If you were told there is a way you could save up to $10,000 per year doing something that made you feel good, you would probably want to know about it, right? Estimates by some studies are that using a bike as much as possible to get around—say to and from work—can save you 5 digits worth of cash every 12 months. Sound crazy? It’s not when you think of all the different ways you can come out ahead.
Less gas or public transportation expenses
If you spend $400 on gas per month getting to and from work—not at all an atypical figure—you can instantly save $4,800 per year by biking. And don’t forget other expenses, like tolls or parking. Any additional leisure activities or errands you can do on your bike puts more money into your pocket.
Less wear and tear to vehicles
It’s just inevitable that the more you use your car, the more you are going to have to pay for upkeep and repairs. Bicycle fixes tend to be much less costly. This can easily add another $1,000 to your savings.
No gym membership
Exercising with even a moderately-paced ride instead of at a fee-based gym can stuff your pockets with another $600-700 yearly.
Less money on stress relievers
Biking tends to be a great way to blow off steam. If you currently spend a good deal of money on cigarettes, alcohol or other costly ways to unwind, riding your bike for free can put hundreds or even thousands more dollars into an account of your choosing.
Lower medical expenses
People who exercise more and have less stress tend to need less money for doctor visits or prescriptions. One study found that biking just 30 minutes per day cut yearly medical costs by $544.
Biking to work or to do errands isn’t going to work for everyone or in every locale. But if you can substitute more bike trips into your travel schedule you are almost assured to benefit financially.