Business TheReyiew Wednesday, December 16,1992 — A30

sS

Be wary of post-season financial indigestion —

Eat, spend and be merry! But do
try to avoid the Christmas credit
crunch so the new year won’t find
you suffering from financial indi-
gestion.

Truth be known, even Scrooge
Grenby doesn’t always follow his
own advice to stock up on gifts
and decorations at post-holiday
sales for the following Christmas.

Nor does he always set aside
$50 or $500 a month during the
year to fund a $600 or $6,000

spending splurge in December on all your remaining plans. There’s budgeted AMOUN Ss, an the CONDO RESALES
presents, entertaining, new clothes only one rule: you cannot exceed MOREY S BON: YOUR Spon TOWNHOUSES
Over. NEW PROJECTS

and/or perhaps a ski or sun break.

Of course we all want to help
the economy get going again. And
of course we're going to do most
of our spending in Canada, thanks
to our spirit of patriotism (and the
weak Canadian dollar).

As I wmite this, interest rates are
moving up. Hopefully, this will
wam us to keep our finances in the
black as much as possible, and
limit the red ink which threatens to
spill over the ledger around this
time each year.

Cleaning up that red ink will
prove to be an expensive task
unless rates fall back early in the
new year.

Motivate yourself with modera-

tion. To paraphrase part of the
seasonal saying: Yes, Virginia,
there 1s a Spending Pause which
can live happily side by side with
the Holiday Spint.

The key is to stand back from
any spending frenzy that might
threaten to engulf you, to think for
yourself and decide (1) how much
money you are going to spend, and
(2) where that money will come
from.

This should be a strictly individ-
ual (or at the very least, close
family) choice. Resist social pre-
ssures and ““what the (extended)
family expects.”

When you make investments,
you do so for your own reasons. So
when you decide about spending

money, also make this a personal
decision.

Unless you have already com-
pleted all your shopping and other
spending, you still have time to
avoid — or at least minimize —
any credit crunch.

Rather than looking at how
much you plan to spend, first look
at how much you are prepared —
or can afford — to spend. Once
you have set your limit, then go
back to the spending. Wnte down

the limit you have set.

If expenses run over budget (as
they almost certainly will), list
those expenses in order of priomity.
It’s a bit like paring down wedding
guest invitations. You have to
eliminate names of people you’d
like to have until you reach the
reception location’s capacity —
Or, again, your budget limit.

Review your holiday gift list.
You can either cut the number of
individuals or the amount you
spend on each individual — or
both. Is it possible to give some
people handicraft items or your
own (babysitting, gardening, etc.)
services instead of bought items?

Review your entertaining

expense list. Again, what are the
priorities? Can you separate
“wants” (optional) from “needs”
and either reduce/eliminate the
“wants” or at least reduce the
money you spend on these func-
tions?

Once you’ve hammered out a
plan, help yourself stick to it by
putting the allocated money (if
you have it) into a special account,
or buy traveler's cheques up to the

Din
GRA

Be one step ahead and get on my list for
up to date info. on these rare properties. —

INR&SS PROPERTIES 50.517 |

G00D PEOPLE, GOOD SERVICE

Debt is part of life. But don’t let
it spoil your life with an expensive
hangover after the festive season
fades.

FOR ALL YOUR REAL ESTATE NEEDS
CALL 656-0131 (24 HRS)

DAVID OVAN

CARING-RELIABLE-HARD WORKING | 7)
ONE OF THE TEAMAT| =

Contuy,

Saanich Peninsula Realty Ltd.

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