It’s no secret that gas prices are on the rise. In fact, they have been increasing steadily for the past few years. If you’re like most people, this has caused you to re-evaluate your budget and make some changes. But what can you do to make sure that you’re still able to afford to get from point A to point B? Here are a few tips for how to budget for rising gas costs.
7 Budgeting Tips For Rising Gas Prices
Gas costs are often a necessary but overlooked cost when it comes to budgeting. As gas prices rise, this is one area you’ll want to keep a close eye on. Here are some tips to help you out.
1. Know Your Budget & Know Your Shortcuts
Start by looking at your current budget and seeing where you can make some adjustments. By knowing your total budget, you can then narrow it down to how much you can spend on transportation. Cutting the route or the total number of miles you drive can also save you money on gas.
Cutting miles and cutting unnecessary expenses is a double budgeting goal that should be put in place. For example, cutting the expense of a monthly gym membership and exercising at home will not only reduce your monthly expenses but will also help you save on gas by not having to drive to and from the gym.
If you have a lengthy commute, try to find methods to cut it down, such as going a different way to work or combining all of your errands into one trip. This will save you time and money in the long run.
2. Efficient Ride Sharing
Another thing you can do to help beat rising gas prices is to look into alternative transportation methods. These may include biking or walking. This can be a great way to get some exercise while also saving money on gas. Or, if you absolutely must drive, there are a few things you can do to help reduce your gas consumption.
One is to make sure your car is properly tuned up and that the tires are inflated to the proper level. You can also look into carpooling or using public transportation when possible. This can be a great way to split the cost of gas with others and also help reduce your carbon footprint.
3. Get Accustomed To The Volatility
Remember that gas prices fluctuate and that there will likely be times when they go down again. So, don’t make any drastic changes to your budget that you can’t easily undo. By following these tips, you can help ensure that you’re still able to afford to get around even during this time of rising gas prices.
Also, you should determine how much you generally spend on gas every month. Once you do this, put that amount of money away in a separate account or envelope. This will help you to not overspend when petrol prices do spike.
4. Buy When The Prices Are Lower & Buy In Bulk (if possible)
When gas costs are at their lowest, make it a priority to fill up your tank. Although this may involve some forward preparation on your part, doing so will, in the long run, result in cost savings. Pay attention to any announcements made on the price of petrol in the news or on social media.
Buying in bulk can also help you to save money. If you have a larger vehicle, such as an SUV, truck, or van, you may want to consider purchasing a bulk tank of gas. This will help to ensure that you always have enough fuel on hand and that you’re never caught off guard by a price hike. Just make sure to store it safely and in a cool, dry place.
5. Take Advantage of Benefits & Credit
Keep an eye out for special loyalty cards and promotions offered by credit card companies. These programs might earn you discounts or cashback. You may save a significant amount of money at the gas pump by doing just a little bit of research.
In addition, take advantage of the reward programs offered at grocery stores. These points can really help you beat rising gas prices. A great number of grocery store brands offer customer loyalty programs that provide points redeemable for petrol rewards. Kroger’s fuel points program delivers one fuel point for every $1 spent at Kroger supermarkets. Many credit cards will also cash back for gas purchases, so make sure you are using the best payment methods for fuel.
6. Use Gas Apps
There are a few handy applications that will display the current costs at local gas stations as well as the locations of those stations. During this time of rising gas prices, knowing which stations near you charge the least can really help out. You should also know about the various types of fuel and which vehicles use them. GasBuddy is one of the most popular gas apps that is available for both iPhone and Android devices. There are also a ton of other budgeting apps that you may want to consider.
7. Optimize Your Vehicle For Fuel Efficiency
The type of vehicle that you drive will also have an impact on how much you spend on fuel.
Small cars generally get better gas mileage than larger ones, so if you’re looking to save money, it might be a good idea to trade in your SUV for a smaller vehicle. Of course, EVs are the best for saving on petrol costs, but not everyone is able or willing to make that switch.
Hybrid cars are also a great option and tend to be more affordable than electric vehicles. If you’re not able or willing to switch to a hybrid or electric car, there are still things that you can do to optimize your car for better gas mileage. For example, you can make sure that your tires are properly inflated and that your engine is running smoothly. You should also avoid carrying around unnecessary weight in your vehicle as this can impact your gas mileage.
Budgeting for Rising Gas Prices – Summary
Gas is an essential component of the transportation industry, which not only has direct repercussions for private households in the form of increased driving but also for commercial enterprises that are dependent on global supply chains that involve transportation and logistics.
As individuals, we must be aware that gas price increases do not just affect our own transportation but have a domino effect on the entire economy. This article features specific gas bill-cutting strategies as well as general personal budgeting techniques to help with your bottom line. By following these tips, you will be able to budget better for rising gas costs and keep more money in your pocket.