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Gas prices are starting to soar. Read on for ways to spend less to fuel your car.
Image source: Getty Images
Summer is commonly a popular time to travel, and you might have plans to hit the road this Labor Day weekend. But given the cost of gas right now and the potential for further hikes over the next couple of weeks, your holiday weekend road trip might prove to be a budget-buster.
On a national level, the average price for a gallon of regular gasoline reached $3.85 a gallon on Aug. 14, according to AAA. That’s the highest level since Oct. 19, 2022.
That doesn’t mean you need to cancel your plans, though. Even if money is a bit tight, there are steps you can take to save on gas — during the holiday weekend and beyond.
1. Look for cash discounts
Some fuel stations offer a discounted rate for using cash to pay for gas instead of a credit card. So it could pay to forgo the cash back you get for swiping your card. That’s not always the case, though, so you’ll need to crunch the numbers.
Let’s say your car needs 12 gallons of gas at $4 apiece, and your credit card gives you 4% back at the pump. For a $48 fill-up, you’re looking at $1.92 back in your pocket. But if you’re only looking at a $0.10 discount per gallon of gas for using cash, that’s only $1.20 in savings. So you’d actually be better off using your card.
2. Do a touch of research before you fill up
Driving around your neighborhood to look for the cheapest gas station won’t always save you money. The reason? You’re using gas to research cheap gas. In other words, your research is costing you money!
A better bet? Use apps like GasBuddy to find the least expensive gas locally. But also, use common sense. If driving five miles out of your way saves you $0.05 per gallon but costs you a quarter-gallon of gas, you’re spending $1 if gas is $4 per gallon. It would take 80 gallons of gas to break even from the cost of driving out of your way based on a savings of $0.05 per gallon.
3. Take advantage of your Walmart+ membership
Many people join Walmart+ to score benefits like free shipping on online orders with no minimum and free grocery delivery. But another benefit of Walmart+ is savings on gas.
With your membership, you’re entitled to $0.10 in savings per gallon of gas at over 14,000 locations nationwide. So even if gas prices are up where you live, you might manage to eke out some savings this way.
Seeing the cost of gas rise ahead of a holiday weekend is a tough blow. And frankly, the average cost per gallon has the potential to rise even more between now and then. But that doesn’t mean that you’re doomed to spend a fortune at the pump. If you use these strategies, you may find that you’re able to walk away with a touch of savings — enough to make it so your Labor Day road trip doesn’t drive you into debt.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Walmart. The Motley Fool has a disclosure policy.
