How to beach on a budget

Summary

Summary of "How to Beach on a Budget" - The Indicator from Planet Money

Episode Release Date: July 24, 2025
Host: Adrienne Ma and Robert Smith
Duration: Approximately 10 minutes

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Introduction: Federal Reserve's Challenging Summer

The episode opens with hosts Adrienne Ma and Robert Smith discussing the tumultuous period faced by the Federal Reserve. President [00:16] has been openly critical of Fed Chair Jay Powell, even going as far as labeling him a "numbskull." Additionally, the White House is scrutinizing the Fed's historic headquarters remodel, which has exceeded its budget. Despite these challenges, the Federal Reserve remains diligent, as evidenced by the timely release of the latest Beige Book.

Notable Quote:
Robert Smith [00:16]: “Right, the president has been on the attack, calling the Fed chair Jay Powell a numbskull.”

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The Beige Book and the Beige Awards

Adrienne Ma highlights the significance of the Beige Book, officially known as the Summary of Commentary on Current Economic Conditions, which provides a comprehensive overview of the American economy. The hosts emphasize the importance of dissecting this report to uncover insightful and sometimes humorous economic indicators.

Robert Smith introduces the concept of the "Beige Awards," an annual recognition given eight times a year to the best regional economic stories compiled by the 12 Federal Reserve regional banks.

Notable Quote:
Robert Smith [00:59]: “It's the Beige Awards, our eight times a year salute to the art and science of telling stories about the economy.”

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Runner-Up and the Quest for the Winner

The Minneapolis Fed secures the first runner-up position with observations that consumers are financially stretched, exemplified by a Montana salon owner reporting that customers are increasing the intervals between haircuts.

Notable Quote:
Robert Smith [03:27]: “Quote, a Montana salon owner reported that customers were extending time between haircuts. I will admit, Adrienne, I have done that sometimes.”

Adrienne Ma playfully suggests that the frequency of "shaggy" hairstyles could serve as a novel indicator of economic stress.

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Award Presentation: A Ben Franklin Twist

Unexpectedly, the Philadelphia Fed is unable to attend the award ceremony. According to the Beige Book rules [05:14], in such cases, the award is presented to the most famous person from the region. After humorous deliberation, a Ben Franklin impersonator, portrayed by Mitchell Kramer, accepts the award on behalf of Philadelphia.

Notable Quotes:
Mitchell Kramer as Ben Franklin [06:17]: “One must remember that by failing to prepare, you are preparing to fail, of course. And so the most important thing is to protect one's money.”
Robert Smith [07:06]: “I don't mean to shock you, but we swim as God intended us. I have never been ashamed of the natural form.”

This whimsical presentation underscores the theme of thrift and economic prudence.

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Practical Insights: Budget-Friendly Beaching

The episode shifts focus to real-life applications of the Beige Book's findings. Robert Smith reports from Long Branch, New Jersey, illustrating how consumers are minimizing expenses during beach vacations. Families like Murad Mejid's are opting to cook their own meals and avoid costly boardwalk attractions to stay within budget.

Notable Quotes:
Murad Mejid [08:21]: “We got fried chicken and my cola. We guide sweet tea, and we have macaroni and tuna salad.”
Murad Mejid [08:38]: “They already know how we do it. Everything is right here. He don't need to go nowhere else.”

Additionally, Alex Kulis, a small business owner selling scented candles at Artiscent at Pierre Village, observes a decline in sales correlated with consumers' tightened budgets.

Notable Quote:
Alex Kulis [09:24]: “We've certainly seen people walking by with more lunch boxes than usual. There is definitely an air of we want to spend less money.”

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Conclusion: Embracing Thrift and Economic Resilience

The episode wraps up by reinforcing the overarching theme: in times of economic uncertainty, both institutions like the Federal Reserve and individuals adjust their behaviors to conserve resources. Whether it's extending the time between haircuts, preparing meals at the beach, or small businesses adapting to reduced consumer spending, the Beige Book serves as a valuable tool for understanding and navigating economic challenges.

Closing Remark:
Robert Smith [07:46]: “If our listeners are still looking for a good vacation option for this summer, I have a suggestion. Come see Planet Money live in Brooklyn on August 18th at the Bell House.”

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Production Credits

This episode was produced by Corey Bridges, engineered by Single Alfredo, with fact-checking by Julia Richie and editing by Kate and Kenneth.

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Note: The episode avoids advertisement segments and focuses solely on the informative and entertaining content related to economic indicators and practical budgeting tips for vacations.

Transcript

[NPR]

Npr.

[Adrienne Ma]

It has been a hard summer for our nation's central bank, the Federal Reserve.

[Robert Smith]

Right, the president has been on the attack, calling the Fed chair Jay Powell a numbskull. It's a quote. And the White House is looking into a remodel of the Fed's historic headquarters, which ran over budget.

[Adrienne Ma]

I wouldn't blame the staff for wanting to take a vacation right now, but they're clearly still hard at work. Last week, right on schedule, the Federal Reserve published the Summary of Commentary on current Economic Conditions, better known as the Beige Book.

[Robert Smith]

And so if the Fed can work through the noise and do their job, we can work through the noise and.

[Adrienne Ma]

Do our job, which is to read the Beige Book cover to cover and find stuff we think is provocative, informative and even a little bit funny, you.

[Robert Smith]

Got to keep that sense of humor. It's the Beige Awards, our eight times a year salute to the art and science of telling stories about the economy. I'm Robert Smith.

[Adrienne Ma]

And I'm Adrienne Ma. The most recent Beige Book shows Americans are finding ways to spend less money, including on their vacations. On today's show, you might just learn a few tricks to do holidays on the cheap.

[Robert Smith]

A penny saved is a penny earned. Wait, who said that? After the break.

[NPR Sponsor]

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[Robert Smith]

I always like to remind everyone how this awards show works. There are 12 regional banks in the Federal Reserve System. Each one studies their local economy and writes stories about it. In the Beige Book, we give awards to the best ones.

[Adrienne Ma]

The first runner up comes from the Minneapolis Fed. They were writing about signs that perhaps consumers are stretched thin.

[Robert Smith]

I'll read it. Quote, a Montana salon owner reported that customers were extending time between haircuts. I will admit, Adrian, I have done that sometimes.

[Adrienne Ma]

I didn't want to say anything, but I have noticed. Robert.

[Robert Smith]

Little shaggy.

[Adrienne Ma]

This could be a new indicator for us to measure economic stress. You know, how shaggy are people getting? Are hat sales going up as people save money on haircuts?

[Robert Smith]

Everything can be an indicator if you look hard enough.

[Adrienne Ma]

That's right. But not every indicator can win the big prize today. The envelope, please. And the Beijing goes to the Philadelphia fan.

[Robert Smith]

Coming to the stage is. I don't see anyone.

[Adrienne Ma]

Coming to the stage again, the Philadelphia Fed.

[Robert Smith]

Adrian, I'm getting a note here. The Philadelphia Fed can't make it.

[Adrienne Ma]

Can we. Can we cut the music? Robert, what do we do right now? This has never happened before.

[Robert Smith]

We gotta go get the rule book.

[Adrienne Ma]

Okay, I'll be right back.

[Robert Smith]

Okay. While Adrian gets the official rules, I will read you part of Philadelphia's winning entry. The Philly district, you should know, includes New Jersey. And they see some signs that consumers traveling there are getting a little tight on money. Here's the quote. Contacts reported high traffic counts at the Jersey Shore, Delaware beaches and Poconos, but noted weaker hotel demand and lower spending by travelers. Contacts explained that people were looking for ways to save, such as waiting for discounts and preferring short term rentals that offered space to prepare meals in an effort to eat out less. Woo.

[Adrienne Ma]

This book is heavy.

[Robert Smith]

Page 497, I think.

[Adrienne Ma]

Here we go. Oh, okay. If a regional Federal Reserve bank cannot accept the award, it must be given to the most famous person from that city. So I guess in this case. What is that? Taylor Swift?

[Robert Smith]

Yeah. Slightly different part of Pennsylvania, I think. What about Will Smith, The Fresh Prince?

[Adrienne Ma]

He moved to California.

[Robert Smith]

Huh? Philadelphia. Famous. Got it. Got it. I know the perfect guy.

[Mitchell Kramer]

Robert. My name is Dr. Benjamin Franklin and you may call me Ben.

[Robert Smith]

And just to make this clear, you are in Philadelphia as we speak.

[Mitchell Kramer]

I am in Philadelphia. Though I have traveled back and forth across the ocean, I am currently in Philadelphia.

[Adrienne Ma]

Just to make this clear, this is Mitchell Kramer, who's a Ben Franklin impersonator. He gives tours around the city and even officiates weddings.

[Robert Smith]

Mitchell agreed to accept the Beiji Award in character. And so we're talking now to Benjamin Franklin, the founding father. He lectured us a little bit on the importance of thrift in our lives.

[Mitchell Kramer]

One must remember that by failing to prepare, you are preparing to fail, of course. And so the most important thing is to protect one's money.

[Robert Smith]

Were you personally thrifty, or did you enjoy your wealth when you went on vacation?

[Mitchell Kramer]

Oh, that's a very good question. I tried very hard to live as a thrifty person. And because by my nature, I am not thrifty, I created some sort of tricks. One was to forego meat and become a vegetarian in order to save money to spend it on things that I thought were more valuable, like books.

[Robert Smith]

I know that you, Ben Franklin, were a big swimmer. Our winning beige book entry is about the. When you went swimming, did you wear one of those? I picture, like the striped unitard bathing suits.

[Mitchell Kramer]

I don't mean to shock you, but we swim as God intended us. I have never been ashamed of the natural form.

[Robert Smith]

Letting it all hang out. I love it. I wanted to present you with this Beiji award on behalf of the Philadelphia Fed. You are the most famous person we could think of in Philadelphia.

[Mitchell Kramer]

You could think of. Thank you for that caveat.

[Robert Smith]

We worked on it for a while.

[Adrienne Ma]

So the Philadelphia Fed won for its beige book entry about people finding ways to save money at the beach. Eating out less, waiting for discounts. Perhaps, Robert, you could say they were just living the Ben Franklin lifestyle. With more clothes, I imagine.

[Robert Smith]

Only one way to find out. Adrian. It is a blue sky Sunday at Long Branch, New Jersey. It is perfect. As the beige book noted, you can see some signs of lower spending. I see a lot of empty lounge chairs. Those are the ones you have to pay for. The cheapskates are on towels with boxes of Costco pizza and homemade snacks. Murad Mejid brought his family here on the train from Newark and plans on spending almost nothing today.

[Murad Mejid]

Cook your own food at home. Bring coolers and you'll be good.

[Robert Smith]

What's on the menu today?

[Murad Mejid]

We got fried chicken and my coola. We guide sweet tea, and we have macaroni and tuna salad.

[Robert Smith]

He had his kids with him, and he says the big secret is keeping them away from the boardwalk and all those expensive ice cream stands.

[Murad Mejid]

They already know how we do it. Everything is right here. He don't need to go nowhere else.

[Robert Smith]

Murad says he's always frugal, but with prices so high. He is prioritizing his spending now.

[Murad Mejid]

Little things like this, I make sure we keep it in budget. So when we go on big vacays, I have enough.

[Robert Smith]

Up on the boardwalk, there are plenty of temptations. The aperol spritzes are flowing. The carousel is ready.

[NPR]

Come on down, my friends.

[Alex Kulis]

My name is Alex Kulis and we're here at Artiscent at Pierre Village in Long Branch. We sell scented candles.

[Robert Smith]

Alex and his mom used to work in the fragrance industry, but for the last few years they've been building their small business that creates custom candle scents paired with unique artworks. Alex says he has noticed it's been a bit slower lately, at least on Sundays.

[Alex Kulis]

We've certainly seen people walking by with more lunch boxes than usual. There is definitely an air of we want to spend less money.

[Robert Smith]

Have you figured out what makes for a good day for candles and what makes for a bad day here at the beach?

[Alex Kulis]

Interesting question. It's very difficult to find trends. There's a small group that's walking by our table right now and they're walking by. Is that because they're worried about their wallets? We don't know. So all we can do is the best we can.

[Robert Smith]

I will say if you have to have a slow day at work, there is no better place than looking out at the water on the Jersey Shore.

[Adrienne Ma]

Okay, now, Robert, you're just rubbing it in.

[Robert Smith]

You will get the assignment next time, Adrian, I promise.

[Adrienne Ma]

Yeah, yeah.

[Robert Smith]

If our listeners are still looking for a good vacation option for this summer, I have a suggestion. Come see Planet Money live in Brooklyn on August 18th at the Bell House. There will be storytelling, a tribute to unsung economic heroes, and a trivia contest to crown a valedictorian of Planet Money Summer School. Click the link in the show notes to get Tickets. That's Monday, August 18th at the Bell House in Brooklyn. Planet Money plus supporters get 10% off.

[Adrienne Ma]

This episode was produced by Corey Bridges and engineered by Single Alfredo. It was factored up by Julia Richie. Kate and Kenneth is our editor and the indicators of production of npr.

[NPR]

This message comes from Warby Parker. What makes a great pair of glasses at Warby Parker? It's all the invisible extras without the extra cost, like free adjustments for life. Find your [e-mail] or visit one of their hundreds of stores around the country. This message comes from Bombas. Socks, underwear and T shirts are the top three requested clothing items by people experiencing homelessness. Bombas makes all three and donates one item. For every item purchased, go to bombas.com NPR and use code NPR for 20% off. This message comes from Mint Mobile. Mint Mobile took what's wrong with wireless and made it right. They offer premium wireless plans for less and all plans include high speed data, unlimited talk and text, and nationwide coverage. See for [e-mail] Switch.