Gasoline Costs Rose Again in August. Here Are 9 Strategies So They Don't Break the Bank

Gas prices this year have felt like one of those wave simulators at a theme park (like the Disney Typhoon Lagoon Surf Pool). Every now and then a wave pushes prices up and everyone yells "woah!" Then a moment of calm before a bigger wave comes and pushes them higher still -- "Woah!" -- then another pause before an even bigger wave pushes them even higher ("WOAH!").

But this last swell has been difficult for many Americans to rise above. According to the latest consumer price index, gas prices ballooned 10.6% from July to August, contributing to over half the overall rise in prices. Numerous causes contributed to the rise (OPEC's tight control over supply, for instance, and a deadly flood in oil-producing Libya -- but many Americans are now paying around $4 per gallon for gas.

If gas has been a major strain on your personal finances, there are ways to reduce your consumption. Let's take a look at nine strategies you can easily implement.

1. Get a gas credit card

Many of the best gas credit cards will earn between 2% to 6% back on gas purchases. You can get a branded gas card if you have a preferred gas station -- like a Shell Credit Card -- or you can get a card that just earns more cash back for gas. For instance, the Blue Cash Everyday® Card from American Express earns 3% on gas (up to $6,000 spent per year). Terms apply.

2. Fill up before you hit empty

Most of us wait until the ticker is at "E" before we contemplate buying gas. If you wait until you're desperate, you'll buy gas anywhere -- even if it means paying a higher price. Instead, start comparing gas stations when you still have a quarter or more of gas. You can be more discriminating and pick the lowest price.

3. Get a feel for your area's daily gas prices

Most gas stations have a "cheapest" day of the week, when gas prices are just slightly less expensive than other days. For example, the app GasBuddy found that Wednesday and Thursday were the most expensive days nationally to buy gas in 2021. Previously, in 2019, it had been Saturdays that were the most expensive. All in all, GasBuddy thinks Mondays are the cheapest day to buy gas.

4. Use apps

These include options like Waze or GasBuddy. These apps will tell you where the best gas prices are -- and how far you are from them. Some even offer cash back cards that can save you a few pennies on the gallon. Many also let you double dip rewards by paying with a cash back credit card.

5. Travel light

Put the bike rack in storage and don't haul around heavy equipment in the truck bed. Extra weight on your vehicle makes it more difficult to move at faster speeds, requiring more energy to overcome its greater inertia.

6. Set your tires to the right pressure

Now that we're entering fall and winter, make sure your tires are properly inflated, as cold air can make tires contract slightly. Driving with the right tire pressure for your vehicle can boost your mileage and give you more value for your dollar.

7. Buy Costco gas

If you're a Costco member, buy gas at your nearest Costco warehouse. Costco gas is often significantly cheaper than other gas stations in the same vicinity. Pro tip: You'll need a Visa credit card to buy gas at Costco. But if you use the Costco Anywhere Visa® Card by Citi, you'll get 4% back on gas.

8. Don't speed

The most fuel efficient speed is 50 mph, according to the U.S. Department of Energy. In fact, you can assume each 5 mph over 50 mph is the equivalent of paying an additional $0.27 per gallon for gas. Of course, few people can drive 50 mph on all terrains -- even fewer have the sanity to endure such slow driving -- so a more practical fuel efficient speed may be closer to 60 to 65 mph.

9. Avoid driving in bad weather

Adverse weather conditions not only put drivers at risk. They also cost you in fuel. Heavy winds can cause aerodynamic drag (especially if you have a roof rack), while snow and rain can add more rolling resistance to your tires. If you can, wait out storms and definitely avoid driving if you feel unsafe.

All in all, if you're looking to save money on gas, it all comes down to how you drive, what you drive, and where you buy gas. Some things you probably can't change, like trading in your truck for an expensive EV, for instance. But you can start saving by using gas credit cards, comparison shopping, driving more fuel efficiently, and picking the right day to buy gas.