Dave Ramsey on high gas prices and 6 ways to save money
Personal finance expert shares news you can use
Dave Ramsey's tips to grow your wealth
Author Dave Ramsey joins 'Fox & Friends' to discuss his tips to grow your wealth and his book 'Baby Steps Millionaires'
Since 1992, personal finance expert Dave Ramsey has been helping Americans all over the country regain control of their money.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UGA | UNITED STATES GASOLINE FUND - USD ACC | 60.18 | -0.11 | -0.18% |
So it's not surprising the best-selling author and host of "The Ramsey Show" weighed in on today's sky-high gas prices — and what to do about them.
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As the national average for gas prices hit $4.325 per gallon on Friday, according to AAA, Ramsey shared six smart tips with readers of FOX Business about how to offset these high prices right now.
These are tips all of us can follow from this day forward, no matter what happens with the price of gas over time.
6 tips for saving on the high price of gas
1. Consolidate errands
Combine your errands into fewer trips, Ramsey advises.
"Don’t go to the grocery store just to get milk," he says.
(Chona Kasinger/Bloomberg via Getty Images / Getty Images)
Rather, make the most of your commute, combine trips and pick up groceries on your way home.
"The fewer trips you take, the more money you save," he says.
2. Use cruise control on the highway
Use cruise control when you're driving on the highway.
"Did you know cruise control can help you save on gas by 7-14%?" says Ramsey.
In addition, keeping the car at a continuous speed on the highway is most efficient for the car’s engine and transmission.
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3. Check tire pressure
Check those tires. Too few of us take the time to ensure the tires on our car are properly inflated.
Don't neglect this important process.
"There’s a myth out there that overinflating your tires can save you money on gas," says Ramsey. "The reality is, overinflating doesn’t help anything, while underinflating your tires can actually hurt your gas mileage."
Instead, he says, use the recommended tire pressure for your car. Doing so "makes a real difference."
4. Carpool
Carpool when possible.
Work with anyone who also lives in your neighborhood? If you do, suggests Ramsey, then "trade off giving each other a ride one or two days a week."
Those one or two days a week will add up to major savings over time, he says.
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5. Use loyalty programs
Use loyalty programs at grocery and warehouse stores.
"A lot of grocery stores and bulk-buy stores have rewards programs for their members," he points out.
"Grocery store rewards are usually totally free — and if you’re a regular shopper there, you might as well get rewarded with cheaper prices at the pump."
A recent FOX Business report highlighted Costco, (Walmart-owned) Sam's Club, and the battle for gas customers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 975.00 | +3.12 | +0.32% |
| WMT | WALMART INC. | 92.64 | +0.14 | +0.15% |
Despite the high price of gas, there are common-sense tips to follow to be smarter about spending money. One tip from Dave Ramsey: Turn off your car while you're waiting for someone. (iStock)
Bulk-buy store memberships do typically come at a cost, Ramsey says — but if you’re already a member, you might as well take advantage of the extra savings they offer and be intentional about filling up there.
"If you’re not a member yet, make sure the annual fee is worth it for you to save money on gas and other things first," he says.
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By the way, if you’re going grocery shopping on the weekends, try to wait until Monday to use those gas rewards.
Why? Because that’s when prices at the pump are the cheapest, he says.
Ramsey shared tips with Fox Business on how everyone can beat the high gas prices right now.
6. Turn the engine off
Quit idling. That is, turn off your car while you're waiting.
"This tip is common sense," says Ramsey, "but I’m guilty of it, too. Turn off your car when you’re not actually driving!"
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Far too many of us keep the car running while we're waiting for someone.
"Turn off your car when you’re not actually driving!" — Dave Ramsey
"Instead of letting your car run, turn it off," he advises. "You use less gas by starting your car than by letting it idle."
Ramsey, the CEO of Ramsey Solutions, is heard by more than 20 million radio listeners each week.
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He's appeared regularly on Fox News Channel and FOX Business Network.