Households are facing significant financial pressure due to rising fuel costs, prompting experts to offer practical advice for managing budgets. Financial advisor Liz Koh, founder of Enrich Retirement, emphasizes the need to scrutinize and reduce discretionary spending to free up funds for essential expenses like fuel.
Other strategies include using supermarket loyalty programs that offer fuel discounts, planning errands to combine trips and reduce driving, and regularly checking tire pressure to improve vehicle fuel efficiency. For those considering a vehicle change, opting for a more fuel-efficient or electric model can lead to long-term savings, though the upfront cost is a barrier for many.
The situation underscores the broader challenge of cost-of-living increases, where essential transport costs consume a larger portion of household income. Experts recommend creating a detailed budget to identify areas for adjustment during periods of high fuel prices.
