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www.insideHALTON.com · OAKVILLE BEAVER Thursday, October 11, 2012 · 8 e can all learn from our federal government's recent creative thinking. Ottawa was trying to do more with less. Many of us want to spend and consume more than we can afford. Years ago a business professor told us that the cost of living was your salary plus 10 per cent. People tend to want to spend just a little more than they can afford. That is why personal debt levels have been W Maximize your standard of living, doing more for less increasing over the past few decades to the point that excess consumer debt is now Canada's largest economic risk. Governments are no different. They want to provide additional services but they are also constrained by fiscal realities. Whether it is a government or consumer, at some point there is just no more money to spend. Recently, Canada and Britain announced a cost-saving foreign Dollars & Sense By Peter Watson affairs agreement that would have the two countries combine some of their embassies and consulates in parts of the world. Canada wanted to expand its political presence in new countries at the same time as budget cuts had been introduced because of the weakening global economy. Our country faced the same affordability question that many Canadians face. The initial reaction to this costsavings idea was whether sharing some foreign offices with Britain was politically correct. With most changes there are always advantages and disadvantages. The question period in parliament allowed the opposition party a chance to respond to the move. Political parties used this opportunity to battle each other in order to gain public attention and support. The political debate should have focused on the cost benefits of this new strategy. Is it better to share space with an ally or not have representation in that country? If we reduce foreign spending, can we better use those funds to support education or healthcare here in Canada? There are two valuable and practical lessons we can learn from this federal initiative. First, find a creative approach to managing your financial challenges. Then apply a cost benefit thought process. Question the way you do things. Everything should be open to the creative thought process. How do you earn your income? How much and on what do you spend your money? Question your approach to saving, investing and reducing your personal debt. The whole economic process of life is to maximize your standard of living and get the most out of life, but this sometimes requires you to be proactive. Reflect on the approach you have used in the past and consider a future change for the better. After you think of some more creative approaches to your financial management, then apply a simple cost benefit thought process. If the gain is more than the expense, then change how you do things. This second valuable lesson requires you to weigh the positives against the negatives. Cost benefits are easy to do. Simply write down the good and the bad. If you can, try to Costumes for Men, Women & Kids along with everything you record a dollar amount for each need for a great Halloween item. Writing it down, adds visual clarity making it easier to make the correct decision. Correct decisions can help you get the most out of Buy 1 COSTUME life and the most at regular price & out of your limitthe 2nd COSTUME ed financial (same or lessor value) resources. for %Off Rethink the financial decisions you make. Be proactive in managing your financPLUS a large selection of es and try and do more for less. discount costumes -- Submitted 885 MainSt.E., Unit 1, Milton by Peter Watson, Corner of Main St. & Thompson Rd. www.MarcucciStudios.com MBA, CFP, R.F.P., CIM, FCSI. OCTOBER SPECIAL 20 905-878-1504