If you’re looking for some ways to save yourself a lot of money this year, driving less or even ditching your car altogether is a sure way to make some huge savings. Cars are often essential for most of us, but many drivers use their vehicles for far more journeys than they actually need to. If you work in the area or make lots of short journeys using your car, getting a bike instead can be a practical, healthy, and inexpensive solution. Here are some of the main ways in which switching to riding a bike can help you save money.
Lower Insurance Costs
The lower your mileage when it comes to driving, the more likely you’ll be able to save money on auto insurance. This is because the less you drive, the lower your risk of being involved in a collision is going to be. If you ditch your car altogether, you won’t need to pay for auto insurance at all. And for those who only use their car very rarely after switching to cycling, you can even find auto insurance options that allow you to pay only when you’re driving rather than a set monthly or yearly fee.
However, if you do decide to go with riding a bike more often, don’t forget to get a good bicycle insurance policy. The good news is that bicycle insurance policy options from companies like Velosurance are often much cheaper than your typical auto insurance policy. Head to Velosurance where you can learn more about the different types of policies on offer to protect you and your bike.
Save on Gas
For many drivers, gas is one of the biggest costs. Most people who drive on a regular basis need to fill up their cars at least once per week, or perhaps even more often depending on how much you drive and how many miles to the gallon your vehicle gets. The cost of gas can certainly add up; for example, you’re paying 18c per mile just for gas if your car gets 20 miles to the gallon, and gas costs $3.50 per gallon. On the other hand, if you’re cycling, you don’t need to pay for gas at all.
Save on Your Gym Membership
Riding a bike most days of the week won’t just help you save on what you’d normally spend on your car, but you could even cancel your gym membership as you’ll be getting quite a lot of exercise already. Many gym memberships cost at least $50 per month, so that’s some massive savings for you over a year if you decide that you’re getting enough exercise from cycling. Riding a bike is a fantastic cardio workout and a great way to burn a huge number of calories - for example, a person weighing 150 pounds who cycles for an hour at an average speed of 14 mph will burn around three hundred calories in just 25 minutes.
Bikes Are Cheap to Buy and Maintain
Compared to getting a modern car, getting a bike can be much cheaper. You can get a good bike for just a few hundred dollars, or perhaps even less if you look for a second-hand deal. Don’t forget that you will also need to factor in the cost of various accessories such as a helmet, bell, and safety light; however, these items are usually quite cheap to obtain and will last you for a very long time. Additionally, when it comes to maintenance, bikes are also much cheaper than cars. Getting your bike serviced will cost a fraction of the yearly service that is required for a car as all they typically need is a tune-up and some oil on the chain each year.
Save on Parking
Parking your car can be a huge expense over time depending on where you live. In some major cities, parking your car could cost you $500 per month or even more. On the other hand, most cities have free bike parking places for you to safely leave your bicycle and you don’t need to worry about finding a parking space.
Take Fewer Sick Days
Studies have found that cycling to work can boost both your health and your productivity, which could even result in you earning more. Cycling reduces stress and improves your focus, which can certainly improve your work performance and help you get noticed for a raise. And, a survey from 2013 found that on average, cyclists took fewer sick days compared to people who don’t cycle, which is great news for anybody who does not get paid sick leave at work.
Cycling rather than driving has a huge range of benefits for your health, the environment, and your pocket. If you’re looking for a major way to save some money this year, investing in a bicycle and using it as much as possible is a great option.