Cutting Corners To Pay For Gas

By: Sarah Batista
By: Sarah Batista

September 29, 2005

Over the past month gas prices have jumped from $2.47 to $3.09 a gallon. The continuous spike is hitting some folks hard enough to start cutting corners elsewhere.

It's beginning to feel like a never-ending nightmare: rising gas prices.

"It's really ridiculous," said one driver.

"I think they're completely out of line," commented another.

That attitude has more people taking the 'buy now, pay later' route.

"They'll charge what they don't have money for in their budget which is especially dangerous at this time as we seem to be in a rising interest rate environment," said Dawn Heneberry, Financial Planner with Old Dominion Capital Management.

Financial experts say forget the credit cards and just cut back on the extras. Instead of scrounging for gas money, letting go of things like a daily cup of coffee could save you the bucks you need for the pump.

"The same people that complain about paying three dollars a gallon for gas, everyday pay $97 [a month] for their fancy coffees," said Heneberry.

Or what about cutting back on things like cable TV, internet or even your cell phone.

"Everything counts right now," said one frustrated driver.

"I just cut out a lot of things that I don't need to do and the important stuff that I need to do, I do," explained another.

Others aren't so willing.

"Cellular phones, something like that [I could cut] maybe. But not TV or cable," said a driver.

"I have a $29 a month cable bill and if I give that up then I won't have any TV!" explained another.

Still, a balanced budget might bring more balance between your wallet and the pump.

Experts add that cutting current expenses might be hard to do at first, but they say that if you budget right, it will eventually pay off.

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