High gas prices are unsettling and it can be stressful to fill our tanks. However, the effect of rising gas costs reaches beyond the pump at your local gas station. Higher fuel costs force many Americans to reduce everyday expenses, including home maintenance costs. Here are a few ways that increasing gas prices affect a homeowner’s budget.
If you own a home, you are familiar with the regular expenses of lawn care, home maintenance, and general upkeep. However, you may not be prepared for how much the gas price can affect these costs.
Rising Gas Prices Affect a Homeowner’s Lawn Care Budget
The national average for lawn care and maintenance is approximately $129 per month, and this number does not account for rising gas prices. Whether you mow your grass or hire others to do so, you can expect an increase in this cost when gas prices rise. This is mainly because most lawn care tools (mowers, leaf blowers, etc.) run on gasoline. Lawn companies, in particular, will need to raise prices not only for the cost of gas for their tools but also for the cost of driving to and from the job.
Higher Costs of Goods
When gas prices rise, this can increase the price of most products we use daily. Higher gas prices cause an increase in shipping and delivery charges, which translates into higher costs for products, including groceries. Inflated transportation costs can cause delays in deliveries of goods, resulting in an increase in price due to higher demand. We see this in grocery stores with popular food products and stores that supply necessary materials such as wood, tools, and home repair and maintenance items.
Rising Gas Prices and Oil Costs
Those who rely on gas heat will feel the impact of rising gas prices. However, higher fuel costs can affect energy costs for all homeowners. When the gas price rises, we usually see an increase in both oil and petroleum costs. Even heating the home with wood will become more expensive due to the cost of transporting lumber and delivery fees for a cord of firewood.
How Gas Prices Affect a Homeowner’s Budget
There are many reasons to be concerned about rising gas prices, and many of them reach far beyond the gas station. The fact that fuel costs affect so many aspects of our lives is an example of the inter-connectedness of our economy and supply chain. As homeowners know, many unforeseen costs are associated with owning a home. Increasing gas prices force us to look at how these costs directly relate to other expenses as a homeowner.