Typical US household spending $445 more a month due to inflation: How to reduce it

Typical US household spending $445 more a month due to inflation: How to reduce it

Inflation has forced an average American household to pay a whopping $445 more in September.

Consumer prices rose 8.2% in 2022 since last year that's near the highest levels since the 1980s.

Since wages for many workers haven’t kept pace with inflation, people are losing their purchasing power.

However, households can take certain steps to blunt the impact of inflation.

1. It’s critical to separate fixed from discretionary expenses.

While fixed expenses like mortgage, rent and food are essentials that cannot be avoided, you can avoid other luxurious spends.

2. Americans should consider cheaper alternatives like traveling somewhere closer to home for vacations.

3. Reassess monthly subscriptions to clothing and streaming services that serve as money drains.

4. Consumers traveling to work spend a lot on gasoline. You can budget, pay in cash or even sign up for loyalty programs to save