/>Before you make the choice of whether or not to purchase a car, make sure to carefully consider the financial implications of it. Although a car offers greater convenience and efficiency in travel, for most people there are ways to get around having one. Think green and take an environmentally friendly stroll to work every morning.
Save Money on Insurance and Gas
The most obvious reason not to buy a car would be the cost of the gas and insurance. Gas can run into the hundreds of dollars a month and depending on your age and driving record, insurance can as well. If you make a lower income, it is important to consider exactly how much more it will cost you to drive every day. Consider the number of hours you would have to work to pay off your drive to work. If you are paying more per hour than you make, taking a bus to work would be a valid option.
Learn a Language or Read a Book
Taking a bus everyday instead of a car can free up more of your time. You can spend the time you save studying another language or reading a book. For the less goal-driven individual, bus rides can be passed in sleep. Spending your morning commute on a bus makes for an efficient start to your day.
Free Up your Life
For the travel oriented individuals, having a car can put a damper on your plans. Unless you have an income level that can support long term travels, it is best to postpone your car purchase until your backpacking days are over. Having to pay for the cost of car payments and insurance while you are away can shorten your vacation plans.
Skip Out on the Gym
Rather than driving to work, try walking or bicycling to the office. Save money on gas and get your daily work out in at the same time. Spend less on your gym membership and more time in the outdoors. Make it a power walk and put your weight loss plans in high gear.
Although buying a car is often a milestone in any young adult’s life, postponing the purchase to later years can save you time and money. In the current economy, focusing on your budget and limiting your expenditures can be a part of prudent financial planning.