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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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Save money and be healthy at the same time

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saving money, being healthy, frugal living

Good morning Dinks. I am happy to say that the warm weather has finally arrived up here in the Northeast. With the warm weather comes the need to spend as much time as we can outside in the sunshine. When people know that bikini season is upon us they have a need to eat healthier and be more active.

Just like any new hobby people are sometimes skeptical about trying new things because it may cost a lot of money to get into a new sport or adopt a new lifestyle. But I am here to tell you that eating healthy and being active doesn’t have to cost a lot of money, if you know where to look.

I personally hate spending money on items and activities that I can do myself for free. I don’t like to get fake nails because I can just grow my own and I hate paying for a gym membership when I can find fun activities to do outside or at local community centers for free.

I also hate paying more than I have to for anything. I always shop for discounts and coupons; if an item that I want is not on sale I talk myself out of it and ultimately decide that I don’t really need it.

What is your favourite money saving tip for eating healthy and being active?

Use fillers when cooking meals. So often people like to stuff their bellies full of meat and vegetables but the truth is that portion sizes we eat on a daily basis are probably half of the actual amount of food that we need to eat to survive. Food is one of the biggest expenses that we have, but it doesn’t have to be. If we cut down the portions of our meals we would actually save a lot of money. The next time you buy a steak or chicken breast cut it in half and make two meals out of it instead of overeating. You will save calories and money.

Shop the flyers and take a walk. This is my shopping rule of thumb and if you are trying to live healthy and save money it kills two birds with one stone. I always check out local flyers and walk around my neighbourhood to do my weekly grocery shopping at two different stores. I like knowing that I am getting the best deal on the products that I need each and every week. Spending a few hours walking around in the sunshine is the perfect way to spend a Saturday afternoon and if I can only buy as many groceries as I can carry I will never waste money or food and I will never overspend.

Find free fitness activities in your neighbourhood. Healthy living is becoming so popular in cities all around America that many stores, shops, schools and community centers are offering fitness classes for free.  My office building actually has a gym that employees can freely use at their will.  My employer also offers health and wellness seminars a few times a year on how to eat better, how to improve your posture and how to make time for exercise every day.

Photo by wickerfurniture

Insurance secrets that we should not keep

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insurance secrets, insurance agents, insurance

Good morning Dinks. So often we talk about how to save money, how to spend money wisely, how to invest our money and how to live on a budget. But today I would like to discuss insurance.

When I first moved away from home I purchased my home and auto insurance with my financial institution because I didn’t know any better. I didn’t know that I should shop around and look for the best home and auto insurance rates.  I didn’t know that I could do business with a new company, or at least I didn’t try to because I didn’t want to get out of my comfort zone.

When I was a child I remember my parent’s insurance agent coming to our home and sitting at our kitchen table as my parents revised their home, auto and life insurance policies. Whatever happened to that kind of personal service? Now everything is done online or by telephone and there is just no more personal service in personal finance.

I love reading posts about other people’s experiences with their bank and with their insurance company, not matter how good or bad they may be.  When people post rants about being overcharged and receiving poor service I don’t think of it as something negative, I actually think it’s a positive warning for future buyers to beware. Andrea at So Over This  featured several posts about her horrible experience with ADT and trust me, I will think twice about using their services in the future.

MSN recently published an article titled 5 things your insurance agent isn’t telling you and I feel the need to share because we could all be making these costly mistakes. Here are a few things that you should know about your insurance agent.

– Be careful what you say. My father always told me that the less we say the better and MSN agrees. They advise insurance clients to watch their language when filing a claim with their insurance agency. Using the wrong word or exaggerating the damage with every day phrases can harm the chances of having your insurance claim approved.

– Your insurance agent is working on commission. This is not to say that your insurance agent does not have your best interest at heart, but if you feel your agent is being too pushy you are probably right. Insurance agents don’t always declare their commission because of the stigma that comes along with commissioned employees. However, the truth is that most financial employees and probably all sales people are working for some type of commission. The best way to make sure you are getting the best deal is to do your own research and know what type of insurance coverage you need before you contact an insurance agent.

– You don’t have to be a new customer to earn money.  Many insurance agents will offer existing clients the option to increase their coverage and switch policies because they still earn a commission when you buy new insurance products and services even if you are already an existing client.  If your insurance agent proposes a new product I suggest that you take the advice into consideration and do some research on your own before you agree to any changes and sign any documents.

Photo by sashafatcat

Is there such a thing as easy money?

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quick cash, cash scam, easy money

Good morning Dinks. I keep hearing about get rich quick schemes of people who are frauding other people and trying to make millions without working hard. Every time I hear about a new scam or get rich quick venture that failedI always think to myself…do people really do that?

I come from a family where you have to do what you need to in order to get what you want.  I am a certified financial planner and working in retail sales wasn’t below me when the market crashed. I had a comfortable childhood where my parents were happy to give my younger sister and I the things that we wanted. But when I was old enough to work my parents made it very clear that I was expected to get a job.  I loved having my own money and I started working two jobs in high school because my parents didn’t want to support the lifestyle that I wanted to have.

Did you get your work ethic from your parents?

I honestly don’t believe that there is such a thing as easy money, however I do believe that people can have sustainable money. In plain and simple English, if you are responsible with your money you will always have money. In my opinion having a stable income flow over the long term is a lot more valuable than becoming rich over night or trying to get rich with the possibility of losing it all.

Make your money work for you with these 3 easy tips:

1. Invest it wisely.  Getting rich over night with the perfect investment at the perfect time just doesn’t happen.  This is why investing all of your money in the same place is never a good idea.  If you are hoping to make a big profit in a short period of time then you can just as easily lose your money just as fast if your investment option is too risky.

2. Passive income is all the rage. If you are an avid reader of financial blogs you probably already know that passive income is a thing of the present. Many people are buying rental properties to guaranteed a secondary income month after month.  A lot of financial experts are also coming out with helpful products such as books, budgeting tools and how to guides. The continuous sale of products ensures that a steady flow of income keeps coming in on a regular basis.

3. Stop spending and save money. It is a well known fact that money that is not spent is money that can be saved. If you live on a budget and spend less money than you make you will also always have money.  People who live on credit will never be wealthy or financially stable  because money can’t be saved if it is being used to pay off your debts. I am not saying that we should never pay for our weekly expenses with a credit card and I am not saying that we should never take a chance – all I am saying is that we should always live within our means. If we have a fixed income we should also have fixed expenses.

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Weekly roundup: 8-Tracks, $100 Gift Cards and Auctions

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8-track player

Good morning Dinks. As you read this I am in lovely New York City for a fitness event hosted by SELF Magazine and Crunch Gym. I am going to SELF Workout in the Park which is being held in Central Park tomorrow afternoon.  Every year SELF hosts an all day fitness event in both NYC and Chicago, so if you are in either area I suggest you check it out.

Sometimes attending conferences and expos can be very expensive, but for only $20 I am going to take fitness classes, try new products and get a gift bag full of swag from fitness industry leaders. I am super excited to be going to NYC and also to be spending the day at SELF Workout in the Park.

If you have a favourite weekend event, conference (other than our fave FinCon) or expo leave a comment and let us know.  It’s a great way to meet new people who share your same passion and learn about new products for your hobby or full time job.

If any of you are in the NYC area and want to grab a coffee or just say hi, send me a Tweet @TahnyaKristina and we can try to meet up this weekend.

Enjoy these posts and giveaway from around the web.

Take Our Stuff is giving away a Panasonic 8-Track Player

Take Our Gift Cards is giving away a $100 Safeway Gift Card

Clever Dude – My Son Didn’t Want To Pay His Bills

Budgets are Sexy – Side Hustle Series: I Used to Host Estate Sales

Budget Blonde – How Much Money Would It Take For You to Go To Mars?

Mo’ Money Mo’ Houses – Family Vacation Savings

Financial Uproar – You Can’t Trust Anybody. Except Me. I’m Cool.

Have a great weekend Dinks.

Photo by takeourstuff

Could money ruin your marriage?

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money trouble, couples finances, marriage ruined

Good morning Dinks. This week at my office something very interesting happened and I am not sure how I feel about it.  I am going to share the story and I would love to hear how you feel about the whole situation. Whenever the subject of love versus money comes up here on Dinks Finance most of us agree that love should always prevail over our greed of money.  We agree that our relationships are more important than a big salary.  But when money is the main source of stress in your relationship, should love still conquer all?

This week one of my co-workers announced that she is leaving her husband of five years.  I have not been at my new job (only since January) very long so I don’t know my co-worker very well, but the news seemed shocking to a lot of people in our office.

Two years ago my co-workers’s husband lost his job and Jennifer has been the sole source of family income ever since.  She has a good job and a decent salary but I’m not sure it’s enough to support two people in the lifestyle that she wants to have. A childless family of two can definitely live on $70,000 a year, but the lifestyle is very different than having a duo income household of $140,000 a year.

Jennifer and her husband are not ending their marriage because they don’t love each other anymore; she still loves her husband very much.  But over time the stress of being the sole income provider in the relationship took over and became more important than the love they share.

Even in a marriage you have to put yourself first

Some people may say that Jennifer is making the right decision because a marriage is a partnership. If one spouse doesn’t hold up their end of the agreement and the marriage just doesn’t work anymore maybe it’s time to move on.

Two years is a long time to be unemployed. I understand that Jennifer’s husband may be waiting for the perfect job offer before he re-enters the workforce full time. But when your wife is depending on you to be her partner isn’t any source of income better than no income at all?

Maybe it’s a cop out to end your marriage

Some other people may feel that Jennifer is just running away from her marriage at the first sign of trouble. She did make a promise (or is it an oath?) to love her husband for richer and poorer.  Maybe instead of leaving her husband Jennifer should try to encourage him, support him and help him find a new job or a completely new career path.

Living on a lower income is fesable for many couples but some people may feel that if we are in a marriage we shouldn’t have to settle for less than the lifestyle that we want to have.

My question for you, what if Jennifer doesn’t leave now and what if her husband is unemployed for another five years – at what point is the commitment being taken advantage of?

Photo by joi

Summer travel no-nos

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travel tips, summer vacation, vacation tips

It’s spring time, or at least it’s supposed to be.  Up here in the cold north east it seems as if winter has been here forever and the warm weather is never going to get here. Let me as you a question Dinks, have you already started planning your summer vacation?

I personally don’t like to travel in the summer because it’s too hot; I much prefer to travel in April or May and in September or October.  This year for the first time in my life I also travelled in January when I went to Las Vegas for a week. It turns out that I’m also not a big fan of travelling in the dead of winter. I had a great time in Las Vegas but the delays due to icy runways and defrosting planes really made my trip a lot longer.

When we plan a summer vacation (or any vacation for that matter) we are trying to find the best deal possible aka the nicest accommodations for the lowest price.  I love booking trips through Priceline.com because you can search for discounts and you can set your own budget with the name your own price feature.

I like to travel alone and therefore I am very cautious about how I travel, when I sleep and where I stay.  I absolutely love the city of Boston and I love New York City, but so far my favourite place that I have visited is the south of Spain.

Where is your favourite travel destination?

MSN  recently published an article titled “World’s biggest travel rip-offs”.  I will be the first to admit that I love saving money on my travel accommodations because the less I spend on getting there the more I can spend on food, shopping and excursions once I arrive.

Here are some of the biggest travel expenses (some of them we can’t avoid):

– Passport fees.  I don’t necessarily love paying close to $100 to renew my passport every five years but it lets me travel the world, so in the grand scheme of things I don’t mind because it’s worth it. If you don’t like to travel abroad then you don’t need a passport but for those of us who love to travel unfortunately we can’t avoid it.

– Travel visas.  I have actually never travelled to a country where I needed to obtain a travel visa but I heard that if you don’t have all of the paper work in order and as the government officials like it the travel process can be a nightmare.

– Luggage fees.  This one really hits home with me. As airlines try to cut costs wherever they can they are moving more and more travel costs onto their customers.  I can’t believe that I have to pay for an expensive plan ticket and then pay $25 to check my first bag and $35 to check my second bag. Then on top of it the airline looses my bags…remind me again what I am paying for?

– Seat selection.  I can’t believe that people pay for this on top of the regular price of their ticket.  It would be nice to be the first off the plane but then again we all have to wait at baggage claim so I’m not sure why people would pay $75 to choose a seat at the front of the plane just to be stuck waiting for their luggage.

Photo by libraryarchives

Is your car costing too much money?

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car costs, car expenses, automobile maintenance

Good morning Dinks. What is your biggest monthly expense? Maybe it’s your home, maybe it’s repaying your debt or maybe it’s your car.  People are torn between the convenience and the cost of owning a car.  Some people like to buy their cars new because new cars come with a warranty and some people like to buy their cars used in an effort to save on the initial cost.

The actual purchase price of the car is only the tip of the iceberg when it comes to the yearly maintenance costs that come with owning a car.  Not only do we have to pay for gas and oil changes with the upkeep of our car we also have to pay for our registration, our driver’s license and of course the cost to repair our car if ever we have an accident or something breaks down.

MSN recently posted an article titled “Ten easy ways to make your car last longer”. I appreciate this article because I paid a lot of money for my Honda and I took good care of it to try and avoid an unnecessary spending.

Use these tips to extend the life of your car:

1. Check your owner’s manual. I know that a lot of people say that we shouldn’t do our regularly schedule car maintenance at the dealership but I did.  I had my car for 3 years and every single time I needed an oil change I would take it to a Honda dealership. It cost $40 and I knew my car was well taken care of.  However for body work after my two accidents I took the car to a local auto body repair that a friend referred me to.

2. Flush your engine coolant regularly. This is a great way to extend the life of your car because when a car overheats there are a whole bunch of other problems/damage that come along with it. It’s also a good idea to keep a bottle of anti-freeze in the trunk of your car in case you ever have an emergency.

3. Avoid running your vehicle on empty. When I bought my car my parents always told me not to let the gas get below a quarter of a tank. I was not sure why, but I never let it get too low.

4.  your battery before it dies.  I am not even sure how we can check our car battery life, but I’m sure it can be done.

5. Use quality motor oil.  When I bought my Honda they actually recommended the type of motor oil that I should use in my car.  If you aren’t sure what type of motor oil to use for your engine type I am sure that your mechanic can recommend a good brand.

6. Change your transmission fluid. This is one thing that we never want to get low because it affects the car engine as well as the performance of the car.

7. Flush your break system.  Other than starting the car the one thing that we never want to be without are breaks.

8. Keep your car clean.  I loved taking my car to get washed because it was so shiny afterwards, but apparently there are other benefits that come with keeping your car clean.

9. Buy a tire pressure gauge. I have been told that if our tires screech when we turn a corner it is time to add some air into our tires. Having a gauge to measure our tire pressure is also a good way to keep up the maintenance on our car.

10. Consult forums for advice. Online communities and blogs are a great way to ask questions and find new products. I like getting the advice of consumers rather than professionals.

What is the last big expense you had for your car?

Photo by modomatic

Weekly roundup: Jaws, Ironman and Gift Cards

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Happy Friday Dinks.  It’s the first Friday in May, what are you up to this weekend? Iron Man 3 starts today so I am hoping to see that movie this weekend.  As I get older I am not as tolerant of crowds as I used to be.  I definitely won’t see Iron Man 3 on Friday night but maybe Nick and I will go see it on Saturday or Sunday afternoon in an attempt to avoid the crowds.

I loved all of the previous Iron Man movies but sometimes as a saga goes on the quality of the movies gets lower, especially if the director changes with each new film.

What is your favourite movie trilogy or saga?

Many people may say that their favourite movie trilogy is The Godfather, but not me.  Don’t get me wrong those movies are great and definitely classic, but my favourite movie saga of all time is Jaws.  I really like all 4 of the Jaws movies but over the years as technology advances and cast and crew members decide not to take on the next project the movie has moved away from being thrilled by suspense to being thrilled by terror.

I admit there is something terrifying about knowing that the killer shark is under water but not being able to see it.  But I love a good shark attack scene and Jaws 4 has one of the best shark attacks that I have ever seen.  The shark emerges from the water and bites a woman right off a banana boat.  It’s really great.

Have a great weekend Dinks, enjoy these posts and giveaways from around the web:

– Take Our Gift Cards is giving away a $150 Visa Gift Card

– Get Rich Slowly – 9 traits of underearners

– Modest Money – What Does Procrastination Really Cost

– Enemy of Debt – In Finances, Fitness and Life, Together We Stand, Divided We Fail

– Well Heeled Blog – Our House: Common Overspending Traps to Avoid

– Kylie Ofiu – Long-short investing

 

Photo by patloika

Financial Planning in 5 Easy Tips

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financial planning, financial goals, secured future

Good morning Dinks.  Let me ask you a question – how many of you manage your finances yourself and how many actually have a financial planner? Having a financial planner can be a great benefit and a powerful resource provided by your financial institution.

There are several ways that people can prepare their finances to be as efficient as possible such as budgeting to make sure that you can afford everything you want, saving for your personal goals, investing wisely and cutting costs wherever you can.  Of course tax planning and estate planning are also a big part of your overall financial wellbeing, but first we have to start with the basics.

5 tips to help your finances get a little bit healthier:

1. Set a budget so that you can afford the life you want. Of course income plays a big factor in our lifestyle but so does budgeting.  Sometimes we have to work with what we’ve got and that means budgeting.  If you want to buy things that you can’t afford you either have to cut your expenses to have more disposable income or you have to make more money in order to have more money.

Budgeting can help you live the lifestyle you want. You may be wasting money on unnecessary expenses and you don’t even know it yet. A good way to track your spending is to sign up for an online budgeting tool and link it to your bank accounts and credit cards. This will show your spending patterns and show you where you may be spending unnecessarily.

2. Don’t forget to save. We all have goals that we want to achieve whether they are financial, personal or career focused.  Maybe you want to save towards buying a home or taking your dream vacation. Maybe you want to save for a big personal purchase such as a car or wedding and maybe your goal is to go back to school to get your dream job. All of your goals require savings and that’s why it’s so important to calculate your savings into your budget – to make sure that you keep saving.

3. Invest regularly and keep it going. Setting up pre authorized payments from your checking account to your various investment accounts and let your money work for you.  If you only save money when you have some money left over after paying all of your bills you will probably never save. So pay yourself first and invest in your future with automatic payments  every week, two weeks or on a monthly basis.

4. Invest wisely with the right asset mix.  Being a good investor is not about trying to time the market. Being a smart investor is about having the right asset allocation to limit your losses during market downturns and maximizing your profit during bullish markets. Make sure that your retirement portfolio and other investment accounts are well diversified between income and equity along with domestic and foreign investments.

5. Don’t pay fees if you don’t have to. One major way that we can increase our income is cut our budget. The less money you pay on service fees the more money you can save. Most bank fees are negotiable and so are most other service fees. Before you pay a fee (for anything) try and negotiate it.

Photo by images of money

Is it always about the price?

Posted on by 1
price, spending, splurging

Good morning Dinks. I know that I always preach about buying everything at the lowest cost possible. This is mostly due to my turbulent and troubled financial past, it’s also because my new financial life preaches savings and a dollar not spent can be a dollar saved.

I love shopping around for deals; I will do my weekly shopping at three different stores if it means that I will get the best deal possible and buy my products at the lowest price. I will also go out of my way and even walk in the rain to find my bank’s ATM before I pay a transaction fee to take money out of another bank’s ATM.  I don’t think that I am cheap; I just like making sure that I get the best deal possible on the products that I need and love.

Be a financial role model

I am, what I like to call frugal. I work hard for my money, I enjoy my money and now that I am financially responsible I also save money on a regular basis.  I feel a sense of self accomplishment when my bank account, savings account and investment account balances grow. I don’t think that makes me a snob, I think that it just makes me financially responsible. I don’t brag or talk about my net worth because the sense of knowing that I am financially responsible is enough of a reward, I don’t need to talk about it.

I also like to tell my story to anyone and everyone who will listen.  I don’t mind sharing my dark financial past with others if it means that I can help someone avoid making the same mistakes that I did.  If you are drowning in debt you may be hopeless and I like to tell people that you can get out of debt and start over. I know because I did it.

It’s ok to splurge if it’s worth it

Although I try to always find the cheapest price for everything that I buy from household items, to furniture, clothing and services, sometimes I realize that it’s just not possible.  Not everything can be bought at a super low price, or should I say cheap. Buying something cheap means that you prefer one brand of toilet paper over another because it is $3 less expensive. Some items can be on sale which makes them a good deal. If you really need something and you don’t want to pay full price for it you have two choices – shop around for the same item at the lowest price or wait until the item (and brand) you want go on sale.

Then there are those times when you can’t get a discount but you buy the item anyway. For me these are experience items such as theatre tickets and other personal adventures.  I am going to New York City in a few weeks (if you are in NYC and want to meet up, let me know) and I am going to pay to see a Broadway show. I visit NYC a few times a year and every time I like to go and see a Broadway show – preferably a musical. I am trying to decide between Annie and Cinderella – what do you think?

What is the last item that you overpaid for because you really wanted it?

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