Gas prices are heading down. Wow. Never thought I’d say that!
But it’s reality, and it means that if you own your own transportation, you’ll have an extra $50, $100, or maybe even $200 in your monthly budget based on how much you drive.
Question: do you have a plan for that money? If not, it will still get spent, you just won’t realize it.
A few suggestions:
1. Calculate your savings and apply the difference to debt.
You can get out of debt a LOT quicker by taking your gas savings and applying it to a loan payment. Some suggest picking the loan with the smallest balance, others the one with the highest interest. Either way, have a plan to get ahead!
2. Give some extra.
Maybe you’ve wanted to give an extra blessing to a ministry or missionary. Now may be the time. Maybe you’ve wanted to give extra to your local church. This could be a great opportunity. Money we have isn’t ours to begin with, so be sure to give some extra now that you have it.
3. Don’t commit to anything permanent.
It’s kind of like your tax return or another one time windfall. Find a specific purpose and ride it out. I don’t think it would be a good idea to base a higher mortgage payment or a new car on the fact that gas prices are down. They are temporary, so for now, maybe you’re best off to think short term rather than long.
Think. How much money will you save? Calculate how many gallons of gas you use and then multiply that by about $1.25 per gallon savings we’re experiencing.
Act. Pick a suggestion above or make your own!