Gift shopping stressing you out? Here are some budgeting tips

SALT LAKE CITY — Picking out the perfect gifts can be stressful, but so is overspending on them. With the combined realities of inflation, debt, and the approaching gift-giving season, the need for a holiday budget is greater than ever for some people. 

According to the Deseret News, a third of the U.S. population is heading into this holiday season with over $5,000 in debt. That can add a lot of stress to an already potentially stressful time. 

But there are ways to think differently about holiday spending. An expert from the USU Extension Program’s Home and Community Department, spokeswoman Andrea Schmutz, said the first thing to do is to change your mindset. 

Related: Budgeting to keep up with inflation? Here are some tips

“A lot of people feel like a budget is restrictive. But if you can shift your mindset and view it more like a road map that’s going to guide you to where you want to go, it might have more of a positive feeling,” said Schmutz. 

Know your limits before you spend

Schmutz said you must know exactly how much money you can spend. She recommends checking your balances before shopping online or in person.

And if credit cards are too tempting for you, Shmutz suggests using a cash system.

“Put cash into different envelopes, When you run out of cash in that envelope, you are done spending in that category,” she said. 

Schmutz said using a pre-paid card can help you stay within your spending limits. 

Planning your gift-giving is another option. Before shopping, write down your gift ideas so you won’t be tempted to overspend.

“A  lot of people will do four gift ideas: Something to wear, something you need, something to read, and something to share, or things like that.” 

In any case, whether you charge your purchases or use cash, Shmutz said you need to be strict with yourself.