 |
| |
|
|
|
|
Traveling Light: How to Keep Soaring Fuel Prices From Weighing Down Your Vacation Budget
Subscribe to the MoneyManagement.org Press Mailing List
For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: June 7, 2004 |
According to U.S. Government statistics, 82 percent of Americans drive on vacation, averaging 624 miles one-way. Unfortunately, soaring gas prices may make this summer’s carefree road trips unrealistic. In fact, gas this June is expected to remain more than $2.00 per gallon, according to the government's Energy Information Administration.
To make matters worse, newer cars, trucks and SUVs average just 21 miles per gallon or less. For example, if you were to travel 1,248 miles in a Suburban that averaged 12 miles per gallon, you could expect to pay more than $200 in gas alone. Planning to pay by gas credit card is definitely not a wise financial move, as gas cards typically have higher interest rates than other credit cards.
The experts at Money Management International (MMI) offer the following suggestions to make this summer’s vacation more enjoyable and less draining on the family pocket books:
· Create a budget. If you know you will be paying more for gas next month, seek other areas to cut expenses. For example, consider packing food for the drive rather than purchasing it along the way.
· Search for the best price. Gas prices vary quite a bit from one city to another. Plan out your route so that you don’t get stuck paying extra for gas because you have no choice. Visit www.gaspricewatch.com to compare gas prices. Many drivers don’t realize that all gas companies share the same refineries in order to comply with federal regulations, so it makes more sense to purchase the cheaper option rather than staying loyal to a particular brand.
· Be smart at the pump. According to AAA, gas is gas. Don’t be fooled by the words “premium” or “superior” grades, as neither of these types give you better mileage or more power. Check your car’s owner manual, and if it does not require premium grade gas, then regular unleaded will do.
· Drive sensibly. Excessive speeding, accelerating and breaking can waste gas. According to CNN Money, it can lower your gas mileage by 33 percent when driving at highway speeds and by 5 percent when cruising around town. Using your cruise control is one good way to regulate your speed.
· Look into alternatives. Research other methods of transportation including carpooling and traveling by bus or train. Not only could you save some money, but the trip could be considered an adventure in and of itself.
“If you can’t afford the rising cost of transportation, explore your own community,” said Kelly Rote, communications manager for MMI. “Visit your local Chamber of Commerce or Visitors Bureau to find out about free or low-cost entertainment and activities. You may be surprised to discover local parks, playgrounds, museums, community concerts, annual festivals, art exhibits, fairs and craft shows to enhance your summer without breaking your budget.”
|
Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
|
Back to Press Room |
|
|
|
|
