The rising cost of fuel is forcing some residents to change their daily routines. Gabriel Monpointe noted that his daily route now costs him “$20–45 more than it used to.” For Robert Flamerich, who drives from Miami Beach to Doral daily, conserving gas means sacrificing comfort. “Windows down,” he said. “Hopefully it doesn’t rain, so when the windows are down. Yeah, no a/c on right now.”
The financial strain is impacting more than just drivers. Terry Pierre summarized the situation for many: “You have to cut back on everything. You have to cut back on groceries. You have to cut back on shopping. Everything. It’s tough.” Higher diesel and jet fuel prices are impacting the cost of shipping, meaning everything from food and clothes to toys is subject to higher prices.
A Financial Expert Shares Tips for Budgeting Your Gas Expenses
To help consumers navigate the higher costs of food and goods, CBS News Miami spoke with Mark Hamrick, the Senior Economic Analyst at Bankrate.
“First of all, have a budget,” Hamrick advised. “Identify where you may have some optional purchases, what economists call discretionary purchases, the things that are nice to have, but we don’t need to have.”
He suggested taking a close look at:
- Travel plans
- Dining out or food delivery
- Non-essential shopping
- Coffee shop stops
On average, a daily coffee shop stop can cost $15–20 a week, while brewing coffee at home can cost as little as 50 cents to a dollar a cup.
“It’s really about looking at the spending that you need to have, looking at the spending that you’ve engaged in that is nice to have but not necessary, and trying to cut back on the latter,” Hamrick said. He noted that necessities like shelter, utilities, and cell phone access are usually the last things people will give up.
Consumers can also look for savings at home by decreasing energy costs—for instance, by keeping the air conditioner at a higher temperature. At the grocery store, Hamrick suggested looking for bargains, using physical and digital coupons, and shopping around.
