NASHVILLE, Tenn. (WTVF) — From the price of homes to the price of gas, there's no surprise why Metro Social Services have nicknamed 2022 the year of the "Big Squeeze."
All told, with increasing prices, agency officials said the average Nashvillian is 10 to 20% worse off this year than last.
Myles Zueger with the David Adams Wealth Group says there are some things residents can do to lessen the pinch, and it starts with the basics.
"I think the biggest thing is budgeting. People need to know what they're spending, and what their outflows are going to be each month," Zueger said.
It's the small, repeated expenses that Myles says can add up quickly — things that consumers can eliminate from their budget.
"Like going out to eat versus eating in, especially with food costs how they are, its no secret it's cheaper eating at home, or subscription services. Things that only seem like a few bucks a month but add up over time," Zueger said.
And Zueger says, there is a way to counteract the impact of inflation by changing where you keep some of your money.
"One thing people can do, if they haven't, is save for the future to fight inflation, by investing," Zueger said. "Bank accounts are up a bit, but they're still paying next to nothing as far as return on a savings account."