It is nice to know I have an extra check coming that I can save for future costs.

I put down $12,000 on my car in March, at least half that came from reimbursements over the past 6 years.

I do not see it as income and I do not spend it on anything but car costs. Now it goes for future maintenance (oil changes, tires) and saving for my next car which I hope will be 12-15 years away.