Fuel prices are rising across the globe. How does this affect your daily life? What should you do to save money?
The price of petrol has risen dramatically over the last decade. In the UK, average prices increased from £1.08 per litre in 2004 to £1.65 per litre in 2014. This means that a family of four would spend around £20 extra each week on fuel. Since then, things have just got worse, and fuel is now at an all-time high.
Fuel prices are increasing because of global demand and supply issues. There are also other reasons why fuel prices fluctuate. For example, oil companies often raise their prices during times of high volatility. The price of oil is determined by many factors – including political instability, economic conditions, weather patterns, and natural disasters.
If you are finding that the ever-increasing rising costs are having a negative impact on your family’s finances, then there are a few things you can do to combat it.
First of all, you might want to think about downsizing your vehicle or switching to a more economical car in order to cut your fuel costs or your monthly car repayments. There’s not a lot you can do to stop the cost of fuel going up, but you can switch vehicles in order to have less money going out of your bank account on car repayments each month.
As fuel prices rise, so will your household bills. You may need to make changes to your lifestyle or your budget. If you’re struggling to deal with the impact of higher fuel costs, here are some tips:
1. Plan ahead
2. Use public transport more often
3. Reduce how much you drive
4. Look at alternative ways to heat your home
5. Consider using an energy-saving lightbulb
6. Switch off appliances when not in use
7. Turn down heating
8. Cut back on food shopping trips
9. Eat out less
10. Make savings
11. Avoid impulse purchases
12. Get rid of clutter
13. Have a garage sale
14. Sell unwanted items online
15. Start a hobby
16. Join a car club
17. Take up gardening
As a family, we are feeling quite nervous at the moment about the rising costs of fuel and the rising cost of pretty much everything else we need in order to survive too. Food has shot up in price, as has energy, and it means that there’s far less money for spontaneous days out or just little treats for the kids. Every small thing we can cut back on will make a difference so we’re doing all of the points shared above in order to reduce our outgoings.
Sadly, the cost of living will just keep on increasing over the coming years. If you rely on your vehicle to get to work or to take the kids to school, then fuel is an essential expense. Try some of the tips shared in this post to see how much money you can save and hopefully you’ll notice a big difference in your bank balance at the end of the month.