Financial Tips to Do Better

TLDR:

Gas prices are climbing again, and that means higher costs for commuting, errands, and everyday life. Even a $1 per gallon increase can add $30–$70+ to your monthly budget. While you can’t avoid buying gas, you can offset the impact. By cutting high-interest debt, trimming subscriptions, and refinancing, you lower monthly costs and free up cash. Renegotiating bills, earning extra income, selling unused items, and improving insurance and fuel efficiency keep your budget under control.

Last week, I pulled over in the middle of a road trip to visit my girlfriend's family. I recently traded my clunky gas-guzzling minivan for a hybrid car, and the change in weekly gas expenses has been a real help. Yet, as I fueled up, ready for four more hours of driving, I felt heartburn creeping up my chest. Even with the battery chugging along under the hood, saving me extra miles, the cost to fill the tank had turned into a huge bill.

Gas prices are climbing again. Global events, supply disruptions, and the lingering effects of inflation are driving up fuel costs. Unfortunately, fuel is not a luxury expense. Most Mainers commute to work; if you don't have gas, it can put a strain on your employment.  

It’s your weekly grocery runs, doctor visits, and errands. It's dropping the kids off at school or sports practice. When a gallon of gas suddenly jumps, it might not look too dramatic on the sign at the corner. But over the course of a month, that increase can quickly pressure your budget.

You can't eliminate the expense, but here's how you can understand it, adjust for the extra cost, and stay in control of your finances.

How much does it cost?

Let’s do a little math to give you an idea of how much you might need to save.

Most mid-sized sedans and SUVs hold about 16 to 18 gallons of fuel. If gas increases by $1 per gallon and you fill your tank once a week, that is roughly:

• $16 to $18 extra dollars per fill-up
• Around $64 to $72 per month

If you fill up your tank every other week, you are looking at an extra $32 to $36 per month instead.

Those numbers will vary depending on your specific vehicle and how often you’re driving. The important step here is to calculate how much extra you need to make up each month to offset the higher gas prices. Once you know that number, you can build a plan around it.

It’s time to pivot.

Gas prices fluctuate but spikes tend to be semi-temporary. If you can find $10 here, $15 there, and $20 somewhere else, you’ve already covered most, if not all, of the increase. A few smart decisions can neutralize the impact without turning your life upside down.

Here are nine practical ways to do exactly that:

#1 – Consolidate High-Interest Debt

Credit cards are some of the most expensive loans available today. It’s so easy for your balance to snowball out of control and feel insurmountable.

Consolidating your high-interest credit card balances into a lower-rate personal loan will immediately save you money. That adjustment alone could free up anywhere from $50 to $150+ per month, depending on your outstanding balances.

#2 – Trim Flexible Expenses

Most budgets have a few expenses that are easy to overlook.

• Streaming services
• Subscription apps
• Monthly memberships
• Cloud storage upgrades

All these costs add up quietly over the months and years. Are You Wasting Money? Quit Subscription Services You Don't Need!

Even trimming $25 to $40 per month gives you breathing room without sacrificing the essentials.

#3 – Refinance Your Auto Loan

If loan rates have declined since you bought your car or your credit score has increased, it’s worth reviewing your auto loan. Switching your car loan to Atlantic is a quick and easy way to save money monthly.

Locking in a lower rate or extending your loan term by a few months could instantly lower your car payments by $30 to $75+ monthly.  Those savings alone could offset the higher fuel costs each month.

#4 – Renegotiate Monthly Bills

How long have you been with your current mobile phone provider or internet company? If it’s been years, now might be the perfect time to explore your options.

Set aside an afternoon to review your recurring bills. Call and ask if there are promotions or lower-cost plans that still meet your needs.

Here are a few ideas to get you started:

• Mobile phone plans
• TV / Internet plans
• Home alarm packages
• Lawncare services
• Pest prevention plans

Households are often surprised to find they can save between $20 to $50 per month simply by reviewing what they are already paying.

#5 – Scale Back Dining Out & Delivery

Look, there are times when I get home from the office tired and the last thing I want to do is cook, but delivery fees, service charges, and tips can all add up.

Cook at home a few extra nights throughout the month and reserve dining out for specific occasions. Then, you can redirect those savings toward your gas budget.  

#6 – Add Short-Term Income

Sometimes the simplest solution is to increase your income, even just for a short while.

For example, you might:

• Ask for extra hours at your current job
• Freelance or complete side projects
• Tutor for a few hours each week
• Explore gig-work opportunities on the weekends

Even an extra $200 to $300 over a month or two can cushion the impact of rising gas prices without long-term lifestyle changes.

#7 – Sell What You No Longer Use

I just went through a big move, and it made me realize how much I owned that I straight up didn’t need or didn’t use. Take a quick stroll through your garage and peek inside storage closets. There are likely items collecting dust that still hold value.

• Unused electronics
• Sports equipment
• Furniture
• Clothes
• Tools

Online marketplaces make it simple to list and sell locally. A few sales could generate $100 or more, immediately offsetting higher gas prices.

#8 – Review Your Auto Insurance

Insurance rates constantly fluctuate. If you’ve been with the same company for years, it might be worth looking into other options with Atlantic Insurance. They’ll shop around and help you build the perfect policy for your vehicle and lifestyle. Requesting a policy review can sometimes lower your premium without reducing coverage.

#9 – Improve Your Vehicle’s Fuel Efficiency

One of the best ways to lower fuel costs is to get more miles per gallon. There are many small habits that can improve gas mileage over time, including:

• Keeping tires properly inflated
• Staying current on oil changes
• Replacing dirty air filters
• Avoiding aggressive acceleration
• Removing excess weight from your vehicle
• Combining errands into fewer trips

These adjustments might seem minor, but together they can stretch every gallon further. Now’s the perfect time to run through our checklist of car repairs to keep an eye on. This Is the Ultimate Car Care Checklist Made for Your Budget.

We’re Here to Help!

Rising gas prices are frustrating, but they’re manageable for most households. With awareness, small adjustments, and the right financial tools, you can stay in control of your finances and monthly budget. Remember, small tweaks can add up quickly.

If you want to learn more about consolidating high-interest debt or refinancing your car loan to save money, we’re ready to help. Please stop by any of our convenient branch locations or call 800-834-0432 to speak with a member of our lending team today.

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Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.