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The Cheapest Day to Fill Up Your Gas Tank
Owning a car is convenient but expensive, especially if you have to pay for regular maintenance and gas fees. Fortunately, there are several ways you can reduce your gas expenses, including filling up your tank on the cheapest day of the week.
According to the latest research from GasBuddy, the cheapest day to buy gas is Monday or Friday. Although you may not always be able to purchase gas at a specific day of the week, aiming to fill your tank in the early part of the week as often as possible could help you save a few dollars every month.
Other Tips to Save on Gas Costs
Timing your trips to the gas station is not the only way to save on fuel costs. Here are some additional strategies you can implement:
- Use public transportation if possible: If you live in an area with a good public transportation network, using it instead of your car can reduce your gas expenses. It could even save you time compared to driving in high-traffic areas.
- Consider walking: If you live in an urban area and don’t need to go far, walking may be a feasible option. It can also help you fit in a quick workout while saving on gas costs.
- Carpool: If you live near a coworker, family member, or friend, carpooling can reduce your gas expenses. You’ll still have to contribute to gas costs, but they will be significantly less than if you had to commute separately.
- Limit driving frequency: Plan out your week’s errands ahead of time and try to combine as many as possible, so you don’t have to make multiple trips to the same areas. This will reduce the frequency of gas tank fill-ups.
- Compare gas prices: Use apps like GasBuddy to compare prices at gas stations in your area before filling up to ensure that you’re getting the best deal.
- Consider electric or hybrid vehicles: Although electric and hybrid cars usually have higher upfront costs, they can save you quite a bit on gas over the long run.
Implementing these tips can help you save on gas expenses and keep your monthly budget on track.
Investing Your Gas Savings
If you want to maximize your gas savings, consider investing this money in a savings account. The high APYs on savings accounts combined with your monthly savings on gas can significantly grow your balance over time.
Best Savings Accounts
Here are some of the best savings accounts with high APYs:
- Ally Bank: Ally Bank offers a 0.60% APY with no monthly maintenance fees.
- Marcus by Goldman Sachs: Marcus by Goldman Sachs offers a 0.50% APY and no fees.
- Discover Bank: Discover Bank offers a 0.50% APY with no monthly fees.
Best Credit Cards for Gas Rewards
Additionally, consider using the appropriate credit card to earn cashback or rewards on gas purchases. For instance, the Wells Fargo Propel American Express Card is an excellent option that features a 0% intro APR until 2024, a 5% cashback rate, and no annual fee. Using the right credit or debit card can also help you save a significant amount on gas purchases.
Conclusion
Owning a car can be expensive, but by implementing the tips provided above, you can reduce your gas expenses and keep your monthly budget on track. Timing your trips to the gas station, using public transportation, carpooling, limiting driving frequency, and comparing gas prices can all help you save money. Additionally, investing your gas savings in a high-yield savings account and using the right credit card for gas rewards can further maximize your savings.