Pump, Pump, Pump Up Your Savings

[dropcap]W[/dropcap]here are you putting your money now that you are not putting it in your tank?

Have you noticed that over the last couple of weeks that gas prices at the pump have dropped? To make sure it just wasn’t me thinking this, I did a little survey on the internet of gas prices throughout my community and in different states. I was amazed at the results. According to GasBuddy.com gas prices were almost up to $4.00 a few month back. Recent studies say the average nationwide cost of gas is at least a dollar less.

Regardless of reason for the price of gas at the pump going down either by reducing oil demand or increasing oil supply, the question remains, where are your savings going?

Are you falling into the trap that the government wants you to by spending your hard earned dollars prior to the holidays? Or are we going to outsmart them by putting that change into our savings. [pullquote-left]That savings might not be much each time you go to the pump, but it adds up. [/pullquote-left] I have challenged myself and family to see how much we can save from the gas reduction.

 

So how much money are we talking…

Suppose you have a car with an 11 gallon tank. On this vehicle, a few months ago you were paying $44.00 per fill up. Today, you are filling up for $33.00. For me, I fill my car up twice a week so I am basically saving $22.00 per week. [pullquote-right]Wow, this isn’t little change. This is a substantial savings.[/pullquote-right] Once I figured this out, I created a savings jar. I keep it on my bedroom dresser so each night I look over and see my savings. In one month, I will have over $80.00.

Don’t get me wrong, I don’t think this price reduction will last. Thus, for this reason, I have not adjusted my monthly expense budget. But as long as the savings does exist, I will fill up my jar and then at the end of the year, I can decide to accelerate my payment plans or add it to my savings.

Join me, make the pledge to save your funds that comes from this temporary gas reduction. What is the harm, this money is already in your budget.

What are you going to do with your savings?

Image Source: pixabay.com
 

brokeGIRLrich

You may also like...

12 Responses

  1. Catherine Turner says:

    Great tips, I have noticed a big drop in gas prices too. My monthly budget for gas has decreased however I tried not to spend the amount on miscellaneous items but I did put the funds towards debits.

    • Lisa Rioux says:

      Catherine,

      Paying down your bills is always a winner. Part of our journey has to be a more conscious one. The more we know where our money is going the better for our pocketbook. It sounds like you are on your way! Way to go, Lisa

  2. Fatmata says:

    I will start putting that extra cash aside and see how much I can save for a while year. It’ll be very interesting! Great post!

    From your friends at http://www.mommyonrecess.com

    • Lisa Rioux says:

      Wonderful news! Remember, every little bit helps! Keep us posted on your progress; I am definitely rooting for you. Thanks a bunch, Lisa

  3. Maggie says:

    That is a great way to create savings! Especially the way our gas prices fluctuate.

    • Lisa Rioux says:

      Maggie,

      Great Observation! It seems like gas prices at the pump can jump several cents in a given week – or even a given day. Eventually those pennies will add up!

  4. Michelle Hwee says:

    This is pretty interesting… I love spending extra cash on some good food 🙂

    • Lisa Rioux says:

      Michelle,

      Thanks for weighing in…saving can be pretty interesting and fun after awhile. It always amazes me on the various ways people find to cut costs and save an extra dollar. Have you found other creative ways to save?

  5. Mel says:

    Dang, way to be astute! I never even connected the fluctuations in gas prices to my spending or viewed it as an opportunity to save a little more when prices are down.

    • Lisa Rioux says:

      Mel,
      You are correct, this is a good opportunity to save a little bit of money. I do not expect the savings to last into the new year; however, lets take advantage of it while it is there. Every little bit helps!

  6. Ralph says:

    Very good observation . I also use a credit card to purchase the gasoline that gives you cash back for the purchase. Pick a card that doesn’t have yearly fee and does not have a time limit for you to use the money rewards you have accumulated. Discipline is your key to saving.

    • Lisa Rioux says:

      Ralph,

      I agree that debit and credit cards should be used prudently. To minimize interest charges, try to limit your purchases to those you can pay off in full at the end of the month. It sounds like you have good spending habits. Fantastic. Keep up the good work!
      Cheers, Lisa

Leave a Reply

Your email address will not be published. Required fields are marked *