There is no cost savings with health care here in the people's republic of Canada, either.

I've saved over $1,000 JUST IN FUEL over the past year and a half, by commuting.

I still have a car (a piece of crap old beater). It won't die if I barely drive it, so commuting is helping me avoid the cost of purchasing another car.
My wife has a car from work, but that's for work purposes only. That's why we haven't abandoned the beater yet.

Time-wise it's almost a wash. Like everyone else said, the physical/mental benefits are huge, and far outweigh the dollars saved. When I started commuting (and bought the bike) I (like the OP) used the excuse to the wife that it was 'for the money'--but now it's not about the $ any more.