Do you struggle with the high cost of petrol?

Here is a dead simple way to stay on top of the price increases that everyone can do.

There is a 3-step process to always having enough money for petrol – no matter what the prices are:

• Work out how much you need each pay period, making sure you do this when the price of petrol is at its highest point
• Budget for this each pay period and only use it for petrol
• Even when petrol drops in price, keep putting the same amount away for petrol and save any leftovers

That last step is the real trick.

Instead of just spending whatever it costs you to fill your tank, you have a set amount (based on the highest petrol price) that you put away each pay.

So when petrol prices drop, even a little, you are saving money to put towards future price rises.

This should see you through most spikes in petrol prices.

It is worth re-budgeting the amount you put away every now and then as petrol prices tend to rise over the long term.

Example

It costs you $80 per fortnight to run your car when petrol is at around $1.55 per litre, so you put this away in one of your online savings account especially created just for this purpose.

For 3 weeks the price of petrol remains the same, but then there is a price drop and you manage a couple of weeks filling up at around $1.40 per litre. The money you have saved is kept in your petrol account, building up, waiting for when the price of petrol once again reaches the more expensive amount.

What do you think? Would this help you pay for increased petrol prices?