The surge in gas prices swooped in just in time to dampen the mood in 2022. With the Russian invasion of Ukraine continuing to impact oil prices all around the world, the best solution might be to embrace the climb and start brainstorming some small life changes we can make to compensate.

According to AAA, the United States hit its highest average price per gallon Mar. 11 at $4.33 [1]. By adjusting, it’s possible to save hundreds, or even thousands, each month [2]. Fewer trips to the pump mean more money in your wallet, meaning more money that you can spend, save or invest in your future. Here are seven tips for saving money on gas as prices rise:

1. Use public transportation

Depending on your geographic location and living situation, you may be able to save on gas by taking public transportation. It may not be an option in widely-sprawling metro areas or cities without public transportation systems, but in major cities like New York, San Francisco, Boston, Philadelphia or Seattle, one household could save $10,000 or more each year by opting to use public transit [2]. That total could include factors like the type of car you drive, insurance and parking, but rising gas prices certainly figure into your possible savings.

2. Start carpooling

For those who have longer work commutes or don’t live in cities with public transit systems, carpooling can be a great option. By finding a work friend who lives nearby and makes a similar commute, you might be able to cut your gas expenditure in half. Those savings can multiply if you decide to invite more people into your car pool, and it might even be a great option for those looking for more social outlets. Carpooling can also help the environment by reducing emissions, and it saves you time by cutting traffic and giving you access to the glorious high occupancy vehicle lane.

3. Download price-viewing apps

Don’t you hate it when you get gas, then drive one mile down the road and see prices 30 cents cheaper than the price you just paid? Luckily, there is an easy fix for that problem. Phone apps, like GasBuddy [3], list prices for nearly every filling station in your immediate area, allowing you to pinpoint the cheapest gas with just a few taps.

4. Become a member of wholesale stores

Wholesale stores often feature lower gas prices, even when taking the membership fee into consideration. If the average driver fills their 12-gallon gas tank once per week [5] at a filling station where gas is 25 cents less per gallon than the average station [6], that’s a savings of $3 per week. The most basic Costco membership, which costs $60 annually [4], would be paid for in 20 weeks. The savings could multiply with a bigger gas tank in your car, the potential of greater differences between the price of the wholesale store and the average station, and additional drivers using the same membership.

5. Work from home

It’s no secret that the best way to save gas is by simply not using it. According to the Pew Research Center, 59% of workers in the United States who are able to work from home are taking advantage of that opportunity [7]. As the spread of the virus wanes, it can be a great option for those still looking to cut down costs at the gas station.

6. Pay cash

In our transition to a cashless world, you might not carry cash as often as you used to, but a quick stop at your local ATM on your way to fill up might prove to be beneficial. Apps like GasBuddy may be able to show whether or not a gas station provides a discounted rate for customers who pay with cash [8], or signs near the road might indicate a lower price for cash users versus card users.

7. Find alternatives to long-distance hobbies

Weekend vacations or one-day getaways can easily be turned into staycations, and in 2022, there are so many great options for at-home activities. You can rent a recent movie, listen to music, play board games, grill out, invite friends over for a gathering, work out or play with your pets. The pandemic also opened the door for events like virtual happy hours and video hangouts, so if you just can’t reach your friends and family because of distance, you can still see them and interact with them extremely easily, all without spending a nickel on fuel.

If you have any questions about this article or how to protect your retirement plan during times of high inflation, please give us a call!