HomeMy WebLinkAboutClinton News-Record, 1987-12-02, Page 535
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Page 23
Set a budget for Christmas spending each year
If decking the halls has you ducking the
bills until April, it's time to take a hard look
at Christmas spending habits, say consumer
experts.
"Unless you look great in red velvet and
make a living working with elves,
Christmas costs you money," says Roberta
Allan of the Ontario Ministry of Consumer
and Commercial Relations. "But it really
isn't necessary to amortize Christmas ex-
penses through till Easter every year. Two
key things can help keep costs under control
— a simple budget and aiew lists. Make that
three things. I forgot determination."
A household budget is indispensable at
any time of year. At Christmas, it can be a
lifeline, Allan says. Unless you know how
much money you can afford to spend, it's a
simple matter to slip into serious debt.
Budgets are basically lists of expenses —
summaries of how much it costs to live
every month. First set out all the necessary
expenses such as the cost of rent or mor-
tgages, insurance, food, and anything else
that cannot be avoided. Expenses for hob-
bies, savings or activities you refuse to give
up should be listed next.
Finally, include costs for extras such as
dining out, entertainment, personal
allowances or anything that could be cut
down or deleted entirely if necessary.
Add up . the total monthly expenditure
and compare it to your net income.
"This will give a good picture of your
financial situation," Allan says. "If you're
already spending more than you make,
Christmas could cause serious problems.
Some people who go into the holidays in this
kind of financial situation end up with debt
collectors at the door or worse."
Credit Counselling Bureaus located
across the province offer free help to con-
sumers facing serious difficulties with
debts. Counsellors can help set up practical,
realistic budgets and debt management pro-
grams. When necessary, they can try to ar-
range loan consolidations and negotiate
manageable payment plans with creditors.
"If you really need help, get it now, in-
stead of waiting for Christmas to put you
over the edge," says Allan. "The number
for the nearest bureau will be listed in your
phone book under Credit Counselling."
Using your budget, figure out how much
you can afford to spend on Christmas
without stretching the payments on for
months.
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"That figure is the bottom line — this is
where the determination comes in. Commit
yourself to holding that line on spending or
you'll be in debt until March again this year.
You'll be back on the merry-go-round —
always playing catch-up and never able to
save for the coming Christmas."
Take 10 per cent of the total "Christmas
budget" and set it aside for unexpected or
forgotten expenses.
Next list all necessary purchases such as
a tree, decorations, wrapping paper, cards,
and any other items that come to mind,
along with approximate prices. Add up
these costs and subtract the total from the
Christmas budget.
The final list should include the names of
everyone who will get gifts from you. Divide
up the remainder of the Christmas budget
for the gifts.
"You might be looking at spending only 25
per cent of your usual Christmas costs, so
you'll have some tough decisions to make,"
Allan says. "Some people may have to fall
off the gift list or maybe you could make a
few presents this year. But ask yourself who
is really going to suffer because you've had
to cut back — you're probably taking it
harder than anyone else will."
Other friends and relatives may well be
trying to cut costs too. Perhaps this year,
everyone would be happy to set a limit on
how much gifts can cost. Some large
families draw names
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