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Friday, November 27, 2020  
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Household Math: Sale or gas savings?

Scott Bilker Scott Bilker is the founder of DebtSmart.com and author of the best-selling books, Talk Your Way Out of Credit Card DebtCredit Card and Debt Management, and How to be more Credit Card and Debt Smart. Receive the 5-Year Loan Spreadsheet when you subscribe to his email newsletter.

How much are you really saving to be there for that sale? This is a true situation at our house. My wife drives a Dodge Ram, it gets 12 mpg (miles per gallon). Gas in our area is $2.45 per gallon. The mall is 18 miles each away. If she cuts back and only goes to the mall once a week, instead of twice a week, how much would she save in one year? ($7.53, $7.35, $8.35, or $382.20)

(Steve, DebtSmart Reader, submitted this question.)

 

Answer: $382.20

Explanation:

The solution to this problem is very straightforward:

1) 18 miles each way means…

2) 36 total miles per week saved.

3) At 12 miles per gallon, it takes 3 gallons to travel 36 miles.

4) At $2.45 per gallons, 3 gallons cost $7.35 each week.

5) One year’s savings is 52 weeks of $7.35 which is…

6) A total of $382.20 save each year!

This entry was posted in Automobiles, Free Content Library, Household Math, Math and Money. Bookmark the permalink. Read more articles by Scott Bilker. (Also see articles by all authors and articles in all categories.)



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