According to AAA data, gas prices reached an all-time high last week, reaching $4.33 per gallon, a staggering 50-cent increase from only a week ago. The combination of increased post-pandemic demand, seasonal price hikes, and Russia's invasion of Ukraine have resulted in record gas prices.
Now is as good a time as any to fine-tune your driving habits and look for ways to save money on gas to help lessen the financial strain. Right now, here are a few strategies to save money on gas:
Find Low-Cost Gas Using Apps or Websites
Within a few miles or even blocks, gas costs might fluctuate dramatically. That is why, according to Torabi, you should use applications to get the cheapest gas near you. Apps and websites such as GasBuddy, Google Maps, and AAA can help you identify cheaper gas rates in your region or while driving.
Travel in a Strategic Manner
One simple strategy to save money on gas is to drive less. However, in addition to driving less, you might also take steps to drive more strategically. You can, for example, try to prepare ahead of time and combine errands.
If public transportation is available in your area, consider using it instead of driving for a while. To save money on gas, you could carpool with friends or family for work, events, or errands, or use other types of active transportation such as bicycle or walking.
Earn Cash Back by Using a Credit Card
Check to see if any of your credit cards provide discounts on gas purchases. Depending on the card, you could receive anywhere from 2% to 5% cashback on gas purchases.
Our top suggestion for gas purchases is the American Express Blue Cash Preferred Card, which offers limitless 3% cashback on gas purchases. Remember that this is only a viable choice if you can pay off your debt on time and in full each month.
...or Pay Cash
Many gas stations will give you a discount if you pay for your gas with cash rather than a credit card. It might range from 5 to 10 cents per gallon, depending on your area. While the discounts may appear insignificant, paying cash on a regular basis might result in significant savings.
Sign Up for Fuel Rewards Programs
There's no better time than now to join fuel rewards programs, which allow you to earn points or receive gas discounts when you fill up your tank. From BP to Exxon to Shell, most major gas companies have rewards schemes.
If you're looking for the ideal one for you, compare gas programs and think about where you usually buy petrol. If you fill up at multiple gas stations, consider joining a few different gas station rewards programs so you may receive incentives with each one.
