BUSINESS |
Compare your spending habits with others’

HERE’S THE conclusion of our survey of people’s ex-
penses — to help you see how your spending habits com-

pare with those of others.

Tetrad Computer Applications
Ltd. has used census and other
Statistics Canada information to
analyze how 47 different groups
of people spend their money in
dozens of different categories.

Over the past two weeks, we
have looked at groups ranging
from Affluence and Achievement
to Maturing Singles and Couples
with Moderate Incomes.

We have chosen nine spending

categories (the figures shown
below are average annual
amount): (a) personal income tax,
(b> food from stores, (c) food
from restaurants, (d) operating
car/truck, (e) women’s wear, (f)
men’s wear, (g) home entertain-
ment equipment and service, (h)
aicchoi, and (i) interest on per-
sonal loans.
@ Singles and Coupies with Mod-
erate Incomes. Singles (including
lone parents) make up half these
households, and practicaliy all of
this group rent apartments, two-
thirds in highrises. Both partners
of the younger childless couples
tend to work, while the other
couples are empty-nesters.

These people are active shop-
pers and favor convenience goods
and services. They make above-
average use of credit cards and
AMBs (‘‘cash machines”). They
use public transportation and so
are not major buyers of new cars.

(a) $6,655; (b) $3,045; (c)
$1,525; (d) $2,011; (e) $1,021; (f)
$558; (e) $459; (h) $753; (i) $311.
© Young Professional Cliff
Dwellers. These singles and cou-
ples, more than half of whom are
now under 35, are the most likely
to become the next generation of
“Affluence and Achievement’’
(described in this column two
weeks ago).

Michael
Grenby

DOLLARS AND SENSE

About 65% are single without
children, 15% single parents and
20% married (mostly childless).
Most are tenants with 60% living
in highrises. More than 40% have
attended college or university.

Most of the couples are two-
income famities. Mobility is high,
with 7590 moving during a typical
five-year period. These people like
to buy stylish, conternporary con-
sumer products.

They also like convenience
foods and tend to buy quite a few
expensive gifts. And they prefer
imported cars.

(a) $6,557; (b) $2,667; (c)
$1,549; (d) $1,839; (e) $990; (fh
$522; (g) $469; (h) $733; (i) $311.

Some 27% of Canada’s house-
holds — like the following two
groups — are located in rural
areas and small towns. These
people have tower housing costs;
however, generally lower incomes
and larger families limit spending
on discretionary items and

postponeable consumer durables
like cars.

@ Pensioners. (a) $6,383; (b)
$4,212; (c) $1,052; (d) $2,831; (e)
$902; ({) $656; (g) 3477; Ch) $702;
(i) $346.

@ Maturing Biue Collar. (a)
$6,525; (b) $4,163; (c) $1,048; (d)
$2,865; (e} $940; (f) $664; (g)
$499; (h) $733; (i) $368.

Normal people relax with a
novel. Financial fanatics turn to
tax-saving treatises. Judging from
my reading habits lately, during
this RRSP and income tax time of
the year, I guess [ fall into the lat-
ter category.

You might like to note a ccuple
of books I’ve particularly enjoyed,
to buy (or borrow) when a
monetary mood moves in on you.

The Canadian Personal Tax
Planning Guide (1992 Edition) by
Peat Marwick Thorne, Chartered
Accountants (Thomson/De Boo,
$12.95 — or possibly free if
you’re a PMT client) has 238
pages cf technical yet surprisingly
readable information.

Each chapter starts with a
summary of tax planning tips. The
background follows, to heip you
urderstand the rules, and then
each tip is explained in more
detail.

For example, employees usually
find it difficult to save tax. Yet
PMT suggests more than a dozen
possible ideas.

For example: Arrange to get
non-taxable benefits. Pay interest
on employer loans within 30 days
of year-end. Transfer retiring al-
lowance to an RRSP. Avoid
employer-owned cars costing
more than $24,000. Arrange to be
required to have a home office.

Tax Planning for Success, by
Deloitte & Touche, another CA
firm (Key Porter, $16.95 — or.
again, possibly free if you are a

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D&T client) is an equally
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people with any self employment
activities, whether part or full
time.

And to get children off on the
right financial foot, The Money

Book — A Smart Kid’s Guide to
Savvy Saving and Spending, by
Elaine Wyatt and Stan Hinden
(Somerville House, $15.95) in-
cludes a piggy bank disguised as a
book, with separate slots for the
different coins.

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