Today, my wife and I were out running errands and as another Prius passed us on the highway, she remarked "there goes someone else saving the planet!" As he passed us, I told my wife "Not so fast! He's smoking a cigarette!" To which my wife responded "He can afford to buy cigarettes now with the money he's saving on gas." While that remark did strike my funny bone, it got me to thinking "just what do you do with the money you're saving on gas?'' I'd like to say that I contribute it to charity or do some other noble works; but the truth is I'm using it to accelerate the payments on my car! Anybody else out there wish to share what you're doing with your newfound "wealth"?
Gas prices went up 30 cents in the last week in my area. all my savings are going right back into the tank.
I save about $30 to $40 per fortnight on petrol and I spend about $350 a month on car payments where I owned my last car and had done for about 9 years so no payments. What do I do with the -$270 per month? Well I ain't paying it off my home.
I actually haven't done the calculation in a little while, but I do know at last count it was well over $1000 saved since I purchased the Prius. We are paying $150 per mo. extra on the mortgage. Other than that, with other prices increasing, I guess I'm just keeping up, rather than falling behind with the increased pace of inflation.
The money I'm saving on gas is hair over half my car payment. Some of it goes to accelerate the car payment and the rest is being put aside for a bellydance costume. :dance:
It doesn't even balance out the inflation I'm now paying for prior to my buying the car. If it weren't for what I'm saving on gas, I don't know how I would be coping if I still had my old car. I can still buy food, (and dog food) but I no longer eat out and I haven't been to the movies in a few years. I had no idea what any of the movies at the oscars were about. I've cut back a lot. I don't feel deprived because I believe my cutting back is also helping the environment.
In my opinion, that's the smartest thing to do: use any extra money to reduce debt. Personally, the money I'm not spending on gasoline stays in the bank account where it belongs.
I have two kids (24 and 26) and am funding both with an IRA - $1,000 each. Both had to take an oath that they wouldn't TOUCH it until they were 65. Here are the amazing numbers: $1,000 one time investment with no withdrawal Age 25 to Age 65 (40 years) at 6% (hopefully will do better) will be $10,285 at 12% (maybe, maybe not) will be $93,050 at 18% (hey, we can dream, can't we?) will be $750,378
I was lucky enough (or foolish enough--read on) to pay cash for my Prius. I bought the car because my commute of 50 miles each way was costing me $85 a week in my 4WD Matrix. That was in the days when gas was averaging $2.92/gallon. Well, now gas is up over $3.00/gallon and rising, and I expected to save a lot more. However, I'm driving less, too. You see, my job was just cut back from full- to half-time. Half the commute, but also half the bucks. Still, I'm glad I bought the car with cash, since I won't have any extra payments to make. What will I do with the money saved? Whatever doesn't go into just getting by will eventually go into buying a new furnace for the house (mortgage paid off, luckily!). And, we already signed up to have the place painted--back when I was fully employed. --Joe
I also paid cash for my Prius. I use the money to refill my savings account so that I can afford heat... and another Prius when this one dies. .
I'm sticking it in the bank untill GM brings back the EV1, this time for SALE. ... wow ... that WILL be a huge pile
It now costs more for the latte I pick up on the way to Olympia than the gas it takes to drive.... well, okay, if both of us are going, and DH gets a Mocha, and I get a latte, it's more. So, hey, we get to stop at Starbucks! :tea:
