The New Year brought new gas prices that have drivers across the country celebrating. With prices well below $3 in most areas, drivers haven’t been able to fill their tanks for so little in a long time. The obvious benefit of lower gas prices is that you have more money you can spend elsewhere. But Raccoon Valley Bank has some other surprising benefits that cheaper gas will have on your wallet.
Cheaper food – If delivery companies are paying less for gas, the savings could be passed on to consumers.
More car for your money – Bigger families need bigger vehicles. With lower gas prices, the operating cost of a bigger vehicle is much more reasonable. But remember that gas prices won’t stay low forever so it is still important to drive the most fuel-efficient vehicle possible.
Affordable home improvements – Think of the paint, nylon carpeting, upholstery, caulking, plastic piping, and appliance parts that make up your home. These and many other things used to construct your home are made with petroleum and cost less now.
More fun money – The U.S. Commerce Department said that sales of sporting goods and items for hobbies rose by 1.2% in October. With some extra spending money, more Americans are investing in things they enjoy instead of just necessities.
Low-cost hygiene – If you start your day with a hot shower, you can expect lower costs to heat your water. Prices for shampoo, shaving cream, toothpaste, deodorant, and other products may also go down because they have petroleum-based ingredients.
As you can see, lower gas prices don’t just affect how much we pay at the pump. Cheap gas helps your wallet in all kinds of unexpected ways. Take advantage of the low prices and save or invest the extra cash. To talk about investments, savings accounts and more, stop in at Raccoon Valley Bank.