Save Your Gas Savings

Filed under , by Alison on 10:15 PM

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The current issue of Bottom Line Personal features an article Jeff Yeager, also known as "The Ultimate Cheapskate". Mr Yeager give six ways to save money in the current economy. His first one, "Join the '$4-a-Gallon Savings Club'" is just too good not to share.

He points out that when gas was twice as much as it is now, we coped. We found the money to fill our tanks and cut down on driving when necessary. Now that gas prices are down, most people are spending a lot less than they were several months ago. Yeager suggests figuring out the difference between how much money you did spend and how much you would have spent had gas cost $4 a gallon and then physically saving the difference. Put the money somewhere specific, take some cash and put it in an envelope, or transfer the difference to your savings account. It's so easy to gradually go back to driving more, since gas is so inexpensive right now, or to just absorb the money into your budget. With this tactic you can actually "save" the money and it's good for the environment too!

I'm in. Anyone else?