Trading Four Wheels for Two
By using bikes for day-to-day transportation, Stacy Bisker of Huntington, W.Va., and her family are cutting costs and putting money into savings.
You’re using your car a lot less, which you call going “car-lite.” Why the change? We needed to save money and originally considered getting rid of both of our cars, a Chevrolet Cavalier and a Honda Odyssey minivan. Until I did some research, it didn’t occur to me how much we could save by driving less and walking or biking more. We were spending about $200 to $250 per month on gas, plus $325 per month in car-loan payments on the Odyssey and $117 on insurance for both cars.
CALCULATOR: How Much Can You Save Bicycling to Work?
How tough was the change? It was definitely a transition. We don’t live in a big city with tons of public transportation, so I mapped out all of the ways we would get from point A to point B without our vehicles. My husband works less than two miles from home, and the kids go to school about 3.5 miles away, so it seemed doable.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
How did you start? In August 2011, we decided to go car-free for a month, just to show that it was possible. It became clear pretty quickly that biking would be our best option for getting around. It was a lot more fun than walking or taking the bus, and it was usually less time-consuming. My husband, Brent, and the three oldest kids already had bikes, and our friends gave me an old bike and a bike trailer for our 2-year-old.
What came next? The Yuba Mundo cargo bike. The Yuba can carry up to 440 pounds of cargo, which meant I could carry my youngest child and items such as groceries in the back. That made it easier and safer for all of us to get around. It cost $1,700 fully accessorized, but we paid for it in cash with the money we saved on gas.
And you gave up one of your cars? We ended up giving away the Cavalier, which dropped our car insurance payments to below $40 per month. With our savings, plus income from part-time jobs, we paid off the van. Now we spend an average of $80 a month on the van.
How are you spending the extra cash? For the first time, we’re saving and living within our means. We’re going on more vacations. When it comes to biking, I want to share my passion with everybody.
This article first appeared in Kiplinger's Personal Finance magazine. For more help with your personal finances and investments, please subscribe to the magazine. It might be the best investment you ever make.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Amazon Prime Day: Get 5 Months of Unlimited Music for Free
Deal Amazon Prime Day 2024 deals include a free five-month trial of Amazon Music Unlimited.
By Sean Jackson Published
-
Honeywell Is the Best Dow Jones Stock After Elliott Discloses a Stake
A breakup of Honeywell's businesses could result in major upside for the blue chip stock over the next two years, the activist investor says.
By Joey Solitro Published
-
Roth IRA Contribution Limits for 2024 and 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
By Jackie Stewart Last updated
-
How to Find Foreclosed Homes: Best Foreclosure Listings Sites
Making Your Money Last Find foreclosed homes for sale on these foreclosure listing websites. Search for properties on these free, paid or government sites.
By Bob Niedt Last updated
-
Luxury Home Prices Rise as the Rich Dodge High Mortgage Rates
Luxury home prices rose 9% to the highest third-quarter level on record, Redfin reports, growing nearly three times faster than non-luxury prices.
By Kathryn Pomroy Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated
-
How to Figure Out How Much Life Insurance You Need
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
By Kimberly Lankford Last updated
-
Amazon Big Deal Days Is Coming! We’ve Got All the Details
Amazon Prime To kick off the holiday season with a bang, Amazon Big Deal Days runs Tuesday, October 8 and Wednesday, October 9.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published