It may be stating the obvious but using a bike as your means of transport really can give your finances a boost. What’s perhaps less obvious, but actually no less accurate, is how much time you can save too.
Save money on transport
Cycling is by far the most efficient way to get around for the majority of city dwellers in terms of time and cost. Every time you choose your bike over public transport or your car, you are saving money. For ease of comparison, we’ve done some educated estimates to compare the cost of using the tube and cycling to travel to work in London.
An annual travelcard for zones 1 to 2 is currently going for £1,320. Swapping for a bike equates to about 15 km round trip each day for most people (estimation aided by TfL’s geographically accurate map of of the London Tube and rail lines).
Assuming you are cycling into work 15 km each day, 5 days a week, all year round, you are looking at around £100 bike maintenance cost at most. For that amount of cycling, you will probably get yourself a quality bike along with accessories all for under £400. So for your first year of cycling into work in zones 1 to 2, it’s fair to say you can be looking at a saving of £820! And of course it only gets better from hereon in as you don’t have to buy a brand new bike every year.
If you are travelling between zones 3 and 4 or 2 and 3 instead, your annual travelcard for the tube is cheaper at £988. The practical distance you cover in these zones is around 10 km round trip each day. The bike maintenance cost for the year will be proportionally lower at around £66. Let’s make the (possibly sweeping) assumption that you are less keen on spending as much money on bikes and accessories as well, so might spend £300 altogether. In this scenario, you are still saving a whooping £622 in the first year!
Time is money, so save time with cycling
Beat the traffic jam with cycling. Depending on where you live (and this is mostly true in cities), cycling can often get you to places much faster than motorised vehicles can. You don’t even need Bradley Wiggins’ legs or lungs! You can often access shortcuts not open to motorised traffic for an even more tranquil journey.
How about all that time you spend waiting for a train or bus? Without a doubt, using that time getting physical exercise on your bike is of much more benefit. The added bonus is that you are more in control of your journey; you can start your journey whenever you feel like it, know how long it’s going to take and no one will go on strike on you.
Give your health a boost
All the evidence shows that consistent, weekly exercise benefits the health of both body and mind. It’s a great option to combine your commute with exercise, thereby killing two birds with one stone, or you might just want to soak up the endless scenery as you zip along a country road.
Cycling is also a particular favourite for those looking for low impact exercise to limit aggravating overuse injuries from running and squash, for example.
Low cost hobby
You can spend as little or as much money as you want on your bike and cycling specific clothes and accessories. However, going out for a cycle ride costs you nothing other than your own energy! There’s no monthly membership, entry fee or any obligation to use any consumables.
Cycle to Work scheme
Who would have thought you can get tax free transport every day? Your employer just needs to have signed up with the Cycle to Work Scheme. You will then have a budget to purchase your bike and necessary accessories such as lights, locks, helmet, etc which will all be tax free! For exact details and eligibility, visit their website.
What to do with the saved money?
What you do with the money you’ve saved is up to you, obviously. You could buy more bike stuff or you could sponsor a bike with the charity we are supporting: The Bike Project. They fix up second-hand bikes and donate them to refugees and asylum seekers. Some of the bikes that they receive go on to be sold through The Bike Shop to ensure long-term sustainability. A bike is also donated to a refugee or asylum seeker for each bike sold. Pass on the cycling love, people!
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