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Smart Money-Saving Tips to Survive the Oil Price Hikes

Are you now being called to report back to the office and stressed about the cost of driving to and from work daily? The cause for stress is understandable; experts have noted that the recent onslaught of weekly oil price hikes may persist in the foreseeable future and could even amount to P100 per liter if the EU Russian oil ban continues.

Looking for other practical ways to cut down on other expenditures and save on fuel? We’ve got you covered with these easy tips and practical reminders.

Smart money-saving tips to survive oil price hikes

1. Keep your car in tip-top condition

Yes, your car condition can affect how much gas you’re consuming. You may be using up more just because you’ve neglected your vehicle. Now’s the time to check your car engine and tires! Keep your tires inflated and aligned properly to improve your gas mileage and prevent wear and tear. And make it a point to get your tires rotated regularly to lessen their rolling resistance, because the greater your car’s rolling resistance, the more fuel you have to use up!

While you’re at it, replace your spark plugs as well. Make sure you’re using the right oil recommended by your car manufacturer. Using a different oil grade can result in lower gas mileage by up to 2%.

 

2.  Practice mindful driving

Now that every drop of oil counts, make sure you don’t use up more than you should if you can absolutely help it. Below are ways to maximize your car’s fuel use without waste:

  • Reduce the weight of your car by taking unnecessary and heavy items out of your trunk.
  • Avoid idling or leaving the engine running when the car is not in motion. Idling can waste up to .5 gallon of fuel per hour. It’s not just bad for the environment, it hurts your budget, too.
  • Drive more slowly to avoid sudden braking, which uses up more fuel.

 

3. Walk or bike whenever possible

If you can’t possibly avoid using your car to get to work, consider cutting your other car trips to a minimum. Running errands just a few minutes away from home? Hop on a bike or walk. It’s like hitting two birds with one stone—you get to save on gas and get your much-needed regular exercise. Better yet, stay at home and pay your bills and premiums online or enroll them in autopay facilities!

 

4. Bring your lunch to work

"Lunchflation" or the increase in meal costs is real and bringing your own lunch to work is one of the most effective ways to fight it. Yes, it can be troublesome to prepare, cook, and pack your lunch before heading out or the night before, but the amount of money you get to save and spend on more important things is more than enough motivation! The same applies to your daily coffee runs! Maximize the free coffee at the office party or grind and make your own coffee to suit your preferences.

 

5. Look up discounts and rebates from loyalty cards and credit cards

Most gas stations have loyalty cards that can earn you points and discounts from previous fueling ups, so be sure to take advantage of those. Some credit cards may also earn you more rewards or big rebate percentages. Take the time to study your best options with what you already have.

 

As you continue to find effective and creative ways to save up and thrive in this present situation, it’s never been more important to stay on top of your finances and plan your future. Talk to a Manulife Financial Advisor today for more helpful tips on budgeting your cash flow and staying on track with your money goals!

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