The Ultimate 2016 Guide To Save Money As A Lyft/Uber Driver

Introduction

Do you want to make money in your spare time? Do you dream of setting your own schedule and being your own boss? The ride share business has never been more popular, but it’s also become a competitive field. If you want to make money as a driver, there are certain things that you need to know. Whether it’s Lyft or Uber, these companies have some key differences in how they operate—and how they pay their drivers out. In this guide we’ll cover everything from how much these jobs pay to the best ways to maximize your earnings when working with each company.

Set Your Own Hours

You can work when you want to. You can set your own hours and take time off when you want. The great thing about being a Lyft/Uber driver is that you’re in control of when and where you drive, as long as it’s within the parameters set by the company itself.

Track Your Mileage

Tracking your mileages is the best way to keep track of your expenses as a Lyft/Uber driver. It’s easy, it doesn’t take much time and it will save you money in the long run.

You can use any mileage tracker app that suits your needs and preferences, but we recommend MileIQ because they have an amazing referral program: if one of your referrals signs up for their service and stays active for 30 days (meaning they complete at least one ride), then both of you receive $20 in credits! This means that once someone uses your referral code when signing up for MileIQ and completes their first ride within 30 days of signing up with them; both parties get $20 worth of free rides!

That’s right – just by telling people about this awesome service that helps drivers track their miles easily & effortlessly; not only do YOU get rewarded but so does anyone else who signs up through YOUR link! The best part? There are no limits on how many friends/family members can sign up using YOUR unique code…so spread the word far & wide!

Get Paid When You Drive

This is the most important part of the entire guide. You need to know how much money you will make before you start driving.

The first thing you should do is understand the rules of your app and how it works with taxes, because every state has different laws about what’s taxable income and what isn’t. In some cases, if you’re using an app like Lyft or Uber, they will take out taxes as part of their fees (and then send them on). Other times it’s up to you as a driver: whether or not they are required by law in your state; when they should be taken out; how much should be taken out; etcetera…

There are also other factors that could affect how much money gets taken out such as mileage rates (which vary depending upon location), driver ratings/complaints/favorites etcetera…

Use a Reliable Car

You need to have a car that is reliable. You don’t want to be stranded on the side of the road, or late for a pickup because your car broke down. Uber and Lyft both have strict requirements for drivers’ vehicles, but they also require vehicles that are in good condition. As long as you keep up with maintenance and repairs, it should be easy enough to find something reliable that will last you awhile without costing too much money (or breaking down).

Don’t Go Overboard On Upgrades and Extras

The temptation to upgrade your ride is high. After all, who doesn’t want a nicer car? But if you’re just starting out as a Lyft/Uber driver and don’t have the income to justify a BMW or Mercedes, don’t go overboard on upgrades and extras. Upgrades and extras can cost you money in the long run. Make sure that whatever upgrade or extra item you buy is actually worth it before spending any cash on it!

Don’t buy accessories that aren’t necessary (like fancy lights). Make sure the car itself isn’t too expensive either; after all, if your car breaks down frequently due to its age or condition then this could affect how much money you make driving for Lyft/Uber because repairs will eat into profits from rideshare driving jobs

Lyft and Uber can be great ways to make money, if you’re organized and careful.

Lyft and Uber can be great ways to make money, if you’re organized and careful.

You need to set your own hours, track your mileage, get paid when you drive, use a reliable car and don’t go overboard on upgrades and extras.

Conclusion

If you’re going to drive for Lyft or Uber, it’s important to keep your expenses low. The better organized and prepared you are, the more money you’ll make. Remember that these rideshare companies are in business to make money–not give away free rides! You can save a lot by driving only during peak times (when there are fewer cars on the road), keeping track of your mileage expenses with apps like MileIQ (which also offers tips on where best places to park) or WorthyTrip (which lets users find local businesses that offer discounts on rides), and researching which cars might be right for what kind of trip before buying them off Craigslist or Ebay Motors