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Households can take certain steps to blunt the impact — and most are unlikely to feel good, according to financial advisors.

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First, it’s critical to separate fixed from discretionary expenses, said Madeline Maloon, a financial advisor at San Ramon, California-based California Financial Advisors, which ranked No. 27 on CNBC’s FA 100 list.

Fixed expenses are outlays for essentials such as a mortgage, rent, food, transit costs and insurance, for example. Discretionary costs include spending on, say, dining out or vacations — things people enjoy but don’t necessarily need.

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.

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Households may need to ask questions, Maloon added, such as: Is that new car necessary? Can I buy a used car or a cheaper model instead? Is a home remodel essential or something that can be put on hold and reevaluated at a different time?

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.

They can also reassess monthly subscriptions — to clothing and streaming services, for example — which can often serve as “money drains,” Maloon said. Some may be little-used but continue to suck money from your account each month.

“If you’re continuing to live the same lifestyle, you’re paying more for it,” Bert said.

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