11.21.08 | Save money, buy gas!
Not exactly. Gas prices have plummeted by as quick and steep a decline as ever, but that doesn’t mean you should start planning your cross-country treks anytime soon. Without delving into a lengthy economic analysis (which I don’t even understand), pricey fuel and a weak economy are not a great mix for stable crude oil and gas prices. Demand is down.
But enough of the economics mumbo jumbo. Although gas is as cheap as $1.70 in places like Missouri, the best savings tip is to do what you can to spend zilch on gas. If you’re able to limit or cut the amount of driving you do, DO IT.
However, for the times where you MUST drive, there are outstanding ways out there to save.
Tip # 1: Research! Use the web to find the cheapest gas. I’m thankful to live near a pretty reliable *but frustrating!* public transportation service in the greater Boston area, so my daily driving is limited. However, I’m getting ready to head a few hundred miles south to Jersey for Thanksgiving. My favorite site for this is gasbuddy.com. Just plug in your zip code and find out where to fill up.
Tip #2: When you get to the pump, use a credit card! “So Captain J, I should just swipe that plastic on through and not worry about it, thus saving money!?” Absolutely not.
The first trick is to sign up for a rewards credit card specifically for gas. For this to work, you MUST treat this card like a debit card. Fill up your tank, go home, and pay your credit card bill online that day if you can.  Here’s a good gas card for students with limited credit:
- The Discover Open Road Card for students gets you 5% cash back on gas prices, and up to 20% cash back at major retailers. Application is quick and easy.
The combination of these savings plans can really add up. Let’s put it into action. Using gasbuddy.com, I can see that the gas station closest to my house is at the high end, an Exxon station for $2.36/gallon. If I fill up my tank once a week, I’m spending about $35 weekly, or over $1,800 annually. However, with a little research, I found that a Gulf station less than a mile away is wayy down at $1.99, which equates to less than $30 weekly, and about $1550 annually! Now, if I was diligent and made those purchases with my gas rewards card, I could save over $75 bucks on top of that.
- $1,800-$1,475=$325 of annual savings. You do the math; a little effort can go a long way.
ScholarshipPoints Code: SAVEURGAS
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It sounds pretty good; however I still recommend that people hold off on credit cards of any kind especially college students. My mom has accumulated alot of debt fooling with credit cards and I see her constantly struggle with what to do about it, I personally have sworn never to get a credit card, they seem to be nothing but trouble. However if you do plan to get one, please read all the info you can for yourself, don’t rely on the company.
November 21st, 2008 | #
Very valuable information about saving money on gas, though I agree with Courtney about credit cards. They sure can be a bit of a pressure…
November 21st, 2008 | #
yes, a rewards credit card specifically for gas. I treat my card like a debit card. I’ve saved big time on gifts and money, believe it… You just have to know how to use your cerdit cards without over using them tat’s the key…
November 21st, 2008 | #
I think it’s a good idea for save money to by gas.
I don’t have a car yet. It affects me to save my money for gas price alot.
November 22nd, 2008 | #
Agree with Courtney
November 22nd, 2008 | #
If you are responsible and careful, a credit card can provide a lot of benefits (see my blog post about credit cards and student loans). And if you treat it like a debit card, as Captain J has suggested, you won’t go into debt.
The other thing I would like to mention is that it’s only worth driving to the cheapest gas station if it’s not out of your way. Don’t waste more money getting there than you save because of the cheaper price. In this case, 37 cents is a lot, and worth the drive. If it’s just for a couple pennies it’s probably not worth it.
November 22nd, 2008 | #
You know, a lot of places in my hometown charge an extra 10 to 20 cents per gallon if you use a credit card at the pump. I’m sorry, that’s not worth it to me, even if I am earning credit card rewards.
November 22nd, 2008 | #
it is certainly
November 22nd, 2008 | #
Our grocery stores with gas stations promote gas rewards with every $100 in grocey purchases, and my bank has a debit card that with every purchase I can earn air travel tickets. I use the card to buy my groceries, earn my gas rewards and then buy my gas. Triple play! Don’t use credit cards if you don’t have to, but find debit cards that earns rewards and utilize those instore rewards as well.
November 23rd, 2008 | #
A rewards credit card specifically for gas is beneficial. I treat my card like a debit card. I’ve saved big time on gifts and money, believe it… You just have to know how to use your cerdit cards without abusing the privelidge. Never use more than half the allowed amount on the card and never be late on a payment. Always be sure to Have the cash on hand to pay it back and never think its ok to charge when you don’t have the money coming in. That is how the habit starts with abusing the usage of a card.
If you should do this, your credit score will increase and you will learn the true concept of having a credit card and never fall in the depths of debt.
November 23rd, 2008 | #
I like the idea. If it’s saving me money, why not? But I agree with Tiffany. My town also adds a charge if you use a credit card at some locations.
November 23rd, 2008 | #
I agree with Brad.
November 23rd, 2008 | #
Agree with Courtney
November 23rd, 2008 | #
The only problem with using debit card instead of a credit card is that you don’t build credit.
November 23rd, 2008 | #
Personally, I think using any type of credit card is not a good idea. The reason being is because most people who use credit cards don’t even pay off their debts.
November 23rd, 2008 | #
I agree with Brad. I have a check card. It’s great and all, but I can’t build my credit off of it.
November 24th, 2008 | #
Yes, exatly, you need to start building your credit as a college student, you just need to learn to be smart about it.
November 24th, 2008 | #
If you are worried about using a credit card, you could try a small one to get used to not running them up. I have a capitol one with a $300 credit limit and it really almost requires you to try to get into trouble with it unless you go over the credit limit, in which case $50 on your next bill will put you in the clear again. Please dont ask how I know how much it takes to get back under the credit limit. Also, check with your bank. Some of them will report good account management, which will increase your credit, or decrease it if you do a poor job, though they dont generally show effect as quickly as a credit card.
November 24th, 2008 | #
wow! it’s amazing how thos pennies add up. i always use my kroeger card which gives me 3 cents back immediately. its great
November 24th, 2008 | #
good idea to build credit but start at a very low level,, checkcards seem to work better for me
November 24th, 2008 | #
if you want to make you gas last longer. plan your trip. plan it out when you do you run to make one big circcle back home.
November 24th, 2008 | #
But these suggestions are not for “most people.” These suggestions are for smart people like yourself who are responsible and know the risks. If you aren’t getting a credit card because “most people” don’t pay off their debts, that is silly. It should be based off of what YOU are going to do with the credit card. If YOU can be responsible and pay the card off immediately, there is no reason not to get a credit card. If you don’t build some credit now, you are just hurting yourself down the road by having no credit later.
November 24th, 2008 | #
I think its a great idea, especailly if you use it carefully
November 24th, 2008 | #
These plans seem pretty good, but I would just try to no t drive so much because credit cards are not my thing..
November 24th, 2008 | #
I agree with the other people who think that the ideas are good, but people really need to think long and hard before they jump into getting credit cards.
November 24th, 2008 | #
I think it can really be helpful.
November 24th, 2008 | #
I’ve always paid cash for gas. really nice to find such helpful info!
November 24th, 2008 | #
I agree with Breanna to start kind of at a low level. But overall its a good plan.
November 24th, 2008 | #
I have three credit cards. One I never use, and one that I use only when I really need it. One I use all the time! I use it as my main source of funds to buy what I need. Every time I get a check, I subtract my monthly expenses that I have to pay every month and figure out how much I have to put on my credit which normally lies around $600 or so. Then I put all of that on my pain credit card and I do so twice a month. If you do it from the start, you will not build up much debt. Plus, doing two payments a month means you don’t have to pay much interest!
November 24th, 2008 | #
I think its a great plan
November 25th, 2008 | #
I think its great that they have a cashback on gas card. I get gas at least a once a week because I commute to school. It would be great to get cashback.
November 25th, 2008 | #
I have not any credit card what should I do for it?
November 26th, 2008 | #
yes it would be nice to have a credit card if you could have a steady good paying job making a nice amount to be able to pay the banks their cutand what you have used but before doing all of this i feel that they should give young people better opportunities espescially the ones that are really aplying theirselves to be better in life its their fought that we are limited to succes because after so long people get tired of fighting to the top and then they get caught up in debt thinking they were doing the right thing by establishing their credit but they are only making $7-$8 an hour how are they going to pay anything off making that much money there might be other things they have to pay and how can you save money on a credit card or even a debit card when the banks systems are not always correct on updating your current balance they dont want us to over use our cards well they should not play us with the automatic system which is not correct all the time
November 26th, 2008 | #
Definatly a great idea.
November 27th, 2008 | #
I think that it would be a good idea to have a credit card with the way the changes are in our every day life
November 27th, 2008 | #
It is a good plan overall.
November 28th, 2008 | #
GOOD IDEA!
November 28th, 2008 | #
I love the idea of credit cards for gas, but I wonder how risky it is. If the rates are low concerning interest and late fees, I think it would be a great offer to consumers.
I also believe the idea of the credit cards would be even better offer, and would gain a greater consumer interest if the majority of gas stations throughout the country offered the option for consumers to, “pay at the pump“, completing all transactions needed to pay for gas solely at the pump.
November 29th, 2008 | #
So what is the advice you would give to someone who does not have the credit to have a credit card but must pay for gas because he drives for work?
November 29th, 2008 | #
I NEVER CONSIDERED A GAS CREDIT CARD, BUT WITH GAS PRICES TODAY…I MIGHT ACTUALLY CONSIDER LOOKING INTO IT
November 29th, 2008 | #
I think the plan is a good idea.
November 30th, 2008 | #
its a great idea
November 30th, 2008 | #
Well, I feel that it is a good idea for students who are traveling a long distance, but I don’t feel every college student should own one because college students can sometmes be irresponsible and misuse credit.
December 1st, 2008 | #
Credit cards are not a good idea uless there is no interest to have to pay back. It would be nice to just have to pay back what you spent not the intrest added to it.
December 1st, 2008 | #
Kecia,
If you pay the balance of what you charge in FULL each month, you’ll never have to pay one cent of interest charges. Credit card companies are nice enough to give you these monthly loans for free, and if you’re responsible and pay what you charge, you won’t have to worry about interest charges.
December 1st, 2008 | #
I am also definetly considering a gas credit card! Who would have thought?
December 1st, 2008 | #
I say credit cards are just dangerous.
December 2nd, 2008 | #
I dont think having credit cards are good thing unless you are financially responsible and you have money.
I would be scared if I were to get one.
Gas prices around my house is mostly $1.69~$1.72.
I am really happy the price went down and i also just got a car thats great on gas so I am getting around really good.
I just hope that it will last for a while…
December 2nd, 2008 | #
agree with Brad
December 2nd, 2008 | #
Gas prices are going down but who is to say they will stay down? Saving money is always a good thing and saving money for the things that we have to have is important. Credit cards aren’t a must, and the only way they can help a person is by knowing how to use them.
December 2nd, 2008 | #
I think you have to use credit cards responsibly, especially with the economy scare. It is way too easy to “charge it” and worry about it later.
December 3rd, 2008 | #
credit cards: use with caution
December 3rd, 2008 | #
saving money is always a good thing
December 3rd, 2008 | #
the credit cards are to use when we dnt have cash money
December 4th, 2008 | #
5% adds up and makes you some pocket money
December 4th, 2008 | #
Agree with Tiffany
December 4th, 2008 | #
There are a lot of tips on-line that are helpful. I read an article in Reader’s Digest that mentioned hypermiling (you can look it up on google). My sister and I tried it and we cut our gas spending to only once every two weeks! We have to drive an hour for school every day so we were excited about that. Also some gas stations offer their gas at a lower price if you use cash or a gas card. Happy Savings!
December 5th, 2008 | #
i think that credit cards are a good and more moderate way to survie in todays economy, because money makes you more suspectable to be robbed
December 5th, 2008 | #
I think credit cards are great. It’s a great idea to pay for gas, etc and then just pay the balance off with the money you have in your account. This for sure builds up your credit which lets face it guys… We all need down the road to get houses, etc… It seems like credit reports are ran all the time if you ever want to get anything! A good steward who can use credit cards wisely should for sure have a couple!
December 6th, 2008 | #
totally agree with tiffany
December 8th, 2008 | #
I AGREE WITH BRAD CREIT CARD DO SAVE MONEY AND ITS ALL ABOUT HOW YOUR USING IT
December 8th, 2008 | #
you need to plan ahead of time all the time
December 8th, 2008 | #
I think saving money for gas is an great idea from the way our economy is heading now these days.
December 10th, 2008 | #
Its a good thought but I dont agree with credit cards.
December 10th, 2008 | #
ok
December 10th, 2008 | #
I STIIL DON’T AGREE WITH CREDIT CARDS. THOUGH IT SOUNDS LIKE A GREAT PLAN
December 11th, 2008 | #
I think its good.
December 11th, 2008 | #
This is a very good idea but not everyone is eligible for credit cards! I have an account with a bank that gives me a percentage back if i use it at certain stores as well as gas stations
December 11th, 2008 | #
yea i agree
December 12th, 2008 | #
i think it a good idea
December 12th, 2008 | #
COOL
December 19th, 2008 | #
I also agree with you people. I think it’s really good idea for students like us.
December 20th, 2008 | #
Extra debt for college students is not worth it. However, depending on your status with a job or if your parents pay for everything, it is a good way to build your credit and to save money. If you can’t afford it, don’t do it!
December 20th, 2008 | #
I live 6 hours away from home so having to fill up gas when I leave and half way home is a total pain in the butt, especially when I don’t have a job. So having a credit card WOULD be a good idea but how do you pay it if you don’t work? Good idea though..
December 20th, 2008 | #
Annie,
There is absolutely no free lunch in the world of finance. If you don’t have a steady stream of income, a credit card is not for you
December 22nd, 2008 | #