McRae: Take a vacation from inflation

By Treasurer David McRae

Summertime is here and that means (hopefully) some summer travel as well! Do you have any getaways on the horizon?

While many are planning some kind of summer vacation, most remain heartily concerned about inflation’s impact. Gas is going to cost more. Flights are going to cost more. Eating out is going to cost more. In short, inflation hasn’t exactly taken a vacation!

With that in mind, I’ve assembled a few tips to save during your next summer getaway.

First and foremost, I encourage you to stay a bit closer to home and enjoy an adventure in Mississippi’s backyard. Catch live music in Biloxi. Enjoy the outdoors in Natchez. Interact with history in Vicksburg. Enjoy the zoo in Tupelo. For more ideas, go to visitmississippi.org.

Regardless of where you go, set a budget before you leave. Knowing the cost of getting there and staying there is something almost everyone does. But what about once you’re there? Set a budget for food, drinks, souvenirs and activities. Doing so before leaving the house will help keep you on track![vitali

If you are worried about your budgeting resolve breaking down while letting loose on vacation, consider using cash rather than credit cards. Experts at NerdWallet point out that doing so means “no math is required – when the cash is gone, you’ve hit your limit.”

Of course, you can take steps to make the vacation dollars go further. Consider packing your own snacks and lunches (eating out all the time really adds up)! You can also look for free activities ahead of time. Going to the beach, hiking, picnicking, camping, and simply enjoying nature can create numerous family memories without breaking the family’s bank!

BankRate.com reports the average week-long vacation in the United States costs $1,991. That’s not cheap. While I know these tips won’t completely wipe out the damage done by inflation, I hope they give you a little more breathing room to enjoy this summer with family and friends.

For more financial hints and tips, visit treasury.ms.gov/FinancialEducation.

Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $85 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.

Note: This article is provided by Mississippi State Treasurer David McRae. Any opinions expressed are those of the author and not necessarily that of this publication.