USINESS Wednesday, December 1, 1993 - North Shore News - 47 eeping finances in order over festive season DOLLARS AND SENSE HERE’S A two-step strategy to make this festive scason particularly rewarding — - both financiatly and per- "sonally. STEP ONE: ~ For most people, the days ahead “will see heavy-duty spending. That's great for the merchants and the economy as a whole, But unless you are prepared, your own finances could suffer. Remember all those bills last January and February, just when you were trying to come up with a It doesn’t have to be that way ever again. You still have time to plan ahead so you can sail into the -hew year on a sea of black ink. ._« Sit down now to estimate how ‘much money you plan ~~ or can afford —- to spend on gifts, food and drink; ge: ‘rai entertainment and possibly. a lioliday. Hang on 0 that list showing the breakdown. ‘Decide where the money will. ; | Aaciclety Get the Rest Of Your Cor Painted For ... i's COLLISION SEASON AGAINI IF YOU'VE BEEN “UNFORTUNATE ENOUGH | TOHAVE HAD AN f ACCIDENT, HERE’S - SOMETHING THAT WILL | CHEER YOU UP. MAACO WILLREPAINTTHE — “DAMAGED AREA, AND FOR AS LOW AS $99.00 MORE, MAACO WILL PAINT THE REST OF YOUR CAR. § NOT VALID WITH ANY OTHER “]. OFFER. Vans, tucks ond commvercid vehicle by edimcte, . * Ol Ports, repair & bodywork extra » | - Giass ding exuded come from. Ideally, if you have some savings, carmark that money by depositing it in a special ac- count, using it to buy traveller's cheques or making a note in your chequebook of the total. If you can avoid using credit cards for your holiday spending, do so, Otherwise, every time you use the card deduct the amount from your total. If you want to spend more money than you have saved, either reduce the spending (make gifts, give “personal service’ presents) or look at borrowing ~ but then also plan how you'll deal with that debt. A personal line of credit is usually the cheapest way to bor- row, provided you have the discipline to pay down the debt. Or you could take out a personal loan with a fixed repayment period. Try to avoid running up eredit card balances unless you then plan to use the line of credit or per- sonal loan to pay them off, Every few days, refer to the breakdown you wrote out so you can modify the totals or individual amounts if necessary, Remember, when the money is finished, so is your spending. This ‘‘balauced budget’ ap proach might not be particularly glamorous (call me Scrooge if you like) but this could be one of the best presents you ever give yourself. STEP TWO: Talking about financial credit, take some time out to give yourself personal credit for all the right things you are doing with. your moncy. People who come to see me for financial advice are almost always pleasantly surprised to hear they have done a good job with their money, There are no absolutes. You ‘COME | AND SEE Hi YOU CAN NEW NEW CAREY might never have saved a cent but you raised a family and/or got full value for all the money you spent. You have done as many “right” things in your life as the person who has amassed a for- tune. And you should be just as pleased with your accomplish- ments. Give yourself a holiday gift — which won't cost you anything — a pat on the back for everything you have accomplished. Financially, that could include paying off debts (especiaily if you paid it off faster than originally scheduled), contributing to an RRSP, buying a home (whether your own or revenue property), investing in a mutual fund, mak- ing or updating a will, revising your insurance coverage, starting @ business (sideline or full time), learning how to save income tax by (for example) shifting income to # family member in a lower tax bracket, or dealing with the more sophisticated financial planning areas of incorporation, family &4 If you can avoid using credit cards for your holiday spending, do so. 99 trusts, estate freezes and the like. A single parent who came to see me had settled financially with the former spouse and paid off all debts, was contributing to an RRSP and investing in mutual funds outside the RRSP — and was making a real el'fort to take Ume to enjoy being with the children, You can't score much higher than that. Then there was the couple ap- proaching retirement who worried because the mortgage wasn't paid off yet, and there were no savings, “All our children and their fami- lies come home every Christmas — which is one of the reasons we never have any moncy,”” said the wife, Perhaps, 1 said, raising a What To Do With Meney | Em the 90's Featuring David Ogilvie, B.A. (Econ), C. EP. Great Pacific Management Where: When: Lonsdale Quay Hotel Wednesday, Dec. 8, 1993 7:30 p.m. Learn how you can get a higher after-tax rate of return on your money! (Reserve now for limited seating) RSVP Gordon Bell at 669-1143 family that wants to come home every year has turned out to be a better investment than any finan- cial move you could have made. Mike Grenby is « North Shore-based coluninist and in- dependent financial adviser who works with individuals; he will answer your questions is space allows — write to him c/o The North Shore News, 1139 Lonsdale Ave., North Vancouver V7M 2H4, | INTERESTED IN SAFE] ALTERNATIVES? ‘ Please Call: The North Shore's only - Full Sorvice investmant Fem sr" RBC" ‘ . DOMINION 4 SECURITIES Celebrating 26 years in n business Where Quality is the Difference aye ives oa, ats Me Specializing in: RUBIES EMERALDS SAPPHIRES CEYLON SAPPHIRES PINK & GREEN SAPPHIRES TANZANITE TOURMALINES PEARLS European Designer, Goldsmith, and Gemologist on Premises Book your consultation now! Roland A. Badke, F.C.Gm.A., G.G. Capilano Mali, N. Vancouver 988-5011