At the time this blog post was written, gas prices had dropped significantly and were expected to fall
even further. This is an event worth celebrating, for sure, but it can also be the perfect springboard
toward a bigger savings account balance. However, in order to allow lower gas prices to be your ticket to
more savings, you have to be careful.
Don’t Go Bigger
Many people are tempted to buy a bigger vehicle as soon as gas prices edge lower. When you do this,
not only do you have a new car payment to deal with but you also effectively increase your overall gas
spending—often netting you nothing extra for your savings account. Worse, if (when) gas prices start to
climb, you may find yourself quickly going over budget filling your new, larger gas tank.
Don’t Stop Carpooling
One of the ways many commuters have tried to deal with high gas prices in recent years was by
carpooling to and from work. While you might be tempted to stop now that gas costs less, it’s a better
idea to continue carpooling. When it’s your week to drive, you’ll spend less than normal on gas and you
can put the difference in savings.
Don’t Drive More
Whether it was through bicycling, taking public transportation, walking or staying home, many people
adjusted to high gas prices by driving less. While you may be tempted to enjoy your newfound,
affordable freedom and drive more, it’s best to continue to restrict your driving so you can pocket the
savings and increase your savings account.
Remember—just because gas prices are down, it doesn’t mean it’s time for everyone to give up on gas-
saving steps. Don’t stop carpooling, don’t drive more and don’t buy a less fuel-efficient car. Instead,
compound your gas savings and add even more to it by continuing to conserve gas.