Skip to main content

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.

Older posts
Newer posts

What are your monthly credit card purchases?

Posted on by 4
monthly credit card purchases, credit card usage, credit card, credit card expenses

GYM

Good morning Dinks.  You have read me preach time and time again about not overspending on your credit cards.  I know firsthand how damaging to your life financial problems can be.  Not so long ago when I was in my early 20s I was living off my credit cards.  I would use my entire paycheck to make minimum monthly payments and then be forced to pay my rent late.  By the time I hit my late 20s I had five credits and they were all maxed.

Finding a balance between spending and overspending

Now that I am in my 30s (34 in October) and live a financially responsible life I always try to find a balance between spending responsibly and not being tempted to overspend.  I want to continue using my credit card and paying it off every month so I can rebuild my credit score.  However, I am always afraid to swipe my credit card in case I fall back into old bad habits.  The truth is I actually don’t even carry the card in my wallet very often because I’m afraid I will start spending.

Having a balance on my credit card stresses me out. So now I try to make small purchases on my credit card that I know I can pay off at the end of the month. I find the key to being financially responsible is to make monthly payments on my credit card but keep the spending within a limit I can afford to pay off- currently I don’t spend more than $200 biweekly on my credit card.

Purchases that you should always make on your credit card:

Monthly recurring payments.  I set up my gym membership to charge my credit card monthly.  It’s only $45 per month and it keeps my credit in good standing.  How so?  Well in case I forget to make a purchase on my credit card one month I know that I will always have my gym membership charged to keep the card active.

Basically recurring payments make sure I use my credit card each and every month.  It’s also an amount that I can afford to pay off.  $45 a month is affordable and it doesn’t put me in danger of getting back into debt.

My weekly groceries.  I always charge my groceries on my credit card because Nick and I get 4 x the cash back rewards on all grocery and dining purchases. It is approximately $100 a week and lets us accumulate cash back extremely quickly.  Last year we received $75 in cash back rewards with a credit to our monthly statement.

It’s definitely worth it to get free money by making purchases that you would normally make on a monthly basis.  I don’t believe in spending money that you normally wouldn’t spend just to get a free gift, but I absolutely believe in maximizing all your financial benefits if you are spending the money anyways.

What are the credit card purchases you make each and every month?

 

Photo by Flickr

Weekly roundup: Summer, Freebies and Cash

Posted on by

BBQ

Happy Friday Dinks.  It’s the last weekend in June, how are you celebrating?  Next weekend will kick off the summer season full of barbeques, picnics and beach parties.  How are you celebrating July 4th next week?

Enjoy these great posts from our friends:

Money Talks News – 5 Strange Ways to Stay Cool in the Summer

Dough Roller – Are Low Cost Investment Advisors a Myth?

Mint.com – Expert Interview with Miel and James Hendrickson on Couples Finances

Blonde & Balanced – How to get freebies from your credit card

Frugal Rules – It is Time to go on a Cash Diet

Financial Samurai – Wish Your Parents Were More Strict On You Growing Up?

Young Adult Money – Should you cash out your 401k to pay off debt?

Photo by Flickr

Making a career change later on in life

Posted on by 1
career change, career decision, new career

career change, career decision, new career

Good morning Dinks.  Have you made a career change lately? You may remember that I have.  Over a year ago I said good bye to the world of personal finance that I had been a part of for over a decade and made the decision to start a new career in corporate communications.

Starting over in my 30s

I parlayed my blogging experience into a full time career in external communications with an international investment firm.  I did a full year in this position and in February I made yet another move.  I saw a job posted as a community manager with the same company and once again I used my blogging experience, online knowledge and personal network to land a full time job as a community manager with the same investment firm.

All you finance lovers know that banking and investments are highly regulated industries so being online is something quite new.  I am the first community manager at my firm and I think it’s a wonderful opportunity.  However my finance friends disagree.

My friends think my new career is a phase

After working in a certain industry for a long time your life seems to revolve around your career.  When I was working in banking all my friends also worked in banking.  To this day all my friends still work in the financial services industry, some in banking, some in financial planning and some in investment management.  Needless to say my money friends don’t understand my creative career change.  They just think it’s a phase and keep asking me when this part of my life will be over and when I’ll come back to financial planning.

My answer is always the same “It’s not a phase and I am actually happy at my job now.”  There is a lot of pressure to sell when you work in banking and financial planning.  Although the money was good, had a salary plus a quarterly bonus, I was not happy.  After the market crash the financial industry became all about making money and less about customer service and that’s not a change I adjusted to very well.  I believe a financial planner should manage relationships and have the knowledge to help their clients; not just push whatever product the bank wants to sell that week.

You just never know where your career will take you

My entire education was in personal finance.  I lived my life around money and investments and I thought I was happy….until I started blogging.  I always loved writing and did it all through high school, but when it was time to start applying to universities my parents wanted me to choose a more concrete major.  Economics seemed like a good place to start.  I quickly became obsessed with money.

After the market crash I lost a lot of my income because I wasn’t selling any investment products at the bank.  I started blogging as a way to supplement my income but what really happened is it reignited my passion for writing.  I went back to school to study journalism – I’m now paying for it myself so I can study whatever I like.  I used my blogging experience and journalism degree to land my dream job and to be honest the money isn’t that different from financial sales.  Overall my emotional wellbeing and my financial situation have improved since leaving banking and I don’t regret the change.  My friends may not understand it, but it was the best decision I ever made.

Photo from Flickr

Money morons: Trust and money

Posted on by 1
trust and money, bad money habits, bad spending habits, finances, couple finances

Money

Good morning Dinks.  I just watched an episode of the money-help reality TV show Money Moron starring Gail Vaz-Oxlade.  The opening sequence showed a husband spending money on eating out and the wife says “We agreed I would manage our money because I don’t trust him.”  My first thought was “YIKES”.  However my after thought was “Oh that’s smart”.

Get on the same page with money – or work towards it

If you are dating someone and you know they aren’t good with money would you still date them?  If the answer is yes then I think it’s a good idea that one spouse manages the money until the other spouse learns to be financially responsible.  I know some people may be thinking “you can’t teach old dogs new tricks”, but trust me when I say people can change – I did.

If you want to enter into a relationship with someone who doesn’t manage money the same way you do also depends on how early on you discovered your potential spouse was bad with money.  If you already love them it may not matter, but if you have only been on a few dates and you start noticing bad habits it may be time to bail out.

Did you learn about money together? We did.

I had no idea about Nick’s money management style when we first started dating because we were 19 years old.  After we moved in together, got full time jobs and started spending money like crazy we quickly learned that we were both bad with money and we would both need to make some changes.

Considering all the financial trouble I’ve had in the past I don’t think that I would be able to stick around with someone who was in their 30s and couldn’t manage their money.  When Nick and I were making money mistakes in our 20s it was OK because there was time to change and we did it together.  I am not sure I would put an effort into making a new relationship work if the man was bad with managing his money.  Actually I know I wouldn’t.

Reasons to stay with someone who’s bad with money

You want to change them.  There is always that sense of pride when we help someone accomplish something.  Money is no different.  Overcoming money troubles gives people a great sense of pride.

You can keep your money separate.  No one says that you have to open joint bank accounts and joint credit cards when you get married.  If your spouse’s money habits are questionable, just keep your money separate.

Reasons to walk away from bad money habits

It could hurt you.  Depending on the severity of the situation bad financial decisions can end up haunting you for many years to come.  If one person in a relationship has bad money habits the other spouse can help them learn how to properly and profitably manage their money.  However if both people are not so great with money it can definitely hurt your financial future.

It can be very stressful.  Being the sole person who takes on the responsibility of managing the family finances can be stressful.  Many couples argue about money – spending too much and accumulating debt.  The stress of arguing about money combined with being the one person who is responsible for managing the household finances can be more than one person can handle.

Photo from Flickr

 Joint credit cards: Yay or Nay?  

Posted on by 3
joint credit cards, joint finances, couple finances

Credit Card

Good morning Dinks.  Let’s talk about your relationship and your money for a moment, shall we?  Is your money better than your spouses?  The odds are that one person in a relationship has a better off financial situation than the other.  Both may be good or both may be bad, but either way they are probably not identical – one is always better than the other.

For richer and poorer

If your credit score is better than your spouses do you feel a sense of pressure to keep all your couple’s money in order?  It’s very possible that you do.  That’s OK if you and your spouse decided that one person will manage the household finances.  It’s also OK if you (as the financially better off spouse) are helping your (not so great with money) spouse rebuild their credit score.  It may not be OK to take on the responsibility of managing all your household finances if it’s creating a burden on your relationship.

There is a difference between marrying someone who has a less than desirable financial situation who is working towards rebuilding their financial life  and someone who is just so bad with money they always want the responsibility to fall on another person.  In my mind the first situation is OK, not ideal but it’s OK.  However having your spouse actually create a financial burden in the relationship is not OK.

How can you help your spouse rebuild their financial life?

Having to be the sole person in a relationship responsible for managing the household finances is very stressful and it will most likely create friction in your relationship.  It’s also not fair the spouse who carries the burden.  So how do you compromise?  With a joint credit card of course.

If you need to help your spouse rebuild their credit a joint credit card may be the way to go because a joint credit card holds both cardholders equally responsible.  A joint credit card gives each cardholder individual responsibility to pay off the balance in full and it is reported on each spouses credit score.  It uses your good credit score to get approved and as you both use the card and pay it off your good habits will help rebuild your spouse’s financial situation.

Would you still say “I Do”?

If you knew your spouse had a less than desirable financial situation while you were still dating, would you still get married?  It’s OK to want to help improve your spouse’s financial situation but  where the grey line appears with joint credit cards is when it comes to spending and repaying the outstanding balance.

If your spouse spends and you don’t how do you keep each other in balance and not let disagreements about money ruin your relationship.  My advice is to keep the credit limit low and help your spouse learn about financial responsibility by making it their duty to make the payment in full each month.

Photo from Flickr

Weekly roundup: Relaxing and taking a break

Posted on by 2
Relaxing and taking a break, taking a vacation, relaxing, leisure time

Hammock

Good morning Dinks and Happy Friday.  I am spending the weekend relaxing and taking a needed break from everything in my life from bills to cooking.  Over the next few days I am going to break out of my routine and just lay around and do nothing.  Do you ever do that?

Enjoy these great personal finance posts:

Frugal Portland – How I Got Into a Mountain of Consumer Debt

Money Talks News – Retiring Early Could Cost You $51K Extra in Medical Bills

My Alternate Life – There are more important things than money

Dough Roller – What Does Umbrella Insurance Cover?

So Over This – Money Making Idea to Avoid Debt

Enemy of Debt – Two rules of wealth building: our debt story

Photo from Flickr

Loyalty cards and rewards are moving to your Smartphone

Posted on by 4
Loyalty cards and rewards, apps, smartphone, app downloads

Smartphone

Good morning Dinks.  I have some big news to share with your today…I finally got an iPhone.  Yes that’s right it’s 2014 and I just got my first iPhone.  As you may remember I am Canadian, a country ruled by Blackberry.  Most of my family and friends have a Blackberry so any other type of phone was just not on my radar, even though my boyfriend Nick is a major Apple supporter.

Take advantage of your Smartphone and all its functions

To make a long story short my personal Blackberry started only typing the letter j so I had to make a trip to my cell phone provider and check out prices on new phones.  I have the Blackberry Z30 for work so I didn’t want to get the exact same phone for personal use.

The iPhone 4s was actually cheaper than any other model of new Smartphone so for strictly cost purposes I walked out with a new iPhone.  I know you extreme Apple fans are going to say “The 4s is so old” (because that’s what my boyfriend said) but trust me when I say it’s OK for me.  I have to admit that I miss the keyboard on my Blackberry but let me tell you I am absolutely loving apps for the iPhone.

Lighten up your wallet with apps not rewards cards

I have discovered a whole new world of downloading apps that were never available on my old phone. I no longer have to search for change at Starbucks because I can just add money onto my account with their app and scan my phone to pay for my coffee.  A world without a coffee card – who knew?

I now have a free space in my wallet.  Any suggestions what I should do with it?  I’m thinking of filling it with a new Costco Card.  I am looking for a good rewards card and I heard American Express comes with great travel rewards.  I started researching and this Costco Card gives cash back and supplementary cards are free for current Costco members.  Does anyone have this card?  I’d love to hear your thoughts.

What’s next for apps and credit cards?

Now that I have my new iPhone I am becoming an app snob.  I get my updated weather and bank account balances through my apps.  I haven’t downloaded any games yet but I’m sure my Candy Crush addiction is not far away.

I wish that all stores, financial institutions and credit card companies would jump on the app bandwagon and let us pay for all our purchases and earn loyalty rewards by scanning our Smartphone at the checkout.  Wouldn’t that be great? I can see my victoria secret credit card login going in this direction soon.  I couldn’t even imagine living in a world without credit cards and loyalty cards filling my wallet, but I’d love to live in it.  I am always scrambling at my favorite stores to find my credit card and my rewards card at the checkout.  I wish that I could just scan my phone, pay for my purchase and be on my way.

Photo from Flickr

Stop lying to yourself about your credit cards 

Posted on by 2
credit card purchases, big spender, financially smart, handling credit cards, handling finances

lips credit card

Good morning Dinks.  As you may remember I am a reformed spend-a-holic. Actually I should say that I’m a reformed credit card user.  I used to whip out my credit card without even thinking about what I was doing.  With just a little swipe of a card I was completely ruining my life, but I didn’t know it at that time.

After a breakdown from financial stress and almost filing for bankruptcy I am glad to say that I am now conscious of every single dollar I spend.  I still spend carelessly, but it’s usually on food and it’s not very often.  I only carry one credit card in my wallet and I keep the other one at home.  This is a big step for me because only a few years ago I had more credit cards in my wallet than I did id cards.  Thank goodness this changed.

If you want to keep your credit in good standing, stay away from years of making repayments and avoid thousands of dollars in interest charges then you need to use your credit cards wisely or stay away from them all together.  What’s the first step? Stop lying to yourself about your credit cards and your financial situation.  I have been there, done that.  I could rationalize any type of purchase on my credit card and I did.  Then I would have a nervous breakdown at the end of the month when I couldn’t afford to pay both my rent and my credit cards.  Thank goodness this changed.  Please don’t make the same mistakes I did.  My life would have been a lot better without my credit card debt.

Three lies people tell themselves about their credit card:

It’s just this one purchase.  Credit cards are like Lays Potato Chips, you can’t eat just one.  After you break the ice and swipe your card that first time it becomes an addiction, at least it did for me.  It’s never just one purchase and spending excessively can quickly become a costly habit if you don’t pay off the balance each month.




I will worry about the payment later.  This is a big mistake because if you don’t have the money now, you may not, and probably won’t, have it at the end of the month.  High unpaid balances lead to big interest charges.  People like to tell you that compound interest is your friend.  The truth is it’s your worst nightmare when it comes to your credit card.  Be proactive with your finances, not reactive.  Make sure you have the money to pay off your balance before you make the purchase.

I can get a cash loan from my credit card.  Cash advances are one of the biggest credit card mistakes you can make. Interest costs on cash advances are usually higher than regular purchases and there is no repayment grace period.  You start paying interest on cash advances from the moment that money is in your hand. YIKES!  Cash advances usually happen because you need money for an emergency.  This is where financial planning comes in.   Don’t procrastinate with your money, plan ahead whenever you can. If you keep using your credit card before you know it you will have more credit card debt than money you make in a year.   That’s a scary place to be.

Photo from Flickr

Here’s a little story about my little bag

Posted on by 2
lost and found, travel bag, travel documents, traveling in a bus,

Bus DINKS

Good morning Dinks.  Boy do I have a story for you this morning.  You won’t believe what happened to me.  It’s been a few weeks and I still can’t believe it.  Actually that’s not true,  I can definitely believe it happened because it’s definitely something I would do.  It’s what happened afterwards that I can’t believe.

My personal flaw

Remember my four day trip to NYC last month?  On my way home I left my back pack on the bus.  Any of you who have ever spent time with me (in person, on the phone or via Twitter and Facebook) know that I have absolutely no memory.  Like none.  Zip. Zero.  I write down everything obsessively because I never remember anything.

This is a very frustrating quality, I know.  For me and also for everyone who has to interact with me.  But hey, what can I do about it?!  If you have some magic potion that brings back a short term memory I am definitely open to any and all suggestions.

It’s definitely my fault

I realized I left my bag on the bus less than 10 minutes after I got off and immediately ran to the next bus stop.  It was at a bus terminal where everyone transfers so I knew the driver would be waiting at the next stop for a few minutes.  To my surprise it was different bus with a different bus driver.  When I asked where the other bus was the man informed me that the other bus driver’s shift was over and he was headed back to the garage.

Panic immediately hit my body as everything from my trip to NYC was in that bag.  Then I thought, maybe this is a good thing.  I got off at the last stop and the bus driver was headed back to the garage so he would definitely find my bag when he arrived, right? Wrong!

But it’s also his fault

The dispatch contacted the driver who said there was no bag on the bus.  I tried to explain to him that it was on the floor in between two seats, but the transit commission continued to tell me the driver didn’t see my bag.  They told me if the bag was found it would show up at the Lost and Found three to four days later and I could claim it there but they had no way of knowing if the bag would be found.

I was completely shocked that after 10 minutes of being on an empty bus my bag was nowhere to be found and I wasn’t going to let this go.  I requested to see the video from the bus and I also opened a file with customer service so they could talk to the bus driver.  I told them the shopping items were not important, but I did want my personal belongings back.  No one needs my camera full of pictures from my trip, my prescription sunglasses (I’m a -13) and my house keys.

So now what?

After three weeks of back and forth nonsense the transit commission informed me there was no camera on the bus.  They told me to open a claim with the legal department to be compensated for my items, but couldn’t guarantee anything.  So now, a month later, I have lost everything from my trip and I’m out $1300, the value of the items in my bag.  What a nightmare.

Photo from Flickr

Weekly Roundup: Birthdays, Luck and the 13th

Posted on by 1

Birthday Cake

Happy Friday June 13 Dinks.  Today is my sister’s birthday, she’s turning 31 years old.  My, my how time flies.  I can’t believe my little sister is 31 years old.  It seems just like yesterday we were playing restaurant and making pizzas out of Play-Dough.  Now we both live with our boyfriends, have full time jobs and she has a mortgage.  WOW we are getting old, but not too old to have fun.

Enjoy these posts from our friends:

Clever Dude – Five ways to look after your money in the casino

The Jenny Pincher – What You Can Learn From the Good Ol’ Boys Club (& Why Not Fitting in is OK)

Blonde & Balanced – How to live the gamer lifestyle

Couple Money – 10 ways for Couples to Master Their Money

Financial Samurai – How To Convince Your Spouse To Work Longer So You Can Retire Earlier

Money Crashers – 4 Crucial Strategies You Need When Investing for Retirement

Photo by Flickr

Older posts
Newer posts

Boost Your Brand – Advertise with Us!

Advertise With Us

You cannot copy content of this page