How Did You Deal With Your First Year Financial Obligations As A Truck Driver?

Topic 19680 | Page 1

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Chris's Comment
member avatar

I paid cash for my CDL schooling, so that isn't even a factor in my finances now. I have a truck loan, paying off my credit card, only $500 left on it since I just paid $300 to pay it down. My horse in on my land so it only cost us $180 a month and that's factoring high to include vet visits when needed, farrier work every 6 weeks and monthly food for him.

When all is said and done between all my financial obligations plus my fuel, grocery and counting a few dollars high for fluctuating expendetures, I need to pay roughly $2500 a month. Is it realistic to make this with most companies, or do i need to be specific? Of course, my fiancee helps me with $200 a month as she can, she will help $300 after we finish paying a medical bill off. She currently puts $100 in and i put $100 in a month.

I have a safe gaurd of 4 months saved right now, i figured id need it while in the training period at just about any company.. melton, my main choice "cross my fingers" is orientation then 21 days with a trainer, so i'd still have a safe gaurd.

Is it realistic? The credit card at $100/month will be gobe soon, the horse, i'm looking for a home for him, but i'm very picky on that matter, the truck loan will be paid off in 12 months. So on those ill reduce my expenses by $400.

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
C T.'s Comment
member avatar

I make a little more than that right now after taxes and insurance and all that. My w4 show single so I'm paying way more than I should in taxes right now. Anyway, it is doable to make that much, but early on probably not. Some companies will pay you during training but may require a contract. I believe prime pays the most at 700 a week during training but that's pretax and I think they require a year. One of the prime drivers can correct or confirm this. If you have a cushion like you mentioned you would be fine, but it's rough initially due to starting pay and inexperience.

Chris's Comment
member avatar

I make a little more than that right now after taxes and insurance and all that. My w4 show single so I'm paying way more than I should in taxes right now. Anyway, it is doable to make that much, but early on probably not. Some companies will pay you during training but may require a contract. I believe prime pays the most at 700 a week during training but that's pretax and I think they require a year. One of the prime drivers can correct or confirm this. If you have a cushion like you mentioned you would be fine, but it's rough initially due to starting pay and inexperience.

I've don't remember how the w4 works, i've been using a 1099 for several years now, on the w4, can i claim my son, i am also head of household. Usually i pay all my taxes quarterly according to the head of house hold bracket with 1 dependent.

C T.'s Comment
member avatar

Most drivers will gross anywhere from 35 to 50k first year. I started in may but in 12 months I grossed 53. All depends on where you start.

Chris's Comment
member avatar

Most drivers will gross anywhere from 35 to 50k first year. I started in may but in 12 months I grossed 53. All depends on where you start.

I could make do om the bottom figure if i needed to, i kinda expect my first year to NOT be about helping my savings account but learning, learning, learning, settling into an irregular routine, and doing everything i can to have a positive mental outlook no matter what.

Thank you for your input CT.

Pianoman's Comment
member avatar

I also made $48,000 gross my first year, averaging somewhere around 2500 miles a week.

Chris's Comment
member avatar

I also made $48,000 gross my first year, averaging somewhere around 2500 miles a week.

I talked to a few melton drivers at a local truck stop, each one has told me they usually get close to 3000 miles at a minimum except on home time weeks, one, she pulled up her stubs to show me on her smart phone, she was still in just above student pay at the time, which means she's between 3 and 12 months! She was the one that told me "if you come to melton, figure your expenses on 2500 miles a week, and you'll be safe."

Of course mw veing who i am, i still have the need to pick and prod just to see where multiple people are at. I suppose there are too many factors to involved to guess.

Truckin Along With Kearse's Comment
member avatar

At Prime you do not have a contract if you come in with the CDL. You get paid $700 a week gross during training that will last 40,000 TRUCK miles as a team.

Here's my figures for my first year, but keep in mind part of it is training and I started at 39.5 CPM and got a bump to 41.5

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.

CPM:

Cents Per Mile

Drivers are often paid by the mile and it's given in cents per mile, or cpm.

Penny's Comment
member avatar

Actually, coming in with a CDL but no experience at Prime, it's $600 for the first five weeks and $700 for the remaining 40,000 miles (to the truck, as Rainy said).

I'm not sure if this pay schedule is a recent change or what, but that's what I'm expecting during training.

At least that's what the recruiter told me and what they confirmed in orientation this week.

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
Truckin Along With Kearse's Comment
member avatar

I'm a moron and failed toFirst year pay.post the thread link. Sorry.

Thanks for.clearing that up Penny. Didn't know it was a different amount for CDL as non CDL holders.

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
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