Americans stretched thin by rising prices are looking for ways to cut their costs in 2022.
A recent survey of more than 1,000 adults by FNBO (formerly First National Bank of Omaha) finds that 40% are determined to increase their savings this year, while an additional 30% have prioritized paying off debt.
Achieving such goals is difficult when prices soar. So, survey respondents are taking matters into their own hands and cutting household costs.
Following are expenses Americans plan to ditch this year.
1. Streaming service subscription
Respondents planning to cut this expense: 94%
In recent years, millions of Americans have cut the cable TV cord and switched to streaming services. However, to get all your favorite channels, shows and movies, it often is necessary to subscribe to more than one service.
Perhaps viewers have decided they have one too many accounts, especially in the face of rising costs. Nearly everyone in the survey said they plan to cut at least one subscription to a streaming service this year.
Want to save even more? Check out “17 Streaming Services That Are Completely Free.”
2. Eating out
Respondents planning to cut this expense: 64%
During the worst part of the pandemic, eating out in restaurants was not an option. Things got better last year, as restaurants reopened and dining out became fashionable again.
But rising prices may have nipped this return to normalcy in the bud, with nearly two-thirds of respondents now planning to cut back on dining out.
If that sounds like too much of a sacrifice, learn about “9 Ways to Save up to 50% on Your Next Restaurant Meal.”
3. Clothes and personal items
Respondents planning to cut this expense: 49%
Finding ways to save on clothing never goes out of style. And cutting those costs becomes especially trendy when inflation surges and empties wallets.
Learn how to trim clothing costs by discovering “10 Clothes Shopping Mistakes That Are Costing You.”
4. Technology upgrades
Respondents planning to cut this expense: 43%
Today’s technology becomes dated fast, and newer and better options emerge all the time.
But upgrading your tech can be expensive. While buying the latest and greatest might be a luxury you can afford in better times, squeezing a little more life out of that phone, computer or TV can be wise when prices are on the rise.
Respondents planning to cut this expense: 40%
As with dining out in restaurants, many of us were all too happy to return to traveling once the COVID-19 threat began to subside. But dreams of jetting off to far-flung locales have been grounded again for 1 in 4 survey respondents.
One way to cut your travel costs is to stop by Money Talks News’ Solutions Center and explore the latest travel deals.
6. Housing expenses
Respondents planning to cut this expense: 31%
Home prices have been soaring, especially over the past two years. Rents also have skyrocketed in many places.
Despite those realities, nearly one-third of respondents are determined to cut their housing costs this year.
If they discover the secret to finding more affordable living quarters, hopefully they will share it with the rest of us.
7. Gym membership
Respondents planning to cut this expense: 29%
No matter how tight your budget becomes, it is never a good idea to cut corners on staying healthy. Exercise is a key part of avoiding illness and chronic conditions.
Fortunately, you do not need to splurge on a gym membership. If you want to stay active, there are plenty of ways to do so for free. But if working out at a gym is your key to staying in shape, check out “7 Ways to Save on a Gym Membership.”
How to go from getting by to getting rich
Cutting costs in your monthly budget is a great way to shore up finances. But if you are ready to take things to the next level and truly begin building wealth, enroll in the Money Talks News course Money Made Simple.
This 14-week course offers lessons about an array of money basics including:
- Real estate
- Estate planning
Money Talks News founder Stacy Johnson is your guide and teacher for the course. These lessons will give you the tools to manage your money more efficiently so you can build wealth while spending less time getting the results you want.
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