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Prices are high, and people need to adjust their budgets accordingly.
A recentWells Fargo studyexplored the areas where Americans are cutting back their spending to deal with higher costs.
Traveling tops the list.
Between transportation, lodging, activities and other costs, traveling can be very expensive.
If youre feeling pressure from inflation but still want to travel, try adjusting your plans tomore budget-friendly options.
Or, cash in credit card points and other travel rewards to save money.
Being willing to search around can often lead to significant savings.
Like traveling, home renovations are often a want rather than a need.
Americans may be hoping to push renovations to a later date when their budgets are a bit less tight.
After all, the average home renovation in the U.S. is over $50,000.
If you are pursuing home renovations now, pick the most important projects.
The median sales price of a home in the U.S. is now over $400,000.
Plus, mortgage rates are still high at 6.62% for a 30-year fixed-rate mortgage on average.
Together, those factors make buying a home too expensive for many Americans at the moment.
If you still want to buy a home soon, explore assistance programs.
Checklocal, state and national programsso you dont miss any.
Also, shop around with different mortgage providers to get the best rates.
Dont be afraid to negotiate with them.
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