It won't hurt to tighten your belt

Halloween is upon us and the scary events of the past month in the banking industry have been enough to frighten everybody. It's been horrific.

The trick facing all of us is to spend less and save more, but without strong consumer spending the economy could fall even further behind. Stores in the Conejo and Las Virgenes valleys have survived quiet fourth quarters before. This retail season, however, could be one of the worst on record.

No government bailout will come to the aid of the retailers, unlike it did with bankers and lenders. No taxpayer dollars will rescue Linens 'n Things, Mervyns, Bombay Company, Levitz, Lillian Vernon, Whitehall Jewelers and Sharper Image.

The spend-like-crazy mentality is okay as long as savings are increasing and credit card debt is under control, but most of today's families save little, if any, and their debt has skyrocketed.

Now we have no choice but to be frugal.

Perhaps that means serving barbecued hamburgers for Thanksgiving dinner instead of turkey with all the trimmings. Maybe that trip back East to visit Aunt Edna will have to be put on hold. One thing's for sure: Fewer families will be able to buy lavish gifts this December.

It's also a good time for local governments and other public agencies to start spending more wisely. If something is not an absolute necessity, it shouldn't be on the taxpayer expense sheet. This applies even to the wealthiest cities, such as Westlake Village and Calabasas. If budgets were trimmed, perhaps city fees and taxes could be lowered. Residents and consumers need all the help they can get.

The Agoura Hills City Council took action last week by relaxing its sign ordinance to allow businesses more leeway in advertising holiday sales. It's a good first step.

Of course, every dark cloud has a silver lining. Because we'll be spending less time shopping in the next few months, perhaps we'll have more time to reflect on what truly matters in life: love, peace and family.

The value of these items? Priceless.