Dunnan on Dollars

  Personal Finance Tips from Nancy Dunnan

Quick Tips to Economize
Saving Money on Gas 

May 2, 2008 - Soaring gas prices are encouraging, if not actually forcing, us to think differently about driving. As we go to press, according to the AAA, the average price per gallon is over $3.60.

TIP: To compare fuel economy of both new and used cars and trucks, go to: http://www.fueleconomy.gov/.

Here are 15 easier, less expensive suggestions for immediate economizing.

1 Consolidate trips. Organize your life so you do as much errand running as possible in one trip, in one neighborhood. Avoid driving to the grocery store one day and the post office and library the next.

2 Car pool. This needs no explanation. Do it for getting to/from work, taking the kids to/from school, being a soccer mom/dad, driving to/from your weekly golf or tennis game.

3 Go green. Given your particular location and lifestyle, think about walking, biking and taking public transportation. Or get a scooter - Vespas and others get 60 to 80 mpg. Even Harleys use less fuel than cars.

4 Buy cheaper gas. The prices at Costco, 7-Eleven, Sam's Club, Sheetz, Wal-Mart and the like are less than at your standard gas station. And keep in mind that at some of the independent stations gas is cheaper if you pay cash.

5 Buy regular instead of premium. You'll save about 20 cents per gallon. Of course, you should check your owner's manual first; you may be stuck with premium. If so, keep that in mind when you buy or lease your next car.

6 Buy gas early in the day. Or late evening when it's cool out.

You'll reduce the amount of evaporation.

7 Kick your tires. For every 3 pounds your tires are below their recommended pressure, your fuel economy drops by 1%. That's because under-inflated tires require more energy (thus more gas) to turn.

TIP: Your owner's manual will give you the correct pressure.

8 Leave stuff at home. Heavy items you don't need (tools, spare parts, heavy boxes, etc.) create havoc. For every 100 pounds you remove, your fuel efficiency will go up by at least 1% to 2%. If you're not using the rack on top of your car, take it off.

9 Check gas prices. To find the cheapest go to: http://www.gaspricewatch.com/ and http://www.gasbuddy.com/.

Once you're in your car...

10 Go easy. Don't gun the engine. Slow, gradual starts and stops boost fuel efficiency by a surprising 10% to 15%.

11 Forget idling. Don't leave the engine running if you're going to be at a standstill for more than a minute. Idling consumes ½ to 1 gallon of gas per hour and wastes more gas than restarting the engine.

12 Turn off the AC. And park in the shade and carry a sunshade for your windshield -- both reduce the need for turning the AC on when you get back in your car.

13 Turn on the cruise control. It smoothes out the acceleration and deceleration that occurs when you do the driving. Note: Most engines give their best performance between 55 and 60 mph.

14 Take advantage of overdrive. This is another way to keep your car at the optimum performance level because the overdrive gear means the engine is working less hard.

15 Skip the full-service aisle at the gas station. On average, you'll save 15 to 25 cents per gallon if you pump your own.

Tip: The Americans with Disabilities Act requires that the self-serve price be charged to anyone unable to pump their own gas.

                                      For More Tips

o American Automobile Association: http://www.aaa.com/

- Nancy Dunnan

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If you want to suggest a column topic for Nancy, drop her a line.

Like what Nancy has to say? you might be interested in the new edition of her book:
How To Invest $50 To $5,000: The Small Investor's Step By Step Plan for Low-Risk, High-Value Investing