Changing Your Habit of Transportation Can Save You Thousands of Dollars
If you remember your childhood with your parents having two cars in your garage, you’re not the only one with this childhood setup. In fact, the generation behind us, significantly allocate thousands of dollars annually to sustain the maintenance of their vehicles. Most Canadians spent money on repair, maintenance, and fuel and even get into debt just to get a car of their own. Our parents might have considered having a car as a great tool for mobility and a sign of independence.
Moreover, forwarding twenty years, the notion that car implies hasn’t changed much including the amount spent annually. It shows that Canadian household accumulates $11, 761 average expenditure in terms of transportation in the year 2015, garnering an average of 1.5 cars for each Canadian household at any time given. What change though is the perception of the number of Canadians who view car ownership as a liability and threat to one’s finances.
What is deemed to be an epitome of wealth and independence is now a liability and restraint to a person’s finance; it is something that a person can, should and must cut loose.
Ways To Change Your Means of Transportation
On a personal note, I can do something more fruitful investments or things with $11,761 rather than using in in my car for repair or maintenance. In fact, it’s a huge amount that can be intended to settle obligations or debt payments. Well, here are some of what comes across my mind:
- My children’s’ educational expenses or funds
- Paying off student loans
- Credit card debt
- Emergency savings
- Retirement savings
- Travels or vacations
- Home renovation
Luckily, my yearly transportation expenses do not reach up to $11,761.In fact, it’s not even a closer figure. Personally, my transportation expenses comprise around 10% of my budget per month. This even includes the $250 that I’m spending to pay for the car I just recently purchased. Without it, my transportation would only accumulate 4% of my budget. Well, you might be surprised how I was able to come up with this low cost.
The secret is changing my habit of transportation. So, rather than depending on my two cars, I prefer hoping in with my partner on a single vehicle or if not take some alternative means to save transportation expenses.
If your current residence is accessible to several establishments and amenities, you might consider taking advantage of the distance and avoid using your vehicle to save fuel expenses; you can walk to suffice your errands instead.
While walking to accessible amenities is great for swift closer routines, biking can be an excellent alternative for visiting a friend, going to work or perhaps a bit distant errands that you need to commute.
Well, surely you can’t go on foot or on a bicycle for a bit distant travel or trip. In this case, you can take advantage of the car-share program. It is often all over the city; so, you won’t have a hard time getting one.
Trains and Buses
Another alternative for long-distance travel apart from your car is taking trains and buses. Going on a trip to your home town or province can be more fun and exciting when taking a bus or a train. Moreover, it allows you to save on fuel expenses and potential repair costs.
Should I Ditch My Car to Save?
It doesn’t mean that you will no longer be using your car, for what purpose will it serve then? Right? The point is once in a while you might consider taking this alternative means or route as the expenses you’re spending on fuel will equate to a significant amount when sum up over the years.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.