Avoiding the Gas Station in June: My New Challenge

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Have you ever thought about how you could save money on gas? Well, you could buy a more fuel efficient vehicle, or maybe you could start carpooling, but what if you could do without gas altogether for one entire month? This is my new challenge for myself.

My Lack of Income

Ever since the Google slap, my web income has taken a bit of a hit. Luckily, I still do have a healthy income from my article writing and by working a full-time job. However, with a lower overall income, my goal to pay off the house might be in jeopardy. That is, unless I do something proactive soon.

Save More Money

One sure fire way to keep more money in your bank account is to simply not spend it. This isn’t always easy, but it seems like there is always a way to save just a little bit more. In the past, I have reduced my cell phone expense, my auto insurance, my home insurance, and my grocery bill each month. With the fabulous weather we have been having lately (here in West Michigan), I think it’s time to get rid of my fuel expenses in June (and reduce them severely in the months to follow as well).

So how in the world do I plan to do this? I still have to get to work, I still need to go buy groceries, and I still have a need for some fun once in a while, so what is this new plan of mine? Well, it’s really quite simple. It’s time to put my new bicycle to work.

bike

 

In case you missed it, I recently bought this bike (and put it together just a few days ago) because I hit my goal of getting my mortgage down to $40,000. This bike was something that I’ve wanted for quite some time because of my new-found love for competing in triathlons. And, in order to do well in these triathlons, I need to train heavily on this bike and strengthen my legs, so what better way than to just ride this bike everywhere?!

I currently live about 8 miles away from work, which takes me 45 minutes by bike. This move will provide me with a guaranteed 1.5 hours of training each day (as long as it’s not raining anyway) and it will leave my car full of gas! By riding my bike to the grocery store, to work, and to my places of entertainment, I will save somewhere in the realm of $150 a month! In the grand scheme of things, it’s not a ton, but it will definitely help.

The Need for More Money

Even by ignoring my car for an entire month, I still need to get a lot more money into my savings in order to hit my overall monthly goals of paying off my mortgage. I currently write staff articles for other sites, which nets me about $150 a month. I also mow a few yards for another $100, and then there is this gas savings move which will “earn me” $150 a month. But, I still need another $1,000 or so each month just to keep up. Maybe it’s time to flip another car? Maybe I need to start writing cheap articles again? I have not yet come up with that one perfect solution…

Do you think it’s a good idea to ride my bike to save gas? What other ways do you save/earn money?


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Money

Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

9 Comments

  1. That’s cool. I only live about three miles from work and have considered biking from time to time, though I’ve never taken it up. I have to cross a freeway overpass and entrance/exit ramps, plus I sort of justify it by the fact that I’m not paying much in gas with such a short commute. Still every bit helps so maybe I’ll have to dust off the idea again.

    • You definitely want to be safe, so don’t put yourself in danger by crossing streets that should not be crossed. But, if you feel like it is safe enough (with proper awareness), then by all means, get that bike out and ride to work! I bet I’m going to save $100 a month, so you could probably save $50 or $75, plus you get some exercise. 🙂

  2. Thats a great challenge and if you manage it (i’m sure you will), a great way to save some money. And if you continue it month after month, you’ll be saving money month after month.

    I’m very lucky in that I only live about a 20 min work from my work but my hubby has to travel for his work so spends a huge amount of money of diesel. Fortunantely, he does get reimbursed it.

    • It should be kind of fun, and it will get me into shape for my triathlon! I can’t wait to get started on Monday. 🙂

  3. If you ride your bike to save gas money, I hope you do not have to buy any accessories. Like biking shorts, a helmet, biking shirt, water bottle, speedometer,, etc.

    Save $50 on gas, and spending $200 on gear, is a net loss.

    • Nope. I already had all the gear from riding in the past. Net gain, positive $100 (at least)! 🙂


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