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How Lower Gas Prices Help Your Mind

CEDAR RAPIDS, IA (CBS 2/FOX 28)--If you've filled up your tank recently, you've probably noticed gas prices have fallen significantly in recent weeks.

The savings per gallon might not be a great boost to your bank account, but there are some other positive effects for those filling up.

It's the first thing you notice when you drive into a gas station.

It also determines whether youll fill up your tank or not, gas prices.

"I'm glad they are going down but we can't depend on it, said Neil Cantonwine who says he likes the lower prices.

"I enjoy that the prices are down right now being a business owner I'm on the road six days a week so every little bit helps, said Steven Long who says he agrees.

When prices are low many rush to the gas pump to fill up their cars but do you really save in the long run.

"When gas prices are at three dollars per gallon, it helps a lot with consumer confidence, and consumer confidence and attitudes have a direct effect on everyone, said Mike Foley of Platinum Advisory Group

Foley, whos a financial advisor, says lower prices make people feel better psychologically because they have more money on hand.

Which means they have disposable income to put toward savings or to make larger purchases.

"Those purchases that you've been putting off like buy a new dishwasher, washer and drier or a new car, you're feeling much better about your decisions, he said.

Foley says when gas is cheap people are also more likely to pay for it with cash instead of using a credit card.

"We feel much better when the price per gallon is much less, he said.

Foley's best financial advice is to save whatever little you have now.

After all, the holidays are just around the corner.
 
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