Tips on Saving at the Pump

  • December 14, 2022

The average Michigan household has approximately 2 cars while driving an average 14,307 miles annually. It is also estimated that consumers will fill up their tanks anywhere from 45 to 55 times per year. Michigan drivers spend on average around $3,000 on gasoline per year. Here are a few tips on how to stop overpaying for gas.

Plan before you pump

Taking a few extra minutes out of the day to look up the best gasoline prices near you; it could save you hundreds annually. Comparing local prices is made easy using modern technology. Smartphone apps, such as those from GasBuddy, AAA, and Gas Guru allow you to compare gas prices on the go. For real time gas prices, Waze and Google Maps are the way to go. While on the road or planning a trip, you will see live prices along your route.

Fuel Rewards Programs

Costco, Sams Club, Meijer, Kroger, and Walmart all offer gas station reward programs that allow consumer to accumulate reward points and discounts if they are frequent shoppers. With current discounts such as 10¢ off per gallon, double reward points, and $1 off per gallon when spending $125 or more, those savings can really add up. Spending a few extra dollars for a membership to stores like Costco and Sams Club can be worth the money if they continue to offer discounted gas prices.

Beyond the Pump

Besides saving money at the pump, you can reduce fuel costs in other ways. Proper inflation on all tires will help maximize your vehicle’s mileage. Another way to save on gas expenses is to maintain consistent speed. By maintaining consistent speeds, a better mileage performance can be achieved. Other ways include using cruise control, driving without unnecessary baggage, and minimizing the use of air conditioning.

The Future is Electric

Switching to electric or hybrid vehicles is a popular way of reducing money spent on gasoline. According to the U.S Department of Energy’s National Renewable Energy Laboratory, electric vehicle owners can save as much as $14,500 on fuel costs. That is nearly $1,000 every year for 15 years. Gasoline prices increase and decrease depending on the availability and cost of crude oil. Unpredictable fluctuation in gas prices is impossible to avoid. However, by financial planning and using these tactics recommended, there can be significant savings each month. To calculate and track your fuel spending, check out the Budget Tool in Credit Union ONE Digital Banking.