Published on August 18th, 2014 | by Cynthia Shahan1
Save Money This Month ($839 ) With Mass Transit
August 18th, 2014 by Cynthia Shahan
Looking for ways to save money this year? If you live near public transportation, it is a good time to consider this shared transport option even if you own a car. The American Public Transportation Association (APTA) has put out its latest Transit Savings Report, in which it found that an individual’s savings by using public transit averaged $10,064 in August. Even if you keep your car, according to this August report, you could see $839 in savings this month… if you’re an average person in one of the 20 cities studied.
Perhaps you are a two person household, and you have two cars — you could consider eliminating one to get that extra ~$2,500 in annual savings. The Transit Savings Report looks at average monthly transit fares in the study cities, average driving costs in the study cities (including insurance, license registration, depreciation, finance charges, and of course August gas prices, which were $3.47 per gallon on average), and more. Full assumptions can be seen via the link above.
One of the costs considered is the average cost of monthly unreserved parking space. According to a 2012 Colliers International Parking Rate Study, monthly costs average $166.26 — that is $1,995 per year. So many better ways to spend money.
Aside from saving money, you will likely enjoy more day-to-day adventure as well. Riding transit allows you to interact more with other members of society (if you wish), and it also allows you to work, read, do something on your smartphone/tablet, or simply relax.
The APTA Report shares: “The top 20 cities with the highest public transit ridership are ranked in order of their transit savings based on the purchase of a monthly public transit pass. The savings also factor in local gas prices for August 14, 2014 and the local monthly unreserved parking rate.” Here’s the list:
For more on methodology, read the full report. You can also calculate your individual savings, with or without car ownership, at: www.publictransportation.org.
Another idea is to get your exercise on the way home. Along with taking the metro part of the way, you can avoid congested traffic by bicycling or using an integrated system of transit and bike.
Image: DC Metro by techne (CC BY-NC-ND 2.0 license)