President Joe Biden tweeted out some good news for people across America on Dec. 19, that Americans could earn an extra $200 in the typical household’s budget.
The president posted a series of tweets during the holiday season, detailing what the Biden administration has accomplished for typical Americans, and one of those tweets directly attributes to a big change that families could have an extra $200 in the budget of the average family.
The reason why Biden believes the typical American will have more money in their bank account this year was made clear in a tweet on Dec. 19. that typical American will have more money in their bank account this year. According to Biden’s tweet, he sent “families with two cars traveling home for the holidays are saving $200 a month on petrol compared to mid-high peak”.
The Extra $200
If you’re among the many Americans who will save around $200 per month on gas, this is a great opportunity to redirect that money to accomplish things that matter to you.
If you acquired some debt when prices were high, you can funnel that cash you’re now saving on the gas towards paying it off. If you didn’t go into debt but instead cut other expenses to afford higher prices at the pump, consider whether you can hold those cuts in effect so you can use the added $200 to bulk up your retirement savings, to save for a house down payment, or prepare for other big purchases.
The good news is, with prices reduced, you may discover yourself with more flexibility in your monthly budget and the $200 you were spending to fill up your tank is now available for other uses.