Save $3,700 Challenge - May: Commuting

THE SAVE MAY $3,700 Having a car can be very convenient, but when was the last time you stopped to think about how much money it's costing you? That's what we're going to do here, and when we're done you may reconsider just how nice having a car really is. If you live in a city where there's good public transportation, or if you have multiple cars, you just might be willing to give up a car. CHALLENGE SAVE $30O THIS YEAR BY DITCHING YOUR CAR WHY GIVE UP ANNUAL COSTS STOP YOUR CAR? You don't have to look any further than the cost of having a car. The Consumer Expenditure Survey by the Bureau of Labor Statistics puts the average ASSOCIATED WITH OWNING A VEHICLE A PURCHASE $2,669 GAS AND OIL $2,655 annual vehicle I FINANCE CHARGES $233 per household at $7,778. That includes insurance, gas, maintenance and car purchases. Those are thousands of dollars you could be saving by giving expense I MAINTENANCE $805 AND REPAIRS A INSURANCE $983 V OTHER COSTS $433 up your car. HOW COULD I EVER GIVE UP MY CAR? What would it take to go without a car? If you live in a city, you might not have to sacrifice much, because public transportation options often abound. Biking is another great alternative, and it's a good way to get exercise too. There are many helpful online communities of bicyclists that can help you navigate the challenges of adjusting to a bike-centric life. ALTERNATIVES TO A CAR BUS TRAIN BICYCLE WALKING CAR SHARING $200 CARPOOLING TELECOMMUTING IS THE AMOUNT YOU MAY SAVE PER MONTH ON CITY PARKING BY BIKING TO WORKS %24 NEW CARS SOLD VS. NEW BIKES SOLD OTHER WAYS TO SAVE IN THE US IN 201 MONEY ON 16 TRANSPORTATION 9 14 15.7 If relinquishing your vehicle isn't a milion bikes realistic option, you may stilIl be able 12 12.7 to save money by using your bike to mion cors commute to work and run errands. 10 Whether you save on parking, gas or insurance rates, bicycling usually makes for a cheap and healthy alternative to driving. When you do use your car, there are their car but will be able to minimize still ways you can save money. Start driving time, we'll estimate that you monitoring the pressure of your can cut down the amount you drive by car tires, because well-inflated tires about 15 percent from now on. Saving improve gas mileage. You can also 15 percent of your gas and oil costs compare quotes for car insurance ($2,655) and maintenance and repair online to make sure you're getting the costs ($805) adds up to over $300 best rates. Depending on whether or not you May is a great month for biking, so 50% when prorated for the rest of the year. OF TRIPS AMERICANS MAKE ARE LESS THAN 3 MILES decide to give up your car, these tips don't wait to get started! could save you anywhere from $150 to over $7,00o. Acknowledging that most people won't be able to give up 28% $7,778 = SEVEN THOUSAND, SEVEN HUNDRED OF TRIPS AMERICANS MAKE ARE LESS THAN1 MILE SEVENTY-EIGHT DOLLARS the average YEARLY VEHICLE EXPEDITURE per household' "The four most expensive words in the English language are This time it's different." - Sir John Templeton SAVINGS: $300 OR $50 PER MONTH CashNetUSA. FROM MAY THROUGH OCTOBER Money's on the waye References 1) Consumer Expenditure Survey. (2012, Sept.). U.S. Bureau of Labor Statistics. Retrieved Dec. 6, 2012, from http://www.bls.gov/cex/2011/Standard/age.pdf 2) Statistics. (2012). Bikes Belong. Retrieved Dec. 6, 2012, from http://www.bikesbelong.org/resources/stats-and-research/statistics/ 3) May is National Bike Month; Getting Started. (2012). League of American Bicyclists. Retrieved Dec. 6, 2012, from http://www.bikeleague.org/programs/bikemonth/pdf/national_bike_month_guide.pdf 4) NADADATA State-of-the-Industry Report 2012. (2012). National Automobile Dealers Association. Retrieved Feb. 18, 2013, from http://www.nada.org/NR/rdonlyres/CIC58F5A-BEOE-4EIA-9B56-1C3025B5B452/0/NADADATA2012Final.pdf 5) Industry Overview 2011. (n.d.). National Bicycle Dealers Association. Retrieved Feb. 18, 2013, from http://nbda.com/articles/industry-overview-2011-pg34.htm NUMBER SOLD, IN MILLIONS