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How families can budget as gas prices continue to skyrocket

Posted at 6:25 PM, Jun 06, 2022
and last updated 2022-06-07 11:34:25-04

COLORADO SPRINGS — As gas prices continue to rise, some families are adjusting their spending habits to save money.

The average for a gallon of regular fuel in the state is $4.62, which is the highest it has ever recorded. The national average is now up to $4.87.

"The gas prices have been going sky high. We've had to make some changes here and there just to accommodate," said Fiona Feickert, Colorado Springs mother.

Feickert has six children, three of them work jobs.

"Two of them work at the same place which helps because they can carpool or carpool with friends, but one works somewhere else and needs his own car. I need one here at home to be able to take kids places or emergencies," said Feickert

Her family has been changing some of their habits with fuel prices continuing to skyrocket.

"We're carpooling more. My son is a Service Missionary right now, and goes up to Denver and works at Habitat for Humanity near the Sandcreek area. He is taking someone down when he goes there, and catches a ride when he goes up to Denver. It really helps out to share the costs, but sometimes you can't carpool," said Feickert. "On Sundays, we have church that is 20 minutes south of here. My husband needed to go early with my younger son to help with setup. We use to take one car for that, and the other would go later, but now we take one car."

Besides car pooling and limiting trips, Feickert is developing a monthly budget to help cut costs.

"Since he is working, and I'm staying at home. I'll work out a budget proposal, and submit it to my husband. He reviews it, and we'll talk over whether we're cutting too tight here, but it is a little loose right here. We'll make adjustments together until it is something we both feel comfortable with," said Feickert

Feickert recommends other families develop a budget as well.

"Everybody needs a budget. No matter if you have a big or small family, roommate who handles their own funds. You need to sit down on a regular basis, see if you're staying within your budget or need to change anything. As you do that, you'll be able to live within your means," said Feickert

Wealth Advisor Beth V. Walker with Carson Wealth recommends families figure out their monthly expenses.

"A lot of people don't know how much money they spend. They don't pay attention to it because they put it on a debit or credit card. Another way to figure that out is try spending cash for a month, that would be a game change for a lot of people. Review the last three months of debit or credit card statements to to identify opportunities to reduce some cash out flows," said Walker.

Walker doesn't suggest cutting any essentials such as food, clothing, or housing. Families also don't have to cut back on fun summer activities or trips.

"It might mean you choose a different destination, it might mean you eat out at one less restaurant, and make sandwiches and put them in the back. There are ways for you to take the challenge on and make it fun but I wouldn't hesitate to go vacation since gas prices are higher," said Walker.

She also says changing driving habits can help families save more money. Things like avoiding rapid acceleration, checking tire pressure, and using apps like Gas Buddy.