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Rising gas prices have become a nationwide pain as the average cost per gallon dances around the $5 mark, but there are some things you can do as a consumer to help take the sting out of refilling your vehicle.
Hosts Matt and Joel of How to Money dedicated the latest episode of their podcast to giving listeners a few lifestyle adjustments that can help keep money in their pocket instead of their gas tank.
“At some point there is a breaking point,” said Matt. “At some point you have to say, ‘this is ludicrous. I have to make a change in how I live in order to combat rising prices in my life.' ”
1. Use Gas Apps
It is incredibly frustrating to fill your car up only to drive past a gas station with cheaper prices minutes later. This is why Matt and Joel recommend using a gas app to search for gas stations with the best prices. The hosts themselves recommended Gasbuddy, but there are several that can help find the cheapest prices in town.
The pair made it clear they don’t want listeners driving across town or way out of their way for a few cents difference, but as they point out strategically planning your commute around cheaper stations can make a difference.
2. Find the Right Credit Card
Using a credit card that offers cash back is a great way to knock money off of your total gas cost, Matt and Joel told listeners. Cards like the Citi Customer Cash Card (the card they personally use) offer 5% cash back on gas purchases. Of course, make sure to pay the card back right away.
“So far, we are up to like 15% off between the cash back and using the right app,” said Joel. “It all adds up.”
3. Use Alternate Forms of Transportation
Long time listeners of How to Money know, Matt and Joel would much rather ride their bikes instead of drive. The two swear by it, especially when it comes to short trips and high gas prices. Now, bike riding isn’t an option for everyone, and that’s why they suggest two other transportation options, carpooling and public transit.
4. Cut Back on Driving and Watch Your Speed
It may seem like a no brainer, but the savings really do add up. According to Joel, the way you drive affects how much gas you are using. So, if conserving gas is the goal, slow down. Your car and wallet will thank you.
5. Invest in a Vehicle with Better Gas Mileage
This is what Matt and Joel call the “nuclear option.” Buying a car is an ordeal and may not be practical for everyone. However, if the car fits into your lifestyle, it is worth considering.
“We want you to make the decision, not just because fuel prices are sky high in the moment, but also because you are looking to slim down your monthly budget moving forward regardless,” said Matt. “Don’t let the gas price tail wag the buying a new car dog."
Listen to “Fighting Back Against Gas Price Insanity,” and hear Matt and Joel break down these tips even further. Their podcast How to Money has new episodes available every week on the iHeartRadio app or wherever you listen to podcasts.
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