PFT #71 - Personal Finance Tip of the Week: How to Manage Rising Gasoline Prices

This week’s topic is about managing  gasoline prices.  For the last several years, we have been experiencing stable and low prices at the pump due several reasons including the proper supply and the United State’s ability to produce more crude. With that being said, the oil that we use comes from several sources including Russia; however, most of their crude goes to Europe and Asia.  Nonetheless, crude markets are complicated and manipulative and prices have risen due a potential global supply problem.  So this brings us back to Econ 101: less supply and enough demand will increase prices.  According to AAA the lowest price for regular is $3.81 in Kansas and $5.75 in California.  So the question is what do we do now? Other than cutting back on driving this is where we get reminded by money management principles. If you follow a budget, you can cut back on items and funnel the money back into the gasoline cost.  Secondly, in the future when you come under your gasoline budget move that money to a secondary account and build up a surplus. Lastly, you can also tap into your rainy day fund as it is slated for unforeseen occurrences. The bottom line is that gasoline (and groceries for that matter) is an expense that can vary widely; however, taking the proper steps can ensure that you don’t burn more of your personal fuel stressing out when prices are on the rise.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast