HomeMy WebLinkAboutThe Goderich Signal-Star, 1985-12-04, Page 45rrious fhlanciai pro-
istlnas
►f year, say
:. e: llsul t it ,end up paying
Ch> iss b thrioti►gl► till Easter,"
says Aar n Rowan at the Ontario Ministry of
Coasurn "rand, al Relations.
"We a�kiow ow tough it can be to have
overt, our credit. aut. it can be
disasterous for families already living On
the edge (do tight. budget. And it's a difficult
trap for most people to escape."
If they spend the first part of each year
paying off debts from the previous
Christmas, families can't save any money
towards gifts for the coming holiday season,
Rowan explains. And because many
Christmas expenses are paid with credit,
the interest charges add to the burden.
Every year, the number of people seeking
free financial advice from Ontario's Credit
Counselling Services increases during the
post -Christmas season.
"The back -to -school season and
Christmas are the two busiest times for us,"
says Ronald Mason, Executive Director of
the Ontario Association of Credit
Counselling Services. "Christmas is often
the icing on the cake for families who have
been experiencing financial trouble
throughout the year."
. Anyone having serious trouble with debts
might benefit from a trip to the local
counselling office before Christmas hits.
The numbers are listed in the phone book,
under "Credit Counselling."
For consumers who are not in serious
debt, a bit of cost-cutting along with a com-
mon
sense budget might do the trick, says
Rowan.
Creative suggestions for ways to save
money on gifts abound at this time of year.
Some families pick names to decide who will
exchange gifts, cutting down on the number
of presents required. Others give friends
and relatives personal "coupons", offering
their help on chores such as house cleaning
or car washing. A coupon might read,
"Good for one lawn mowing session." A
book of six coupons costs little more than
your time and can be a much -appreciated
gift.
Regardless of the amount you manage to
save by being creative and shopping
carefully, Christmas will cost money.
"The only way to make Christmas affor-
dable and avoid overspending is to know
how much you can afford," says Rowan.
"For example, if you've got $100 left after
buying food, paying the rent and taking care
of all the necessities, then that's all you
should spend on Christmas this year. That's
really the bottom line."
"Once you overspend, you could find
yourself in that trap for years to come -
always paying off debts and never being
able to save for next Christmas."
Mason agrees, adding that, "budgeting is
the only practical way to manage Christmas
expenses."
After calculating a total gift budget, set
aside 10 per cent, Mason suggests. Divide
the rest by allocating a certain amount to
spend on each person.
"The ten per cent you set aside can be us-
ed on things you've forgotten about ... I
always forget something," says Mason.
The ministry has produced a brochure
called Credit and You, offering information
on handling loans and credit cards
throughout the year. For copies or informa-
tion about other consumer issues, contact
the Consumer Information Centre, 555
Yonge St., Toronto M7A 2H6; (416) 963-1111
or (toll free) 1-800-268-1142. Residents with
an (807) area code can call the (416) number
collect.
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