This Is How I Save $1,500 to $5,000 Yearly

August 8th, 2015 Posted in Life|Money Smart Tips

My Daily Bike Commute

One of the easiest ways to money on an ongoing basis is to live near where you work. Living close to work, however, saves you something else more precious than money and can’t be measured or replaced by anything else: time. Today, I will only look at the monetary aspect of living close to work.

I live in downtown Toronto, very close to my work. I have the option to walk, bike, or take a streetcar to work. What I do, instead of walking 100 percent, is use Toronto’s city bike sharing system Bike Share Toronto to cover part of my commute and walk to cover the rest. When it rains or snows heavily, I either walk or take a TTC street car.

By living close to work, I save a staggering $1,500 to $5,000 annually. These costs are very conservative and the actual savings can be even higher than my estimates. Here are my breakdowns:

$1,500 – Assuming I am using TTC and buying a monthly pass, which is nearly $130 a month.

$5,000 – Assuming I am using my own car. $5,000 includes monthly payment for car, insurance. However, to keep things simple, I am not including other costs that are involved having a car such as gas, parking, maintenance, tickets, etc.

As you can see, my $1,500 to $5,000 yearly estimates are actually lower than real costs someone could have incurred by driving or taking public transit to work in Toronto.

Living close to work to save money and time is great, but I understand that this is not possible for everyone for various reasons. There is no need to be discouraged if you are one of those. There are various other practical and smart tips to save money in my book

Money Hacks: How Small Changes Can Save Big Money

And there is no reason why you can’t save at least $100 a month applying what I have discussed in this book. You can download this book from Amazon (the link is on the very top right) and start saving money today.

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  1. 2 Responses to “This Is How I Save $1,500 to $5,000 Yearly”

  2. By Beth on Aug 9, 2015

    Interesting… but a couple of questions: How does what you save on transportation balance against higher costs for living closer to work?

    I ask because I know quite a few people in Toronto — often, what they save in one area of their budget means higher costs in another.

  3. By A.D. on Aug 9, 2015

    I agree with you that depending on where you live, living closer to work could cost a lot more. That’s why I mentioned in the beginning that you save something else more precious than money and can’t be measured or replaced by anything else: time. So I wont mind paying extra towards my condo initially because I am saving daily 2 hours comparing when I lived far from work. But in the end, I am not paying extra and actually making more money because property value in downtown increases faster than other areas in Toronto.

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