If you are trying to eliminate debt, look no further than your gas tank. For most Americans, driving is essential to everyday life. Luckily, there are plenty of ways to reduce expenses at the gas pump. Those savings can be used for your other personal finance goals like reducing credit card debt. Here are 7 tips to save money on gas.
7 Ways to Save Money at the Gas Pump
- Leave the car at home. If your destination and the weather allow it, ride your bike or walk to work. You will save money on gas and significantly reduce your carbon footprint.
- Utilize public transportation. Taking the train or bus to work is another way to save on gas. While you still have the cost of the ride fare, eliminating a long commute may still bring savings. Calculate which costs more.
- Get points on your credit card. Use your credit card to pay for your gas and earn reward points. Make sure you stay within the budget, though. You probably don’t want to open a new card just for the reward points- you may end up in more trouble with eliminating debt.
- Use a grocery store rewards program to get a discount on gas. Many grocery stores now have gas stations on site. The more you spend over time in the store, the more points you earn to save at the pump. Again, stay within your budget!
- Bundle errands together. Rather than make multiple extra trips out during the week, run your errands on one day in an orderly fashion, reducing your driving distance.
- Carpool to work. This is another method that will offer big savings. Even if you have to drive every other day, you are still reducing your gas consumption and car maintenance by a considerable amount which leads to money back in your pocket.
- Consider alternative fuel efficiency vehicles. If your car is a gas guzzler- whether it’s a large vehicle or an older model- look into purchasing a different vehicle. If your finances support a trade in, look into making a change. Don’t put yourself in more debt to save on gas. Make smart decisions around large purchases, keeping in mind the long-term impact on your personal finances and your ability to eliminate debt.
Finding savings at the gas pump is one way to make your budget stretch. With a little ingenuity, you can save money and work on paying off debt without making major changes. Which of these 7 money saving tips will you try?
Need help? To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571.