Money Rehab with Nicole Lapin - Save on Gas with These 5 Tips

Episode Date: June 2, 2022

With gas prices like these, you may be tempted to stay home. But fear not! Nicole shares five ways you can save and get to where you need to go. 

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money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. Hey guys, are you ready for some money rehab? Wall Street has been completely upended by an unlikely player, GameStop. And should I have a 401k? You don't do it? No, I never do it. You think the whole world revolves around you and your money.

Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. For the last two plus years, we've been cooped up at home because of the pandemic.

Now, there's a new force keeping us inside. Gas prices. Gas prices are hitting record-breaking levels, but not in the way we'd want them to. According to AAA, this is the first time in U.S. history that the average price of gas was $4 or more in all 50 states. The national average for unleaded gas is a whopping $4.49 a gallon. At this time last year, the national average was $2.87. That is a massive, massive difference. And yes, inflation is at 10%. So that is playing a role in these high gas prices too.

But we're paying 156% more per gallon now than we were at this time last year. So I think it's safe to say that it's more than just inflation at work here. I know we're going to get a little stir crazy staying at home, but with these gas prices, do we really have any other choice? That's what money rehabber Jasper is wondering. Here he is. Nicole, you've got to help me out. Gas prices are insane right now. Like you, I live in LA and so I drive everywhere, but I feel like I can't even look at my car right now without spending $50. Is there anything I can do or should I just not leave my house until gas drops below $5 a gallon? Ah, Jasper, I really feel your pain. We happen to be living in the state with the

highest gas prices in the country. On Tuesday, the average cost of gas in California was $6.16 a gallon, which is way over the national average. However, $6.16 isn't even the worst of it. There are places in Los Angeles where gas is $8.05 right now. And by the way, that is more than the federal minimum wage. So yes, this sucks. But I do have some good news for you. I've found five tried and true ways to save at the pump so that you can better your chances against these insane prices and get to where you need to go. Number one, make Wednesday gas day. Wednesday is typically the best day to fill up for less. Prices tend to rise on Thursday in anticipation of weekend travel. A study found that refueling on Tuesday or Wednesday instead of the weekend saved eight

or nine cents a gallon, saving more than 60 bucks on average a year. In this economy, I'll take it. Number two, early birds get the deal. Gas station owners tend to hike prices after 9 a.m. or so once they've had time to check out the prices at competing stations. Number three. Don't top off. You know when you're filling up your tank and you hear that first click? You might be tempted to double check the nozzle and give your tank a little extra squeeze. But don't. Quit while you're ahead. That little extra squeeze is likely to evaporate or splash out. And make sure your gas cap is on extra tight so none of your fuel escapes as fumes. One in every five people have loose, damaged, or missing gas caps causing 150 million gallons of gas to vaporize every year.

Not only is a tight gas cap good for your wallet, but it's also good for the environment. Win-win. Number four, pay with cash. Some stations charge you less per gallon when you pay in cash because it means that they won't have to pony up for credit card fees. This hack could save you 10 to 15 cents a gallon, which could really add up depending on how often you refuel. Number five, use loyalty programs.

See if the station you visit most often has a rewards or loyalty card. But don't stop there. Some grocery store loyalty programs offer gas rewards, meaning you earn points for shopping at the grocery store and then you can redeem those points for cash. The last place to check is gift card resale sites. You may be able to score a gas card worth $100 for $90 by just buying from someone who wants fast cash over gift cards. For today's tip, you can take straight to the bank. Experts anticipate that gas prices will remain high throughout the summer. So plan accordingly. Don't wait to start implementing these gas hacks until your hot money rehabber summer road trip.

The earlier you start, the more you'll save. Money Rehab is a production of iHeartRadio. I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money Rehab team Michelle Lanz for her development work, Catherine law for her production and writing magic and Brandon Dicker for his editing engineering and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.