Gas Prices Costing You a Fortune? Here's a Good Way to Offset Them
- Gas prices have soared since the start of the Ukraine conflict.
- Cash-strapped drivers can monetize their cars to help compensate by driving for a ride-hailing service or renting out their vehicles.
- A three-month gas-tax holiday could also help ease the burden.
You have some options for easing the pain.
Gas prices have been high for a long time, and while part of that is due to general inflation, part of it also boils down to the impact of the Ukraine conflict. In fact, these days, many consumers are busting their budgets to fuel their vehicles. And while there are tactics you can employ to save money at the pump -- such as using a gas credit card that rewards generously for fill-ups and seeking out cash discounts -- we might still be in for months of hefty gas costs.
If you're tired of having to bear the cost of sky-high gas, one option is to convert your car to a cash source. Here's how.
1. Drive for a ride-hailing company
A lot of people do quite well for themselves driving for a ride-hailing company as a side hustle. If you need a financial boost in light of higher gas prices, it could pay to sign up to do the same. Not only might you earn more money by driving passengers around town, but you can write off the cost of certain expenses, like gas, on your taxes, since that's a cost you're incurring in the course of earning an income.
Plus, driving for a ride-hailing service is among the most flexible side hustles out there. That's because you don't have to commit to a preset work schedule. Instead, you can simply pick up fares when you choose or when you have the time.
2. Rent out your car
Don't need to use your car all the time? You can rent it out and make some money that way. Sites like Turo let you list your vehicle on a car-sharing marketplace. From there, other people can sign up to rent your car securely.
Note that you may need to make adjustments to your auto insurance if you're going to be renting out your car for money. But the good news is that Turo has different plan options you can choose from that include third-party insurance so you can get the protection you need.
Relief is coming, but it may not be enough
Lawmakers are well aware that sky-high gas prices are hurting consumers. The good news is that President Biden recently proposed a three-month gas tax holiday that could save you money on fill-ups during the summer. But that relief is only temporary -- and limited -- in nature. And since we could be in for many more months of soaring gas costs, it could pay to get more creative so you don't wind up miserable, financially speaking.
Using your car as a source of income is a good way to offset today's gas prices, whether by driving people where they need to go or letting people rent out your car. Of course, both options come with drawbacks -- having to put in hours at a side hustle or go without your vehicle for a period of time. But ultimately, they could also put a nice chunk of cash in your pocket. And right now, that's a very important thing to have.
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