There are many different challenges that come with being 18-25 years old. With cell phone bills, rent and Wi-Fi, we all have monthly costs that make it hard to find financial wiggle room. What we often forget to include in the monthly budget, is the amount of money it cost to own an automobile! While many of us think we need a car to get to school and work, the monthly cost breakdown of owning a car might just encourage you to dust off that old bike of yours. Check it out…
Average Monthly Costs...
- Cost of Car insurance - $150
- Cost of a car payment or lease - $300
- Cost of Gas - $50.00-$150.00 (varies on how long your commute is)
- TOTAL: $500 - $600 a MONTH!
The simple truth is that owning a car costs a lot of money and the numbers above don’t even include service and maintenance. Just imagine what you could do with an extra $600 a month! Now I’m not asking you to ditch your car right away, but walking, biking our using public transportation can help tremendously if your currently surviving on a Spaghetti-O diet. Finding an alternative means of transportation can also help eliminate the urge to hit the drive through window on the way home. So take a second to step back and see if it’s possible to cut out some driving time. You might find yourself with a little extra cash in your savings account AND a more active lifestyle!
Until next time,