People are already hitting stores doing their holiday shopping and finding bargains. But with inflation on the rise it could be a very expensive Christmas.

According to the Bureau of Labor Statistics, overall prices of goods are up 5.4% over this time last year. Double digit price hikes in some foods, heating and gasoline mean people need to budget themselves for the holidays to make sure they don't get lost in debt for the new year.

"If interest rates start going up and you have a higher debt level, you could be paying for this holiday well into the future," said Vic Russell with Apprisen.

Consumer experts say people should adhere to a budget. Never spend more than what you bring in. If you can't stick to that, you might have to do a little extra work.

"Get a little part time job in order to make a little more money to have the holiday that you imagined, but don't get to the point where you have to keep up with the Jones and do what they are doing," said Russell.

Thinking of buying expensive electronics for the holidays? Due to supply issues it might pay to wait.

"If tou are thinking about a big ticket item, you might want to ease up on that a bit. SayI may not do that for the holidays, I'll do that on the down time when the first quarter comes in 2022 and that's when I buy a big ticket item like that," suggested Russell.

And start thinking ahead to next year by setting up what used to be called a Christmas Club.

"Every financial institution has that extra account you can set up to plan for something like the holidays. My wife and I have this check at the end of October. That's what we have to spend for the holidays and we limit ourselves to that amount."