The price of fueling a vehicle and heating a home are two major parts of any person’s budget. More than 93% of people use gasoline to fuel their cars and trucks, and 42% of the overall energy consumption in the United States comes from heating and cooling the spaces in which we live, work, and play. Recent oil prices have dropped, and gasoline is now around $1 cheaper per gallon than its high in 2014. Those lower fuel oil costs can free up funds within your budget. The more fuel you typically use, the more you will benefit from the lower recent oil prices. For 5 ideas of what to do with all that extra cash you are saving, keep reading!
1) Invest in Efficiency As domestic oil prices continue to stay low, it is a great time to upgrade your fuel oil systems. This can mean purchasing a new vehicle that gets more miles per gallon, or updating your home heating system to be more energy efficient. The cost of these upgrades can be cushioned by the savings from recent oil prices, and will help position you to save even more and be less affected by future changes.
2) Plan for the Future Speaking of the future, it is never a bad idea to put any extra money you have towards your ultimate financial security. This can mean investing more in your retirement fund, adding a bit to your child’s college fund, or paying off some of your debt. Even just a few more dollars a month can have a big impact on your future financial health.
3) Have Some Fun We all deserve a little fun in our lives! With some of the savings from recent oil prices, you can consider taking your spouse out to a nice dinner, getting your child the new toy that have wanted for months, or going for a family outing to have some quality time together. Lower fuel costs can definitely mean more family fun.
4) Give Back A great way to use any extra money in your budget is by giving back. Consider giving to a charity that helps people heat or cool their homes or to whatever cause is closest to your heart. Everyone wins when people prioritize giving back to their community.
5) Get Out One of the best parts of the recent drop in oil prices is that it makes travel more affordable! Whether it is taking that family road trip you have always wanted or buying plane tickets to visit long distance relatives, taking advantage of lower fuel costs while you can to get travel done is a great strategy.
There are so many ways to spend the money you are saving on the fuel you use for your home and car. Whether investing in your equipment or future is the right move, or it is more ideal for you to invest in having some fun and travel with your loved ones, don’t forget to enjoy the recent oil prices for what they are and maximize the extra money in your pocket!