Denise Membreno

Denise writes about the people and places of Smith Mountain Lake in "Shorelines," published bi-weekly.

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• Park gearing up for return of the osprey
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Put on a few pounds over the holiday season? That's not unusual. I read somewhere the average person packs on five to seven pounds after all the merry making is said and done.

If you take off one pound a week, you will be back at your normal weight in seven weeks. That is a very attainable goal, according to health experts.

If you are like many of us, you likely packed on a lot of debt, as well, while you were spreading Christmas cheer. Unfortunately, debt often sticks around a lot longer than pounds. Depending on how much you spent, it can take seven months or more to pay off Christmas.

Last year at this time I wrote an article about financially surviving Christmas. I talked with Virginia Garretson of Money Management International. During that interview she suggested determining your monthly expenses, tallying your Christmas expenses and deciding if those holiday expenditures exceeded your budget. If you were paying for Christmas 2006 in July 2007, that is a good indicator you exceeded your limits.

I determined my monthly expenses, check. I tallied my Christmas expenditures, check. And yes, I finished paying off Christmas 2006 in the summer of 2007, check. I went into this Christmas with a different attitude, but not a savings account. I set a budget, which I exceeded, but I did pay cash for many of the gifts. I estimate the others will be paid by March.

To pay for Christmas 2008, all debt counselors suggest consumers start saving now. A savings account allows you to respond to emergencies in a financially healthy way. Debt threatens your stability.

Over the course of the year I have researched financial matters mostly over the Web. I went looking for sites offering information and not selling services.

I found good common sense information at www.ivillage.com in the "home office" section of the Web site. The article "Four Rules to Paying off Debt Quickly" from Mary Hunt's book "Debt-Proof Living" was a good find; though the adverb quickly is a relative term.

Her four rules: 1. No new debt; 2. Pay the same amount each month even though your monthly payments are going down; 3. Line up your debt according to size, paying off the smallest first. You will get a psychological boost each time you pay one off; 4. When you are finished paying one debt, do not pocket that extra $100 (for example); add it to a payment on another debt and so on.

Hunt said many financial experts recommend paying off the debt with the highest interest rate first, but her research has shown the difference in interest paid out is miniscule compared to seeing the rewards of paying off debt.

Suze Ormond is a well-known financial guru. She sells many of her products on her Web site, www.suzeormond.com. Ormond's book "9 Steps to Financial Freedom" talks a lot about the emotional side of making and keeping money. Reading the book, she said, will not bring financial freedom; following the steps leads you to your goals.

Compulsive spending can be a symptom of the manic component of bi-polar disorder or an obsessive-compulsive personality. If you are trying to curb your spending, you need to ask yourself, "Why am I buying this?" before you purchase the item.

"If you spend compulsively -- that's a way of meeting an immediate emotional need," said John Heil, a psychologist with Psychological Health in Roanoke. "For any behavior, a real simple test is asking the question does it make your life better or worse. If it causes no adverse reaction then I guess it's OK."

Now or in a few short weeks those credit card bills will start to come in the mail; I have resolved not to see Christmas card bills in 2009. A savings account is a must to reach that goal

To strive for financial stability, there are a few ways to go. Find the best interest rate. You might visit www.bankrate.com. You will find rates for traditional savings accounts, certificates of deposits, money market accounts, no matter what your budgetary needs. You can start an account with $1 and no monthly minimum. To go this route, you need to be comfortable dealing with your computer. There is no one to go see, and in many cases, no bank branch to visit.

If on the other hand you want to improve your finances and deal face to face with a person, check with your local banks.

In most cases, banks cannot match the interest rates of Internet banks because they have more overhead (employees, bank branches). But there are benefits to dealing locally. Banking with a local institution supports the area's economy.

"The customer service at the community banks is really what makes the difference," said Cheryl Arrington, Hometown Bank Assistant vice president and assistant branch manager at Westlake. All loan decisions are made locally at community banks. Arrington stresses the personal way they do business: "We know all of our customers."

So here's to your shrinking waistline and the increasing balance of your savings account. My goal this Christmas is not to give creditors the gift that keeps giving, an ongoing balance that accumulates interest and fees.

Cheers.