Hitting the road costs $700 a month

Buying a car is more expensive than ever. Car payments have reached a record high average of over $700 per month due to chip shortages and high demand, primarily from people who left cities for suburbs and rural areas during the pandemic, NPR reports. The average cost of a car in the U.S. has also reached a record high of $47,000, as manufacturers prioritize expensive SUVs and electric vehicles, while used car prices are up 16.1%.

• Even if your car is paid off, it's still costly to drive. Gas prices have reached an average of more than $5 per gallon across the U.S., with states like California seeing prices nearing $10.