Instant Gratification, in relation to Personal Finance (and many other areas of life), can be detrimental to your Financial Health. It is the ultimate Budget Killer. Don’t let that initial feeling of “oooh ooooh I want it now” ruin your financial future. These little moments add up quickly over the course of a week, month, year, and eventually decades. Here are three areas I personally have worked on, but still require constant reminders to stay on pace with budgeting.
Previously, in Uber Lyft - The Alternative Commute, we discussed the total cost of ownership for having and using your own car to commute to/from work. For most of us driving 25 or more minutes a day is the norm, unless you live in an area like NYC or D.C. where public transportation is convenient. Then your commute may be even longer, but cheaper on a daily basis. Growing up in Atlanta, I personally used public transportation for years traveling back and forth to school. And let me tell you, waking up at 6am in late December/January in order to get to school by 8:30am, was not the highlight of my Middle/High School years. Even worse were the limitations if you are out late at night, and have to make sure you make it in time to your train station to catch the last bus of the night…not fun being “stranded”.
Then of course you could catch a Taxi, or drive yourself. But where’s the fun in that?!?!!? Now, getting back to your daily commute, how much could you save by Ride Sharing on a regular basis? Not just from post work events, and weekend fun, but everyday! For comparison, as mentioned in Part 1, the Total Cost of Ownership for a used and new car ranged from $6,500 to $8,350 per year to commute a total of 50 miles per day.
Cost of an Uber Ride
For those of you unfamiliar (shame on you!), Uber and Lyft are companies which provide a platform/application for ride sharing. By ride sharing, I mean everyday people like you and I, using their personal vehicles to provide rides for others. You can think of it as the soccer mom taxi! So whether you need a ride to/from the airport, an event, or just don't want to drive, Uber is a great way to get around your city.
With this in mind, what if you could use ride sharing everyday?!?!? Instead of putting miles on your own car, spending extra on maintenance for your car, and all of the other additional responsibilities of car ownership, why not ride share?
Akeem The Dream
I enjoy discussing and learning about technology, stocks, sports, and beating my wife at Dominoes! As I learn, I love to share with family and friends so that we can share our knowledge. Thanks for being apart of the journey!