Money saving tip #6 is to begin a fuel hedge fund. It all sounds very confusing, but it kind of makes sense. Here’s how it works, I spend anywhere from $35 to $50 (depending on gas prices) on gas about every week and a half, which is about $150 per month. I know I can afford this every month. When gas prices are down and I’m paying $35 per week or so, but I could pay for $50. Now this is how the hedge fund part comes in, I’d then be putting the rest of the extra $15 I’d be spending on higher gas prices into a sub savings account (I set up a high-yield ING Direct savings account) automatically every week.
Currently, gas prices are around $3.55 per gallon for regular. I decided the average high is about $4 per gallon, which would come out to about a $6 savings per tank fill. Therefore, my savings account is taking out $6 per week, which saves me $24 per month. Now, in about three months, I will reevaluate the gas prices and adjust my savings plan accordingly. This kind of savings can be done with any payment that fluctuates.
I posted another item I made in my Etsy shop today as well. It’s a matching Swarovski necklace and earring set. I really like the way this piece drapes on the mannequin. It has a chain extender to allow for it to be worn a bit lower as well. Please go check it out and let me know what you think of it.
Heading into CrossFit tomorrow again. Wish me luck!
Total savings from tip #6: $24 to $60
Running total savings: $224 to $260