Take advantage of low gas

Close up of a woman pumping gas into a vehicle

The price of fuel is one of the most important monthly and yearly costs. Depending on your car's fuel economy and how often you drive, you may find yourself going to the gas station often or rarely.

No matter the number of times you fill up every week, gas prices affect everyone in different ways. Luckily, recent factors have contributed to low gas prices across the country. In fact, according to the AAA's Daily Fuel Gage Report, the national average for gas is just about $1.72 [1].

Such low prices are a stark contrast to the prices from just a few years ago, when the price of one gallon of gas was commonly above $4. Part of the drastic reduction stems from the oversupply of the oil on a global scale.

But the average household is affected by low prices in another way by the money they save. There are some unique ways you can take advantage of that extra money you're saving because of low prices.

Go on a road trip
There is arguably no better time to go on a road trip than when gas prices are as low as they are now. Whether you're itching to visit a neighboring state or even journey across the country, opt to get behind the wheel instead of purchasing a plane ticket.

A road trip offers many more benefits as well. Depending on who you travel with, the time spent in the car can be spent playing games, telling old stories and sharing plenty of laughs. This type of bonding is not typically available while on airplane, as you have to take into consideration other passengers and being too loud can disrupt the flight.

If you do decide to take a relatively long road trip in the upcoming weeks, be sure to map it out and make plenty of stops while on the way to your final destination. Since gas is so cheap, you can afford to go out of your way here and there and stop to take in some beautiful sights.

Above all, a road trip also means you won't have to deal with airport security, long lines and anything else that comes with flying.

Fill up all of your equipment
Homeowners will especially want to take full advantage of low gas prices.

Take the time to ensure all of your home equipment is topped off, such as snowblowers, weed trimmers, lawnmowers and anything else that requires fuel to operate. Don't let the fact that some equipment might need 10 gallons of gas persuade you otherwise, U.S. News & World Report stated [2]. If prices rise in the future, you would have saved money by topping the equipment off in the present.

You should also make sure your fuel reserves are up to par. Gallons of fuel can be kept at home and used when need be, and also kept in your car just in case you find yourself in an emergency situation that requires fuel.

Consider buying a new car
Whenever gas prices are low, sales of SUVs and trucks tend to go up, as they aren't as expensive to maintain with fuel being as cheap as it is. On the reverse, fuel efficient and hybrid vehicles often experience a slump in sales.

You can directly benefit from low gas prices by opting to buy a new car that is fuel efficient. Here's why: There are no guarantees that current prices are going to stay this way over the long term. Planning to invest in a hybrid or fuel efficient car end up saving you money in a year or more.

You'll even save more money if you drive often because you'll fill up at the pump even less than with a regular vehicle.

Track your expenses
You may not immediately notice the savings from gas that's below $2 a gallon, but they're there. Assume you drive a little under 13 hours a day to work and back in a gar that gets 25 miles per gallon. Today you are saving about $2.50 a day on gas than when prices were $4. Over the course of one year, that equates to approximately $625.

Don't let this money get lost in your daily expenses. Make an effort to reinvest it into a savings account, credit payments or more.

With low gas prices comes an excellent opportunity to save more money.

[1]. Daily Fuel Gauge Report

[2]. 5 Clever Ways to Take Advantage of Low Gas Prices

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.