A car note, car insurance and vehicle fuel combined easily cost more than a monthly homeowners’ insurance payment. Money spent on a car note could cover unexpected house repairs and help pay for homeowners’ association fees.
Other prices that you wouldn’t have to pay for if you were car-less homeowner are parking fees, general maintenance and auto repairs. There may be no way to price the tension and frustration that you’d save from not having to get stuck while driving in bumper-to-bumper traffic.
Going car-less to save money after buying a house isn’t for everyone
Yet, you can’t just ditch your car. Going car-less to save money after buying a house requires forethought. You need to live near public transportation that is within reach of your job, grocery stores and other shops like clothing boutiques.
Should you not own a house that’s near public transportation, you could still go car-less to save money after buying a house. Going car-less without living near public transportation is possible if you live near relatives or friends who could drive you to faraway places. Other options include:
- Colleague car pools – Some major cities operate city-wide car pools. You could sign up on a car pool with other travelers by logging into a website. If there isn’t already a car pool where you work or live, you could start one.
- Taxi – In addition to taking a traditional taxi, you could travel using Uber or Lyft.
- Walking or bicycling – Live near work and other places that you frequent and you could simply walk or bike ride to and from home.
- Motorbike – You won’t get up to top speeds on a motorbike, but you can travel 10 or more miles in less than an hour on a motorbike.
Ongoing savings for car-less homeowners
Large heavily trafficked cities like Chicago and New York City are home to many adults who have a driver’s license but no car. Public transportation is so efficient in these major cities that it’s possible to get from home to work, the store, entertainment spots and to visit relatives on a subway, bus or train using public transportation.
Gone are struggles to find a parking spot. Gone are traffic headaches. In these situations, going car-less to save money after buying a house is a no brainer to some homeowners. What these people may not realize is how much money they maybe giving themselves to put toward their house.
If this is your first time trying to go car-less to save money after buying a house,compare cost on different forms of public transportation. Also, see if your employer offers discounts on monthly public transportation passes.
Of course, if your house is within walking distance of stores, schools and work, you could ride your bike from home to these locations. You could also walk or run, giving yourself the chance to save money and get in healthy exercise at the same time.