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Author Archives: Kristina Tahnyak

Avatar photo About Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.

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What would you tell your younger self about money?

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money lessons, money matters, finances

money lessons, money matters, finances

Do you ever wake up, look around and think how did I get here?  I had my AH-HA moment earlier this week.  I woke up Monday morning in our king size bed, in our 1100 sq ft apartment and thought to myself I can’t believe I live here.

I’m grateful for everything I have

I used to be so broke I couldn’t even afford to eat three meals a day, now I live in a beautiful apartment in a historic neighborhood.  After the market crash Nick and I had to move for financial reasons and we lived in just over 500 sq ft for six years.  Now we use the phone intercom when we want to talk to each other – My, my how life can change.

I had major financial distress after the market crash, but the truth is my money troubles started way before 2008.  Actually to be totally honest they started ten years before that when I applied (and was approved) for my first credit card.

I will never take money for granted again

I have been drowning in debt twice in my life, once in my early 20s and once in my late twenties.  Now I’m 35 and for the first time in my life I can actually say (hopefully without jinxing it) that I am O.K. with my money.

I am thankful that I was smart enough to get out of debt and turn my life around – even though I was dumb enough to get into debt twice.  I know some people aren’t as fortunate because financial distress can do long term damage.  Considering all the trouble I’ve caused myself when it comes to money I honestly can’t believe I am where I am today with a great 9 to 5 job, a growing side business and an apartment I can actually afford.

I’m sure I could have achieved this a lot sooner if I had learned how to manage money in my teens, but hey, shoulda coulda woulda.  If I could go back in time and give myself some money advice this is what I would say…

Get a credit card with a low limit

I applied for a VISA at 18 and was approved for a $1000 limit.  That first mistake opened the floodgates to more credit cards, more loans, a line of credit and a new car.  I loved being approved, it made me feel like an adult.  Looking back on it now I should have just got a card with a $500 limit and never looked back.

College isn’t free

Teenagers may not realize just how quickly college creeps up.  A higher education is expensive and sadly it’s a luxury not everyone can afford.  If teenagers start working part-time while in high school they can save up for college.  Until we live in a world where a college education is free it’s up to the students and parents to save and make sure the younger generation can afford to continue learning.  If I would have started saving for college I probably wouldn’t have had to work two jobs during my four years in college.

Start saving in high school

I moved out at 18 with  $200 dollars in the bank and a part time job.  Looking back on it now it probably wasn’t the best decision in the world but it made me a better person and a harder worker.  When people ask me where I get my ambition I always attribute it back to the day I moved out.  I had to hustle hard because moving back home wasn’t an option; so even though I didn’t know how much bananas cost I had to make it work – and I did.

 

 

How to Set Smart Financial Goals

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smart goals, financial goals, money goals

smart goals, financial goals, money goals

Good morning Dinks.  Let me ask you a question, do you have goals?  I told my co-worker that I really want to go to Italy but it just never seems to work out.  She asked me why I’ve been planning and saving for so long to which I replied “Because it’s one of my goals.”

She proceeded to inform me that she doesn’t have goals.  She lives her life one day at a time and if an opportunity to do something (like travel) comes up she’ll go, but she doesn’t plan for it – or for anything for that matter.

That is definitely one way to live, I prefer to set goals and have something to work towards but I don’t just set any old goal.  I set smart financial goals.  There’s nothing worse than not achieving a goal; it’s sad, it’s make me feel bad about myself and it’s discouraging.  Smart financial goals are definitely the way to go.

Here’s a step by step guide to setting smart financial goals:

Set realistic goals

First off a good goal is realistic.  If your goal isn’t realistic then it’s just a dream.  I like to research and find out exactly how much my goals will cost then I can start planning from there.  If I know how much my goal costs – such as a trip to Italy for example – I know how much I need to save and that will determine when I’ll be able to go.

I don’t want to over extend myself saving for a vacation because that means I may fall behind on my current bills.  I will save moderately and if that means waiting an extra six months for my trip then so be it.

Make sure your goal is worth the cost

I’m a big believer in spending money wisely, in my world that means great experiences and something with a return.  I don’t mind spending money on a vacation, but I won’t overspend.  I will have the trip of a lifetime in a really great city with comfy accommodations but I will search the web for deals to get it.  I try to never pay full price for anything because it makes me sick to pay for something knowing that I could have done it cheaper.

I also don’t mind spending on something that gives me something in return such as education or a home.  I feel better about spending a lot of money if I get something back.  That may be selfish or it may be smart, but either way that’s just me.

Do it right the first time

It’s rare that we get a second chance on things in life so if you’re going to set a goal don’t half-step it.  Do it big and do it right the first time.  I don’t want to go to Italy and miss out on things just to save money.  I am probably only going to get one chance to go to Italy and I’m willing to spend a little extra money to have the trip of a lifetime.

What’s your goal?

 

Weekly Roundup: My Credit Card Was Stolen

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Happy Friday Dinks.  It’s definitely a happy Friday for me because I’m off work.  Monday is a holiday up here in Canada and I decided to take a nice little extra long weekend and tack on the Friday.  Isn’t that nice?!  For the first time in a long time I am staying put for my mini vacation.

I usually like to get away whenever I can but I’m happy in our new apartment (we moved last October) and don’t feel the need to rush off every chance I get.  Isn’t it weird how life changes.  A year ago I couldn’t get out of town enough and now I have four days off and I’m staying put – I guess that means I’m finally settling in.

Did anything unusual happen to you this week?

To be honest when I was thinking about today’s weekly roundup I wasn’t sure what I was going to write about because my week has been pretty standard: I spent too much on food (we’ll get into that another day), I avoiding any type of spending on clothes (thank goodness for window shopping) and I bought a ticket to an upcoming conference in NYC (YAY for learning and travelling).  Then  yesterday I got a phone call.

Nick called me at work around 11 am which is a bit unusual because we usually talk on our lunch breaks and not so much during the day.  When I saw his cell phone number flash on my screen of course my heart dropped and I immediately thought something was wrong.  When I answered I didn’t actually expect to hear his voice on the other line, but thankfully I did.

I’m grateful for the credit card security department

He told me that VISA just called and said we need to confirm some unusual charges on the account.  We did go shopping on the weekend and right now our balance is pretty close to the limit since we can only pay it off at the end of the month so I thought maybe our excessive spending triggered a red flag.

We tried to call VISA together but the agent got annoyed at our conference call.  She informed us that their office is open until 10:30 pm and asked us to call back when we were together.  Are they even allowed to do that?

When we both got home from work we called back and the agent asked to verify two transactions: one at a movie theatre in Toronto and another at a hotel in California.  As we are currently in Montreal both of these transactions were fraud.  I’m not sure if anyone is planning a trip to California but don’t stay at the El Cortez hotel because someone there stole my credit card.

Credit card fraud sucks

Of course the agent couldn’t give us the exact location of the hotel or movie theatre claiming she didn’t know.  Well as a bank employee I can tell you that she does know, she just can’t share the information for legal reasons a.k.a. in case I decide to visit the movie theatre or El Cortez hotel and take a baseball bat to someone’s head for stealing my credit card.

To make a long story short even though the fraud was only on Nick’s card both credit cards need to be cancelled and we will receive new ones in approximately seven business days.  It’s a total drag, but at least we got all our shopping done beforehand.

How was your money week?

Crash Course: Mutual Funds for Beginners

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mutual funds, investing, investments

mutual funds, investing, investments

If you’re thinking about investing there are a ton of options out there on the market.  The choices of where, when and how to save your hard earned money can be overwhelming.  The key to being successful at investing is to start simple.  You don’t want to rush into something if you’re not comfortable and trust me your investment style will become more sophisticated over time.

Investing is like any other high, it’s addicting.  As you learn more about your options and how the market works you’ll go from getting your quarterly account statement in the mail to watching your money on a daily basis.  That’s how it works.  It’s just like losing weight, gambling or any other addiction – the more you do it, the more obsessed you become.  Just remember to start small and let your taste grow naturally over time.




If you’re thinking about starting to invest mutual funds is a good place to start and here’s why:

They’re an easy option for beginners

As a financial planner, I think mutual funds are a good place for beginners to start investing because they are an all-inclusive option.  Mutual funds are a pooled investment, this means everyone who wants to buy the fund puts their money together and the fund manager invests it collectively as per the funds’ objectives.

Investors don’t have to worry about picking and choosing individual investments such as stocks, bonds, and precious metals.  One single mutual fund can give you access to several different investments.  Mutual funds also give you access to individual investments you may otherwise not be able to buy due to minimum purchase requirements.

The costs are known upfront

Every mutual fund comes with a Management Expense Ratio, commonly known as an MER.  When you’re looking at fund fact sheets (which I’m sure you will start to read frequently) and deciding whether to buy a particular fund the cost of the fund is very important.  Wouldn’t you agree?  Before you buy something you want to know how much it costs

The MER is the paycheck for the fund manager and other expenses related to the costs of operating a mutual fund such as administration fees etc.  It’s a percentage of the total assets under management in the fund.  If the fund has $10 billion invested and the MER is 1.75% that means the fund management company is taking 1.75% of $10 billion for operating expenses.  The more sophisticated the fund, the higher the MER.

It’s important to know that the MER percentage is removed from your published rate of return.  If you see a fund made 7% last year, that’s the amount investors actually received net of the MER.

Mutual Funds are extremely liquid

This is a major advantage of mutual funds.  In most cases, mutual funds can be sold and investors will have the money within 1 to 3 days.  Mutual funds do not trade by the minute like stocks do, they sell at the day’s closing price set at 4 pm EST when the market closes.  Whether you sell your mutual funds at 10 am or 2 pm you will receive the same closing price for the day.

Have I convinced you that mutual funds for beginners are a good investment option?  The diversity, no hidden fees and ability to sell at any time make mutual funds a very attractive investment option. Or would be more comfortable with a robo-advisor like Betterment?

Also, check out these good reads:

4 Reasons to Quit Your Job

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quit your job, unhappy about work, reasons to quit

quit your job, unhappy about work, reasons to quit

Leaving your job is a big step, it can be both exciting and terrifying at the same time.  I made a complete 180 degree career change in my 30s so I know this to be true.  Are you considering a career change?  Maybe you want a new challenge, maybe you want a change of environment or maybe you are really unhappy at your current  job.  I think it’s human nature to always want something bigger and better, isn’t it?  If you do hate your job and want to get out what’s holding you back?  If you’re like me the answer is simple – money and stability.

If you answer is no to any of the following five questions then it’s time to quit your job and move on to something new.

Is the money worth it?

When thinking about quitting your job think about the money.  Whether we want to admit it or not money does rule everything around us and we need it to live.  That doesn’t make us shallow, it just makes us honest.  Sometimes a job is a hassle, but the big pay check makes it worth the trouble.  Is that your case?   Keep in mind if you’re changing careers you may need to start at the bottom in order to work your way to the top – and that’s O.K. as long as you can still afford to pay your bills.

Do you get paid vacation?

To some people time off is just as important as a pay check – if not more.   When you are close to being pushed to your limit it seems like no amount of money can help, however a week of rest and relaxation can do wonders for the psyche.  I’ll let you in on a little secret, when negotiating conditions with a new job it’s easier for the company to give you an extra week of vacation than it is to increase your salary.  Vacation is not always a deal breaker, but salary can be.  Why?  I have no idea, but that’s what I heard.

Are there any extra perks?

Some employers offer additional non-taxable perks in addition to your standard benefits like salary and vacation.  As I work online I have a company-paid cell phone.  My friend has use of a free gym in her office building and my boyfriend Nick gets his monthly transit pass refunded.  Those are all great perks that may not be in your standard job offer contract but they can add up to be worth a lot of money at the end of the year.

Do you have to commute?

I hate commuting.  I think it’s a total waste of time.  I know it’s travelling to the place that pays you so you can pay your bills, but sitting in traffic is such as waste of time.  I refuse to spend more than 30 minutes commuting to and from work each day.  I am lucky enough to be able to walk from my house to my office, but if I couldn’t I would never take a job where I had to drive or take the subway for more than 30 minutes, but that’s just me.  I should also probably never say never.

 

4 costly mistakes when selling your  home

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selling your home, real estate, selling of property

selling your home, real estate, selling of property

Good morning Dinks.  Let me ask you a question, are you selling your home this year?  I have a friend who put her home on the market three months ago and she has yet to receive an offer.  To say she and her husband are defeated would be an understatement.  They want to grow their family and want to move from a two bedroom condo to a house to do so.  But the real estate market just isn’t cooperating with them.

I’ve never bought or sold a house, but as a long time financial services employee I’ve learned a few tips.  Here are some ways to help get your home sold fast.

Hire a real estate agent

I know a lot of people want to save money on the commission fee so they don’t hire a real estate agent, this is a huge mistake.  Although handing out 4% of the sale price of your home may seem like money wasted the truth is it’s actually a good investment.

The longer your house stays on the market the lower your chances are of selling at the price you want.  A real estate agent can help get your home sold faster than if you list it yourself.  Their contacts and network alone are worth the money.

Forget about sentimental value

This was the first home my friend and her husband lived in together after they got married so of course they’re attached to it.  They’re putting a price on their sentimental value which is usually a big mistake because new buyers don’t have any sentiments towards the home.

The purchase price is so important when listing your home for sale and one mistake people often make is listing their home too high.  If the price is too high one of two things will happen: 1. when potential buyers visit they won’t see the value or 2. visits will be limited because the higher the price the smaller the market.

Don’t let your emotions get in the way

My friend and her husband don’t necessarily want to leave but if they want to start a family they’ll need more room.  They’re ready to take the next step in their relationship and selling their home is the only thing in their way.  This is adding more stress into an already stressful situation.  The home has been on the market for three months and they’re starting to take it personally.

Choose the listing time wisely

This goes back to the importance of hiring a real estate agent.  A professional can help you set the right price and find the perfect time to put your home on the market a.k.a. get your home sold fast.  My friend put her home on the market back in February and now she’s just lowered the price.  Definitely not the ideal situation.

There is also a financial aspect to selling your home.  Before you put your home on market check with your bank to see if there are any penalties involved.  If your mortgage loan term is not due for renewal there will be fees to break it, even if you’re taking another mortgage with them.

Weekly roundup: Putting out good money karma

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Happy Friday Dinks.  I know I usually make polite conversation and share my favorite links from around the web with you on Fridays, but today we’re going to do something different.  I’m going to roundup the best and worst things that happened to me over the last week.

As a financial planner I’m around all things money-related in my professional life.  However after 5 pm money seems to follow me home.  This week I had some pretty interesting things happen when it comes to money.

Just think about that for a second.  What happened in your money life last week?  I’m sure if you think back you’ll have some stories to tell.  This is what happened to me:

Monday

I helped a woman at the grocery store figure out why her card was being declined.  It turns out the transaction wasn’t going through because the woman was travelling from overseas and forgot to advise her credit card company.

This is a lesson learned for all travellers around the world, always advise your credit card company or bank of travel plans before you leave the country.  It will help avoid a lot of stress while trying to enjoy your vacation.

Tuesday

It was finally nice outside so I decided to walk around on my lunch hour.  I ended up at H&M looking for a new bag, but I walked out with a $14 dress.  It’s yellow and it’s super cute.  I have two other dresses in the same style and therefore I didn’t even need to try it on.

That’s my kind of shopping – cheap and fast.  Perfect lunch hour.  If you need summer dresses I suggest you head over to your local H&M because the new collection is out and it’s colorful and cute.

Wednesday

I was accused of stealing someone’s wallet.  During a train ride for a business trip the man sitting across from me lost his wallet.  I offered to help him look for it and even tried to calm him down as he was stuck on a train and in a total panic about losing his wallet.

I thought I was being nice but he had the nerve to accuse me of stealing his wallet.  He implied I was only trying to help out because I was trying to deflect any suspicions.  Can you believe the nerve of some people?

Thursday

I spent quite a bit of money yesterday on food and snacks.  I finally joined the Starbucks loyalty program in an effort to get perks for my random Starbucks visits.  Well the plan completely backfired and it has actually kicked my casual iced coffee habit into a full blown addiction.

I don’t think I’ll be adding more money onto the card.  I do have to admit the function of paying with an app instead of money, a debit or credit card or a gift card is very cool.  I’m just going to limit my visits because I don’t want the loyalty program to be a reason for my visits, I want my rewards to be a perk for my occasional spending.

How was your week with money?

 

Do you ever feel the need to give money advice?

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money advice, financial advice, personal finance

money advice, financial advice, personal finance

I know this may sound like a silly question, but I’m curious.  As financial blog readers and money enthusiasts do you ever feel the need to lend a helping hand when it comes to money?  I don’t mean physically lend money to family or friends, I mean give them money advice.

As a financial planner I give money advice to strangers all day and I usually try to steer clear of the subject afterwards.  However sometimes money just follows me around.  Anytime my family asks for money tips I completely avoid the situation and whenever my friends want to chat about good deals I’m all ears.

Even after the market closes I still find myself spreading words of wisdom when it comes to money.  It’s almost as if I feel an obligation to talk to complete strangers when it comes to money if it means I can help them out.  This exact situation happened to me this week.  Here’s what happened…

I was trying to mind my own business

Monday night after work I stopped at the grocery store to pick up one item.  For those of you who have ever met me you know I’m an extremely impatient person and I hate waiting – especially in line for something.  So I grabbed my one item and expected to be out of the store and on my way  home within a couple of minutes.  Well fifteen minutes later I was still in the store.

I was in line behind a woman whose credit card kept being declined and she kept asking the cashier to swipe it anyway.  She was insistent that there were fund available.  Why do people do that?  Anyways after the fourth or fifth swipe I finally looked up to see the error message on the cashier’s screen.

But then I couldn’t help myself

I injected myself into the situation and said “Excuse me I work for a bank,  the error message code doesn’t mean you don’t have funds.  The transaction isn’t being declined it’s not being processed, that’s different.”  The woman looked at me in awe.  I continued on “Are you travelling from overseas?  That error code usually appears when you don’t advise the credit card company of your travel plans.”

The woman proceeded to tell me that she arrived yesterday and was visiting from Spain for two weeks; this was the first transaction she tried to process in a foreign country.  There we have it.  If I would have been a little bit less self involved and actually paid attention a little bit sooner I could have saved myself 15 minutes of waiting in line at the grocery store.  Lesson learned.

It turns out my advice was helpful…but unnecessary

Both the cashier and the traveller were grateful for my interjection.  I told her she should contact the credit card company right away to avoid this in the future.  She was thankful, paid cash and went on her way.  Yes that’s right, she PAID CASH.

The entire time the cashier was swiping and re-swiping her credit card the woman had enough cash in her pocket to pay for her groceries.  I couldn’t believe it.  I almost wanted to say something but thought I shouldn’t counteract my kindness with a snotty remark.  I wanted to keep the good karma out there.

6 Tools Every Small Business Needs

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small business, entrepreneur, tools for small businesses

small business, entrepreneur, tools for small businessesGood morning Dinks.  I don’t know if I ever mentioned this but I have like eight jobs.  I work a regular 9 to 5 in an office then I have a side hustle.  I have several different clients at the moment, so to say I’m a busy is an understatement.

On the fifteenth of every month (that’s usually when I start to get tired from lack of sleep) I ask myself “Why am I doing this?” then at the end of the month when I get paid I’m reminded that all my hard work paid off.

One of my freelance clients actually asked me to come on full time and I declined.  They offered me everything I want in a job – a good salary, travel benefits and flexibility.  But I politely declined because “I like my situation.”  And that’s the truth.  I enjoy having a 9 to 5 with a corporation and side hustles with start-ups and small businesses, it’s truly the best of both worlds.

I started my blogging side hustle in 2009 after the market crash and over the last six years (wow where does the time go) it’s flourished into a successful content and social media management business.  Not to sound too cliché but over the years I’ve learned to work smarter, not harder.

Every night I stayed up without sleep and every day that ended in tears all pays off when I look at what I’ve accomplished – but it didn’t come easy.  The great thing about working for yourself is that you can change anything you want to at anytime.  Every time a process drives me crazy I complain about it for a day then I change it.  I’ve learned that a few key tools can make your business more efficient, more profitable and just easier.

These are six things my business can’t live without:

Hands free headphones.  This is the ultimate multi tasking tool for any business owner.  If you don’t want to be stuck on a phone call doing nothing but listening then get yourself hands free headphones.  Be sure to get a pair with noise cancelling capabilities otherwise the person on the other end will hear everything going on around you.

Unlimited minutes talk plan.  Saved. My. Life. And my business.  I used to run out buying phone cards every time I needed to call a client.  Now I can talk to anyone in North America at any time.

A laptop.  Entrepreneurs – especially online entrepreneurs – can work from anywhere.  A laptop and other mobile devices like a smart phone and a tablet can help your office truly be remote.

Good employees.  This was a mistake I made early on.  I was so into being a boss that I posted an ad on Craigslist and hired two employees before I even had work for them.  That’s a mistake you only make once.  Now I contract out work from existing connections and referrals, no more job postings for me.

Skype.  Thank the higher powers at be for free international calling anywhere in the world.

A good spouse.  I am so thankful that my relationship survived my career change because running a business isn’t easy.  It takes a special person to support their spouse through self employment. Love you!

Read More: 

Top-Tier Comic Art Stor-Folios: The Two Best Options for Your Collection

 

This is why Starbucks is not a waste of money

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Starbucks, saving money, budgeting, cutting costs

Starbucks, saving money, budgeting, cutting costs

Good morning Dinks.  If you’ve ever read a story about spending wisely or setting a budget then you’ve probably been advised to cut out your daily trips to the coffee shop.  Right?  To be honest it’s true.  If you want to start saving money you can cut out Starbucks coffee and stop eating out in restaurants.  You could also become a nun and take a vow of poverty or become a monk and take a vow of silence – but what fun would that be?

As a financial planner I should probably tell you to stop spending money on anything that doesn’t keep you clean or warm, but I’m not going to do that.  Why?  Because I don’t believe in it.  Don’t get me wrong I completely agree that people should plan and save for their future, but I don’t believe they should do it at the sacrifice of their current life.  I mean seriously why would you hate your life now to potentially enjoy your life later?  It just doesn’t make sense.

Enjoy everything in moderation

This is why I don’t think Starbucks is a waste of money.  If you want to pay $5 for an iced latte then go do it, but keep in mind you’re giving up something else in order to pay for that coffee.  That’s the key to setting and sticking to a budget.  If you only have $5 and you want to spend it on Starbucks then more power to you.  Just be conscious of what that coffee really costs.

Coffee is an excuse to socialize

I don’t drink alcohol or smoke so if I don’t meet my friends for coffee I probably won’t see them very often.  Compared to after work drinks or a night out at a club I think a $5 coffee and a $3 piece of banana bread is a good deal to spend an hour or so with friends.

It’s a reason to get out of the house

I work online with my side hustle and I can work from home with my 9 to 5 job.  If I didn’t convince myself to buy a treat every now and then I would never leave my house.  I would become one of those crazy ladies whose eyes can’t adjust to daylight because I would be stuck in my home office 24 hours a day.  I definitely don’t want to become one of those ladies.

The price doesn’t matter

I truly believe in paying for something you want.  However I also believe in getting the absolute best deal on everything.  Why pay $400 a night for a hotel room when you can pay $100 for the exact same accommodation through a discount website.

The same thing is true for Starbucks.  As long as you aren’t ordering a $5 coffee, taking a sip and throwing an almost full cup in the garbage then expensive beverages aren’t a waste.  If you enjoy it then it’s money well spent.  That being said I will pay for expensive coffee if there’s something in it for me – other than enjoying a delicious beverage. I am a Starbucks loyalty member which means I get free beverages, exclusive deals and discounts on products.

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