How To Cut Your Costs At The Gas Pump

How To Cut Your Costs At The Gas Pump

Gas prices fell sharply at the beginning of the pandemic but have been rising steadily in recent months. Economists predict fuel costs to grow as we move into summer, spurred by warm weather and pent-up travel plans. Here are some ways you can make your gas budget go further even as gas prices rise.

Look for the lowest price. The highest per-gallon prices are usually found at gas stations in high-convenience areas, such as right off the highway. Before you gas up, check local fuel prices online or download an app that will alert you to the best deals in your area. If you belong to a warehouse club, take advantage of their fuel savings programs. You may only save pennies per gallon, but those pennies add up over time when you consider your total gas expenditures over an entire year.

Maintain your car. Anything that affects your car’s overall performance can reduce fuel efficiency. Keep your air filter clean, fluids topped off and your tires aligned and properly inflated. A missing or broken gas cap can cause fuel inefficiency. Even choosing the right oil can help with engine performance, which affects your fuel economy.

Take the highway. Vehicle manufacturers provide different mile-per-gallon estimates between city and highway miles for a reason. Gas-powered engines perform more efficiently at moderately high, steady speeds (highway travel). Cruise control on long stretches of highway can help you maintain optimal speed, while speeding and sudden acceleration use extra fuel.

Consider a more fuel-efficient vehicle. If you own a gas-guzzling car, it may be time for an upgrade. Fuel efficiency has increased significantly, with electric and hybrid vehicles offering the most savings at the pump. If you can’t afford the latest model, you might consider a smaller car. Lighter cars use less fuel.

Drive less. A foolproof way to reduce your gas consumption is to keep your car parked. Plan ahead and eliminate unnecessary trips to the store. If you commute to work, consider carpooling. In some instances, public transportation and rideshare services may be more economical than fueling up your car and paying for tolls and parking.

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Jeff Mushen, MSF, CFP, ChFC, APMA, is a Private Wealth Advisor and CERTIFIED FINANCIAL PLANNER practitioner ™ with Ameriprise Financial Services, LLC. in Edmonds, WA. He specializes in fee-based financial planning and asset management strategies and has been in practice for fifteen years. To contact him at (425) 640-8636, 110 James Street, Suite 100, Edmonds, WA 98020. or www.ameripriseadvisors.com/jeffrey.m.mushen

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