How to save $8,200 per year

I sold my car a year ago & I saved boat loads of money.

Do you want to save money and live a healthier life? It's easy to save thousands by making one small change! The real story of how we saved $8,200 a year!
Do you want to save money and live a healthier life? It’s easy to save thousands by making one small change! The real story of how we saved $8,200 a year!

The average person spend more than $9,000 per year on each car they own, insure, and drive. That is insane. INSANE.

I decided to sell my car after it spent 6 months dead, sitting in the parking lot at my apartment. I left the light on the day I moved in and didn’t feel like getting someone to come out and jump it.

I was taking Metro 2-3 times per week depending on the weather and if my derailleur wanted to work or not. Some weeks I rode more than others, and then I might go 2-3 weeks without riding at all due to these mechanical difficulties.

When I sold the car I committed to riding every day in an effort to save even more money.

Savings breakdown:

  • $1,100 ($110/per 10 monthly payments/year) for car insurance
  • $400 for gas throughout the year (previously spending $2,400)
  • $250 for registration, taxes, and fees
  • $150 for parking and tolls (previously spending $3,000)
  • $800 for repairs
  • $650 ($2.15 average one-way trip/3 per week for 50 weeks) for metro

That’s $2,700 just on car costs when I wasn’t even driving! If you think that I spent $7,550 or more in 2013 that’s just CRAZY. Add in $650 in metro costs and that’s an ever larger share of my salary. That means I spent $3,350 on car/metro costs in 2014.

Costs breakdown:

  • $70 new tires
  • $30 new break cables
  • $140 tune up & new break pads
  • $20 valet bike parking
  • $85 Capital Bikeshare membership

Not counting my bike, which I won’t since I didn’t add in any car payments above, switching to full-time bike commuting cost $345 for the year.

That’s a savings of more than $3,000 over my 2015 spending.

Granted, getting rid of my car means I might spend more money at local stores as I don’t drive out to megastores anymore, but I highly doubt that outweighs the benefits I’ve experienced this past year.

In addition to the cost savings, I’ve also gained physical strength and stamina. I’ve spent some amazing time biking through our city and the surrounding parks with my husband and friends (and dogs). We’ve gone bike camping and discovered new parks. I’ve found some lovely new shops and restaurants. I’ve been able to find new strength in myself and conquered goals I didn’t even know I had.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s