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Toronto Star
3 days ago
- Automotive
- Toronto Star
Trump sparks a surge in homegrown road trips. Here's where to look for savings on your next adventure
U.S. President Donald Trump's tariff war is even affecting a great Canadian summer ritual — the road trip. According to a recent survey by the Tire and Rubber Association of Canada, 51 per cent of drivers have recently cancelled their road trips to the U.S., with a whopping 88 per cent looking to explore Canada by car this summer. Having lived in four different cities across Canada, Jessica Robinson, a content marketer based in Toronto, has taken her fair share of road trips — long and short — and picked up tips for saving money along the way. ARTICLE CONTINUES BELOW 'You tend to be a little bit more budget-conscious on a longer road trip than on a shorter one,' says Robinson, whose longest trip has been from Toronto to Halifax and back. The car itself is the biggest expense. Robinson has rented, borrowed and even used a car-share service for her journeys. The price of a rental depends on several factors, including the pickup and drop-off locations, the type (gas, hybrid or electric) and size of the vehicle and the car rental supplier. Personal Finance Breaking your mortgage to land a better interest rate ahead of renewal? Be prepared to pay up Refinancing your mortgage can include securing a lower rate with a different lender, changing According to Kayak, you can expect to pay an average of $78 to $115 per day, depending on how big — and nice — a vehicle you end up renting. Travel services sites like Kayak let you set price alerts on car rentals for the dates you plan to hit the road so that you can score the best deal. The next largest expense is fuel. Calculate the distance of your trip in kilometres to figure out just how much fuel you'll need for the trip. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Loyalty programs like Shell Fuel Rewards or Petro-Points can also help you stretch a buck on filling up through discounts and rewards that can be redeemed later on — or right at the pump. Shell, for instance, offers per-litre discounts for both CAA and Air Miles users. Using both cards can cut five cents a litre at the pump. It may not seem like a lot, but over a several-thousand-kilometre adventure, the savings can add up. Personal Finance My company offers a deferred profit-sharing plan. How does it differ from my group RRSP? There are many differences between a DPSP and an RRSP, experts says, not the least of which is Trip calculators, like the one from GasBuddy, can estimate how money you'll spend on fuel on the trip. 'See if there are opportunities to get car rental deals through your loyalty programs that might be affiliated with your credit cards, CAA memberships or even your Costco card,' says Jackie Porter, certified financial planner at Carte Wealth Management in Mississauga. Some credit cards offer additional discounts and insurance coverage options for car rentals. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW For instance, the American Express Cobalt, Scotiabank Gold American Express and TD Cash Back Visa Infinite cards offer some type of rental car coverage. Scotiabank Scene+ Visa offers up to 25 per cent off base rates at select Avis and Budget, while the RBC Avion Visa Platinum and RBC Avion Visa Infinite Privilege offer discounted base rates at participating Hertz locations. Personal Finance Amid U.S. tariff storms, you really need a rainy-day fund. Here's where to park your money Experts says keeping emergency cash liquid is crucial, in an account that earns at least some Porter recommends budgeting for a road trip in a savings account so 'even if you use your cards to give you more points, the money is there when you come back from that trip to pay that bill.' Budgeting for souvenirs and snacks sometimes goes overlooked, points out Robinson. You might tell yourself you won't make a pit stop on the road, she says, 'but when it's three o'clock, you've been driving for five hours and you're a little bit tired, you're going to pull over and get that next coffee.'
Yahoo
5 days ago
- Business
- Yahoo
8 Ways Smart People Save Money When Buying Gas
The average cost of a gallon of gasoline in the U.S. is $3.16 as of May 28, per AAA. Although prices may be different where you live, it never hurts to find ways to bring them down further. After all, gas can be expensive, especially if you drive a lot or have a ride with poor gas mileage. For You: Check Out: The good news is there are ways to save money when buying gas. You just need to be a little bit savvy. This might seem like a no-brainer, but you'd be surprised at how many people are creatures of habit and always choose the same gas station, even if it's not the most cost-effective. You can compare local gas stations using an app like GasBuddy or Google Maps. While you're at it, use a rewards card to boost your savings — and earnings — potential. 'Find the gas station in your area that consistently has the lowest gas price, and then see if there's a credit card for type of store with gas purchase rewards,' said Kathy Gilchrist, CEO of CFOKathy. 'For example, Costco usually has low gas prices, and the Costco credit card offers 4% rewards on gas purchases. But make sure to pay the credit card off every month so that you don't have to pay interest.' 'Many credit cards offer different rates of cashback for specific categories of purchases, and gas is a common one,' added Erika Kullberg, an attorney, personal finance expert and founder of 'If you drive a lot, you can consider opening a new credit card that heavily rewards gas purchases. You can then put the cashback you earn back into your bank account or can use it to pay off your credit card.' Up Next: You might not always have to pay for gas out of pocket. 'For young adults, I'm also a fan of asking for gas gift cards for the holidays or birthdays,' said Kullberg. 'It may seem like a boring gift, but these gift cards can be really helpful when you're young and on a super tight budget.' Whether it's a gas station or a grocery store, see if they have a loyalty program that lets you save at the pump. 'For example, with Shell Fuel Rewards you normally save at least 5 cents per gallon and can sometimes save up to 20 cents per gallon,' said Adam Schwartz, CEO of CouponSurfer, Inc. 'Warehouse club like Sam's or Costco will frequently have member only discounts on gas.' The same goes for certain grocery stores. 'Many of them also offer savings on gas,' said Schwartz. 'For example, Safeway offers 20 cents off per gallon at participating gas stations.' Sometimes, the same brand will sell gas at different prices just because of location. 'Don't assume certain brands always have low prices,' said Schwartz. 'For example, there are two Shell's near me. One is $2.99, and the other one is $3.59.' 'Most cars only need regular (87 octane). Check your owner's manual. If it recommends 89 or 91 octane, you can still use 87 octane with only a slight decrease in performance,' said Schwartz. 'If your owner's manual states that 89 or 91 octane is required, then you need to use 89 or 91 octane. Using 87 in place of premium can save you as much as 80 to 90 cents per gallon. While you're at it, consider mixing gas if it makes sense. 'If your car requires 89 Octane, you can usually save money by mixing 87 Octane and 93 Octane. For example, if you are getting 15 gallons, you could get 10 gallons of 87 and then 5 gallons of 93,' said Schwartz. He gave an example to show how mixing gas could save you money. If, he said, one gas station sells 87 for $2.99, 89 for $3.59, and 93 for $3.79, it would cost $48.85 rather than $53.85. That's about $5 in savings every time you fill up a 15-gallon tank. Explore More: Credit cards might be convenient, but they can sometimes cost more than cash. 'If you pay by credit card, be sure to compare the 'credit' price,' said Schwartz. 'Some gas stations charge the same for cash or credit, while other may charge up to 10 or even 15 cents a gallon more.' The truly savvy consumer will also check their tire pressure as it can impact their gas costs. 'Low tire pressure can decrease fuel economy as much as 9%,' said Schwartz. 'Tire pressure generally decreases over time and as outdoor temperatures go down. 'See your owner's manual for the correct tire pressure. You should monitor your tire pressure at least once per month.' If you're trying to really cut costs at the pump, don't warm up your car before heading out. 'Unless it's extremely cold, most modern cars do not need to be warmed up,' said Schwartz. 'In fact your car will warm up faster with you driving it. Thirty seconds of idling uses more fuel than stopping and restarting the engine.' More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on 8 Ways Smart People Save Money When Buying Gas
