Money is like current as the name implies "Currency" It keeps moving from one hand to another,  and when you spend (wisely) it gives room for another one to enter. On the other hand, when there is money and price inflation together hitting the economy of a nation, it reduces the purchasing power of the money and makes you spend more, while the last one is to spend according to your income,  be able to differentiate between your needs and wants, with these you can cut unnecessary expenses and spend wisely.
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Distinguishing wants and needs as you said is a good strategy in dealing with inflation, I think in dealing with a situation like this we also need to look for additional income to maintain our financial condition so that it remains stable it is better if we invest so that our financial condition remains under control and choose place that you have control over the investment.