The Future Of Gasoline Prices in 2022

The rising cost of gasoline is a significant financial burden affecting millions of households across the country. However, there may be some relief in sight, as some experts say costs could fall next year. In the meantime, if need be drivers might be able to utilize a payday loan advance near them to fuel up their cars to make their commutes to work until their next paycheck. As of June 20, the average cost for a gallon of regular gasoline was $4.98, according to the AAA Fuel Gauge Report. While prices can range depending on the region, they are currently the most expensive in the West and Northeast, and the cheapest in the South.

The Future Of Gasoline Prices in 2022Meanwhile, a projected decline in consumer demand for gasoline as well as falling crude oil prices could cause average gas prices to decrease significantly during the next 12 months. Current projections from the U.S. Department of Energy put prices at just $4.71 per gallon by the middle of next summer.

How Are Gas Prices Determined?

There are numerous different variables that determine how much drivers pay at the gas pump. According to the American Petroleum Institute, these can range from supply and demand to political instability in oil producing countries.

While the price of a gallon of gas is ultimately determined by the price of a barrel of oil, there are other expenses too. The API says 14 percent of prices are set by refinery costs, while 15 percent go toward transportation and selling the gasoline. In addition, both federal and state tax rates also have an impact, which can help explain the significant price differences based on regions of the country.

More Fuel Savings In The Future

To address the cost of gasoline and new government emissions standards, car manufacturers are expected to make vehicles much more fuel-efficient over the next decade.

Specifically, the government has an initiative to implement standards to the average manufactured car has to get at least 54.5 mpg by 2025. Not only will this help American households save large sums of ever year, it will make them more conscientious about the environment as well.

In a recent poll conducted by the Consumer Federation of America, 88 percent of Americans agree that they need to reduce the rate at which the country consumes oil, and feel changes to vehicles are a good way to achieve this goal.

Nearly 86 percent (Florida, USA) of those polled said the primary reason they feel this way is to save money, rather than over environmental concerns. Already, a majority of respondents said the next car they purchase will get at least seven more miles per gallon than their current vehicle.

However, the technology required to improve a car’s gas mileage is often quite expensive, and could yield higher vehicle prices as a result. In spite of the anticipated car price hike, consumers said they are willing to spend more on a vehicle up front if it meant they would save on gasoline in the future.

New advancements, including hybrid and electric-powered cars, are already starting to become social norms in American society. While it will still take some time for these trends to catch on even more, the ball appears to already be rolling. As these trends continue to make headway across the country, consumer sentiment toward fuel-efficient vehicles could strengthen even more in the near future.…

It’s Never Too Early To Plan For Tax Season

It’s Never Too Early To Plan For Tax SeasonGetting a tax return is a good opportunity to receive some extra funds to put toward necessary expenses. While tax season may seem like a long way off, it’s never too early to ensure you are on the right track to get the money back you deserve. In the meantime, bad credit loans might provide the relief needed to keep your financial footing if you run into trouble.

A shifting tax environment, including a potential end to Bush-era cuts and the introduction of the Affordable Care Act tax provision, could make filing your taxes even more difficult in the coming months.

How Has Your Life Changed?

There are numerous events in your life that can impact your tax return. Did you get married or divorced this year? Have a child? Purchase property or change career paths? All of these situations can cause your tax filings to change significantly from previous years.

If any of these occurrences unfold in the latter half of 2022, they will still need to be accounted for when you do your taxes. Talking to a tax professional could be the best way to figure out these changes. While this may cost money, it could prove to be a profitable investment.

Ensure Accurate Withholdings

Many people are probably very familiar with the state and federal taxes as well as Social Security and Medicare withholdings from a paychecks. However, some situations might mean you get to pay less.

For example, if you have a child, you will now be able to claim this person as a dependent, and could reduce your tax burden. Luckily, withholding can be changed at any point of the tax year. All you will need to do is request a new W-4 form from your employer and submit it with the updated information.

What Savings Do You Qualify For?

Depending on your income level, you may be able to qualify for certain tax credits. In addition, if you have a company-sponsored retirement account that you make regular contributions to, this can help reduce your taxable income.

If you’re currently in the job market and don’t have an IRA account or 401(k), you should consider creating one as soon as possible. Not only will this come in handy once you decide to leave the job market, you could owe the government less money at the end of the year.

A tax refund check is a great thing to look forward too, but you should try to be responsible with how you spend it.

How Not To Spend A Tax Refund

Unfortunately, some Americans view getting a tax refund as a great opportunity to go on a shopping spree or engage in other activities, such as gambling. A tax refund is money that you worked to earn, not a gift from the government. Even if you receive a larger-than-expected refund, you would be surprised how quickly frivolous spending can burn through this money.

When It Comes To Loans…

Using a tax refund to fund the down payment of a loan you otherwise wouldn’t be able to afford can be a risky decision. For example, some consumers take this opportunity to buy a new car. While the money you get from a refund might convince you this is a purchase you can afford, you still need to do homework to ensure you can cover other expenses, such as insurance, gasoline and monthly loan payments.…

Americans Cautious About Nation’s Economic Future

The unemployment rate edged higher last month and many Americans are still unsure about the country’s economic future. During the month of May, only 36 percent of Americans felt the economy was on the right track, according to a report from Fannie Mae. Although this share may seem like a somewhat promising amount, it was a decline from the previous month.

Meanwhile, 15 percent of respondents expect their personal financial situations to deteriorate in the next 12 months, the survey found, representing the largest number of consumers to feel this way since the beginning of the year. In contrast, only 43 percent anticipated their situation to improve during the same period.

However, the survey wasn’t all negative. In fact, 20 percent of respondents claimed their household incomes had increased since the middle of last summer, which could make it easier for many of them to cover necessary monthly expenses. In addition, 65 percent said their income levels have remained the same.

Although average rental rates, the price of gasoline and food costs have steadily risen in recent years, 59 percent of American households say their expenses have not changed during the past year. This was a 4 percent increase from the previous month, when only 55 percent of respondents had the same response.

Creating A Family Budget

Planning a money management system around the earnings, spending and savings habits of an entire family can be much more complicated than creating a budget for a single person.

To start, determine the real income of your household. If more than one person brings in money that is put toward monthly expenses, account for these amounts. Just make sure to deduct federal and local taxes and well as Social Security and Medicare to get an idea of your real household income.

Remember, not everyone in the household is necessarily on the same payment schedule. If one spouse receives paycheck every two weeks, while the other is only paid once a month, this can change the way you manage your monthly expenses since you will have different amounts of money at various parts of the month.…

Categorized as Economic

More Workers Could See Raises Next Year

Some employees may be in for a financial treat, as a majority of companies say they will be more generous with pay raises next year. While a pay bump might make it easier to stay on top of monthly expenses, in the meantime, a cash loan could keep you on your feet if you encounter any financial speed bumps.

Nearly 98 percent of 1,500 mid-sized and large companies surveyed by consulting firm Mercer plan to increase their employees salaries in 2022.

Employees can expect to see pay raises averaging 2.9 percent next year, the report said. This is a notable increase from 2021 and 2022 when employees expected to see pay bumps averaging just 2.4 percent. Meanwhile, some of the nation’s top employees could see pay increases by as much as 4.5 percent.

In contrast, just 1.5 percent of companies surveyed plan to freeze or cut salaries in 2022, down from 5.1 percent in 2021 and 5.9 percent in 2020. This trend could be a clear indicator that the overall economy is building momentum and employees are benefiting.

How To Negotiate A Raise

In the upcoming months, a pay raise may not come automatically for many employees. Instead, you may have to approach your employer and tell them why you deserve one. While this can be a stressful task, MSNBC has some advice on a few ways to improve the odds.

Be Reasonable

In a perfect world a pay raise would double or even triple your salary. Unfortunately, the world isn’t perfect and you need to be aware of how much extra money you’re actually entitled to and if your employer is in a position to give out raises.

For example, if you know the business is currently strapped for cash, you may want to put off asking for a raise. In contrast, if the company is doing very well, and you know you’re an intricate part of this success, now could be the time to approach your superior and get a realistic estimate of how much extra money you deserve.

Do Your Homework

There should be plenty of information on the Internet and in trade journals on how much money someone in your field of work should earn.

One great resource is the Occupational Outlook Handbook for the Department of Labor. This database can give you an idea of how much the average person in your line of work makes and you can base an appropriate pay bump request on this amount.

Preparation Is Everything

Similar to a job interview, approaching your superior and asking for a raise takes careful planning. To keep from getting nervous, try to rehearse what you are going to say and make a list of personal achievements that recently benefited the company.

To take this process a step further, consider sitting down with a close friend of family member to practice your pitch.

Ask For Perks

If a pay raise is out the question, your employer might be able to offer you certain benefits or perks as compensation. These can range from extra vacation and personal days to educational benefits and added car allowances.…