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Pain at the Pump Causing Americans to Give Up Something
Posted on March 14th, 2012 By: Alison
Have paid the pump a visit lately? If you have then you probably received quite a shock– and it’s only going to get worse according to experts. Some Americans are already thinking about what they’ll have to do to be able to afford gas without going further into debt. According to a new survey from CouponCabin.com, more than one-third of adults say they’ll have to give up something in order to be able to afford driving.
So what will they give up? Seventy percent say they’ll dine out less often, 64 percent say they’ll spend less on entertainment like going to the movies or concerts, and 37 percent will postpone seasonal clothes shopping. Another 22 percent say they’ll give up paid online or other subscriptions like Netflix, 15 percent will cut cable or satellite, and 12 percent will reduce cell phone usage. Only 5 percent plan to cancel Internet. “For many Americans who are just getting back on their feet, rising gas prices can be a tough financial hurdle,” said Jackie Warrick, Chief Savings Officer at CouponCabin.com. “In addition to making basic lifestyle choices to afford gasoline, 75 percent of adults are making changes to their driving habits to lessen the blow to their wallet.”
Driving habits may also shift. Of those who regularly drive, 61 percent plan to drive less overall to save money. Roughly one in ten plan to carpool. Eight percent will use public transportation and six percent will buy a more energy efficient vehicle. Nearly one in four say it’s likely that they’ll have to use a credit card to pay for gas at some point. Those with children are more likely to resort to credit.