July 2011 - Dinks Finance

Great Deals and Coupons Galore!

Posted on July 29, 2011 - 7:11 am by Kristina Tahnyak 3

Happy Friday DINKS! I hope that we all successfully survived another hot summer week. Today we are discussing how to save money while shopping, along with the items that help us save money… coupons. We scoured the web to bring you the best websites that offer deals, coupons, and discounts.

Coupon Mountain helps online shoppers save tons of money with coupons from Target to HP. Follow them on Twitter @couponmountain to get daily deals on everything from Art and Collectibles to Travel and Wedding items.
Short Cut$ is our savings destination with free coupons on groceries and store loyalty cards. We can upload electronic coupons directly onto our store loyalty card and they will be deducted directly at the cash check out when we swipe our card. They also offer printable coupons and cash back when we are shopping online. We can sign up to create our profile and track our savings. Follow them on Twitter @Shortcuts.
Savings offers all the best personalized deals for stores and brands like Dell, Gap, Sephora, Travelocity and more! Your online deals, coupon codes, discounts, and promo codes await at Savings.com. We can even search their website by store name, brand, or keyword to find great deals. Follow them on Twitter @savings.
Target offers a daily deal that expires in 24 hours and they always offer free shipping. We can find daily deals on everything from Patio Furniture and Swimming Pools to Jeans and Cutlery Sets. The Target Daily Deal lists the current sale price as well as the total percentage of savings. Follow them on Twitter @TargetDailyDeal.

We hope you enjoy these deals and savings sites that offer coupons and discounts. If you have a favourite deals site please let us know so we can share the savings. Have a great weekend.

Photo by Osseous

How to Go Green without Breaking the Bank

Posted on July 27, 2011 - 7:52 am by Team Dinks

going green, eco-friendly, budget-friendly

(Guest Post by Wilson Taylor)

Going green isn’t always a cheap task. Installing geothermal heating systems, purchasing solar panels, and further insulating a house can all be home renovation projects that can cost you thousands of dollars easily. Having a geothermal system put in place can cost a family $20,000 alone, and solar panels can be even higher sometimes reaching $30,000.

Although these systems have exceptional environmental and money saving benefits, not everyone can afford their upfront costs. For families still wishing to reduce their carbon footprint and their monthly utility expenditures, there are a few inexpensive updates that can be done around the house to help out. Some of these tasks include:

Managing Water Use

No, you don’t need to restrict everyone in the house to one 5 minute shower a week to reduce your monthly water bill. By simply placing a couple of bricks or a mason jar full of water in your toilets water reserve, you can reduce your water usage and therefore, your water bill.

Hang a Clothesline

Clothes dryers consume massive quantities of energy, and put out quite a bit of heat which isn’t always welcome in your home – especially in the summer. To avoid higher energy costs, consider hanging a clothesline to dry all your clothes. In the hot summer heat, they will dry just as quickly as they would in the dryer, and you will be saving money while you do it.

Stock the Fridge

Refrigerators also consume a large amount of energy trying to keep your food items cool. However, a stocked fridge is better able to regulate temperatures and will actually use less energy. Even if you don’t have a fridge full of food, always try to keep a few jugs of water in there to keep energy usage low.

Depending on the area in which you live, you may also be able to switch energy retailers to save money. Certain retailers, such as Energy Plus Company, invest in green energy like wind and offer customers incentives such as airline miles, hotel points, and cash back simply for paying your electric bill, and in the current economy receiving a little extra bonuses and cash can really be great – especially when you are rewarded for doing something you already do each month.

Going green doesn’t mean that you initially have to break the bank to save money years down the road. You can choose a greener lifestyle and home simply by making a few easy and inexpensive changes. Not only will you notice that your utility bills will start to decrease, but you will also have better peace of mind knowing that you are doing something good for the environment.

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This guest post was written by Wilson Taylor, a freelance writer from Spokane, Washington.

Photo by Will Clayton

Money Dilemma or Moral Dilemma

Posted on July 26, 2011 - 6:20 am by Kristina Tahnyak

money problems, moral issues, ethical dilemma

Good Morning DINKS. Today we are discussing exactly how far we would go to make money. We aren’t talking about stealing money or about taking anything that is not ours, we are talking about moral and immoral ways to earn our own money. Would you lie to your spouse about where money came from? Would you hide money from your spouse that you earned immorally? We will see!

A recent scandal to hit the news worldwide is the Rupert Murdoch newspaper scandal involving obtaining confidential information illegally, and definitely immorally. Illegally obtaining confidential information gave Rupert Murdoch the headlines that he needed to sell newspapers and make a lot of money with News of the World. Because they immorally obtained confidential information by hacking into the private phone lines of citizens, News of the World was the first newspaper to publish breaking news stories. Although Rupert Murdoch claims to have no prior knowledge of the illegally obtained information and phone hacking scandal he recently decided to stop printing the newspaper.

The financial services industry has also seen its share of immoral activities for the personal gain of some dishonest people. I absolutely understand that it may be tempting to indulge ourselves in the wealth of others, but once again the impact can be catastrophic. Investment Brokers are paid a commission on a per transaction basis, this could sometimes bring up the moral question if they are really carrying out business in their clients best interest. We are discussing making immoral transactions for a personal profit; we are not even talking about the many Financial Advisors who have actually stolen money from their clients for their own personal gain and use.

So many financial and news media scandals are tragic because innocent bystanders are indirectly impacted. The Rupert Murdoch scandal impacted hundreds of employees as well as Rupert Murdoch’s family media empire. This could be a very disastrous ending to a family man’s life work.

As DINKS we all have a special someone in our lives. Would you still take the risk of profiting from immoral activities if you knew that the repercussions could also impact your spouse? I can definitely say the answer is no. I may act on my own behalf, but I would never put my boyfriend Nick in harm’s way, even if it meant we were poor and not rich.

Would you obtain information illegally or profit from the loss of others for your own personal gain? Would you do it if there was no way you could ever be caught? We all love money and everyone hustles for their own personal gain; but there is a difference from having a side hustle and hustling on the side.

Here are some other Moral and Money Dilemma posts from DINKS Finance:

Photo by Winnie Fred

My Fellow (North) Americans

Posted on July 25, 2011 - 7:07 am by Kristina Tahnyak

America's issues, American classes, American problems

Good Morning DINKS. This post is about the point of view from an outsider regarding the current Democratic administration and its struggles with congress to make changes. This post is not about President Obama, and it’s not about Democrats, or the Republican Party; this post is about America.

We have been hearing so much bad news about the current state of America that I think it’s time for some good news. According to the New York Times, US exports skyrocketed in 2010 and the United States of America became the 2^nd largest exporter in the world, after China. Last year US exports rose 21% and totalled $1.28 trillion. I think we can all agree that this is good news.

Now for the not so good news. We know that America has been devastated by some terrible natural disasters. We know that rich Americans get tax breaks while lower and middle class Americans are being taxed more, even though they cannot afford it. We also know that the current unemployment rate is high, and we know that people have lost their homes. As a country we have to move forward and find a solution so that we can rebuild America and fix our internal problems.

The American Upper, Middle, and Lower Classes

What does this mean? It means that the gap between the upper class and the lower class is getting bigger. Depending on where you sit on the tax scale hopefully we can all agree that the current Administration came into office with the task of trying to pick up the pieces of an economic mess that was left behind from a previous Administration. Our current Administration is trying their best to rebuild a strong American economy, but they definitely have their share of obstacles. In his speech at the end of June the President called out the upper class citizens saying that Hedge Fund Managers and CEOs don’t need tax breaks, they need to pay more taxes because they can afford it.

If I was President everyone would be taxed at a standard (enter your own number) tax rate. People who make $500,000 a year would pay a higher dollar amount (but not percentage rate) of tax because 25% (as an example) of $500,000 is a higher dollar amount than 25% of $75,000. We are all Americans and we should all be treated equally, therefore we should all contribute equally (proportionate to our income) to the American economy.

What is the Problem in America?

If the rich are getting richer and the poor are getting poorer, what is happening to the middle class? Our current Administration was voted in by the middle and lower classes and they are trying to help their people; but they are being blocked by an Opposition majority in Congress.

(I hope) that we can all agree that when the current Administration was elected in 2008 they entered into an office with its share of problems; No one is denying that. The problem is that the Administration is working hard to try and fix the current economic problems in America, but they do not have full cooperation. As the President said in his speech at the end of June, don’t blame the Administration for lack of change and progress, blame Congress. All I have to say is that our current Administration was voted in by the people and they will be here until at least 2012; so please, let the President do his job!

The current issue at hand is the Debt Discussion that must reach a mutual agreement by the August 2^nd deadline. I personally don’t believe that Congress will allow America to default on its debts because the implications of defaulting on American debts are far worse than those implications of Republicans in Congress cooperating with the Democratic administration.

The Next Step for America

In order to rebuild and reinforce the American economy America needs consumer confidence. America needs confidence from the American consumers! This doesn’t necessarily mean having full confidence in the current Administration. We don’t have to be confident in Obama, and we don’t have to have confidence in the Democratic Party, but we have to have confidence in America as a country.

Photo by Evil Tom Thai

Friday Roundup: Investing, Stocks, and The Stock Market

Posted on July 22, 2011 - 6:28 am by Kristina Tahnyak

Happy Friday DINKS. This week we surfed the Net and explored Twitter to bring you some great posts about Investing, Stocks, and The Stock Market. Investing, and especially Investing in the Stock Market, is a very personal decision. Some of us may invest in Stocks because it gives us direct access to shares of companies that we love, some of us may buy into The Stock Market because our brother in law told us to, and some others of us may buy Stocks because we are young and we can afford to take the risk.

Why Do You Buy Stocks and Invest in The Stock Market?

Money Cone gets technical about buying stocks in the post Market Volatility, Can You Stomach It? She says that the amount of risk that we are willing to take in our Investment Portfolio is directly proportional to the amount of Return that we want. However, it is also directly proportional to our personal sensitivity and individual adversity to change. It is rare that a very conservative person will take a lot of risk in their Investment Portfolio. Twitter @moneycone

The Globe and Mail tells one investor’s story about staying invested for the long term and not trying to time the market in the post A steady-as-she-goes Portfolio. This investor buys passively managed low fee Exchange Traded Funds. He buys and holds the investments for long term success because low costs equal high profits. Twitter @globeinvestor

My Open Wallet talks about getting her bonus and going on a shopping spree in the post Springtime Shopping Spree. What did she buy you ask? My Open Wallet purchased over $10,000 of Mutual Funds in her E*Trade Investment Account. Follow this New Yorker on Twitter @MyOpenWallet

Go To Retirement gives some insight on the performance and holdings of the Dow Jones Industrial Average in the post Is Now the Right Time to Buy Dow Stocks? Twitter @ToughMoneyLove

Money Under 30 wonders if he is on the right investment track for retirement in the post How Much Should Be in Your 401k at 30? As a general rule we should be more willing to take risk on our investments in our 20’s and 30’s because we are investing for the long term. If we lose money over 5 years it’s ok because we are investing for 25 years and more. We also have to remember that the less risk we take, the more we have to save in order to build up the value of our investments. Twitter @MoneyUnder30

DINKS Reality: Extreme Couponing for our Troops

Posted on July 21, 2011 - 5:14 am by Kristina Tahnyak 2

extreme couponing for troops, couponing, saving on groceries

Good Morning DINKS. Today we are discussing the TLC Television phenomenon known as Extreme Couponing and how we can use coupons to support our troops. This post is not in favour of war, nor is it unsupportive of our brave troops. This post is simply about the generosity of people giving to others who are less fortunate and those in need.

Not so long ago we received a comment from a reader about the impact of Extreme Couponing on our economy. If people are receiving mass amounts of products for free then who is making money? That is a really great question! Not to mention the fact that no one needs to stockpile 35 deodorants, don’t deodorants have an expiry date?

If we receive something for free and we don’t really need it then we should be kind enough to share it with someone else who is in need or who is less fortunate than us. We have to remember that not everyone has the luxury of “buying” 150 bottles of Coca-Cola. The next time you use a coupon to buy something ask yourself do you really need it, or are you just buying it because it is on sale?

I recently watched a few episodes of Extreme Couponing on TLC which focused on donating goods to our Troops overseas. These Extreme Couponers were not selfish, nor were they hoarders; these Extreme Couponers were generous people who went out of their way to collect coupons and send care packages overseas to our troops. Not everyone can afford to donate money or volunteer their time; but we can all use coupons to help donate items that we can’t afford to buy. We can give back in so many other ways that don’t involve making a financial donation.

I watched an episode of Extreme Couponing with a woman sponsored troops overseas. She is the mother of a military family and she goes shopping specifically for items that the troops have requested. The woman sends care packages overseas full of the troop’s favourite toothpastes and deodorants.

On the second episode of TLC’s Extreme Couponing a young DINK couple purchased 700 items in one day for their local charity mission as well as our troops overseas. This couple “purchased” $1000 worth of groceries for absolutely $0. As the couple are DINKS they felt the need to use their resources to help others. This young DINK couple often shops with coupons and they give away 80%-90% of what they “buy”. The couple uses store loyalty programs, in store sales, company rewards programs, and manufacturer coupons to “buy” items and donate them to our troops.

Here are some other Organizations that use Coupons to help our Troops:

Operation Troop Aid has been collecting donations for our troop for more than 6 years. They accept donations of the small things that we may take for granted like Toothpaste and Oreo Cookies. Operation Troop Aid is getting ready to send $35,000 worth of Girl Guide Cookies to our troop in Afghanistan and Iraq.

We Use Coupons recently sent 1000 care packages to our troops overseas in Operation Feed The Troops. The We Use Coupons website allows us to sign up for daily deal alerts and join their facebook page to get the latest deals. We can find coupons, search through coupon resources, and print coupons directly from their website. There is even a couponing forum 101 for beginners.

Photo by Cool Mike

More Than a Mutual Fund

Posted on July 20, 2011 - 7:35 am by Kristina Tahnyak

mutual funds, investment options, stock market options

Good Morning DINKS. We have discussed Mutual Funds and investing in Mutual Funds several times here on DINKS Finance. Today we are going to give you some information on different types of investment options that are either a variation of a Mutual Fund, a different type of Mutual Fund, or simply put an investment option that is just plain more than a Mutual Fund.

Segregated Funds

Segregated Funds are offered by Insurance companies. They have similar qualities to a Mutual Fund such as being sold in units as well as a daily fluctuation in the unit values; segregated funds also have similar qualities to an insurance policy. Segregated Funds are also commonly known as Guaranteed Income Funds because they offer a guaranteed maturity value as well as a guaranteed death benefit. RBC Insurance, Sun Life Financial, and Manulife Investments all offer Segregated Funds.

Labour Sponsored Funds

Labour Sponsored Funds are offered by some Wealth Management and Investment Firms. The purpose of Labour Sponsored Funds is to invest in small and medium size businesses. There are also tax advantages of investing in Labour Sponsored Funds because they support the long term growth of local growing businesses. Labour Sponsored Funds are Venture Capital investments with a long term investment horizon. Labour Sponsored Funds are a great equity investment for a well diversified investment portfolio, but investors should be aware of the associated risks when investing in small and medium sized businesses TD Waterhouse offers Labour Sponsored Funds.

Target Date Funds

Target Date Mutual Funds are designed to invest for a specific amount of time until a target date is reached. These are a common investment type for both Education Savings as well as Retirement Savings because they both require an approximate target date. Target Date Funds are Mutual Funds and therefore they are an open investment that never expires. If we take our retirement before or after our target date it is ok because the target date is just a goal, it is not a maturity.

Target Date Mutual Funds offer a tactical asset allocation that is rebalanced as the target date approaches. If we invest in a Target 2020 Fund our Mutual Fund will have a more aggressive asset allocation (with investments in equities) the farther away we are from the year 2020. As the years pass and we approach our target 2020 date the asset allocation is rebalanced to become more secure and income orientated. Fidelity Freedom Funds are Target Date Mutual Funds.

Index Funds

Index Mutual Funds have a passive management style because they follow the performance of a major Market Index. Index Mutual Funds do not have a Fund Manager who actively buys and sells holdings within the Mutual Fund and this is why the Management Fees are lower. Many Mutual Fund companies offer Index Funds for Local, International, Bond, and Equity Mutual Funds. Fidelity offers both Bond and Stock Index Funds. AGF also offers a variety of Index Mutual Funds.

Learning to Manage Money in a Couple

Posted on July 19, 2011 - 7:05 am by Kristina Tahnyak 2

managing finances as a couple, couples money management, couples advice

As a DINK I definitely (most of the time) love being in a relationship and (most of the time) I love living with my boyfriend Nick. The major advantage of being a DINK is that we (are lucky enough to) have two steady incomes; our expenses are cut in half and our savings are doubled. However, this was not always the case. I think back to my single days and almost everything about my savings habits, my spending habits, my biweekly budget, and my financial priorities have changed.

Single Money vs. Married Money

I didn’t live on my own for a long time before I started living with Nick, only about a year and a half, but I was definitely set in my financial ways, as well as my living ways for that matter. When we became a couple I had to make some quick adjustments to my money management and my personal habits if I wanted to stay in my relationship. My money became Our money, and before I made a purchase I asked myself if We really needed it. My money mentality completely changed to include Nick, Our Apartment, Our Groceries, and Our joint expenses.

Nick and I grew up together so we were learning to be financial individuals at the same time that we were learning to live financially in a couple. I worked part time while I was in high school and I did know about money, but I didn’t really understand money. I knew that it cost money to buy everyday items such as groceries, toiletries and home furnishings, but I didn’t really understand the value of these items…until I started paying for them. While I was growing up these everyday items were just always magically there when I needed them. It wasn’t until I moved out of my parent’s house that I actually started to learn the value of everyday items.

Sharing all costs with my boyfriend Nick has allowed me to build my individual savings. We keep our bank accounts, retirement savings plans, and other assets separate; but we do share all expenses. This allows me to continue holding my own individual savings and investment style while still being in a couple.

Kristina + Nick = US

Although it may sometimes seem that Nick and I live separate lives, our expenses are very much combined. Someone in our building actually thought that we were roommates, and not a couple in an 11 year relationship.

I like our couple money management strategy and I wouldn’t change anything in our relationship moneywise. We don’t necessarily split everything right down the middle, but it all evens out in the end. If we are going to a football game with Nicks friends he pays for the tickets. If we are eating out at a restaurant for my friend’s birthday then I pick up the check.

Nick and I have joint debts but we keep our assets separate. The only assets that we hold jointly are assets such as our car, which we both use. Whenever Nick and I take the next huge step in our lives and we finally agree to buy a home that will also be a joint asset. Nick and I hold joint assets when there is debt attached to it, this is because we consider those assets as an expense.

I am happy that I learned to manage my couple money at the same time that I learned to manage my individual money. When I think about my single days I definitely find a new found love for my relationship. I wouldn’t want to become a single income again after having a taste of the good life as a DINK.

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Photo by Images of Money

9 Ways to Save Money!

Posted on July 18, 2011 - 6:22 am by Kristina Tahnyak

Good Morning DINKS! I have a question to ask everyone… Who likes to save money? I know that I do. Actually I love to save money! Since I don’t drink alcohol or consume any other type of chemicals, I would consider saving money as my natural high.

If I can save even $5 it would make my day a lot better. I have learned to shop for discounts, use my personal resources, compare prices, and ask for deals. I don’t think that asking for a discount or a deal is degrading at all, the worst case scenario is that the salesperson says no; and the best case scenario I save some money.

I have rounded up some easy tips to help us save money every day on everything from our electricity bill to our grocery bill. I would love to hear your quick tips and tricks to save a buck or two.

9 Tips on How to Save Money

1. Be Energy Efficient. We can save money on our monthly hydro bill if we turn off our lights. If I don’t need light for something like reading or working on my laptop then I always turn off the lights. I also love natural sunlight so I only turn on my lights at night once it is totally dark outside and only if I absolutely need the light. Think of Light as a Luxury.

2. Keep The Heat Out. In the spring, summer, and fall we can be energy efficient and save money on our electric bill by hanging clothes outside instead of using a dryer. We can also BBQ outside instead of using our oven. I don’t know about you, but my apartment gets really hot in the summer when I turn on the oven; so I definitely prefer to BBQ outside.

3. Check Our Cupboards and Fridge. Before going to the grocery store it’s a good idea to take an inventory of what we already have. We may find things that we forgot we had or that we didn’t even know we had. Taking inventory avoids hoarding and duplicate purchases, it also reduces waste. Sometimes I think that I need to buy tomatoes and then I come home to a crisper already full of tomatoes. Then I am stuck cooking with tomatoes all week so I don’t waste any fresh produce.

4. Borrow Items. If you don’t have what you need but you only need it once don’t buy it, just borrow it. If you aren’t friendly with your neighbours ask your family, friends, or coworkers.

5. Substitute Brand Names. I try not to be stuck on one specific Name Brand, I put an item on my grocery list and then I buy whatever is on sale at the grocery store or at Wal-Mart that week. This is especially true for plastic sandwich bags, toilet paper, and paper towels. However, I have my personal preference for Laundry Detergent.

6. Make Cuts. After you make your grocery list check it again and cut out the items that you don’t really need. My grocery list can be very long when I am at home, but by the time I actually get to the grocery store my list is sometimes cut down by 1/3. Very often one grocery item can be tied to another item so if we make cuts it will be a chain reaction.

7. Grow It Yourself. To save money we can start a herb garden, a flower garden, or a vegetable garden. I love having fresh cut flowers in my home so I started a small flower garden.

8. Compare Price vs. Quantity. Shop around for the best price per grams or millilitres.

9. Don’t Shop for Convenience. Retailers know that convenience sells. Go out of your way to get a good deal. If we buy items in a bag and not in a convenient bottle or easy storage box we can save a lot of money.

How did you save money today?

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PS: Find more about how to save money tips on Reader’s Digest.

(Photo by Horia Vartan)

Friday Roundup: Your Net Worth

Posted on July 15, 2011 - 7:19 am by Kristina Tahnyak 4

Happy Friday DINKS! Do you have money on your mind? Do you check your account balances daily? If so then this post is for you. Today we have rounded up the best posts from around the web about building our net worth, calculating our net worth, and maintaining a positive net worth.

Check out these great posts from around the web about everything related to our Personal Net Worth:

Young and Thrifty gives us tips on how to start accumulating our Net Worth in the post How To Increase Your Net Worth. Her tips include tracking our spending and increasing our income.
Money Crashers shows us how to calculate our Net Worth and tells which assets are included in our Net Worth in the post How to Calculate Your Personal Net Worth – Definition & Calculations.
Financial Samurai tells us that our Net Worth is only a calculation and nothing more in the post Your Net Worth Is An Illusion, Sorry To Spoil Your Delusion.
Budgets Are Sexy shares his personal net worth with us, dropping down $5,000 to a total of $214,025.67.

We build a positive net worth by earning (and saving) more money than we spend. Here are some great tips from around the web about ways that we can keep a Positive Net Worth:

Find Ways to Save Money. 50 Plus Finance asks if we use our coupons wisely as he shares some rules for using coupons while shopping. Check out his post Do You Have Coupon Etiquette? – 5 Rules For Easy Coupon Shopping
Find the Right Spouse. Frugal Dad talks about being a Frugal Dad and a Frugal Husband in a Frugal Family in his post A Frugal Marriage, Five Years in the Making. Sharing the same Money Mentality can definitely make or break a marriage; it can also make or break our Savings Account.
Find a Passive (or second) Income. Money Crush discusses her personal priorities in the post The Real Value of Passive Income. Time is money and having a passive income allows us to earn a second income while spending our time on what we really want to be doing.

Photo by Money Blog Newz

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Monthly Archives: July 2011