Driving Makes it Harder to Save

by James & Miel on April 24, 2006 · 0 comments

Before we moved to Washington, Miel and I both lived in cities which necessitated having a car. Now that neither of us are motorized, we’ve been able to save a ton in our finances. For example, if both of use needed our own separate cars and assuming we both needed to commute out of city, we’d be looking at:

Car Payments: $400.00
Insurance: $70.00
Gas: $240.00
Repairs: $50.00

Total: $760.00

If you think about it, $760.00 a month is a lot of money. Given that the savings rate in America is so low (in some months, its actually negative), it would make sense to try to economize on driving expense. For example, some couples can get along with one instead of two cars. So, dear reader, consider economizing your transportation costs. It would reduce your monthly expenses and increase the amount you can save!

-James



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