WILKES-BARRE TOWNSHIP, LUZERNE COUNTY (WBRE/WYOU) — There is no denying that rising prices have made for uncertain times in many households.

A new study finds the slumping economy is changing the way many of us approach our spending and saving habits.

Mark Christian is armed with something he just bought from Barnes & Noble at the Arena Hub.

“It’s a book about the spying on our phones, computers,” said Christian.

He hasn’t bought a book in some time.

“I used to buy two, three books a month. Today, first time now in three, four months so I’ve really cut down on even buying my books,” Christian explained.

Christian is not the only one trying to cut down on spending according to a new study by Fidelity Investments. The reason? Record high inflation.

“It was the top financial setback in 2022 and it remains the top concern for 2023. And economic uncertainty is also really high on the list,” said Stacey Watson, Senior Vice President of Life Events Planning at Fidelity Investments.

Watson says Fidelity’s Financial Resolutions survey revealed something startling.

“For the first time in the 14 years that we’ve been doing this study, we’re seeing that more people are saving for the short term than the long term,” said Watson.

43 percent of people polled blame it on inflation’s impact on day-to-day expenses.

Many of us resolve at the start of a new year to save more and spend less and while that may be easier said than done Watson says it makes it all the more important to take a hard look at where your money is going.

You may be surprised at the amount of ways you are wasting your money including subscriptions you don’t use or channels you don’t watch. When it comes to credit card debt.

“Try to pay a little more than the minimum on your credit card. That’s a great way to bring down your debt in a fraction of the time,” Watson said.

And help make 2023 the year of living sensibly.

“Saving a little or paying down debt even in a small amount can really have a big impact not only on your financial well-being but also on your emotional well-being,” said Watson.

More than 3,000 adults took part in the online survey from ages 18 to 76.