No More Tolls
A while back, the governor of New Jersey in an attempt to correct the massive fiscal shortcomings of the state, proposed sweeping toll increases on all toll roads state wide. The toll increases would not be a one time event but many phased in over the course of several years.
To say the least, it was not the most popular idea. The state legislature never let the plan see the light of day.
Even so, the mere idea of rapid toll increases got my attention. I took a step back and decided to see how much a toll increase would effect my own life.
I was spending $40.00 each and every month for over a year commuting to work. While $40.00 may not seem like a big deal at first, it was one more bill I had to pay. I don’t like bills. I’d rather see my money spent doing something I enjoy, being invested, or given away in some form of gift to friends or family.
After a bit of Google maps research I determined that this expense was avoidable. I could get myself to work using local roads only. I would only use toll roads for special trips for fun and leisure.
It is important to note that this change does not happen in a vacuum. There are other factors at stake.
- My gas mileage dropped from 36 to around 32 since I was spending less driving time on highways.
- My commute time increased by an average of 10 minutes.
The question is this, are these changes worth the $40.00? The first is obvious, the slight drop in mileage is easily offset by the cost savings. I do not use up more gas than the cost savings give back. The second is more difficult. Time is a valuable commodity. We trade our time for money all of the time.
- We work 40 hours or more a week to receive a paycheck from our employer.
- We stop at Dunkin’ Donuts to pick up a cup of coffee/tea we could easily have brewed at home.
- We drive a few miles more to get to a Costco or Sam’s Club for deep discounts on household purchases.
So is the extra time worth it to me?
The drop in mileage increased my gas bill slightly more than 12%. That works out to an extra $25.00 based on my budget. That makes the price tag for my time at $15 for 10 minutes. If I were to be paid at that rate at work, I would be making around $90 an hour. That is far more than my employer is currently paying.
I’ve been following the new driving route for a little over two months now. I’ve adjusted my budget for the remainder of the year accordingly. It seems like a small step to me now, but I am sure than in time, I will thank myself for making the extra step to cut expenses. Now if I could only apply the same technique to my burgeoning hobbies, I’d be saving much more significant amounts.
One step at a time.