How to Save $70 per Month on Gas?

David Sung | July 25, 2011

A little over a month ago, we posted a blog called 5 Practical Tips for Saving on Gas this Summer. One of the tips we included in that blog post was the concept of putting away $5 bills for the purpose of saving extra money.  But we didn’t just stop there. Because the Cash Store wants to be known for posting responsible blog content, we decided to test this tip out for ourselves and recruited one of our very own team members, yours truly, to hoard $5 bills over the course of a month.

Parameters

During my 4 week test period, I kept about $30-$50 in cash on me at all times and took out extra cash if I ever dipped below the $30 mark. I tried my best not to do any extra spending or to reduce my spending. I simply kept my normal, everyday routine and stashed away every $5 bill that I ran across.

Findings

First of all, I would like to cut to the chase and report that I was able to save $70 in $5 bills within the 4 weeks. Not only was I surprised at the amount of money that I saved, I was more surprised at how much this experiment made me aware of my daily spending habits. Just a week into the experiment, I began to notice that I had a coffee addiction and a mid-afternoon snacking problem. I also began to notice the amount of money I was spending on lunches. Small amounts spent here and there every day really added up over the course of the month. In the end, the best thing I got out of this whole exercise was the realization that I needed to be more disciplined when it came to spending money.

Conclusion

In our original gas saving blog post, we stated that stashing away $5 bills was a good way to save for gas expenses. In that regard, this exercise did work because I was able to save $70 which would be good for a little less than 2 full tanks of gas for my car. In the long run, however, I wouldn’t recommend doing this on a regular basis because the beauty of this exercise was in the novelty of it. My gut feeling tells me that if saving $5 bills was just another part of my daily routine, I would get use to it and simply spend the extra cash. So what’s my final conclusion then? - employ the $5 bill savings plan when you need to save up for a special occasion. This way, you keep alive the novelty aspect of the exercise while enjoying the benefits of having that extra cash.

More Articles

Four Tips to Make Securing Loan Approval Quickly and Easily

Stressing about applying for a loan? Here are some tips and tricks to prepare yourself for applying and make securing instant loan approval easy.

Read More >

What Does a Financial Advisor Do and Why Do You Need One?

What does a financial advisor do? Learn more about these essential financial professionals and how they can help you improve your short and long term financial situation.

Read More >

Separating Check Cashing Myths from Reality

Check cashing gets a bad rap, largely due to media portrayals & cliches. This blog dives into separating check cashing myths from reality to give you a more accurate picture.

Read More >

Trusted provider of cash loans since 1996

1-888-950-2274

Connect With Us

Loan Amount is subject to loan approval. Loan terms and availability may vary by location.  Approval rate based on complete applications received across all Cash Store locations. Customers can typically expect to receive loan proceeds in less than 20 minutes; however, processing times may vary. Loans / Advances are provided based on approved credit. Each applicant for credit is evaluated for creditworthiness. Vehicle is subject to evaluation for title/auto equity loans.

Please see the Licenses and Rates page for additional product details.

Cottonwood Financial offers consumer credit products that are generally short-term in nature and not intended for long-term borrowing needs.

In Texas, Cash Store is a Credit Services Organization and Credit Access Business. Loans are provided by a non-affiliated third-party lender. Please see the Licenses and Rates page for links to Consumer Disclosures and choose the one for the product and amount that most closely relates to your loan request.

Customer Portal residency restrictions apply. Availability of funds may vary by financial institution.