Yes.
But this is not always the case, sometimes there are variables that you only need to use for 0 seconds, meaning only for 2 or 3 lines of code and then you don't care about them throughout the rest of the code (TempLoc, TempUnit, TempGroup, TempWidget, TempInteger, etc...)
Those kinds of variables are fine to reuse.
Variables that store things like the caster of the spell to be used in a periodic trigger cannot be shared between spells. (Unless you have this group of spells in which only 1 may be used throughout the game. In that case, it's fine to make those spells share the same variables)