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Question about inflation and my idea about how to handle it. Electrical Engineer here,so please bear with me if I use non economics terminology.

So as we see the prices are going up for everything.

I intend to fight inflation by adjust my finances by ordering Pizza once every 3 weeks rather than every week. I will not be buying new sneakers from Amazon but just use the sneakers I have for a few more years. No new Gym equipment. More entertainment watching free youtube rather than pay for videos. My Samsung galaxy will not be replaced by another newer samsung galaxy. I will keep the heated blanket that I have rather than buy a new one in the fall.

Yes, my consumer lifestyle will change and I will refuse to buy 'comfort' stuff like new sneakers, a new phone, a new TV etc.

Is what I plan on doing financially wrong ? Could it come to haunt me later?

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    This is a personal finance question and not an economics question.
    – user253751
    May 19 at 16:01
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    The sneakers part will very likely haunt you later in a way of damaged knees and lower back pain. Never try to save pennies on your physical or mental health, it will cost you more down the road.
    – littleadv
    May 19 at 17:05
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    There are a number of options in response to increased prices. One is to buy less; one is to earn more, one is to save less, one is to go into debt (or eat into your savings). Which one you do depends on your situation. May 19 at 17:32
  • Greetings, fellow electrical engineer. :) May 19 at 17:37

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Adjusting your lifestyle to reduce your expenses is a great thing to do to save money. You have listed some common things that people do to reduce their expenses:

  • Cooking more at home and reducing ordering food out
  • Maintaining the equipment you have rather than buying new
  • Making your clothing last longer
  • Reducing entertainment expenses by taking advantage of free entertainment options
  • Avoiding the temptation to buy the latest and greatest technology

Lots of people do these things and more to save money even in times of low inflation. Some people find themselves with a reduced income, and need to reduce their expenses accordingly. Others decide on new financial priorities and reduce their expenses to either get themselves out of debt or to save for a particular goal (house, college education, etc.) There is nothing unusual about reducing your expenses.

Why would it haunt you later? If you drop Netflix and then months later you find that you can't live without Stranger Things, you can always subscribe again. If you keep your sneakers until they have holes, there will still be sneakers available for sale when you are ready.

Besides saving money, freeing yourself from the need to maintain appearances and "keep up" with your neighbors can improve your mood and your outlook on life.

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