NASHVILLE, Tenn. (WTVF) — Unfortunately, prices for food and travel may force people to think twice about spending this summer, but that doesn't mean you can't enjoy yourself.
Larry Roby, owner of SFA Wealth Management in Murfreesboro, said he typically sees a spike in spending during the summer months.
The Bureau of Labor Statistics reports food prices are up by 7 percent and if you are feeding your kids who are now home for the summer, many families probably are seeing even more of an increase.
However, because of COVID "revenge spending" many people do not want prices to turn down their summer fun. Roby said a lot of people are dealing with balances of several thousand on their credit cards with people thinking to live for the now instead of the future.
So, he suggested people be more mindful of their vacation budget this summer.
"Most people plan for a vacation honestly more than they plan for their retirement," said Roby. "We try to drive home a point, when you're planning for this vacation think about planning for emergency money. Make sure you have that cash for an emergency. As well as some savings for the future."
Roby suggested making sure to plan activities ahead of your trip so you know what you will be spending. Also, consider adding to your budget any purchases you are making for the trip like new clothes and the cost of pet sitting for example.
He also wants to remind people there are plenty of free activities to do right here in Nashville like visiting local parks, keeping an eye out for free events for the whole family and deals on museum entries.
