Empower Blog

March 21, 2022

Finding Savings to Combat Rising Gas Prices

Money-Saving Tips
With gas prices on the rise, more people are looking for creative ways to cut down on expenses and save money. To find out where you may be able to save, start by taking a look at your monthly budget. While strategies such as taking advantage of discounts and coupons, canceling unnecessary monthly subscriptions and making an effort to curb overall spending can be helpful, we're sharing some ideas for bigger potential savings you may want to consider. Small savings on everyday items can certainly add up, but it's also worth revisiting your larger monthly expenses to find out if you could reduce interest rates or lower monthly payments on costs such as loans and insurance.

Auto Loan Refinance

See if refinancing your auto loan could put more money back in your wallet. If you're able to refinance at a lower interest rate, you may be able to reduce your monthly auto loan payment. Plus, you could end up saving money on total interest over the life of the loan. Use our handy auto refinance calculator to find out if refinancing your auto loan could be right for you.

Mortgage Refinance

Another large monthly expense you could possibly save on by refinancing is your home loan. A mortgage refinance works similarly to an auto loan refinance, where getting a better rate could lower your loan payments. A mortgage refinance also gives you the chance to cash out on your home's equity, so you can have a little more cash on hand for large purchases, debt consolidation or emergences, but at a better rate than most credit cards. Try our mortgage refinance calculator to see if you could save by refinancing your home loan.

Compare Insurance Rates

Comparison shopping your various insurance policies is a good way to check if you can save money by switching. We make it quick and easy to get a free insurance quote for everything from homeowners and auto to life insurance and more.1 If you'd like more specialized help with your specific situation, you can also schedule a free meeting with one of our knowledgeable Insurance Agents who can help you find the right policy for the right price.

Consolidate Debt

If you have multiple forms of debt, consider consolidating them to bring your costs down. Consolidating your debt means one, simple monthly payment, and depending on the type of debt, using a home equity loan, cash out mortgage refinance, personal loan or credit card balance transfer could get you a lower rate. As with refinancing, a lower interest rate on consolidated debt helps save money. Do the math with our debt consolidation calculator to see how quickly you could get out of debt and how much you might save on interest.

Take Advantage of Cash Back

When you do spend money, use cards that enable you to earn cash back on your purchases. At CommunityAmerica, we're all about giving cash back to our members, which is why we offer both checking account and credit card options with cash back opportunities. Our Cashback Free Checking offers 1% cash back on the first $500 of monthly purchases2 with no monthly fees or minimum balance requirements. Meanwhile, our Visa® Signature credit card offers 1.5% unlimited cash back3 on every purchase you make, with no annual fee. Plus, you'll enjoy an introductory rate of 0% APR4 for the first 12 months (your rate could range from a variable 12.24% or 14.24% APR after the introductory period), which is a great option for debt consolidation, as mentioned above.

We hope these ideas give you some bigger picture options for saving money on your monthly expenses to help you adjust your budget in light of rising fuel prices. As always, we're committed to your financial well-being, if you'd like to get in touch with us about managing your finances, contact us or visit one of our convenient branch locations. You can also find more resources here on our website, from informative blog and podcast topics to our collection of financial calculators.
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