According to data analysis from Bankrate.com's September Financial Security Index, Americans have reduced their spending by 40 percent over the past two months.

On the heels of negative headlines concerning the stock market and the economy, reduction in spending spanned all income groups, with 37 percent of households making $75,000 per year or more cutting back and 43 percent of households making less than $30,000 per year slowing down their spending habits.

"Forty percent of Americans say they have cut back on spending in the past 60 days due to the roller-coaster stock market or concerns about the economy," said Greg McBride, senior financial analyst at Bankrate. "That is how recessions are born."

However, the overall Financial Security Index experienced a slight rebound from its August decline, rising to 93.9 from 92.3.

Consumers who are looking to cut back on their expenditures without sacrificing their lifestyles may want to review their grocery bills. According to Bankrate, families can save money on their food purchases by utilizing coupons, taking advantage of sales items, shopping at drugstores, cooking from scratch, and planning meals ahead. 

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