Yahoo Finance 44% of Gen Z Was Overwhelmed by This Huge Expense in 2023
If you’re feeling the sting of high gas prices, you’re not alone. GOBankingRates surveyed 1,021 Americans aged 18 and older across the country between Oct. 12 and Oct. 16, 2023, and found that 44% of Gen Zers cited gas and transportation prices as their biggest unexpected expense this year. With gas prices hitting $4 a gallon and remaining high throughout the year, it’s no wonder that so many feel this way.
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If you’re also struggling to stay within budget due to rising prices at the pump, instead of sitting back and hoping things will get better, it’s time to take action and regain control of your finances. GOBankingRates interviewed Jordan Taylor, an independent financial advisor powered by Core Planning, to get his top tips on how to save money on gas and make your dollar stretch further.
Four Ways To Save Money on Gas
“My wife and I have been trying to be budget savvy, and gas is one area that we’ve focused on being more efficient while saving money,” said Taylor. By implementing the following money-saving hacks, he’s been able to lower the gas portion of his monthly expenses, and you can, too.
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1. Taking Advantage of Costco Gas
Costco is more than just a warehouse full of bulk goods. In addition to its value-packed food court and unbeatable deals on household items, Costco offers exclusive discounts on gasoline for its members. After becoming a Costco member, pumping gas at the retailer’s gas station became a no-brainer for Taylor. “We pass our local Costco as often as we pass any other gas station. It’s convenient, and we don’t have to go out of our way,” he said.
He and his wife have been able to refill a full tank of gas twice a month for 19 gallons each time, at minimum. And since Costco gas in their area is at least $0.20 cheaper, they save approximately $91 each year compared to filling up at a gas station. While Costco’s membership fee is $60 annually, Taylor’s yearly savings on gas still come to $31.
In a time where every dollar counts, this strategy is worth trying out if you’re already a Costco member.
2. Check Out Upside Rewards
“Upside is an app one of my Uber drivers told me about,” Taylor shared. “They use it to save money on gas and fill-ups.” Despite concerns about the app selling user data, Taylor believes the savings are worth it.
“We frequently have deals for 15 to 25 cents off each gallon at local gas stations. And at least once a month, that deal is at Costco,” he said. So far this year, Taylor and his wife have saved an extra $35 on top of their Costco savings by using Upside.
Plus, the app offers excellent cash-back rates, a user-friendly app interface and a no-minimum payout feature. You can also use the app to earn money back on grocery and restaurant purchases. If Upside isn’t your cup of tea, consider checking out other gas savings apps, like GasBuddy, Trunow and Checkout 51, that can also help reduce your fuel expenses.
3. Sign Up For Fuel Rewards Programs
Fuel rewards programs are exactly what they sound like — they reward you for spending money on gas. For example, Shell has a fuel rewards program that allows members to save ten cents per gallon on every fill-up with Platinum Status, five cents per gallon with Gold Status or three cents per gallon with Silver Status. While this may not sound like much, it could quickly add up if you drive long distances.
Shell isn’t the only gas station with a rewards program. “I have a fuel reward log-in with almost every major gas chain in our city,” Taylor said. “Typically, that’s five to 15 cents off of each gallon. And if you sign up for the first time, they often have promotional offers for 20 to 30 cents off of each gallon.”
He shared that he recently signed up with Kangaroo Express and got 25 cents off each gallon. Combined with an Upside offer, he saved a total of $4.75 just by signing up for their fuel rewards program.
4. Plan Your Trips
Planning your trips is a small change that could make a big difference in how much you spend on gas, as Taylor discovered. He believes that planning an organized outing to do your routine shopping could save gas money, since you’ll drive more efficiently.
For example, Taylor and his wife used to visit three grocery stores every month, all in the same area. However, they quickly realized they were wasting money by making separate small trips instead of lumping everything together. Not only was it inefficient, but it was also unnecessarily expensive.
“We would drive 64 miles. If gas costs $2.50 and we get 30 miles per gallon, those separate trips cost about $5.33,” he shared.
“Recently, we’ve started planning ahead so that we could visit all three groceries at once,” he added. “We drive roughly seven miles to the first spot, three miles to the second spot and another five miles to the last spot. A total round trip of roughly 30 miles, which only costs us about $2.50.”
If Taylor and his wife keep up this habit every month of the year, they could save anywhere from $120 to $160 annually.
“It’s not life-changing money, but that’s money that we are no longer spending on gas that can go towards a power bill, an oil change for the car, a nice date night together or whatever else we need,” said Taylor.
GOBankingRates surveyed 1,021 Americans aged 18 and older from across the country between Oct. 12 and Oct. 16, 2023, asking twenty-three different questions: (1) How much did you spend on your pet in the last year?; (2) How much have you spent/are you planning to spend on Halloween this year?; (3) How much money do you spend on kid-related activities in a year?; (4) How much do you spend on average on your monthly utility bills (electric, heat/gas, water)?; (5) What spending/saving habits have you had to change in the last year due to inflation/rising prices? (select all that apply); (6) What was the biggest unexpected expense you had this year?; (7) How much do you currently spend on monthly car payments?; (8) Do you live in a single-income or dual-income household?; (9) In the past year, did you have to take on a side gig because of rising prices/inflation?; (10) How much do you bring home from your side job(s) each month?; (11) How much have your overall expenses gone up in the past year?; (12) What is your top financial priorities to end 2023?; (13) What is the top way you’ve earned your money/gained wealth?; (14) Have you started financially preparing for 2024?; (15) How much have you spent on home upgrades in 2023?; (16) How will the resumption of student loan repayments affect your budget?; (17) How much do you currently owe in student loans?; (18) How much do you spend on yourself (not including housing, food, etc.) out of each paycheck?; (19) How much do you spend on online purchases per month?; (20) Where do you shop for groceries most often?; (21) Do you shop around for groceries to get better deals?; (22) What are you currently invested in? (Select all that apply); and (23) What is the current value of your stock investments?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: 44% of Gen Z Was Overwhelmed by This Huge Expense in 2023
