With gas prices passing $4.00/gallon in Wisconsin many of us are feeling the pinch at the pump. While many families are still recovering from losing income during the pandemic, the current spikes in prices for gas and food can feel particularly hard to manage right now. Consider trying some of the strategies listed below to keep costs down, allow you to meet your obligations, and to make room for the things you love to do.
- Plan ahead and combine trips. If you need to run to the grocery store, buy new shoes for your child, and pick up a prescription at the drug store, try to run all of those errands at once.
- Are there any opportunities to carpool? Do you pick kids up after school or from sporting activities? Try creating a carpool schedule with other parents so that you only have to make the trip a few times a week.
- As the weather warms, are there any places to which you can walk or bike instead of drive?
- Consider temporarily transferring some of your activities closer to home, e.g. if you eat out for many of your meals try eating half of those meals at home.
At the grocery store there are many ways to save.
- Shop with a list. If you commit to sticking to the list you made before arriving at the store, you’ll be more likely to resist those tempting purchases that just add to your bill.
- Use coupons. This is another one that is likely an old favorite but bears repeating. Taking the time to look at what items on your list are on sale can result in big savings at checkout.
- When buying fruits and vegetables, consider whether you can save money by getting frozen or canned instead of fresh. If you choose ones that are low in sodium and sugar, the nutritional value is very similar.
Here are some general tips for saving money when times are tight:
- Write down your expenses and categorize them according to “fixed” and “flexible.” Fixed expenses are ones that don’t change much from month to month and ones over which you usually have little control. Flexible expenses are things like food, gas, home utilities and streaming services. Look at your list of flexible expenses and see where you can cut back.
- When listing expenses, don’t forget to capture irregular or seasonal ones that don’t occur every month. They can sneak up on you because they only happen once or a few times a year, so it is helpful to anticipate them so you’re not caught off guard.
- Limit your use of credit cards. Interest charges and fees can add up fast if you can’t pay your monthly bills in full, so try to only charge what you’ll be able to repay.
- If your income and other resources aren’t enough to meet your obligations, see if you qualify for any assistance. In many parts of the state you can call 211 or visit https://211wisconsin.communityos.org/ to get help with food, rent, child care, utilities, healthcare, and mental health services. If 211 isn’t available in your area, contact your local county department of human services.
- One-on-one free financial coaching is also available to any Wisconsin resident from UW-Madison Division of Extension. Visit https://finances.extension.wisc.edu/people/contact-a-uw-madison-division-of-extension-financial-educator/ to find get in touch with your local financial coach or to contact one of our colleagues who provide this service across the state. Financial coaching is free and confidential and can be done in-person, by phone, or online.
Managing Your Personal Finances in Tough Times is designed to share trusted resources used or developed by UW-Madison Division of Extension Financial Education professionals. It is designed to help people make sound financial choices in tough times. All materials are free for personal use.
https://finances.extension.wisc.edu/articles/managing-your-personal-finances-in-tough-times/
