Tips for dealing with higher prices as inflation rises

You may be changing your spending habits to adapt to the price increases on just about everything from groceries and rent to gas.

The Labor Department said consumer prices in May increased by 8.6% from where it was a year ago. Making the inflation rate the highest it has been since the 1980s in the U.S.

"Inflation is not going away, you know, anytime soon," said financial advisor and owner of Eureka Wealth Management, Matt Davis.

Davis suggests tracking your spending to find what expenses you can cut out. 

"All that travel, streaming services, things that you really can live without," said Davis. "Then put my money somewhere else that might be more impactful for your financial picture."

You also might want to watch out for those marketing emails flooding your inbox. They may be tempting you to buy things you don't need.

"Right-click on it and click unsubscribe and you're done. You know, it's the traps, those are the traps," said Davis.

If you're looking to put money back into your budget, consider selling unused items.

"'I don't need material stuff so now's a great time to remove the clutter... There's lots of yard sales out there," said Davis.

About 90% of Americans are worried about food prices, according to a survey conducted by The Harris Poll on behalf of Alpha Foods. 

According to the survey, how are Americans adjusting their spending habits?

• 52% taking fewer trips to the grocery store
• 45% shopping generic brands or store labels
• 40% entertaining at home instead of going out to eat
• 33% buying in bulk

A LendingClub report says 58% of Americans are living paycheck to paycheck. Making it complicated for some people to make an emergency fund or add to their savings. That's the case with valley local Alex Malin.

"The biggest resource that I've found for essentials and stuff like that is going online on buy and sell groups. A lot of people are getting rid of stuff," said Malin. "I definitely used to buy a lot of clothes. I've had to cut back on that a little bit."

Malin is a food delivery driver and is strictly only spending on what they need. With grocery trips getting more expensive, Malin relies on saving hacks. 

"I tend to buy in bulk what I need. Hopefully, it lasts me the whole month," said Malin. "When I go to buy food, I will pick like three or four things that I know I can make into a bunch of different meals."

Valley resident Steve Rodondi sums it up best saying savings are in the details.

"That's what it comes down to: spending can get out of control when you're not paying attention," said Rodondi.