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It’s no secret to even a casual listener of How To Money that Matt and Joel love their bicycles. But on this episode, they zero in on that love and provide a solid argument about why we should love biking, too. Obviously, the financial reasons are of the utmost importance, but biking provides mental and physical health benefits as well as building a stronger community. And it’s not as hard as you may think to adjust your lifestyle to include bikes: Studies show that 50% of all car trips are for short errands within four miles of people’s homes. Right there, you could cut out half of the wear and tear on your car just by using a bike for a quick run to the store instead of your vehicle – you may even find that you could even downsize to one or no cars, saving at least $9,000 a year.
The monetary benefits don’t stop at just saving on car maintenance and fuel costs, though those are the most obvious – and could save you close to $2,000 a year. If you’re able to cut your car travel down to 7,500 miles a year, you could also qualify for a discount on your car insurance. And if you take the monthly amount you’re saving and invest it, you could potentially make hundreds of thousands or even millions of dollars in lifetime earnings. All the savings, and potential earnings, make the initial costs to getting a bike, and the appropriate gear, a no-brainer investment.
But money isn’t the only reason to bike more. The physical and mental health benefits are great, too; not only is biking one of the best forms of cardio out there, it also gets you outside, enjoying your city in a totally new way. The impact on the environment can’t be overstated, either, cutting down not only on fumes and fossil fuels, but also noise pollution. And though it might seem daunting to make such a huge change, Matt and Joel have a lot of ways to dip your toe in the cycling pool to get started. E-bikes might be the best way to go if you’re worried about your physical fitness or the speed you need to travel; pannier bags are great gear to have if you want to transport a lot of stuff; and don’t be afraid to invest in a good, lightweight bike, either. Purchasing a cheap used bike might be a false economy if it turns you off from biking altogether. Make sure you’re getting the right gear, and your investment will pay off in so many ways. Learn all the ways in which biking can help you get fit and your wallet get fat on this episode of How To Money.
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