I had to put gas in the car yesterday morning. The trip to Jacksonville, plus some inefficient errands over the weekend, took about 3/4 tank. That’s the bad news; the good news was that the price was down to $2.11. That’s 8 cents less than last week.
Interestingly enough, the sixth tip for saving $1000 in 30 days from I Will Teach You To Be Rich was “Use gas prices to become your own hedge fund.” The idea is to not just save the money you’re not spending on gas since the prices have dropped, but to save it specifically for when the prices go back up – hence, hedging against that possibility (inevitability??).
So far this month, I’ve filled up twice – once for 11.78 gallons at $2.19, and yesterday for 11.68 gallons at $2.11. The most I paid earlier in the year at “my” station was $3.99. At $2.19, I’ve saved $1.80 x 11.78 gallons = $21.20, and at $2.11, $1.88 x 11.68 gallons = $21.96, for a total savings of $43.16 this month.
If nothing unexpected happens, I shouldn’t have to buy gas again this month. So $43.16 will be my savings this month from lower gas prices. I don’t know that I’ll create a hedge fund; I’ll probably just move it to general savings.
The seventh tip for saving $1000 was to create a “no-spending day” once a week. That is something I already try to do. I consider that driving = spending money, so I try to have a no-driving, no-spending day on at least one weekend day per week. The first two weekends of this month, I haven’t accomplished that; I’ve run errands on Saturday and driven to church on Sunday. If the good weather holds, though, I should be able to resume walking to church this weekend. So Sunday can be my no-spending day. I’m not sure how much it costs to drive to church – let’s see – it’s two miles each way, at about 20 mpg in the city, so four miles/20 mpg = 0.2 gallon, at $2.11/gallon = 42 cents. There are three weekends remaining in this month, so $0.42 x 3 = $1.26. Wow. 🙂
Here’s the total so far:
- Savings from not buying Christmas presents: $150.00
- Savings from electric bill: $65.00
- Savings from grocery bill: $100.00
- Savings from lower gas prices: $43.16
Total = $358.16.