5 smart ways to spend less on gas right now
It's been a huge topic on my latest NYC media tour. Here's what I've been saying.
Hi there, my friend.
I’m keeping it quick this week because I’m in New York for another media tour, and it is a lot.
Here’s a picture from one of my interviews. This one was with ABC 7 New York. We talked about everything from balance transfer credit cards to mortgage rates to, of course, gas prices.
High gas prices have been a major theme throughout this trip, and it is easy to understand why. On Wednesday, the national average price for a gallon of regular gas was $4.53, according to AAA. That’s up 31 cents in just a week, 42 cents in a month and a wild $1.38 in a year. It’s all still well below the record of $5.02 set in June 2022, but it is rapidly closing the gap.
Around the country, some prices are downright obscene.
California: $6.16 a gallon
Washington state: $5.75
Nevada: $5.23
Prices have even topped $4 in oil-rich Texas ($4.04). Those prices are enough to cause real hardship for consumers and businesses alike. So what should you do?
Control what you can control.
Shop around. This doesn’t mean you need to drive across town to save a nickel on a gallon of gas. However, if you can find cheaper-priced gas just by going a little bit out of your way, it can make sense. Apps like GasBuddy and Waze can help.
Adjust your work schedule. OK, in truth, you may not have that much control over this, but it may be worth asking about. Even coming into the office one fewer day each week can lead to real savings on gas. It could even help to adjust the time you begin and end your day. Driving in stop-and-start traffic can burn a lot more gas than a smooth, traffic-free trip can.
Try carpooling. Sure, it may not be much fun to ride into work with Joe from Accounting, but sharing the commute with people who live near you and work similar schedules to you can definitely help save you money on gas. And who knows? Maybe you’ll find that you and Joe have more in common than you thought.
Leverage credit card rewards. The right credit card, used wisely, can help you extend your budget. A simple cash-back rewards card that gives you 2% on everything you buy can be great if you’re looking for maximum returns with minimal effort. However, you can also find credit cards that give extra cash back for gas purchases and even knock a few cents per gallon off of the price at the pump. Just be cautious. Gas-station-branded credit cards can have sky-high interest rates even by credit card standards. For that reason, if you think you’re going to carry a balance, gas-station credit cards probably aren’t for you.
Keep your tires properly inflated. Something as simple as underinflated tires can have a real impact on your car’s fuel efficiency.
And while it won’t reduce how much you spend on gas, updating your budget is a wise move right now, too. That extra cash to pay for those higher gas prices has to come from somewhere. A well-put-together budget makes it easier to find. That doesn’t mean that the choices will be easy — no one likes to have to slash their spending — but it will make it easier for you to make an informed decision. That matters a lot.
Hang in there. These gas prices won’t stay this high forever.
Hopefully.
Right?
Come see me at GAB Fest!
If you’ll be in Austin on Saturday, May 16, join me at GAB Fest, the Greater Austin Book Festival. I’m part of a panel with three other amazing writers, and we’ll be talking about our own book publishing journeys and what we learned in the process.
Our panel is at 11 am, but I’ll also spend the rest of the day at the festival — held at the beautiful Austin Central Library downtown — signing books, meeting people, signing folks up for my newsletter and more. It’ll be a lot of fun, and I’d be honored to see you there.
Want to improve your credit? This book is a must for you
While in New York, I found my LendingTree colleague Carol Pope’s incredible new book at the flagship Barnes and Noble on Fifth Street in Manhattan. It is called Credit 101, and it is exactly as it sounds. If you’re struggling with your credit or know someone who is, I can’t recommend it highly enough. (It could be a really great graduation gift, too.)
Until next time!
Matt