WOW! Here we are at the end of July and gas in Oklahoma City is averaging $3.48 per gallon! That's down $0.32 from the end of June, but it's $0.80 higher than 1 year ago.

Nationally, the average price is $3.90 per gallon which is down $0.19 from the end of June, but $1.05 higher than this time last year. 

What really gets me though, is most people say $3.48---that's cheap! Cheap compared to what? Yes, it is cheap compared to a month ago and I am thankful for that. But compared to a year ago we're paying out the nose. How quickly we adapt--it's no wonder prices keep going up, "THEY" know they can get by with it.

I think we better enjoy these lower prices while we can because I'm pretty sure we'll see prices go back up rather quickly (Labor Day?).

Do you want to see something scary? If you use Quicken or something like it, go back and look at how much you've spent on fuel this year vs last year. Then do the same thing for groceries and dining out--made your day didn't it? Now look at where your 401k/IRA is compared to last year. THIS is why people are scared, and this is a big reason people aren't buying as many houses--we see our net worth shrinking and money doesn't buy as much. So what to do?

1. Stocks and mutual funds are on sale! It's all cyclical so take advantage of low share prices by adding to your retirement accounts.

2. Know where your money goes. As depressing as it may seem you have to know how much you're spending on gas, food, etc. in order to make adjustments.

3. If you can't pay cash, don't buy it.

4. You absolutely must have an emergency fund! Experts recommend 3-6 months but if that seems impossible, at least have $1,000 set aside for surprises.

5. Ask your accountant if you should adjust how many dependents you claim--this could give you an automatic raise if you're not claiming enough.

I could go on but that's enough for now. If you start with these 5 changes I promise you'll feel better about your money situation. Remember we can't control what everyone else does, we can only control what we do.