U.S. inflation rate for 2022 was 8.00%, a 3.3% increase from 2021. U.S.

inflation rate for 2021 was 4.70%, a 3.46% increase from 2020.

Why cut spending now??? Inflation is above 8% and climbing. The Federal Reserve
has raised interest rate in an effort to slow the economy and bring inflation
under control. If the Federal Reserve succeed then products you plan to purchase
now will be cheaper.
Why cut spending now??? Budgeting/Budget is another way to fight inflation. Monitoring
where your money going/controlling expenses is another way to fight inflation.
Caution rather than a great regret in this inflation crisis.
Keep in mind the Federal Reserve policies will take time to get inflation under
control. In the meantime start your own financial control plan.