‘Everybody’s hurting’: Even high-income shoppers are turning to Dollar Tree to buy necessities. Are you doing what other Americans are doing in the face of economic uncertainty?

Inflation changing consumption patterns

While wages have kept pace with inflation, many consumers feel the pinch of rising costs and are changing their behavior — whether it’s shopping at discount stores more often or eating out less often.

McDonald’s CEO Chris Kempczinski reports a drop in sales at the fast-food juggernaut as higher prices force families to tighten their belts.

With President Trump’s tariffs causing chaos in the stock market leading many economists to warn of additional price increases, Americans will have to tighten their belts even more..

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How you can respond to rising costs and economic chaos

You can follow the lead of the high-income shoppers that are turning to discount stores like Dollar Tree for some of their purchases.

Here are some additional cost-saving tips:

• Track your spending to eliminate unnecessary expenses.
• Use coupons, buy in bulk and plan meals around what’s on sale at the grocery store.
• Pay down debt and shore up your emergency fund to be better prepared for a recession or a round of layoffs.
• Consider setting up automated savings to have an extra cushion in your bank account for future price shocks.

What not to do? Don’t stop investing, even amid stock market chaos and even if the market sees further declines.

Economic downturns can be a good time to get into the market as shares of stocks and ETFs are relatively low. If you buy and hold stable investments like S&P 500 index funds, your investments are likely to perform well over time.

You might want to talk to a financial adviser to review your goals and adjust your strategy for the current economic climate.

By taking these steps, hopefully you'll be able to continue to thrive despite the tough economy that the CEOs of Dollar Tree and McDonald’s are talking about.