Across the country, drivers have used their Lyft earnings to pay off student loans, home or car payments, or to pursue creative endeavors. In honor of Financial Literacy Month, we’ve partnered with NerdWallet and Lyft drivers across the country to share their best budget-conscious advice.
Paying for Grad School in D.C.
As a single mom, preschool teacher, and grad student, Ayanna has a busy schedule — and sticking to budget is key.
When Ayanna decided to tackle her student loans, driving on the Lyft platform was a clear choice to earn extra cash. As a long-time passenger, she knew Lyft offered the flexibility and financial boost she needed. Through smart budgeting and driving a few times a week, Ayanna is reversing her student debt while saving money for special occasions, like a trip to New York City for her daughter’s birthday.
Ayanna shared her best tips for saving with us:
Shop at thrift stores for almost everything.
Exercise. Staying healthy is cheaper than getting well from preventable illnesses.
Drive for a ride-share service if you own a car, even if it’s only a few times a week. Why own a car if it can't pay for itself?
Try to cook at home at least three days per week. Salad stretches a meal and is good for you.
Television is designed to make you want to buy things. Watch less TV, be tempted to buy less.
Saving for a Dream Home
Lyft driver Tim and his family made a goal to land their dream house without financial strain.
Tim works for a bank while his wife cares for their two kids full-time. In June 2013, Tim and his wife wanted to sell their home and move to a neighborhood with better schools. After the sale, they still didn’t have enough money for a down payment on a new home.
After seeing an ad for Lyft on Facebook, Tim gave his first ride in September 2013. By the next summer, Tim saved up enough money from driving to cover pre-closing repairs, the shortage for closing their current home, and the down payment for the new home.