We’re all feeling a little more pain at the pump as gas prices continue to rise. It appears as if we will be stuck with paying more for quite awhile. While there may not be coupons to make gasoline cheaper, there are some smart strategies consumers can employ to offset rising prices.
Maximize Rewards Programs
If you have a rewards program associated with filling up your tank, now is the time to take full advantage of it.Kroger Fuel Points Program is probably one of the best known options and can give you up to $1.00/gallon each month. Not only do you get a discount of $0.03/gallon for each fuel purchase regardless of your point status, you have the opportunity to earn more through your regular grocery purchases, through prescriptions at the Kroger pharmacy, and through purchasing gift cards. Meijer’s mPerks also gives you a similar pathway to savings through collecting rewards for dollars spent in grocery and pharmacy purchases.
I’m not a fan of any rewards programs that require you to take on a credit card or require a subscription fee (one exception to that rule to follow). You may also want to check out the 7-Eleven Fuel Your Rewards program if you have a 7-Eleven near you. Now is the time to dust off that keychain rewards card and make the most of your purchases.
Consider a Warehouse Membership
If you have a Sam’s Club or Costco within reasonable driving distance, you may want to consider a membership if you don’t already have one. If you do have one, be sure that you’re taking advantage of the discounted gas prices. However, keep in mind that driving a distance to save money on gas doesn’t necessarily mean good news for your budget. Not only will you be burning cash getting to and from the station, your time is valuable, too. In addition, if you’re a new member to one of these retailers, you may end up inadvertently spending more money by picking up products you wouldn’t have purchased otherwise. A Walmart+ subscription will save you $0.05 per gallon, too and may be a good option especially if you’re already subscribed.
Pay in Cash
Some gas stations are actually offering discounts to consumers who pay in cash at the gas station over opting for the convenience of your debit card. It will take a little extra leg work to find a station that offers this discount and it amounts to $0.05 – $0.10 per gallon. For a 17 gallon tank that amounts to a savings of $0.85 – $1.70 per fill up. It helps a little bit (like many of these tips) but doesn’t reduce your cost substantially.
Use the GasBuddy or AAA App
Tracking the lowest prices on gas may be a good idea for you, too. Both the GasBuddy and AAA apps allow you to see the prices per gallon at gas stations where you are. You can also see which days of the week are the best for purchasing gas, too. According to GasBuddy Monday and Friday are the best days of the week for lower prices in most states. Wednesday and Thursday are the most expensive.
Drive Smarter
Increasing your fuel efficiency is another way to reduce costs. Be sure your tires are inflated to the proper psi. You’ll likely find a sticker inside the driver’s door that lists what your car needs. Map out your route in advance to reduce unnecessary driving. Avoid idling or sitting in a running vehicle for long periods of time when you can. Take any unneeded items out of your car to reduce its overall weight. Hard braking, running the A/C, and even speeding can reduce how well your car runs and result in increasing your gas bill.
Cancel Something
While paying $10-20 more per tank takes your breath away, unless you’re filling up multiple times per week, will likely not impact your budget as much as you might think. It may mean you need to sacrifice in other areas for right now, reducing the amount you spend dining out or perhaps canceling a subscription to an online service. If we’re honest, we all waste money each month. Now may be a good time to ratchet down your spending in other areas to absorb some of the increase. It won’t be easy or fun, but it can keep us from going over budget.
Brace for Trickle Down Effects
Fuel costs ripple through our entire economy. Right now, we’ll see the prices increase at the pump, but as transport becomes more expensive, we’ll see prices increase in travel, grocery stores, and restaurants, too. However, we may also see retailers in the travel (like hotels) drop their prices to offset the expense of vacationing. Or we could see prices fall in clothing or home goods. It’s too soon to tell how different markets will respond, but you may want to consider changing plans or adjusting your budget for these costs as well.
It looks like prices won’t drop anytime soon. Now is the time to buckle down and adjust your daily practices to help save money over the long run when it comes to fuel.
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This post contains an affiliate link. That means when you get a great deal, learn about a way to save, or maybe even something for free, I may end up making a small commission. All prices are subject to change.
