Adjusting for Inflation? Here’s What You Can Do About It

People shop at a grocery store in New York City on May 31, 2022. Samira Bouaou/The Epoch Times

Investors responded to the consumer price index (CPI) soaring to a 40-year high of 8.6 percent in May, topping market forecasts of 8.3 percent. Yet adjusting for inflation, retail sales have barely budged. These are all signs of increasing financial pressure on the consumer, and if it wasn’t for the strong job market, this trend would be particularly worrisome.

Ten Steps to Take to Reduce Your Spending

Here are 10 ways you can decrease your spending, perhaps by as much as half your current monthly rate:

1. Restaurants

Not only have restaurant meals rocketed in terms of price, but many are tacking on additional fees they call “noncash adjustments,” or “kitchen appreciation.” This troubling inflationary trend is mostly showing up at restaurants hit by higher food prices and wage pressures.

Most servers still expect to receive a 20 percent tip on top of all these charges. Even Mastercard and Visa have recently raised transaction fees for many merchants. If a meal is $20 in a restaurant, it is likely you can cook a reasonable meal yourself for $5, with purchased fresh fruits and vegetables, whole grains, and lean meats.

2. Car Washes

When I worked in a corporate role, I had my car washed once every week. Today a car wash can run as much as $25. If you find a place that offers a do-it-yourself power wash you can save a lot, and take your car maybe once every couple months, your car will be fine and so will your wallet.

3. Hair Styling

Women generally pay more to get their hair styled, so their savings opportunity is greater. During the pandemic I cut my own hair, and I continue to cut my hair at home. When I told my mother I cut my own hair, she smiled and said, “I’ve been doing that for many years.”