5 Steps of Effective Personal Finance  Organize your debts according to the interest rate and develop a plan to pay them off over time. Record and track your income & expenses (cash flow) month by month and sort the expenses into their respective categories. Review your cash flow monthly to identify the elasticity, priorities and…

Turning the Page – Financial Reform Part III This is the third article in this series on personal financial management. These articles are designed to work together to help you achieve control of your finances and better manage your money. If you haven’t read the first two articles yet – please go back and read…

Did you know that Bankruptcy Trustees will actually help you avoid bankruptcy? It’s True!  As a bankruptcy trustee in Chilliwack, the end goal is not to push everyone into bankruptcy. Getting you to the debt freedom finish line We find that every situation is completely different, the options can change depending on the level of…

In “Turning over a new leaf – Part I” we talked about developing a plan to eliminate your debts and tracking your cashflow over a period of time.  I recommended that you record all your transactions for at least 12 months. By this time, hopefully, you have been faithfully recording all of your purchases for…

Spring cleaning can be a good exercise for you, your closet and your finances. As the weather starts to improve and that fresh spring breeze starts to blow I just want to throw open the windows and the closet doors and clean house. Results:  collection of clothes, home decor, odds and ends  that are still very…

Tax time has come again and many people are faced with the problem of owing Canada Revenue Agency , hundreds or thousands of dollars in income tax.  Often it is a painful time of year and it can be made worse if you are already suffering with over extended credit cards or other debt.  Avoiding…

Are you Ready for Change? Turning the Page – Is a 4 part series on Financial Reform -by Sheila Smelt Okay. 2013 is done and 2014 lies before you.  How will this year be different than the last for you? For most of us it won’t be much different at all and that’s frustrating.  Beginning…

 Do you have Debt Trouble? Recognizing that there is an issue can often be the first step in recovery.  You have gotten on a path,  are you are speeding towards an economic catastrophe?  Canadians and in particular BC residents are carrying more debt than they recommended, levels of debt that are not sustainable if interest…

Who Qualifies For Bankruptcy The answer is very simple. To be eligible to file for bankruptcy you must: owe at least $1,000 and have debts greater than the sale value of your assets and are unable to pay your debts when they are due. Who Qualifies For Consumer Proposal This answer is also very simple….

1. Omitting Expenses – Not all expenses can be tracked monthly and yet they are important and must be included in the monthly allowance in order to not be caught short when the item rolls around.  Easy one, Christmas, budget every month to put away an amount that will prevent you from using credit to…

© Copyright 2015, Sheila Smelt & Associates Inc. All Rights Reserved.

logo-footer

STAY CONNECTED WITH US: