Planning for $7 a gallon gas

Tracy Coenen

It's not out of the realm of possibility that gas could rise to $7 a gallon within the next several years. I'm skeptical about that, but then, I didn't expect us to be at almost $4 a gallon right now, either.

Obviously, gas at that price will put many Americans in a financial pinch, unless they start planning now. Think three or four years down the road, and ask yourself how prepared you want to be for the possibility that gas will become more of a luxury.

What kind of car should you own? If you're in the market for a car now, consider what kind of fuel efficiency you might require in the future. It might make sense to purchase a hybrid or another vehicle that is more fuel efficient than the car you really want today.

How can you cut down on gas used for your commute to work? If you're shopping for a new house or apartment, consider whether it might make sense to find a place that's closer to work. If you think a job change is coming soon, keep the location of potential new jobs in mind when you're house hunting too.