5 Ways a Bicycle Can Make You Richer

Bicycle courier
Photo by Daisy Daisy / Shutterstock.com

As spring slowly gives way to summer and temperatures begin to heat up, bicyclists everywhere are heading out to their garages, tuning up their wheels and hitting the pavement or trails.

A 2015 survey commissioned by PeopleForBikes found that at the time, 103 million Americans — 34% of all Americans over age 2 — rode a bicycle each year,

Few forms of exercise are as fun or relaxing as a long bike ride. Cycling is the perfect way to boost both your physical and emotional health. It’s also a wonderful way to boost your bank account balance.

Following are five ways that your trusty two-wheel ride can make or save you money this summer.

1. Commute to work

When Claes Bell was an editor at Bankrate, he commuted on two wheels for nearly five years. In a Bankrate article, he wrote that he and his wife saved a bundle by becoming a one-car family:

“According to my calculations, over that period we saved around $7,219, which helped us accomplish financial goals like improving our home and building an emergency fund.”

2. Work as a courier or delivery person

If you love to ride, you may want to consider becoming a bicycle courier. Companies like Postmates hire couriers to deliver things on demand to customers.

Although you can use various forms of transportation to deliver orders — as long as you get there fast — you’ll save gas money and pocket more cash by pedaling to and from destinations instead of driving.

3. Rent out your bike

Not planning on pedaling for a few days? Sure, you can let your bike sit in the garage when you aren’t using it. Or, you can earn some extra green by renting your bike to those in need.

Spinlister is a global ride share service, essentially an Airbnb for bicycles — as well as snowboards and surfboards, among other nonmotorized rides. You list your bike “for rent” on the website. Spinlister keeps 17.5% of the rent you earn. You get the rest.

So, rent your bike at $20 an hour for one hour, and you’ll earn $16.50.

4. Use your bike for errands

The next time you have a bunch of errands to run, opt for two wheels instead of four. This can net you a lot of green in the long run, according to the blog Mr. Money Mustache:

“Let’s start with the bare minimum: Any mileage you put on your bike instead of your car saves you about 50 cents per mile in gas, depreciation, and wear and maintenance. From this savings alone, doing a couple of bike errands per day (4 miles) in place of car errands will add up to $10,752 over 10 years.”

Plus, think about all the health and environmental benefits.

5. Cancel your gym membership

Why dish out all that dough for a fancy gym membership when you can buy a bike and reap similar — or even better — benefits for a fraction of the price? According to the cycling website I Love Bicycling:

“As anyone with a gym membership can tell you, gyms are expensive. At least with an exercise routine that involves biking, you can pay a one-time fee for the bike and get several years out of that purchase before the bike wears down. … In the long run, this will save you money on gym memberships or exercise equipment.”

Do you have other tips for making or saving money using your bike? Share them below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
3 Ways to Downsize Your Life to Save Money, Time and Stress
3 Ways to Downsize Your Life to Save Money, Time and Stress

Downsizing can cut the bloat in your finances — and give you more free time and less stress.

7 Free Tools for Saving More Money at Amazon
7 Free Tools for Saving More Money at Amazon

Use these websites and other tools to save money — or earn extra cash — when shopping at Amazon.

8 Key Steps to Planning for Retirement as a Couple
8 Key Steps to Planning for Retirement as a Couple

Ready for retirement? Not so fast. You might be surprised at some of the issues that come up for couples when they plan.

5 Reasons You Should Work for as Long as You Live
5 Reasons You Should Work for as Long as You Live

These benefits might make you think twice about retirement.

5 Ways Social Security Will Change in 2021
5 Ways Social Security Will Change in 2021

These adjustments will affect both workers and retirees in the new year.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
10 Things Frugal People Never Buy
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

7 Social Security Benefits You May Be Overlooking
7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Whether you resell it for a big profit or add it to your own wardrobe, this type of clothing is a hidden steal.

10 Cars You Are Most Likely to Keep for 15 Years
10 Cars You Are Most Likely to Keep for 15 Years

The cars that owners hold onto the longest have one thing in common, a new study shows.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

The 6 Best Investing Apps for Beginners
The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

14 Things You Should Stop Buying in 2021
14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

8 Things You Should Replace to Improve Your Life Today
8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

9 Things You Should Never Leave in a Car
9 Things You Should Never Leave in a Car

Thinking of leaving these possessions in a car? Prepare for unexpected consequences.

9 Mistakes People Make When Cleaning With Vinegar
9 Mistakes People Make When Cleaning With Vinegar

Cleaning with vinegar can save you a lot of money, but using it like this can cost you.

13 Amazon Purchases We Are Loving Right Now
13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

7 Income Tax Breaks That Retirees Often Overlook
7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

10 Things Successful Retirees Do Differently
10 Things Successful Retirees Do Differently

These habits and characteristics can help put you on the track to success.

7 Costly Health Problems That Strike After Age 50
7 Costly Health Problems That Strike After Age 50

As we age, our bodies wear down. Here is how to cut costs associated with some common ailments.

29 Purchases That Can Save You Money Every Day
29 Purchases That Can Save You Money Every Day

Sometimes, you’ve got to spend to save.

7 Things I Never Buy at Costco
7 Things I Never Buy at Costco

A bulk buy isn’t always the best buy.

5 Tax Mistakes to Avoid in Retirement
5 Tax Mistakes to Avoid in Retirement

Even great savers can reduce their retirement income by making these mistakes.

2 Financial Woes That Can Signal the Start of Dementia
2 Financial Woes That Can Signal the Start of Dementia

These money management issues can hint at dementia years prior to diagnosis, a new study finds.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.