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9 out of 10 consumers cut this spending amid inflation

9 out of 10 consumers cut this spending amid inflation

PeopleImages.com - Yuri A / Shutterstock.com Americans stretched thin by rising prices are looking for ways to reduce their costs by 2022. A recent s

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Americans stretched thin by rising prices are looking for ways to reduce their costs by 2022.

A recent survey of more than 1,000 adults by FNBO (formerly First National Bank of Omaha) found that 40% were determined to increase their savings this year, while a further 30% prioritized debt repayment.

It is difficult to achieve such goals when prices skyrocket. Thus, respondents of the survey take right into their own hands and cut household costs.

The following are expenses that Americans plan to drop this year.

1. Service subscription

Upset woman watching TV
Vadym Pastukh / Shutterstock.com

Respondents planning to cut this issue: 94%

In recent years, millions of Americans have cut the cable TV cord and switched to streaming services. However, to get all your favorite channels, shows, and movies, it is often necessary to subscribe to more than one service.

Maybe viewers have decided they have one too many bills, especially in light of rising costs. Almost everyone in the survey said they plan to cut at least one subscription to a streaming service this year.

Want to save even more? Look at “17 streaming services that are completely free.”

2. Dining

Restaurant residents shocked by high prices
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Respondents planning to cut this issue: 64%

During the worst part of the pandemic, eating out in restaurants was not an option. Things went better last year as restaurants reopened and dining out became fashionable again.

But rising prices may have stifled this return to normalcy, with nearly two-thirds of respondents now planning to cut back on eating out.

If that sounds like a lot of sacrifice, learn about “9 Ways to Save Up to 50% on Your Next Restaurant Meal.”

3. Clothes and personal items

racorn / Shutterstock.com

Respondents planning to cut this issue: 49%

Finding ways to save on clothes never goes out of style. And cutting those costs becomes especially trendy when inflation rises and wallets empty.

Learn how to reduce clothing costs by discovering “10 clothing shopping mistakes that cost you”.

4. Technology upgrades

christinarosepix / Shutterstock.com

Respondents planning to cut this issue: 43%

Today’s technology is rapidly becoming outdated, and newer and better options are constantly emerging.

But upgrading your technology can be expensive. While buying the latest and greatest might be a luxury you can afford in better times, it may be wise to squeeze a little more life out of that phone, computer or TV when prices are rising.

5. Travel

Couple taking a selfie while traveling
Ladanifer / Shutterstock.com

Respondents planning to cut this issue: 40%

As with dining out in restaurants, many of us were all too happy to return to travel once the COVID-19 threat began to subside. But dreams of leaving for distant places were again grounded for 1 in 4 respondents in the survey.

One way to cut your travel expenses is to stop by Money Talks News’ Solutions Center and explore the latest travel deals.

6. Housing expenses

Distressed Homeowners
ChameleonsEye / Shutterstock.com

Respondents planning to cut this issue: 31%

House prices have skyrocketed, especially over the past two years. Rents have also skyrocketed in many places.

Despite these realities, almost one-third of respondents are determined to cut their housing costs this year.

If they discover the secret to finding more affordable living quarters, they will hopefully share it with the rest of us.

7. Gym membership

Woman exercising at the gym with weights
Bojan Milinkov / Shutterstock.com

Respondents planning to cut this issue: 29%

No matter how tight your budget gets, it’s never a good idea to try to stay healthy. Exercise is an important part of avoiding diseases and chronic conditions.

Fortunately, you do not have to spend on a gym membership. If you want to stay active, there are many ways to do it for free. But if exercising at a gym is your key to staying in shape, look at “7 Ways to Save on a Gym Membership.”

How to go from getting rich to getting rich

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Cutting costs into your monthly budget is a great way to support finances. But if you’re ready to take things to the next level and start building real wealth, sign up for the Money Talks News course Money Made Simple.

This 14-week course offers lessons on a variety of basics about money, including:

  • Budget
  • Banking
  • Credit
  • Taxation
  • Insurance
  • Investment
  • Property
  • Estate planning

Money Talks News founder Stacy Johnson is your guide and teacher for the course. These lessons will give you the tools to manage your money more efficiently so you can build wealth while spending less time getting the results you want.

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