SALT LAKE CITY (ABC4) — It might be a tight holiday season for many Utahns as inflation rates continue to crunch household budgets across the nation.
By tightening those budgets, however, economists tell ABC4 they’ll actually be fighting inflation. Currently, inflation has risen 8% over the previous year, and it’s not stopping any time soon. Mountain American Credit Union Vice-President of Finance Jeremy Blair said start with buying generic items instead of brand names. Set boundaries in your financial life, and try your best not to pile up credit card debt.
“Look for the bargains, look for the discounts,” said Blair. “They are going to be out there this year. There is a lot of inventory still sitting out there that they are going to be looking to unload at some of these retailers.”
Decisions will be tough, but they have to be made: Do you splurge on good eats or on presents? Or maybe flying to see your loved ones?
Utah’s gas prices haven’t fallen as fast as the national average, unfortunately. With the youngest population in the country and more than a third of the population under the age of 18, parents are going to have to get creative with spending this holiday season.
“You do not want to look cheap, but we have to look reasonable,” said Blair. “I always encourage people to be honest and frank with your family. It is a great way to teach your kids about budgeting and it is a great way to teach them how the economy works.”
It’s not just the Christmas season, either. With avian flu spreading through turkey populations, Thanksgiving will be more expensive, too. Over 400,000 turkeys died or were euthanized to prevent the spread of the disease in Utah last month, according to the Department of Agriculture and Food in a press release.