I recently accepted a job offer that will increase my commute from 34 miles to 45 miles each way. My current vehicle gets 25 mpg so I will be spending approx. $3000 in gas each year ($700 more than current job). If I decide to get the carpool pass, it will cost me $50/mo or $600/year but could save me many delays and aggrevations. Luckily the increased wages will pay for this increased cost plus some.
So now that I've defined my values, how will this decision impact them? The two hours of commute each day will limit my time with my family, but does give me the opportunity to listen to audiobooks (lately "The Work and the Glory" and other religious and financial books). It should definately help my financial goals as I will be bringing home about $800 more per month after tax. I plan to raise my retirement saving, and when applying for a loan they generally ask for gross income so I can potentially purchase more properties. Moving closer to work is an option, but we really like where we are right now with our home within 7 years of being paid off (and a great 4.25% interest rate). Another option would be getting a hybrid vehicle so I can always drive in the carpool lane and get better gas mileage. If I were to get 45 mpg and not buy a carpool pass I would save almost $2000/yr.
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