Gas prices have dropped significantly. If there isn’t a plan in place for your extra dollars, the money is spent unconsciously. Typically, our living expenses meet and/or exceed our income – UNLESS you have a plan. According to some reports, enough to save the average driver $50/month.
According to CNN Money, the average gas price in October was $2.31, down from $3.27 earlier in 2015, saving Americans an average $1 per day or $365 per year. As of this weekend, the average price in Denver was about $1.77. Predictions are steady that gas prices will continue to stay down through the middle of 2016. So have a plan!
At more than $1.50 per day, $10.50 per week, or $546 per year, a big dent can be made in debt reduction or saving towards a new computer, car, or just simply funding your emergency fund. OR if you don’t have it already, create a line item in your budget for car maintenance. A car has maintenance needs, and every budget needs a plan to pay for those expenses. That line item also helps protect your emergency fund.
Prices will fluctuate. In monetary terms, being a good steward of what you are given means you pay attention to fluctuating prices; when prices dip creating some margin in your budget – you have a plan. Be ready to transfer any extra dollars into a planned category, like the ones listed above. If you have a business, how could you use this to firm up the foundation of your business, making it stronger and more viable?
One of my favorite online tools is Every Dollar. You can use this tool for free, or for a small fee, link it to your banking accounts. The tool not only helps you create a budget and track expenses but will remind you of Dave Ramsey’s baby steps for building a healthy monetary future.
If you want to start on the right foot for 2016, sign up for a Financial Peace class, or if you need one-one help, contact me at kristin@familyhomeworks.com. I offer customized financial coaching to assist you in zero-based budgeting, paying off debt, and building wealth. If you are in the west Denver metro area, I would love for you to be a part of my class. The nine week class begins January 10th, 8 a.m. Call or text for more information and questions, 303-907-8736.

For the love of our families,
Kristin