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How Are Gas Prices Impacting You?

by on August 23, 2012

By Samantha Savory

If you drive an automobile on a regular basis, I’m sure you’ve noticed the significant increase at the gas pump this summer. Tackle on the heat index causing us all to blast the air conditioner in our car and homes harder for longer amounts of time and the price we are paying for gas usage is startling.

According to the Wall Street Journal, gasoline futures have increased 19% over the past two months, causing a rippling effect on other markets including the retail industry. This new increase is preventing millions of Americans from taking family summer vacations and is overall taking away money from other areas of their budget. A recent AAA Fuel Gaug Report revealed that U.S. drivers paid an average of $3.72 for a gallon of regular gasoline in the past month.

With the Labor Day holiday weekend approaching, many families are trying to decide if they can truly afford the cost of driving or flying to a get-a-way destination without going over their budget. Here are three important money tips to help you reduce gas consumption:

  1. Car Pool – This may be a tricky one but become friendly with your classmates or co-workers and see if you all can arrange a car pool schedule – this can reduce your gas expenses by up to 30% a month!
  2. Turn the A/C off when you are at work – This is a very helpful tip! If you usually have your thermostat on 75 degrees when you are home, make sure to put it up to 79 or 80 while you are at work to reduce wasteful use of electricity that will overall put a damper on your budget.
  3. Use public transportation – If you live in a major city, this tip will be most useful. Take advantage of the bus and metro system in your community to cut gas costs.
  4. Plan with PowerWallet – Monitor your gas expenses with PowerWallet, a free online money management tool that can help you cut costs, budget smarter and set spending limit alerts!

From → Frugal Living

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