What Are You Doing With Your Extra Gas Money?

Gas in my area is $2.59 right now and falling. That’s over a dollar cheaper than it was at its highest. And, just like drones, we all waddled up to the pump and paid the $3.75 a gallon. The talking heads on the news said high gas prices changed people’s habits, but I don’t know how true that really was. Unless you owned a 5-mile-per-gallon motorhome, I don’t know how many of us really changed our driving patterns because of high gas prices. Jet fuel prices – that’s a different story. I think the high jet fuel prices that drove up ticket costs definitely hurt the airline industry. But, that’s a topic for another day…

Now, of course, we’re thrilled. I made it my Facebook status on my personal page the first time I saw gas go under $3 a gallon. I still get a little giddy inside when it goes a little lower, and lower, and lower. Since I don’t deal in crude oil futures, this is a great thing for me.

This leads me to the big question:

What are you doing with your extra gas money?

What are you doing with your extra gas money?

That’s right? You heard me? All this money you are saving every time you go to the pump – what are you doing with it?

Let’s do the math. I’ll use my car as an example.

I have a 12-gallon tank. If I hypothetically waited until almost empty, I’d be buying 11 gallons of gas at every fill up. At the highest, I was filling up for $3.79 a gallon. Now, I’m filling up for $2.59 a gallon – a savings of $1.20 per gallon. That’s a savings of $13.20 every time I fill up.

Say I fill my tank once a week, I save $52.80 a month!

All of you are saving this kind of money. Even more if you have a tough commute.

Here’s my challenge to you – save the extra money you have as the result of these lower fill up prices. Every time you fill up, put the difference away. 

Invest in this order:

  1. Emergency fund
  2. Paying down debt
  3. 3-6 months savings
  4. Retirement savings
  5. College fund
  6. Paying down mortgage
  7. Slush fund

Think of how far an extra $50 a month will go toward one of these sources! Even if you are living paycheck to paycheck, you can save this money because it’s money you would’ve had no choice but to spend before the price decrease. Use it to help build up your emergency fund.

Take it a step farther. We should always be combining trips and minimizing unnecessary trips, no matter what the gas price. This saves money and the environment!

Who’s with me!!!

 

Image courtesy of domdeen at FreeDigitalPhotos.net, edited by The Wellness Wife

2 thoughts on “What Are You Doing With Your Extra Gas Money?

  1. runawaybridalplanner

    Great idea! I am jealous of your lower gas prices! We (Utah) just barely dipped to $3 for the cheap stuff but the 88 grade is still well over $3:( bummer! and it took them the last month to slowly drop it to there and I don’t think they’ve dropped it a cent in the last week, so ya I am envious of the lower prices because I could really use some savings like that!

    1. Lisa Post author

      I’ll bet it’s still down versus what it used to be, though. I know we’re fortunate in this area even when gas is “high” it’s not as bad as other areas of the country. Sorry you have to deal with such high prices.

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