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?
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