Written by: Financial Resource Helper Staff Writer
Typically this time of year, with families in full vacation mode hitting the road before school starts, gas prices see an increase in pricing. As recent years have gone, this year isn’t following much of a historical norm. Gas prices saw an unprecedented increase in prices earlier this year due to multiple factors: the continuing COVID19 pandemic, increases in consumer demand, and the Ukraine Russia war in Europe. The world saw a never before seen rise in prices that impacted numerous commercial sectors, but for simply filling up your car and getting around prices soared above $5 per gallon. In certain places, like California and Hawaii, it could cost over $7 per gallon to fill up your car.
Gas prices to fill up your car have fallen in recent days to under a $4 per gallon average nation wide. Some experts are predicting that certain states will fall even further, hopefully below the $3 per gallon average. This is welcomed news because the majority of Americans, according to a recent poll, have made drastic behavior changes to adapt to higher gas prices. These consumer changes are impactful to the economy in that to afford higher prices, consumers then spend less when shopping at the grocery store and dining out at restaurants.
Analyzing Your Spending Habits
Even with prices falling, how can you continue to safe? As referenced, one way to begin to save is to take a close look at your spending. Are you cutting back in other spending categories to more easily afford gas prices? You can look at subscription services such as cable TV, music and TV streaming, to see if there are services you aren’t using as much to try and save, or find other affordable options.
Saving On Auto Insurance
With many Americans driving less due to higher prices or being able to work remotely, this could allow for savings on auto insurance. A large number of people don’t even realize that they are overpaying for auto insurance. With an abundance of price shopping tools available online, you can more easily shop for lower cost insurance options. Numerous other portals on the web allow users to compare and shop different types of auto insurance and financial needs. Many users access sites like Nerd Wallet to learn more about potential auto savings. Insurers have begun offering options based on mileage, which could translate to significant savings for remote workers.
Grocery Coupons & Rewards Programs
Often times grocery stores have their own gas stations or partnerships with fuel companies that allow for discounts. If you belong to a grocery store’s rewards program and they happen to have their own gas stations, filling up that station and using your grocery store rewards number will result in small discounts on your gas bill for your car. Even if your favorite store doesn’t have its own gas station, your store may be offering a discount at certain stations with a code that’s printed on your receipt. At the checkout line, ask the cashier if your store offers this type of promotion, and pay attention to your receipt. Additionally, when you’re filling up at the pump, many stations that belong to major brands offer discounts if you sign up for text alerts. While signing up for some of these alerts may be a mild nuisance to some consumers, it could be worth it for the prospect of per gallon discounts on gas.
Sites & Apps For Finding the Cheapest Gas
You may have heard of an app called GasBuddy, a popular app that uses GPS to find the cheapest gas prices near your location. Utilizing sites and apps such as these are a tried and true way to find the least expensive means for filling up your vehicle. A quick search will lead you to sites such as Gas Buddy to find affordable gas near you, and downloading a gas savings app is another quick way to find more affordable gas while you’re on the road.
A little effort can lead to a little savings on gas prices, and hopefully more financial relief is in sight with prices beginning to come down. High gas prices have been a huge driver of inflation making many Americans lives difficult in higher prices across multiple consumer sectors. With both time and some relatively simple changes, you can find some immediate reduction for your costs.
