As I pulled into the gas station over the weekend I was amazed at the price of gasoline. I know it’s been all over the news, but to see the price on the sign in excess of $3.30 is disheartening. While many people will experience a dent in their spending plan because of the rising prices, there are many who simply can’t afford to keep gasoline in their car. If you have a shortfall of cash everything month as it is, rising gasoline prices makes matters much worse.
How do you save money on gas when the prices are high and rising? There are a number of ways which I discuss below, but the one thing everyone should be doing is adjusting their spending plans. When you think about your spending for the month consider what the additional cost in gasoline is going to be. You’ve got to make a cut in your budget somewhere whether that be less entertainment, savings or some other area. Unfortunately, it’s a reality right now and we have to manage to it.
So, let’s look at some ways to minimize the cost of gas and the impacts on your budget.
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Ride Share or Public Transportation
If you’re used to driving to work each day, consider other forms of transportation. This is a great time to look into taking the bus or ride sharing with others who live nearby. This tip is especially helpful if you have a long range commute.
Find The Cheapest Gas
This past week I downloaded the GasBuddy iPhone app. GasBuddy finds the cheapest gas near me. For example, I just looked on the app and it identified gas at $3.39 down the street versus the next highest price of $3.49 about a mile further. Go to GasBuddy.com to learn more.
Fill Up At Warehouse Clubs
Warehouse clubs such as a Sam’s and Costco almost always offer cheaper gasoline. There is less mark up on their gas prices since they are making money by people shopping for items in in the club.
Smart Driving Saves Gas
For those who drive fast and accelerate a lot, you’ll find you waste more gas. Rather, accelerate steady and don’t weave in and out of traffic. Follow the speed limit and you’ll also find you don’t have to stop at as many stoplights which requires you to accelerate more.
Take Advantage Of Coupons
According to CNNMoney.com there are a number of gas coupons you can find online and in newspapers. Make it a habit to start watching for them each week.
Some gas stations, for example, offer coupons for discounts on gas that can be found in newspapers, circulars and online. A quick web search will result in printable coupons for as much as 7 cents off per gallon, but they’re scattered across various stations around the country.
Take Advantage Of Cash Back Reward Cards
Finally, you might consider getting a gas credit card and take advantage of cash back rewards. A lot of gasoline companies offer credit cards which can also be an easy way to track your gasoline spending. Just remember to pay it off each month by budgeting your spending. A gasoline credit card isn’t a free ticket to spend without a plan!
How high are the gasoline prices in your area? Have you noticed an impact on your budget? If so, can you share some tips you’re using to minimize gas prices?
Hi Jason,
Great tips. Do you have websites as well that you generally prefer to use? I know there are some websites that show the lowest gas prices in the area, etc.
Oh and btw, nice name…
Jason – You’re right, the price of gas has gotten out of control. One thing we have tried to be more proactive about is planning our trips. We try to tackle multiple errands on one trip and plan our route in an efficient way instead of taking the car to take care of just one task. Plus, we try to walk whenever possible. We live within walking distance of a library and a decent Chinese restaurant. Now that it’s finally turning into spring in the Chicago area, we’ll be doing a lot more walking.
$3.30 is cheap gas! I’ve been paying over $5/gallon here in San Diego :( I know, it’s depressing! I guess it’s the price you pay for driving a high performance luxury sedan lol.
But, I’ve found one way to help ease the gas burden, it’s the PenFed Platinum Cash Rewards card. You can get unlimited cash back at 5% of your gas purchases. I recommend it to everyone looking to save!
We’re right at about $3.54 or so as of yesterday when I filled up – lowest in my area. There are a ton of websites and apps out there that you can use to find the cheapest gas to you. As mentioned Gasbuddy.com is one of the better ones.
How to find cheap gas
This summer we’re getting a Costco gas station in my city (finally) so I can’t wait to take advantage of their discounts. I also redeem my Air Miles for gas gift certificates rather than saving them up for a flight.
Just an observation – many good points here but really, downloan an iphone app?? If you can’t afford gas you sure as hell shouldn’t be carrying around an iphone. Just saying.
BB
Even people who can afford an Iphone and gas – still want to save on gas though I would think?
I wish we could get further away from gas and move on to alternative fuels, but it really doesn’t seem like its going to happen anytime soon. I saw a clip on the DailyShow a few months ago that showed the last 6 presidents talking about how they were determined to move away from oil.
The cost of filling up my tank yesterday was $50. There is so much uncertainty in the regions that supply us, i could see it moving up steeply in the near future.