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These are the 6 expenses money experts are cutting back on during inflation – CNBC

So far, 2022 seems like the year of exorbitantly high prices for everything around us — from gas, food and travel to utility and housing costs. Although the latest numbers from August show that inflation has cooled down a bit, it’…….

So far, 2022 seems like the year of exorbitantly high prices for everything around us — from gas, food and travel to utility and housing costs. Although the latest numbers from August show that inflation has cooled down a bit, it’s still record-high and is expected to stay that way through the end of the year.

While many Americans by now have adjusted their spending habits to account for these increased costs, we were curious to see what the experts themselves have been cutting out.

Select spoke to several personal finance gurus about the cost-saving moves they’re making to cope with inflation and asked them to comment on their own spending habits. Here’s what they had to say — perhaps there’s something the gurus are doing to save money that you haven’t thought of yet.

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Groceries

It turns out that nobody is numb to the sticker shock we’ve all seen in the supermarket aisles lately — not even the experts. Like many Americans, they, too, have altered their shopping lists to account for higher costs.

Melanie Lockert, personal finance blogger and author of “Dear Debt,” based on her long-standing blog of the same name, says she’s buying less fish than she typically would at the store and putting a pause on snacks.

Bola Sokunbi, certified financial education instructor, founder of Clever Girl Finance and author of “Choosing to Prosper,” has also become very particular about grocery shopping. With the prices on basic items such as eggs, milk and breakfast meats being higher now, she’s only buying as much as she knows her family will eat without wasting.

“My grocery budget and list are very much focused on the essentials,” Sokunbi says. “The ‘nice-to-haves-but-not-necessary’ are not a priority on my list due to the high costs.” She says she would rather use any extra money to bulk up her emergency savings given the ongoing economic uncertainty, as well as buy into the market to take advantage of the dip.

Marsha Barnes, certified financial social worker and founder of The Finance Bar, agrees about going line item by line item to determine expenses that are nice-to-haves versus need-to-haves. “Getting back to the essentials in this season with business and personal expenses feels refreshing,” she says.

And while Laura Adams, host of the Money Girl podcast, hasn’t necessarily cut expenses during inflation, she says she’s more mindful about buying non-perishable grocery items in bulk through Amazon’s Subscribe & Save program.

“It offers a significant discount for bundling …….

Source: https://www.cnbc.com/select/money-experts-cutting-these-expenses-during-inflation/

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