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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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How do you set your budget?

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How do you set your budget? Here's how I come up with mine as well as a few things I regularly save on.

How do you set your budget? Here's how I come up with mine as well as a few things I regularly save on.
I know that setting a budget means living within your means and deciding how and when we want to spend our money.  But how do you set your monthly spending budget?  Maybe you budget based on what you earn or maybe you set your budget based on how much your expenses cost.

Nick and I have always lived with fixed expenses because we had two fixed incomes.  We knew exactly how much we had coming in each month and therefore it was very easy to budget.  We paid our bills, set money aside for savings and spent everything else.  Up until last month we only had one living expense – rent.  All our utilities were included and we never had to worry about any unplanned extra expenses each month.  However all that changed Oct 1 when we moved.

Planning for the unknown

Nick and I now have a variable bill to pay every month in the form of hydro; I have absolutely no idea how much it’s going to cost, especially in the winter.  How can you plan to save for something if you don’t know how much it costs?

If we want to go on vacation Nick and I can save for it because we know how much we make, how much the trip costs and how much we can afford to save each month.  When we’ve saved the total cost we can take the trip.  However when you have a bill that comes every month and you don’t know how much it’s going to be, but you know it’s coming how can you save?

Saving whenever we can

My answer is, save whatever you can.  So that’s what I’m doing.  I am learning to live on less.  I really want my first hydro bill to come so I have an idea of how much we should be saving each month. However the bill in November isn’t going to tell me how much hydro is going to cost in freezing cold February.  I’m saving whatever money I can where ever I can. To my surprise it’s adding up to a lot of money and even though it was a bit tough at first, I don’t feel like I’m missing out on much.

Here are three ways I’m saving money without losing out:

Don’t celebrate over the top.  The holidays can be expensive and they’re coming up quickly.  I love getting into the holiday spirit but all the hoopla can be very expensive.  With gifts to buy, a tree to trim, tables to fill with warm nuts and boxes of chocolate to give out the holidays can definitely cost a fortune.  I’ve learned that scaling back is the way to go.  We don’t need to buy gifts for everyone because sometimes a card will do.

Skip the appetizers.  Going out for dinner is fun but you can save half your bill if you skip the appetizers and say no to dessert.  Go out, enjoy the meal and go home.  This allows your budget a night out on the town without overspending.

Avoid snacks.  I used to love going for coffee breaks with my co-workers when the three o’clock afternoon lull came around.  But before you know it a 15 minute break turned into a slice of banana bread and a Pumpkin Spice Latte – that $7 spent in less than 15 minutes.  Not a good habit.  So now I bring snacks to work and save the expense.

6 ways to save $20 today

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save money fast, savings, save money, save $20, ways to save money

Need to save money fast? Here are six ways you can save $20 today!
As you know I’m always looking for ways to save money – always, absolutely any way I can.  I’ve become very money conscious over the last month and this is how I’m saving money absolutely every single day. Here are a few ways to save $20 today:

Avoid food at the movies.  I love going to the movies and there is nothing better than a big bag of buttery popcorn and a diet coke to make a night out at the movies even better.  However spending $20 on one drink and a bag of popcorn just isn’t smart.  Bring your own snacks or eat before and save yourself some money.

Cut out dinner – lunch is cheaper.  Sometimes it’s nice to go out with friends after work to grab some drinks or dinner but trust me when I say going out for lunch is a lot cheaper.

Cut out two lunches.  I love buying my lunch, mostly because I’m lazy and partially because I can’t cook very well.  However with a little effort I’ve committed to bringing my lunch to work three days a week.  Sometimes my lunch looks like something a school girl would eat but it helps me save and that’s OK with me.  Cutting out three lunches a week is helping me save at least $30 a week.

Put back that shirt – you don’t need it.  Sometimes I’ll be walking around and I see a really cute sweater so I go into the store and try it on only to discover it’s also on sale.  I used to consider this a sign from the shopping Gods.   If it looks good on me AND it’s on sale I MUST have it.  That used to be my mentality, but not anymore.  Now I only shop if I need something, not just because something is a good deal.

Get over your vices.  This is probably my biggest challenge.  I am addicted to lip gloss and nail polish.  You can stop me absolutely anywhere and the odds are I have at least three different lip glosses on me at any given time.  I pick them up any time I see one I like and if I find one I really like I buy it in massive quantities.  I mean who needs to buy 5 lip glosses? No one.  This has been more of a mental obstacle than a financial one, but slowly I’m getting over it.

Just say no to the happy hour.  I don’t know about your workplace but at my office it seems like I’m always being invited to a happy hour for someone’s promotion, departure, birthday or bridal shower.  If I say yes to one I feel obligated to say yes to the others and before you know it I’m going out after work three nights a week.  Drinks can be expensive so try to keep the happy hours to a minimum.  A polite way to stay on good terms with your co-workers is to alternate and go out every other week or suggest celebrating once a month for everyone.

Weekly roundup: Amazon, apartments and assistance

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(This is a pic from the New Orleans Aquarium)

Good morning Dinks.  I hope you’re having a great Friday.   I don’t know what it is about Fridays but there’s something different in the air.  I wake up in a better mood and Fridays are just a happy day.  Maybe it’s because we get to wear jeans in my office – who knows!   Do you feel the same way on Fridays?

Have a great weekend and enjoy these posts:

Clever Dude – Where to Get Financial Assistance on a Low Income

Wise Dollar – Is Everything Cheaper on Amazon?

Young Adult Money -Would You Invest in an Apartment Building?

The Asian Pear – Gifts with Love: DIY and Homemade

Fabulously Broke – Starting Over After a Financial Catastrophe

Making the same debt mistakes…again

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Is it okay to make the same debt mistakes more than once? I did. Here's why.

Is it okay to make the same debt mistakes more than once? I did. Here's why.

A few days ago I posted that I’m in debt again but I’m not freaking out.  It’s true.  I did have a minor panic attack aka flashback to my previous debt filled life just before I signed the credit application in the store.  But now it’s all good.

Debt free? Not anymore.

After literally giving my blood, sweat and tears to repaying my debt to become debt free I’m once again in debt.  I know in previous posts I’ve vowed never to be in debt ever again, but yet here I am, in debt.  However this time it’s OK, this time I’m not freaking out because this time I’m doing my debt differently.

Last month Nick and I moved to a bigger apartment in a better neighbourhood; we wanted the contents inside our new apartment to match the outside of our new prestigious location.  We decided to take some of our furniture such as our bedroom set but other than that we bought mostly everything else brand new.

This is why I’m in debt…again.

We upgraded our queen bed to a king size and therefore had to buy a new bed frame and head board to match.  We also had to buy a new living room set as well as a dining room table.  Nick and I knew we would have a lot of expenses when we moved so it may not have made sense to get into debt again.  But this time we had a plan; we saved to pay for the movers and other expenses that come with moving and we decided to finance all our new furnishings.

We got into debt the first time because we lived well beyond our means.  We lived in a luxurious fully equipped apartment, we had a car with underground parking as well as brand new electronics.  That was a dumb mistake we couldn’t afford.   I’m sure your thinking “But Kristina isn’t that what you’re doing again here right now?”  Well thanks for asking and yes it is.  But this time it’s different.

This time I know I can get out of my debt and here’s why:

This time we have a plan.  The last time Nick and I got into debt it was because we didn’t know what we were doing with our money.  We kept spending and spending and only making minimum monthly payments.  That’s not a mistake we are going to make twice.  This time we have a plan to get out of debt within six months.  Our furniture came with a payment plan of 24 interest free equal payments over two years, however we’ve set up pre authorized payments to have our debt paid off by May 2015.  That’s my one and only focus over the next six months – to pay off my debt.

We got into debt for a specific purpose.  This time we aren’t just constantly living beyond our means every month and accumulating credit card debt to pay for our lifestyle – a mistake we made last time.   This time we got into debt for a reason, our new furniture.  This time there is a specific start date to the debt and there will be a definitive end date.  At the end we will have a nicely new furnished apartment to show for it, not like last time when all we had to show for our debt was credit card bills .

Our financial situation is different this time.  Last time we got into debt because as recent graduates we didn’t budget or have very high incomes.   This time we have the income to support our lifestyle.  We are in a better financial position this time around and even though being in debt isn’t ideal we still aren’t  matching our expenses flush with our income.  That was a mistake we made in the past and it landed us tens of thousands of dollars in debt.  Even though our expenses are high they are still less than our income and that is a habit that will keep us in the black.

Do you really need to spend that money?

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Do you really need to spend that money? The answer is probably no.

Do you really need to spend that money? The answer is probably no.
The answer is most likely no.  Since our move I’ve been very aware of how I spend money and all the ways I can save throughout the day.  OK let’s just say it, I’m always looking for ways to save money.  Always.  I will walk in the freezing cold to pick up my pizza if it helps me save on the delivery fee and tip.  I know that sounds crazy,  but it’s true.

I’ve always watched what I spent but now every time I (or someone I’m with) makes a decision to buy something I think to myself “That’s not really necessary.”  It’s like a calculator goes off in my head and it adds up to say “Don’t do it.”  This never used to happen to me, but now with recent events I am looking for ways to save money more than ever.

New expenses mean cutting old ones

As you know Nick and I moved into our new apartment about a month and a half ago and to say our lives have changed would be an understatement.  Not only did we move to a new (more upscale) part of town we’ve also had to make some major financial changes.  Our new rent is considerably higher than what we were previously paying, $400 more a month to be exact – that’s a lot.

We’re also now have to pay hydro every month; so we have to be very cautious of how much hot water, heat and electricity we consume.  Normally I wouldn’t worry about this because our old apartment was so small.  But with almost double the square footage, a new dishwasher and a clothes washer and dryer the price to stay warm and clean is concerning.

Saving a little money can add up to a lot

Nick and I are trying to save money whenever and where ever we can.  I have always been conscious of how I spend money but I never really worried about it too much because we’ve always had fixed expenses.  Now with a substantial variable monthly payment I’m literally scared to spend any money because I don’t know if we’ll have enough money to pay the hydro bill at the end of the month.  That’s unsettling.  I’m sure the feeling of panic every time I want to take out my wallet will go away, but for now it’s terrifying.  Any suggestions?

I pay attention to every single dollar I spend and to be honest I used to spend way more than I needed to.  I don’t want to speak for Nick but I’ve noticed several different ways I can cut my spending without actually feeling like I’m broke or cheap.

What can you sacrifice to save $20 a day?

$20 a day can add up to $600 a month – that’s a hydro bill and then some.  You may not even think you are spending $20 a day but trust me a quick stop at the grocery store after work, a coffee break with co-workers and a trip to the pharmacy can all add up very quickly.  As you go through the day think twice about what you’re spending and put that money back in your wallet.  I’ve been doing it over four weeks and I promise it’s not that hard.

Ballin on a Budget

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budgeting, spending money, budget money, spending money wisely

budgeting, spending money, budget money, spending money wisely

Good morning Dinks.  This past week one of my colleagues offered to buy me coffee during our break.  Normally I enjoy accepting free Starbucks but there was something about the way he did it that really offended me.  I asked him why he always has the need to pay for things when he’s around me, even if I offer to pay.  I guessed it was one of three things, one: we haven’t known each other long enough for him to be comfortable accepting coffee from me, two: he doesn’t accept gifts from women or three: he feels I can’t afford to buy us both Starbucks.

Why do people feel the need to talk about what they have?

He told me that it’s two of the three.  He always feels the need to pay because he earns more money than I do (at least he thinks he does) and he always feels the need to pay for women.  I continued to tell him not to judge a book by its cover.  Just because I don’t spend money on $2000 suits and talk about spending $1000 a night in New York City, both of which he does, doesn’t mean I don’t have money.

I’d rather talk about how much I saved!

I choose to spend my money wisely, not waste it.  Of course we can all have more money but my income isn’t preventing me from doing anything.  I find ways to do everything I want and I do it wisely.  I mean why should I spend $400 on a hotel room in New York City when I could get the exact same room for $145 through a discount travel site.  For the amount of money he spends in one night I can spend during an entire weekend in New York – in my opinion that’s just smart money management. Why spend more when you can spend less.  That’s what I always say.

4 ways to live an expensive life  without spending a fortune:

Hotel deals.  I think it’s absolutely crazy to overpay for a hotel room.  If you spend some time searching you can find four or five star hotel rooms for less than half the original cost on discount websites such as Priceline and Hotwire.  As you know I’m a huge fan of booking hotels and flights via Priceline – not because they pay me to, but because I’ve been obsessed ever since I discovered it back in 2011.  I’m looking to take a long weekend trip to Las Vegas in March and I found a five star hotel on the strip for only $109 a night.

Cheap transportation.  I am all about being comfortable but sometimes I’m willing to give up my convenience if the discount is worth it.  I can fly to NYC for $320 or I can take the bus for $140.  Will I take an overnight bus to save $200?  You’re damn right I will.  I mean who cares how you get there if you’re asleep anyways.

Entertainment.  I would never spend $1000 drinking at a VIP nightclub.  If you’re not famous and aren’t going to be hounded by fans why do you need the VIP experience?  If you want to drink in a private room just buy a bottle of Vodka at the liquor store and stay in the comfort of your own home.  I believe in spending on experiences, not wasting money just because I have it.  Spending $150 to see a Broadway show is worth it as long as that’s the absolute cheapest price around.

Your home.  It’s what’s inside that counts.  Spend money on a few select quality items.  There’s no need to fill your home with cheap stuff that will break.  If you have to re-buy it you’ll probably end up spending more money on replacing the item than if you had just paid more money for a long lasting quality item the first time. Being selective in your furnishings, shopping around for the lowest price possible and taking good care of your stuff will help you save money when it comes to your home.

Photo from Flickr

Weekly Roundup: Baby it’s cold…inside

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562867117_48bc3d9b3c_zHappy Friday Dinks.  I need some help.  You know I love our new apartment.  I really do!  But we’ve been here a month and a week now and IT’S COLD.  I need some tips on how to keep Nick and I from freezing into icicles – and it can’t involve turning on the heat.  We are paying for hydro now which includes electricity, hot water, heat and A/C.  Our first bill for the first 16 days we lived here was $65 and we didn’t turn on anything, that was just basic electricity consumption.  YIKES!

Maybe it’s because we have hardwood floors maybe it’s because we have a brick wall or maybe it’s because we have old windows.  I’m honestly not sure.  All I do know is that we’re freezing and I need some money saving tips on how to stay warm.  Please Help!

Enjoy these posts from our friends.  Have a good weekend Dinks.

Finance Girl – 5 Pieces Of Advice For Choosing A Career

Empowered Dollar – How my debt snowball created an avalanche of happiness in the rest of my life

Young Finances – 3 Ridiculously Simple Methods to Pay Off Debt

Go Girl Finance – What I Learned From Getting My First Credit Card at 28

The Trish List – The “Promotion” Stage is Over

Dinks Finance – 7 Reasons Your Debit Card Makes You a Target for Fraud

Photo from Flickr

How to Plan Financially to SINK

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being single, on a single income, single expenses, just broke up

being single, on a single income, single expenses, just broke up

Our friend Mel from Broke Girl Rich is joining us today.  Please welcome her to Dinks Finance.

Hi there, Dinks!

I’m here to talk with you about something I hope you guys never experience. It’s the after effects of when you SINK – single income, no kids.

A few months ago, my boyfriend of the last four+ years and I broke up. Amid the emotional turmoil and dizzying feeling of all my future plans falling apart, I noticed my credit card bills creeping up even though I didn’t feel like I was doing anything different!

And truth is, I wasn’t.

We both met working out on a cruise ship and then we joined the circus together, so while our lives weren’t exactly normal, and we didn’t pay rent living together in either of those accommodations, a shocking number of expenses we had every month were being spit between us and I’d never really paid any attention.

So, Dinks, if you’re on the verge of SINKing – either from a relationship ending or even just one of you being laid off, here are some expenses to consider.

1.     Rent – obviously this is all about to fall on you. What was previously a really reasonable number is about to get out of hand. Two ways to tackle this without increasing your housing budget are to take on a roommate or move. If you were splitting a little studio apartment, you’re probably not going to want to take on a roommate. The final option is to pony up the other half of the rent on your own.

2.     Food – a big one that hit me was food. I don’t even mean going out, restaurant style food, because, honestly, I became a slightly creepy hermit for a few months and rarely ventured out for anything but work. You’d think this would save you money! Turns out that cooking for two is almost like cooking for one, and you’re probably both splitting the cost of those groceries. Shelling out that money for just you every time now is likely to eat a bigger part of your monthly budget than it has been.

3.     Entertainment – yes, this is a little sexist, but a lot of times my ex paid when we were out on dates (granted, not all the time). So, gentlemen, you may actually save some money on this front. If you like hitting up the movies, roller skating, taking tae-kwon-doe or whatever your bag is, if you were splitting the costs before, they may go up. If you’re preparing to SINK as a couple, they will definitely go up.

4.     Travel – we did a lot of traveling together and it’s definitely a lot cheaper to travel as two instead of one. A shocking number of deals also apply to two people as opposed to one (cough, cough, solo traveler fees, WTF?). If road tripping costs are considerably cheaper splitting them between two people and we used to road trip all the time! One major expense for me was gas for my car. Previously we split all those costs since we both used my car. Gas is expensive. Maintenance is expensive. A car tire is expensive when you hit something that looked like a paper cup but clearly was not (ok, I probably would’ve been covering that tire anyway since it was me that hit the not-a-paper-cup thing).

5.     Utilities – just because he’s gone doesn’t mean his 300 channels of MLB are. Or the super fast internet that you guys decided was worth the extra $30 a month, since it was really only like $15. Re-evaluate that your utilities are actually things you need.

So if you’re on the brink of SINKing, keep in mind these financial pitfalls to avoid. Moments like these are why it’s always a good idea to know your bare bones budget. It can help you get by until you put your financial house back in order in the event of a breakup OR until you’re back on your feet as Dinks again.

Photo from Flickr

Going green – 5 home habits to save you money

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going green, saving money at home, home habits, saving money, cost cutting

how to save money

(A pic from the bayou in NOLA.  One of the greenest places I’ve ever seen)

Everyone loves saving money, right?  I don’t know about you but I will save $1 absolutely anywhere and everywhere I can.  I will walk several blocks in the rain to avoid paying ATM fees, I will overstuff my luggage and risk breaking souvenirs to avoid paying airline baggage fees and I’ll cut my pants into shorts to avoid spending money on new clothes.  Yes, that’s all true.  My most recent money saving adventure hits really close to home – actually right in my home.

Is your home eco-friendly? Are you?

Nick and I just moved into our new apartment at the beginning of the month and although I’m loving the space and the little luxuries of having a Jacuzzi and our own washer and dryer I’m not loving the bills that come along with it.

For the first time in 34 years Nick and I actually have to pay our hydro bill; we’ve always had apartments where everything was included, but not anymore.  Watching our water, heating and light consumption made me realize how much electricity we actually waste.  I quickly learned that the best way to save money is to be environmentally friendly – and that’s the truth.

Spending money on eco friendly renovations is money well spent and being a little more conscious of how you move about in your home is money well saved.  Energy efficient materials and appliances may seem very expensive up front but trust me when I say it’s worth it in the end.   You’ll save on your hydro bill and save the environment at the same time.  It’s a win-win.

3 ways you can go green and save some green too

Dual flush toilets.  If you’ve ever gone camping or visited a rural area you know the saying “If it’s brown flush it down and if it’s yellow let it mellow”.  Dual flush toilets are the new age solution to saving water when you flush.  You can use less water with a light flush and tank refill on a regular basis and use the larger option to flush down heavier loads.  Trust me it’s a real money (and water) saver.

Lights, lights, lights.  I used to leave lights on throughout my apartment, even if I wasn’t in the room.  Now we turn them off if we aren’t in the room.  I know this seems like common sense but have a look around, are there lights on in your home in empty rooms?  We also bought eco friendly aka LED light bulbs.  Eco friendly light bulbs last longer and can save up to $300 a year on your hydro bill.  We also bought bedside table lamps so we don’t need to keep our big bright room lights on all the time.

Save your water.  Now that we have to pay for hot water I’m very conscious about how much water we consume.  I save on our hot water bill by turning off the water in the shower while I’m lathering up and then turn it back on to rinse.  I know it’s relaxing to stand in a hot shower and let the water run down our bodies, but that’s a very expensive habit.

 

We finally cut our cable bill

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cut our cable bill, cable bill, utility bill, cutting cost, saving on utility bill, saving on cable bill

6163821276_9dcebe87f7_zGood morning Dinks.  Guess what?  I’m coming at you with good news today because we finally cut our cable bill.  For years you have been listening to me whine about the expensive cost of our monthly cable bill with expensive sports packages and 900 channels when we only watch about 50.   Well all that’s in the past.  As of October 1st I’m proud to say that our cable bill has been more cut in half.

Our cable bill went from $280 a month to $150, this also includes our internet service and our home phone.  Yes Nick and I still have a home phone.  Our rent payment substantially increased when we moved in to our new apartment so we have to make cuts in our other monthly expenses.  We don’t want to overspend on our lifestyle because (as you may remember) that’s how we got into so much debt in our 20s.

There is no love lost between myself and our cable bill.  We had way too many unwatched channels and we also definitely spent way too much time watching TV.  Honestly I don’t know how I ever lived without a PVR but that’s a whole other story.  When Nick suggested we cut out some channels I was more than happy to agree – after all I’ve only been complaining about it for four years.

We changed providers

We chose our previous cable provider because they were the best.  They had the most specialty channel options and they had the most HD channel offering.  What’s the downside for clients when you go with the best?  They over charge you and don’t care because they know you’ll stay with them because they’re the best.  This time we shopped around and found a cable provider that offered all the channels we wanted for a better price because the fee structure is different.  With our previous provider we couldn’t select channels a la carte, we had to order an entire package if we wanted a specific channel.  Our new provider offers bundles meaning we can choose 10 channels we want for a fixed price.  It’s a much better way to choose your cable.

People don’t need options

Cut your cable channels down to the channels you really watch.   Do you know how many channels I actually watch?  Five.  I watch Survivor and Blue Bloods on CBS, I watch How to Get Away With Murder and Shark Tank on ABC,  I watch movies on Lifetime,  I watch reruns of Friends and Will and Grace on The W Network and I watch The Real Housewives and Mob Wives on Slice.  That’s about it.  I don’t feel we’re missing anything or at least I’m not.  We did cut channels but those were channels we kept because “sometimes they show good movies” or “what if there’s a program we want to watch someday”.  They weren’t actually channels we actively watched so we can live without them.

Negotiate before you order the service

Usually I only pull out the “But I’m a new client” card for customer service reasons.  When something goes wrong I tell my service provider that “I’m a new client and I will switch back to my old provider if you don’t give me what I want.”  This time I played offence and negotiated all the new client perks while I was shopping around.  Thanks to my wonderful negotiation skills we also have a premium movie package of six channels for only $6 a month.  Considering it costs $15 to see a movie in the theatre I think this is money well spent/saved.

Photo from Flickr

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