SO! Financial Renovation

SO! Financial Renovation SO! is a financial concierge service. Just like a hotel concierge, we help with a variety of financial questions. Sian (Shawn) Owen is our principal.

We look at your money flow/finances when it's overwhelming for you so you can make sense of it and make decisions that are right for you. We're a small team of dedicated people who love working through the details and looking for the patterns in spending. Nothing gives us greater joy than when a client says: I'm feeling better. She comes from a long corporate history in financial services where sh

e observed that managing your money has become too time consuming and complex to do in one evening a week. And, that any advisor (investment, insurance, mortgage etc..) had a product to sell rather than a true overall interest in your goals. Sian's clients often need advice on matters recommended by other advisors because clients don't know where to source the money. After all there's only so much cash in your household. Using it wisely is key. Although we could be mistaken for a money coach, we are much more than that. We help you deal with the emotional elements of money but more importantly we give you breathing room so you can sit back and observe so that the changes you may want to make actually can be actioned. Sian is a graduate of Queen's University and the Rotman School of Management. She is a licensed mortgage agent, holds her bookkeeping certificate and is midway through her CFP. Because knowledge without the credentials and a body to hold one to ethical standards is critical for your comfort.

09/25/2020

SO! They are recommending Thanksgiving dinner with only the people you live with. Such a drag!

But this also means your dinner budget for Thanksgiving will be less. Really try not to buy what you usually do. Save the money and put it in an account you label Pandemic Savings.

Once we’re through this mess, you might want to keep the money to help if you need it in an emergency, or use it to up your vacation plans when we can travel again.....

09/23/2020

SO! Here we go again!

As a company that is focussed on helping people make choices about their money, we recommend you take stock now regarding what your money plan needs to be this next couple of seasons. And think about how you will ‘vacation’ for Christmas and March breaks. Book it now to avoid disappointment!

What have you learned since March? How will this figure in your weeks ahead?

Apparently paper towel, fire pits and other outdoor heating are in short supply.

How will you stay warm? New boots, coats, mitts, snow shoes(?)

Take the stress off trying to find things when everyone else is on the hunt!

09/19/2020

SO! It’s the weekend....wooohooo!

Sincerely hope you’re able to enjoy this hint of fall sunshine.

This weekend I am going to take about half an hour to make my need and want lists. And put $ values to each item on the list.

I find it sooo easy to justify a need vs a want when I really want it! Do you do that too?

So I am going to test

A need being defined as something that sustains us. Like new windshield wipers, retreading or buying winter boots because the boots have let water in. Perhaps new running shoes because the tread is gone and you run/ walk for your health.

A want being defined as something that ‘would be nice’ or is entertaining. For example the latest colour for eye shadow, new lingerie, the cute thing at the checkout.

Make no mistake about it, we need to buy some things we want. But we need to do it within the balance of what we need. And make sure we don’t have our wants get in the way of paying for our regular non negotiable expenses ( mortgage/rent, utilities, insurance, car payment, phone, internet...) plus savings for the months when expenses are higher and for retirement.

These definitions have come from my FRI training. So am putting them to the test!

Join me and let me know how it goes

Looking forward to hearing from you!

09/18/2020

SO! the (insert adjective here) pandemic is rearing its ugly head again increasing worry and uncertainty.

So let's focus on what we can control.

How we use our money.

The good news is there was a massive consumer debt reduction since March. If you were one of those people , well done!

If you weren't and you wish you were, take a close look at things that may have got in your way. Too much online shopping? Playing games and paying for 'lives'? Committing to a home project that was too big?

Well it's not worth worrying about. BUT it is worth planning around

You're awesome.

If you think things are too overwhelming, just remember one step at a time. And make sure you make all your minimum payments on debt.

If you want an ear, of course, you can reach out. We don't charge for your initial call. A lot of people we speak to find that enough to start gaining control. Promise.

09/12/2020

SO! Can you believe it’s mid-September?!?

If you’re like me, during our lockdown and minimal socializing I dreamt of all the home projects I wanted to do.

A couple have happened. But there’s more. (There’s always more, right?)

I decided I needed to get a handle on my money flows now that things have changed somewhat. Less driving, more tech, more DIY (because there’s time!) , home workout tools etc., .... the list goes on.

I started with my personal info. I gathered 3 months of bank and credit card statements and started looking at my money in by category (I did access some saved funds!) And I categorized my money out. Did the math to see if I had anything leftover.

That’s when it got interesting. It was time to note my priorities and use trade offs to focus the best use of my hard earned cash. For example:saving for retirement vs an improvement project? Replacing an appliance ( because I want a newer one) vs new boots (I don’t really need them).

It was really easy to turn a want into a need. And because I could forego the savings it wouldn’t ‘really’ be a cash flow problem. Yikes!

Time for the reality check (sigh).

This is an excellent excercise to do every so often

If you know you want to do it; if you know you need to do it and you just can’t bring yourself to get it done,just call me. I can help. Then once it’s done, it’s easier to keep it going on your own.

It’s worth it.

09/11/2020

Today is a new beginning at SO!

I have qualified for Financial Recovery Institute Coach certification. Feels good!

Why I chose this program? It has software support that is forward looking vs assessing the past. You actually adjust spending during the month! How cool is that?

It is NOT about budgeting. It IS about actively managing your plan and trading things off to make the choices as to what’s your most important money focus.

To complete certification, helping clients gain more control of their money is part of the process. It takes about 12 weeks/meetings to build the process so you have the tools to keep going on your own or perhaps you will want to continue together once in a while.

I know you will feel stronger regarding money matters. More in control. And gain security with the knowledge that debts including mortgages are getting paid out and big plans assessed for viability.

As this is part of the certification, I am offering the first 4 people who commit an hourly rate of $50 for the first 12 hours we work together. My normal hourly rate is $150 when packaged. The process does require you to make a monthly investment in the software we use to help you plan and make adjustments to spending.

The second 4 people who commit will be offered an hourly rate of $75 for the first 12 hours we spend together.

This program is transforming.

Meetings will be conducted over Zoom until everyone feels secure about meeting in person.

Am at the ready? Are you ready?

09/10/2020

Well, It has been a significant break since I last reached out. But now things have a new beat, it's time to get back to sharing with everyone.

I sincerely hope that last 6 months have been helpful to you by doubling down on the things that are truly important to you. Perhaps you slowed down as the world slowed down, perhaps you became introspective, or took a course that was something you had always wanted to do...OR maybe work was so busy you hardly noticed the pandemic excepting that everyone was wearing masks!

What ever the last 6 months 'gave' you, I hope you have had some aspect of enrichment.

I did. In a variety of areas and for that I am frustrated, grateful, and wanting more of a break!

Now that September has arrived, the true financial New Year, reach out if you have questions or would like to meet regarding a renovation.

Standing at the ready to give you a hand!

03/26/2020

SO! Reality is your pay you count on is on hiatus. Time to build a plan B. Here are the first 7 steps.

Yes cash flow is key. But cash in your pocket isn't. So what you want to do is have a good number in your bank account.

7 steps to getting money in your bank account.

1. Make sure you apply for the government benefits. For those who contribute to EI apply. For those who don't the new emergency fund will provide some relief. The application has been promised for Early April. A firm date hasn't been announced.
BREATHE
2. If you're expecting a tax refund, file your taxes ASAP
BREATHE
3. If you have a mortgage, advise your bank you want to Skip a payment. You must tell them. And ask them if you can extend your amortization to lower your payment. The deferral payment will not be free. The interest will continue to accumulate and be added to the amount you owe.
BREATHE
4. If you are a renter, you need to pay your rent. Talk to your landlord. Don't just not pay. Your landlord likely does not qualify for deferred mortgage payments. But maybe they would be willing to take the rent in instalments as you wait for money from the government.
BREATHE
5. If you have credit cards and a line of credit. Pay the minimum payments. Call to see if you can get a lower rate. Do not agree to a loan type payment unless the payment is less than the minimum you are paying now.
BREATHE
6. Even if you scrubbed your expenses last year. Take another look. Something has inevitably crept in. Take the time and get rid of it.
BREATHE
7. If you need to dip into savings, use money in a savings account first, then in GICs not in a TFSA or RSP, then your TFSA and only if you absolutely have to your RSP.
BREATHE

Next instalment managing expenses through this period when having cash in your account is key to your peace.

03/21/2020

SO! Now the impact of physical isolation and social support. Really kick in. Last week people were figuring out how to work from home; companies were learning how to expand connectivity. Frustration reigned!

Now we turn to helping kids settle into a new routine with e-learning. And setting boundaries for work time vs playtime.

Somehow money concerns keep rising to the forefront. Let's be honest cash flow will rule.

1. Call your mortgage lender to: (be prepared to be on hold for awhile so call on a phone with a speaker option and try not to listen to the music!)

A) lower your mortgage payment by extending your amortization (that means taking a linger time to pay it off.). This will help with your cash situation.

B)Clarify what the conditions are that they have for mortgage payment deferral. What paperwork you would have to submit to qualify and what the impact would be on future payments if you took advantage of the program. Just knowing this info will help.

2. Curb the urge for online shopping! By getting up and doing a dance or singing. Anything that makes you happy! This will help you keep more cash.

3. Online games often suggest buying boosters to go to the next level or finish the section you're in. Walk away. Keep that money so you can buy that new piece of furniture you're thinking about once all this is over.

'Little bits and often' will help you practise good habits.

You ARE in control!

03/20/2020

SO! if you or someone you know applied for EI benefits related to CoVid 19 - there is a dedicated EI phone line to call:

From the Service Canada website:

If you have already completed the application for EI sickness benefits whether you are sick or quarantined and would like to have the one-week waiting period waived, call the new toll-free phone number below. It is important to note that no other request will be actioned on this phone line. We will take action only for sick or quarantined clients affected by the COVID-19 for which the application for sickness benefits has been filed.

Telephone: 1-833-381-2725 (toll-free)
Teletypewriter (TTY): 1-800-529-3742

03/20/2020

SO! you want to take advantage of the mortgage reprieve? It's not available to everybody. Just those in need.

If you're still getting paid and working from home, chances are you will not qualify. Please do not call your bank unless you are an hourly paid worker or someone who has been laid off.

Let those in need get the help they require.

It takes a village.

03/20/2020

SO! The information for the self employed is less developed at the moment.

Here's the extract from the Financial Post

the government is introducing the Emergency Care Benefit (ECB), which will provide up to $900 bi-weekly for up to 15 weeks. This flat-payment benefit will be administered through the CRA and provide income support to workers (including those who are self-employed) who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.

The ECB will also be paid to workers (including self-employed) who may be taking care of a family member, such as an elderly parent, who is sick with COVID-19 but does not quality for EI sickness benefits, and to parents with children who require care or supervision due to school closures and are unable to earn employment income, regardless of whether they qualify for EI or not.

ECB applications will be available in April and require applicants to attest that they meet eligibility requirements. They will need to re-attest every two weeks to reconfirm their eligibility. You can apply for the ECB either using the secure CRA MyAccount portal or My Service Canada Account website, or by calling a toll-free number that will be equipped with an automated application process

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Toronto, ON

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 3pm

Telephone

+14168220347

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