What higher gas prices mean to your budget
Posted
Apr 28 2008, 02:01 PM
by
Karen Datko
Rating:
Higher gas prices are assuredly hurting people with incomes near or at minimum wage. But how about many of the rest of us? Has the price done as much damage to our standard of living as some people claim?
Not hardly, said Seb at Pinching Copper. This blogger often approaches problems from a fresh point of view, and this time he analyzed what higher gas prices are costing many drivers.
He figured out how much more the owners of three different types of cars -- SUVs, sports cars and sedans -- who drive 15,000 miles a year are now paying for gas compared with a year ago. The increase is $30 to $40 a month, manageable for many people, he said.
"While a higher price for gas might create some sticker shock, for most people it is hardly the budget buster that they are making it out to be. Sure, paying more for gas sucks. But an extra $35 a month per car should not strain your finances," Seb wrote.
Plus, you can cut down on your gas consumption by following driving tips we've written about here.
"The fact is, if you cannot afford an increase in your yearly budget of $500, you are stretching your income beyond what you can afford," he said.