... i reckon i save around $50 - $60 a week on transport plus if take into account the exercise i get as well then i really don't mins. Takes me a total of 35 minutes door to door which isn't too bad
I've looked at my savings more than once. It's very dependent on your situation, but I would make a generalization: Unless you can avoid owning a car (first or second), you're not going to save a lot of money. Fixed car expenses such as insurance, basic maintenance and car payments can't be avoided. Although smaller, there are fixed and per-mile costs with the bike too.
The other aspect of commuting by bike is the hassle factor. Frankly, it's time consuming and a pain in the neck to commute to work. I make it work because it's my chosen exercise and I love to ride, but there are days when I just say "forget it" and drive.