By Sabrina Karl
New data released Wednesday shows that the inflation rate held steady in July. Relatively speaking, that’s good news compared to June, when inflation bumped 1.3% higher. But for most Americans, it means they’re still feeling a significant pinch on everyday expenses.
Findings from a recent Forbes Advisor/OnePoll survey spotlight where Americans are trimming the fat in order to cope with increased prices, including cost-cutting on food, clothing, and transportation expenses.
More than 6 in 10 survey respondents reported they are dining out less frequently, including almost three-quarters of baby boomers. Almost half (49%) also indicated they are cooking more meals at home to save money on restaurant dining and takeout. Forty-six percent also said they’re using leftovers more often.
Cost-cutting on food is also happening at the grocery store. Indeed, 83% of Americans report they have adjusted their grocery spending. More than half (51%) report they are buying fewer non-essential groceries when they shop, and almost 4 in 10 (39%) say they are buying less groceries altogether.
Meanwhile, 37% say they are using coupons more frequently than in the past. And 17% say they are reducing grocery store expenses by buying less organic foods, while an equal share said they have cut back on alcohol purchases to lower their monthly grocery bill.
Outside of food, more than 40% of respondents indicated they have adjusted their clothes spending by buying mostly on-sale or discounted items and/or by wearing old clothes longer. Similarly, 39% say they are engaging in fewer leisure activities, such as concert and theater tickets.
Reducing driving is another common tactic, with 55% of respondents reporting they have cut back on non-essential journeys. For millennials the share is 50%, while 61% of Generation X adults and 65% of baby boomers say they have actively reduced their driving trips.