The cost of gas remains high and is a major expense for many Americans. With prices for just about everything else continuing to creep up due to inflation, cutting costs is becoming essential for many. While you may not be able to cut out the cost of gas from your budget, there are several strategies you can implement to help you save money.
Use Gas Price Comparison Apps
Compare gas prices in your area to see which stations have the lowest prices in real-time. Several are free to use and let you search by your specific location, city, or ZIP code, and even filter by fuel type and payment method. Great options include GasBuddy and Gas Guru.
You can also check how much gas stations are charging with some navigation apps. With Google Maps and Waze, you can select a gas station as your destination and then filter them by price. Taking a few minutes to compare local prices could save you a small chunk of change each month.
Use a Rewards Credit Card
When you fuel up, choose a credit card that pays you cash back or one that allows you to earn rewards points when you purchase gas. Just be sure you know what you’re getting into before opening a credit card. Pay the fuel charges off in full each month so you’re not paying interest on your gas purchases.
Pay Cash
Many gas stations advertise a cash price that is cheaper than the credit card price. The difference between the average price of a gallon of gas using a credit card can be anywhere between .05 - .10 cents per gallon. While this may seem minimal, this difference in price can add up over the year, with even a few cents off per gallon adding up to hundreds of dollars annually.
Join a Fuel Rewards Program
Many gas station chains and grocery stores across the country offer discounts on fuel to try to turn you into a loyal customer. Each rewards program has its own set of rules on how much you can save and what you have to spend in order to get the rewards, so read up on the details. Gas rewards programs can add up quickly and help offset the high cost of gas expenses.
Plan When to Fill Up
According to GasBuddy, gas prices fluctuate based on the day of the week and the demand. They may also vary depending on location and time of the year. Below is a chart of the best and worst days to fill up.
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Best Days
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Worst Days
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Monday
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Wednesday
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Tuesday
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Thursday
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Friday
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Saturday
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Sunday
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Fill Up Your Tank Every Time
It may be tempting to only fill your gas tank halfway. However, when you don't completely fill up, there's a higher chance of condensation getting into your fuel tank. Too much condensation can lead to lower fuel efficiency, meaning you’ll be back to fill up again even sooner.
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Screw The Gas Cap On
To get the most out of your tank of gas, be sure to screw the gas cap on correctly. Turn it until you hear a click. Many newer cars have a capless fuel-filler system, but an imperfect seal of its spring-loaded flap can leak gasoline fumes. If the gas cap isn’t sealed properly, up to 30 gallons of gasoline a year could be evaporating through a poor seal.
Buying gas doesn't have to break the bank. When it comes to cutting fuel expenses, an important thing to remember is that the best money-saving techniques aren’t just about finding the cheapest gas in town. What’s also important are your driving habits and how well you take care of your vehicle. With some planning, you can keep more of your hard-earned money in your bank account.