Disruptions in global supplies of oil and natural gas due to the war in Iran have pushed up gasoline and home-heating costs to their highest levels since 2022.
And while there are plenty of expensive methods to reduce energy consumption, from trading in gas-guzzlers for smaller cars, electric vehicles or hybrids, installing solar panels or replacing furnaces and central air systems with heat pumps, there are also some relatively inexpensive and less disruptive ways to reduce these costs at the pump or at home.
Tips for reducing gasoline fill-up bills
- Pay cash. Many gas stations offer discounts of 10 cents or more per gallon when you pay by cash rather than credit card.
- Use brand-specific credit cards. Some gas station brand credit cards offer discounts between 6 cents to 10 cents a gallon. Here’s an article discussing possible options.
- Use apps to find local gas prices. Apps like Gasbuddy and Gas Guru can show you per-gallon prices at local gas stations. Some smartphone map apps can show local gas prices as well.
- Fill up more often. If you believe gas prices will continue to rise indefinitely, consider filling up when you’re down a few gallons rather than wait until your gas tank is nearly empty, when prices may be higher.
- Maximize driving efficiency. When driving long distances, use cruise control, which can increase fuel efficiency anywhere from 7%-14%.
- Turn your car off. Even if you’re stopping for a few minutes, turning your vehicle off and re-starting it consumes less gas than leaving it idling all that time.
- Keep your vehicle in peak running condition. Frequent oil changes, keeping your tires fully inflated and following your vehicle’s maintenance recommendations can help improve mileage.
Tips for cutting home heating and air conditioning costs
- Replace old thermostats with smart thermostats.. These devices, many of which cost less than $100, can be programmed to tell your HVAC system to raise or lower target room temperatures at certain times of the day or night. Most also let you create weekly schedules. Some let you control them with your smartphone. Before you buy one, make sure that it’s compatible with your current HVAC system.
- Make sure your HVAC systems are properly maintained. Newer systems generally don’t require frequent maintenance, but older systems might need to be “tuned up” at least once a year. Also, remember to change the air filters often during peak heating and cooling seasons.
- Seal air links in windows. Drafty and older windows can result in as much as 30% in heat and cooling losses. Caulking or weatherstripping these windows can reduce these losses without having to replace them.
This article was authored by David Jaeger and Jeffrey Briskin. David is a financial advisor with Canby Financial Advisors, LLC, an Investment Adviser registered with the U.S. Securities & Exchange Commission. SEC registration does not constitute an endorsement by the SEC nor a statement about any skill or ability. David can be reached at 508.598.1082 or djaeger@canbyfinancial.com. Jeffrey Briskin is Director of Marketing at Canby Financial Advisors.
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