Blunting the impact of fast-rising consumer prices likely won't be easy or feel good, financial advisors said.
"It's all those little decisions that add up at the end of the month," Bert said.
There's often less flexibility to cut fixed expenses, meaning nonessentials are the budget area where households likely have to make cuts if they want to save money, Maloon said. Americans can also consider substitutions: traveling somewhere closer to home instead of a more expensive vacation destination farther away, or staying at cheaper lodging, for example. Or, perhaps getting a haircut every eight to 10 weeks instead of every six.
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