Spending big bucks on gas each month is never a good feeling. If you’re someone who has to wait in traffic each day or drive long distances to/from work, you’re inevitably burning a lot of gas. Therefore, your finances are taking a hit as well, especially if your employer doesn’t compensate you for your gas costs.
With that being said, there are ways to save money on gas that will put more money back into your pocket each month. With the savings, you’ll be able to pad your investments to make even more money or pad your savings account. Either way, it’s never a bad thing to save a little extra money each month.
#1 Invest in an EV
The age of the EV is just beginning, and it’s here to stay. Before you know it, gas-powered cars will become a thing of the past. Already, there are electric vehicles that can travel long distances on a single charge. On top of that, there are more than enough hybrid vehicles to choose from.
As you’ve probably already noticed, most major car manufacturers are releasing electrical vehicles at an accelerated rate. Clearly, when you invest in an EV, the only thing you need to worry about paying for is the increase in electricity usage.
Overall, there’s no better way to save money on gas than to invest in an EV. Sooner or later, everyone will be driving an EV, and you don’t have to be a treehugger to see the sense in it.
#2 Join a Carpool
If you’re driving to work by yourself each day along with your coworkers, then creating a carpool is an easy way to save money on gas. All you need is a handful of people to participate to make this option work. Most likely, there’s some common ground, such as a park & ride, where everyone can meet without going too far out of the way.
Plus, there’s an app for everything nowadays. Currently, there are some good and reliable phone apps that offer carpool and ride-sharing services. However, apps of this nature are best reserved for people living in large cities, including NYC, San Francisco, Chicago, and others.
If you’re living in a suburban or rural area, then forming a carpool with people you know from work or people who work in the same building are your best bets.
#3 Track Down the Best Gas Prices
If you’re constantly putting a few bucks worth of gas in your car while on the move, you’re more than likely overpaying for gas in the long run. Instead, track down the best gas prices in your area and do a full fill-up when the time is right.
Similar to carpool apps, there are also gas price tracking apps that allow you to keep tabs on gas prices in your area. With an app, you’ll be able to easily see where the best prices are in your area as well as track which direction gas prices are moving.
While this may seem tedious, it’s one surefire way to save money on gas each month. To avoid driving out of your way, plan your trip to the gas station along with other errands to knock out while you’re in the area.
#4 Invest in an E-Bike
If you often drive your car short distances to run errands, then that’s a great place to begin saving on gas now. Rather than driving a short distance to pick up some groceries you forgot or running to a convenience store, an e-bike is an excellent alternative.
The beauty of an e-bike is that you don’t have to jump through many hoops to get on the road, depending on your state. Plus, if you’re not a fan of pedaling a bike, then an e-bike will do most of the work for you. There are even models with enough juice to climb hills if you live in a place with slopes.
When choosing an e-bike for short commutes, a folding model is a good choice. Some of the fastest folding electric bikes chosen by the E-Bike Alpha Geeks are more affordable than you might think. Additionally, a folding bike is easier to transport, so if you want to put it in your trunk, that’s always an option.
#5 Open a Credit Card Account With Benefits
With all the credit cards available these days, there are always credit cards that offer gas perks. The key is to be responsible with the card and use it only to buy gas or on other purchases that pay out big rewards. A good return rate is anywhere from 2 to 5% on a gas rewards card.
For instance, American Express currently offers unlimited 3% cashback on gas and transit on one of its cards. Additionally, there are cards that offer bonuses for spending X amount of dollars within a set period after opening an account. These bonuses are usually worth hundreds of dollars.
By combining the sign-up bonuses with the cashback each time you purchase gas, you’re looking at a good chunk of savings for the year. Then, once that card stops treating you as well, rinse and repeat with the current best offer.
Being thrifty and spending wisely are two very different things. You don’t have to be thrifty to save on gas, but with some slight adjustments to how you do your finances, you’ll be looking at a smaller gas bill each month. Beyond finances, there are always options to drive less, such as joining a carpool or investing in an e-bike. All there is to do now is put in the upfront work to start saving.