The cost of living refers to the amount of money needed to maintain a certain standard of living. This can include expenses such as housing, food, healthcare, education, and transportation. When the cost of living goes up, it means that the prices of goods and services have increased, and therefore people need more money to afford the same standard of living. This can be a problem for individuals and families who are struggling to make ends meet, as they may have to cut back on spending, take on additional work or look at ways to save money to afford the increased costs.
Opting to cycle instead of taking the car offers multiple cost savings. Whilst it may not be feasible to get rid of your car altogether, reducing your use or opting to replace a second family car with a bike can have a huge impact on your wallet.
According to the CSO (Central Statistics Office), National Travel Survey 2019 over two thirds of one-person journeys (67.6%) were by private car. According to the AA it costs approx. €10,691 to keep a family car on the road in Ireland today.
With this in mind here are our top ten ways that cycling can save you money:
1. You can save money on petrol / diesel or public transportation costs by using a bike instead.
2. You can save money on car maintenance and repair costs, as bikes require less maintenance than cars.
3. You can save money on gym memberships or exercise classes by getting your daily exercise through cycling especially if cycling for your daily commute.
4. You can save money on parking fees by using a bike instead of a car.
5. You can save money on car insurance costs.
6. You can save money on healthcare costs by getting regular exercise through cycling, which can help improve your overall health and well-being.
7. You can save money on tolls and fees by using a bike instead of a car.
8. You can save money on entertainment costs by using cycling as a way to have fun and explore new places, rather than spending money on other forms of entertainment.
9. You can save money on travel costs by using a bike for short trips instead of driving.
10. You can save money on public transportation costs by using a bike for part of your commute and taking public transportation for the rest, rather than using public transportation for your entire trip.
It's worth noting that whilst there are upfront costs associated with purchasing a bike and any necessary equipment (such as a helmet or lock), the Bike to Work scheme will save you up to 52% on the cost of purchase. The Bike to Work scheme provides for up to €1,250 for a regular bike and accessories, €1,500 for an electric bike and up to €3,000 for a cargo bike (just introduced in January 2023) and you can spread those costs out over 12 months to make it easier than ever to purchase a bike.
