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The current economic reality for consumers has many causes.
For instance, demand for goods is rising while manufacturers and retailers are dealing with supply shortages.
Currently, inflation, as measured by the Consumer Price Index, is at 3.4%.
The governments goal is to keep inflation at 2% or less.
Until that happens, youll likely continue to feel a financial pinch.
Fortunately, you’re free to adjust your spending in several ways to ease the pain.
Keep reading to learn about what theyreno longer buying due to inflation.
Subscriptions
Pucker also critically reviewed her list of subscriptions and canceled those she really didnt need.
Those every-month payments for streaming and magazines can become a lot of money together, Pucker said.
Im buying generic [goods] whenever they are available unless there is a sale on the brand-name version.
Pucker does the same thing and doesnt notice a difference in quality at the grocery store.
[The generic goods] usually taste almost the same, and the savings add up a lot.
New Clothing
Pucker has stopped buying new outfits.
For clothes, I go to thrift stores and use online resale websites.
You find amazing things there, and it is much better for the environment also.
Ive actually started to enjoy the treasure hunt for sweet deals, Pucker said.
Bodge has been on theused clothing bandwagonfor a long time.
Ive always bought secondhand clothing and jewelry, but I am doing so almost exclusively now.
Pucker said, When inflation slows down or becomes stable, people might feel more relaxed about their finances.
This can make them want to spend money like they used to before prices went up a lot.
But some habits formed during the high inflation period might stay.
They are a very good way for us to spend time together without worrying about cooking and cleaning problems.
I discovered that being clever with money does not have to mean sacrificing enjoyment in life.
[Plus], now, saving more and making smart investments are very important priorities for us.
Personally, I am concentrating on increasing my savings to be more ready for whatever happens next.
Also, I have learned some new skills that help me spend less money.
Bodge is all too happy to stay the spending course once high inflation is behind us.
When asked if she would resume buying the things she stopped purchasing, she said, Probably not.
Ive developed these healthy money habits and feel no need to go back to the way things were.
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