Inflaton today is a big financial devil & you should not scared of it & think to be a cost cutting by curtailing your basic needs. But think positive & give tough fight by working more smartly & earning more.
Although the policy of "Run saved is as good as Runs scored should not be fully ruled out" as the expenses on entertainment, Lavish shopping , restaurants, Multiplexes should definately be curtailed.
We prefer to buy AC @ 18000/20000 instead of spending 20000 on vacation at Mahabaleshwar. As AC will give us Cool comfort for full year not Mahabaleshwar.
