Since I spend so much time on the road, I have a ton of time to think about how I can improve my net worth through earning more or spending my dollars more efficiently. And as I pass a gas station with the neon colored prices illuminating, I realized that I can use my car as a bank account that can earn somewhere around 2-3% at a minimum, much better than the current interest rates offered today.
So how can I do this, pretty simple…just keep at least a $20 bill in your glove compartment and pay for your next fill up with cash. You see, I live and commute through a few states where gas stations offer a lower price per gallon when paying with cash. The problem is, most of us carry very little cash with us all the time, so I started the practice of placing anywhere from $20-$40 in my glove compartment so that I can take advantage of the “gas sale” that is always being advertised.
Just today, I was able to save $0.06 per gallon with this strategy. Pretty easy, right? And if you have a little more time, take this cash approach and couple it with the GasBuddy app to find the best price around you, and save even more.
It is amazing, but simple things can make your dollars work harder for you, just need to be mindful and take a few minutes to plan out your trip and your savings can really climb in just a few months, especially if you do as much driving as I do…
Here are some other useful articles that I came across on this topic:
5 ways to save money by NerdWallet
Cash back apps for gas by MoneyDoneRight
How to save money on gas by MoneyCrashers
I am a finance professional with over 20 years of experience and very passionate about all topics related to finance; enjoying the aspect of teaching and educating others along the way. All in all, I will show you how big this money tree can get over time as I get the branches (Earn, Save, Invest) as high as possible…Click here to see my financial progress to date: How high is the Money Tree?
