Hooray! Gas prices going down...what to do now with the savings? Well, guys and gals, if you want to beat Wall Street at their own game (and give yourself a gift that keeps on giving in the process), make some smart decisions. If you have a 20 gallon tank and fill up three times a month on average, your savings is $20 per fill-up for each dollar drop in gas prices; not exactly chump-change if added up over several months or years. Here are a few ways to outsmart the big money traders: > put more into your retirement savings > use the extra cash to buy LED light bulbs to replace what conventional bulbs you have left...a 100 watt incandescent bulb will burn one kilowatt hour of power if it is used for 10 hours. Thats 30 kilowatt hours per bulb per month...a 20 watt LED bulb is just as bright for a lot less impact on you utility bill. > use the savings to secure better health insurance coverage > tackle some projects your home needs to stay in good condition > pay extra against your outstanding debt such credit cards, home loans, etc. > do treat yourself to things you have not enjoyed - all work and no play takes the life out of life, but dont binge or splurge...save most of your savings. Plus we dont know if this crash in oil prices will last or not, so a temporary cushion against a return to high gas prices will be a bonus for you. What you do NOT want to do is go out and splurge every penny of it (or more) on something that wont yield anything other than immediate gratification. Wall Street sees everything you do in the economic reports that come out every week...if you splurge, the commodities market will react and punish you a lot longer than you can splurge.
Posted on: Mon, 01 Dec 2014 00:50:55 +0000
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