With Gas Prices up We All Need Tips for Saving Money This Year
07/26/06
SAN JOSE, Calif., July 17, 2006 - One major contributing factor these days is how the gas prices have gone up and it is making it harder for the American population to have extra money for the things they really want or want to do. The general population is finding themselves fighting with gas prices and having no choice but to fill up their gas tank every week and spending a lot of money by doing so.
There are several ways we can work together to beat this gas price war. Ritu Bhalla, Manager of Meriwest Credit Union's Milpitas Financial Center, has the following tips to share.- Public Transportation - Take public transportation - given there is a facility near your home in which you can hop on light rail, bus or a train to get to work.
- Commuting To Work - Commute to work with a friend or co-worker, take turns driving or split the cost of gas.
- Plan trips for errands - one trip during week for grocery store, dry cleaners, etc. Get everything you need in one trip, vs. several trips.
- Ride bike or walk to a local store for the purchase of small items - good way to get some exercise and save $$.
- Telecommute - work from home if job permits twice a week.
- Traveling - If you take a trip every year - skip the plane trips and perhaps go on a getaway that is not so far. You will be saving on airfare and will still have a nice vacation. Or if you really are relying on getting away to a far land - check out flights that are not as costly.
- Personal financial information - Since gas prices are taking a toll out of your budget - make a list of all your assets and liabilities, write down everything you owe. The list should include bank, savings and money market accounts, stock, bond and mutual fund investments, retirement funds, real estate, and personal property such as cars, furniture, jewelry, and credit card debt.
- Make a list of financial goals - You should make a list of short term and long term goals and discuss the two lists to accomplish one financial goal - from there prioritize and stick to it.
- Clarify needs - Confirm what is really needed in order to make your life function the way you want it to. Allocate how much money you need by developing a written plan of action that you believe will best accomplish your savings goal in the shortest period of time.
- Develop a budget - Determine what you have spent on gas and what you have spent on things that may not be really necessary. If you remove some of those items from the list you will be ahead by doing the things you really want to do and at the same time have enough money for gas! Look at your cancelled checks and credit card statements - that way you can find ways on how to trim your expenses.
"Setting financial goals during this time of high gas prices will only make life a little easier for everyone." said Ritu Bhalla, Manager of Meriwest Credit Union's Milpitas Financial Center. "By focusing on saving more, reducing expenses and avoiding the unnecessary items you usually purchase - you will be money ahead."
If interested in interviewing Ritu Bhalla regarding this topic, please contact Sandra Citrigno at Meriwest Credit Union at 408-365-6383.
About Meriwest Credit Union
As an established and proactive full-service financial institution, Meriwest is dedicated to making life easier for businesses and families in the San Francisco Bay Area and Tucson, Arizona through personal, convenient and innovative financial services. More information can be found at www.meriwest.com. |
