Have you ever stopped to consider the cost of your daily commute?
It goes beyond just gas - using a car to get to work is expensive when you calculate all of the cost factors that go into properly maintaining a car for daily use. Costs of driving include depreciation, gas, oil, maintenance, and tires. Not to mention the value of your own time. While the daily cost might seem like a necessary evil, think of the total cost over a span of 30 or 40 years. If you factor in lost opportunity cost, you could be costing yourself up to a $1 million dollars!
When thinking of sacrificing an additional $1 million to a retirement fund, a daily commute becomes a huge expense. A long commute may also cost you more than just money. Think of the time lost and the health risks that are associated. Longer commutes correlate with health risks such as obesity, high blood pressure, depression, and back pain.
This begs the question, how can you avoid a commute to save time, money and improve your health? Perhaps by taking public transportation, biking or even moving closer to the location of your work. Unsure of how much to save for retirement? Or does saving for retirement seems far off? Take a look at this young couple’s story - at the age of 30, they have saved $1million to be financially independent. Once you see the lifetime cost of commuting, you might rethink that drive to work in the morning.
*Depending on your location cost may vary on your commute.
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