Two years of high inflation has many Americans shopping in places they wouldn’t normally, scouring for coupons and discounts and learning to do without.
The hit to the average budget is huge: The typical household spent $202 more in July than they did a year ago to buy the same goods and services, tweeted Moody's Analytics chief economist Mark Zandi. "And they spent $709 more (in July) than they did two years ago."
People, especially those with annual earnings less than $100,000, are trying multiple strategies to stretch their dollars, according to the Dallas Fed - from delaying major purchases and medical treatment to decreasing the use of utilities and tapping charities.
Savvy shoppers we talked to offered some of their best strategies to help cope with the ever-increasing costs of everyday life:
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“Saving as much money as you can in this economy will not only ease the burden on your wallet, but the stress that comes with the high costs we are all trying to get used to,” Sossong said.
“The struggle is still real,” Anz said. “We are not out of the problem yet. We are nowhere near.”
Inflation anxiety remains high:Inflation is easing and a risk of recession is fading. Why are Americans still stressed?
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