Inflation, Rising Gas Prices & What You Can Do
Rising gas prices can have a very real impact on your budget–and your lifestyle. So, what are things you can do to spend less on gas?
1. Drive Less
Think of ways you can creatively alter your route or combine trips in the car to reduce your number of miles on the road. Not only will this save you money on gas, driving less has environmental benefits too! We all saw how the world shifted during our period of shelter-in-place in 2020: clearer skies, resurgence in animal populations, less pollution. Ask your employer about options to work hybrid or from home (Zoom anyone?).
No, I’m not talking about using Uber or Lyft (their prices are likely increasing as well due to inflation). Coordinate with friends, family, and coworkers to get to and from work, go to the grocery store, or drive the kids to school. Not only will this save you on gas, having a carpool-buddy can be fun!
3. Walk, Bike & Public Transportation
Let’s be honest… Do you even know your local bus routes? Check your local city website and see if there are options that you can incorporate into your transportation schedule. Although having a car can be more convenient, getting to & from work, school, or the grocery store via bike or on foot can be an opportunity to get outside & enjoy the spring weather! This is also an opportunity to see a new side of your city, one that you often pass by too quickly when you drive.
4. Look for Ways to Save at the Pump
Grocery store rewards, credit card bonus’. From points you earn with your groceries, to loyalty programs and apps like GasBuddy, you can find the cheapest & most convenient option in your area–that saves you money too!
5. Looking to the future…
Although gas prices will always be volatile, this is definitely not the last time we will experience an increase in prices. From inflation, international conflicts, or changing policies, it’s better to be prepared for the reality of higher prices. Perhaps consider a hybrid or electric vehicle for your next car or other ways to become less dependent on paying at the pump.
As always, if you have any questions or want to get started on your personal financial-strategy, reach out! We are available at (480) 214-9596 or email@example.com, we offer a 30 minute no obligation consultation to assist you with these questions.
Also, be sure to follow us on LinkedIn to be updated when we post our next article on a financial planning topic.