Saving At The Pump

Tips For Keeping Your Gas Bill Down

(CBS)  As oil prices rise, an increasing portion of the family budget has to be set aside for gas money. Nicole Ridgway, Sr. Editor of SmartMoney.com, has some tips for saving at the pump.

First, remember that the early bird always gets the worm. In other words, visit the gas station early in the morning. "If you're seeing headlines like 'gas prices are on the rise,' most gas stations won't raise their prices until the slow morning hours of 10:00am to noon," says Ridgway. So if you fill up on your way to work instead of on the way home at night, you're probably going to get a better deal. On the flip side, though, if you hear that gas prices are falling, wait until the evening hours to fill up.

If you're in a hurry, your wallet will thank you if you obey the speed limits. Why? Most cars are designed to get their best gas mileage between 55 and 60 mph. So if you're speeding, your car is actually consuming more fuel. "If you go 75 miles per hour in a 55 mile per hour zone, that's a 25% drop in your fuel economy," says Ridgway. You'll also save money on speeding tickets.

If you're trying to maximize your car's fuel efficiency, you'll want to make sure you get regular tune-ups as well. Change your oil reguarly, flush the transmission, change the air filter and fix anything that looks worn or appears to be broken. "With the air filter, for example, that's a 10 dollar purchase," says Ridgway. "That can actually improve your fuel economy by as much as 20%."

Also, consider signing up for a gas station's rewards credit card. "A lot of credit cards are giving rebates, so if you purchase gas on your credit card, they'll give you a... 3% rebate on the gas that you purchase," says Ridgway. Keep in mind, though, that some rewards cards require you to spend a certain amount of money each month to qualify for the rebates. Look over the plan's details before you sign up to see if the restrictions pertain to you and your fuel spending habits.

For more information on spending less the next time you fill up, as well as additional personal financial advice, click here to visit www.SmartMoney.com.