PROVIDENCE, R.I. (WPRI) — Whether it’s at the grocery store or paying for utilities, inflation has increased prices significantly.

Those price hikes are making it difficult for many people to save money.

Derek Amy, a financial expert with Strategic Point Investment Advisors, said a common misconception is that the best way to start saving money is by cutting back on smaller purchases.

But “going from Starbucks from Dunkin’ isn’t going to change your financial outcome,” according to Amy.

Amy suggested people take a closer look at the larger purchases they’re making instead.

“It’s the big ticket items like vacations, your car, your house … it’s going to school whether it’s college or a second degree,” he said. “Those are things that end up making a bigger difference.”

Amy said a good rule of thumb is 50, 30, 20, which is when 50% of a person’s paycheck goes toward needs and obligations, 30% is spent on wants and 20% is either saved or put toward debt repayment.

Those numbers can also be tweaked to better fit a person’s budget, according to Amy.

He also suggested considering a career switch.

“How do you get your biggest raise of your life? Sometimes you have to jump from one job to the next,” Amy said.

Amy said another way to save money is to put some cash in a high-yield savings account, which pays more in interest than a traditional one.

When it comes to keeping track of spending, Amy suggested downloading a free app.

“There are so many apps that can help you budget,” he said.