Worried About
Rising Fuel Expenses?
Rising oil prices on the world
market translate into increased costs for consumers here at home. Recent
reports indicate that home heating costs are expected to rise by $500 or
more this winter for Minnesotans who heat their homes with oil. In
addition, consumers continue to see more of their dollars eaten up at the
gas pump each week.
"Increased fuel costs this
winter will have a noticeable impact on the family budget for many
Minnesotans," explained Jody Anderson, program director for the LSS
Financial Counseling Service. "Low-income households, including those that
receive supplemental heating assistance, are especially at risk. Our
consumer dollars, as well as supplemental dollars for heating assistance
that low-income households receive, will just not go as far."
Anderson said that rising fuel
costs might also be the trigger for credit card debt.
"We've seen families reach for
their credit cards to cover family expenses so that they have additional
cash for fuel costs," she said. "It can be very difficult to dig yourself
out of credit card debt that accumulates over the winter, especially when
you include holiday expenses. The best strategy is to build in anticipated
costs in your budget early and take steps now to reduce fuel costs at home
and on the road."
Anderson offers the following
suggestions for reducing fuel cost expenses:
For your home:
-
Spend money on insulation and
weather-stripping for homes. While you'll have some up-front expenses,
you'll gain financially over time.
-
Have your furnace checked
annually and replace the filter. Dirty filters not only reduce the
efficiency of your furnace, they can be dangerous, too.
-
Turn down the thermostat.
For your car:
-
Make sure your air filer is
clean and that you have clean engine oil.
-
Keep your tires filled with
the right amount of air. Choose routes with the flattest terrain and
fewest stops.
-
Avoid traffic jams and
stop-and-go traffic.
-
Avoid revving your engine or
sitting idle for long periods, or warming up your car before driving (most
cars don't need it).
-
Bike, walk or use public
transportation, when possible.
The LSS Financial Counseling
Service offers free budget counseling, financial education and
confidential debt management planning via in-office appointments, phone
counseling or the Internet. The LSS Financial Counseling Service is a
member of the National Foundation for Credit Counseling (NFCC). For more
information, call 1-888-577-2227 or visit
www.lssmn.org/debt
