A few years back, I read an article on the Mr. Money Mustache Site about how you can really unburden yourself and your budget if you find a way to eliminate the necessity of owning a car. (hopefully all of you are already familiar with his website, which is outstanding)
I live in Los Angeles, and for the last year or so, I've lived within walking distance (< 5 min) of my job and my gym, the two places where I spend the most time.
Less than a mile from my apartment, I have a Trader Joe's, Sprouts, Target, Ralph's, and anything else I might need.
My car mostly sat in my parking garage, and I only used it when I would want to go to the beach, or when I was feeling lazy.
As a result, I put barely 600 miles on it in 2017.
A few months back, I got a notification from my insurance company that my renewal rate was about 40% more than what I was currently paying, and after speaking with them, learned that this was only because of the zip code where I live. I have never filed a claim, I have good credit, and haven't even gotten a ticket since 2007.
Even with the mileage on my policy lowered to 2,500 (the lowest they'd allow), I was still on the hook for ~$2,300/yr just for insurance.
My registration was due soon, and in conjunction with a Smog Check, was going to cost $400.
I also was about to spend $1k on scheduled maintenance for the car, and would need new tires soon.
Adding in oil changes and gas, I calculated the car would end up costing me about $7 PER MILE DRIVEN, or $13 PER DAY for 2018.
I scheduled some appointments around town, did some research about what I should expect for my car (a lightly modified 2012 Subaru WRX with 46k/miles, in great condition), and ended up selling for $1,500 more than I had hoped.
I set aside 2.5% of the money for some things I had been wanting to buy (new gym clothes/shoes, and a new coffee table), paid off a credit card, and put the rest in my Savings Account, where it will live for a little while as I research how best to proceed.
I now have almost 12 months of Living Expenses in the account, and I feel really at peace with this decision.
No more worries about parking tickets, or getting into a car accident, or someone breaking into my car (which has been happening more and more in my area), or paying for maintenance or repairs.
I want to try to be car-free for at least two years, and I estimate I'll be able to save/invest at least $10k MORE during that time.
Submitted April 15, 2018 at 03:06PM by mattgetsasixpack https://ift.tt/2qAEKEh
