Not only are Americans spending millions of hours commuting each week, but several studies reveal that it’s costing big bucks as well. Recent reports estimate that the average commute costs you $2,600 annually.
Calculating actual commuting expenses
To accurately calculate commuting expenses, all car-related costs come into play. Car payment, insurance, maintenance, tolls, vehicle maintenance, and parking are part of getting to and from work every day.
Commuting costs are a growing percentage of a person’s income and as commute times keep increasing, that percentage is expected to increase.
Uncover the hidden costs of commuting
Besides the obvious costs of commuting, there are many hidden impacts that might not be so apparent. Consider how much your time is worth doing next to nothing as you commute. Impact on the environment, road repairs, collision and injury costs also add up for the American taxpayer.
Reports also reveal that commuting costs are often more detrimental and burdensome on the poor and minorities, which can significantly affect those communities economically. It’s becoming more common for people to live far away from where they work, increasing the demands of commuting for all ages and stages of life.
Ways to save on commuting costs that really work
If you’re determined to cut your commuting costs, you’ll have to make some significant adjustments. Consider public transportation, carpooling, biking or walking to work. You could even move closer to your job or see if your boss would be open to telecommuting a few days per week.
Commuting is not only costing you time and money, but numerous communities and even the planet are also paying a heavy price. When making commuting decisions, look beyond the dollar signs and recognize the total impact.