Business
US FED : First Interest Rate Hike Approved In 3 Years To Curtail Soaring Inflation
March 17, 2022
June 12, 2022
Americans are still grappling with the worst inflation in roughly 40 years, and many are changing their spending habits to keep up.
In May, prices were 8.6% higher than they were a year ago, according to the Consumer Price Index report from the U.S. Bureau of Labor Statistics. Some of the biggest drivers were increased costs associated with food, shelter and energy.
In addition, because inflation is so broad-based, people may have to get creative in finding ways to trim their budgets. Ma noted that he’s seen clients cancel some subscriptions, as well as change their grocery shopping lists — from buying more generic items instead of brands to swapping pricier steak for less-expensive chicken, or even foregoing meat entirely.
The good news is that many consumers are already making the spending changes they need to adjust to rising prices.
More than half of Americans said they’re willing to try new brands of food and drinks, cleaning supplies and personal care products to keep costs down, and about a quarter have already made a switch, according to the Toluna survey.
Bringing in extra money
At the same time, if you’re having trouble cutting costs, it’s also a good time to see if you could potentially make more money, Ma said.
That means considering switching jobs in the red-hot market or launching a side hustle that could bring in some extra money to help you balance spending.
