Here's how you should budget as gas prices rise in central Indiana, according to an expert

Central Indiana Gas Prices Continue to Rise
Posted at 10:42 PM, Mar 07, 2022
and last updated 2022-03-07 22:43:36-05

INDIANAPOLIS — Hoosiers in central Indiana are experiencing pain at the pump.

“I cannot even believe it. Way too expensive,” said Becky Bechtel after she filled up at a gas station on the corner of Illinois and Westfield in Indianapolis.

The cost to fill up at this station was $4.25 a gallon for regular on Monday afternoon.

“Can’t afford to fill it up, just hope it goes down,” Henry Hall said while he got gas.

Niki Woodworth said, “I think a lot of people are feeling it right now. Especially as people are going back to work, COVID restrictions are lifted.”

According to Gas Buddy, the average price of gas in Indianapolis Monday around 2:30 was $4.06. That was up nearly $0.50 from last week and $1.33 from last year.

“I think they’re going to continue to rise a little bit. I would expect another $0.30-$0.40,” said Indiana University Kelley School of Business economist Kyle Anderson.

That is where Carmel-based personal financial representative Roy Lederman agrees budgeting comes in.

“Inflation’s here. Inflation’s here to stay,” Lederman said.

Lederman provided these three tips:

  • Utilize free online/app resources: He suggests Gas Buddy to track down the cheapest price at the pump and ‘Mint’ to break down your personal budget.
  • Take a deeper look at existing bills: Cut out unnecessary additions in things like your cable or phone bills.
  • Buy bulk/coupon: Rising gas costs lead to a domino effect, including at the grocery store. Lederman recommends buying in bulk and coupon.

“The money is there to be had; you just have to find it and where does it make sense in your budget in your head to reduce those expenses,” Lederman said.