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 is the key to your financial life?

Posted on by 3
fraud, identity theft, protection against fraud

Good morning Dinks. Do you know what the one most important part of your financial well-being is? It’s not your net worth, it’s not your income and it’s not the value of your stock portfolio. I will give you a clue…the most important part of your financial life is actually the item that holds your money.  That’s right, key to your financial life is your wallet.

What does your wallet say about you?

Think about it for a minute. Your wallet holds your money, it holds your credit cards and it holds your debit cards.  Without your wallet you wouldn’t have any access to your money. That’s why it’s always a good idea to keep your wallet safe at all times.

I actually love my wallet; it’s my favourite accessory along with my sunglasses. As a banker I am always intrigued to see people’s wallets because it says so much about them.  Whenever someone opens their wallet and pulls out a credit card or debit card I always try to sneak a peek at their wallet. I like to see if a person’s wallet is well organized, how many credit cards they have in their wallet and I always check to see if people keep old papers and receipts in their wallet.  Oh yes someone’s wallet says a lot about them as a person, so what does your wallet say about you?

Be careful about identity theft

Your wallet holds your personal information.  If you ever lose your wallet you will also most likely lose your driver’s license and other important identification. Being pick-pocketed is about so much more than just losing money and credit card fraud, there is also a danger of someone stealing and taking over your entire identity. When I first moved away for college I lost my wallet and it was a total nightmare to try and get back all of my personal documents. Needless to say I learned my lesson and now I only keep the essentials in my wallet.

Your wallet is the keyhole to your entire financial life.

Your wallet holds your debit card and your debit card is the doorway to your entire financial life. If someone steals your wallet they not only have access to your debit and credit cards which gives them access to your money, they also have access to your online banking.  Through your personal online banking portal a thief has access to your personal information as well as all of your accounts. This is why it may be a good idea to have your personal banking with one institution and your investment accounts with a discount broker or another institution.

Do you protect yourself against fraud on a daily basis?

Carrying only the minimum amount of identification and personal information in your wallet is a great way to protect yourself against identity theft.  It also limits the number of phone calls you have to make and panic that you have if your wallet is ever stolen.

How are you protecting yourself against fraud?

Photo by jake

Weekly roundup: Boston, Breaking up and a Giveaway

Posted on by 2

Happy Friday Dinks. I would just like to take a minute and send my thoughts out to all the people in Boston.  I am glad that the two suspects have been found and Boston is once again a safe city for everyone to enjoy.

You may remember that I went to Boston for the first time in December and I absolutely fell in love with the city.  If I don’t end up living in New York City when I move to the U.S. I would definitely love to live in Boston.

Other than the city you live in, what is your favorite U.S. city?

Enjoy these great posts and giveaways from our financial friends:

– The Happy Homeowner – Yes, You Can Get a Loan with Bad Credit

– Budget & The Beach – The New Online Coupon Strategy

– Blonde & Balanced – Spring cleaning is almost here!

– Take Our Stuff – is giving away an Antique Typewriter

– Donna  Freedman – Breaking up is hard to do

– Clever Dude – Would You Pay $122 For A Bottle Of Lotion?

 

Photo by praytino

Are you better off married?

Posted on by 4
marriage, couples sharing problems, couples finances

Good morning Dinks.  It’s that time of the year again, the time of the year when young ladies my age are sending out their wedding invitations for their summer weddings.  Apparently I am at that age when I should be getting married, getting pregnant and settling down.  It seems like everywhere I turn and every time I open my mail box I am receiving another invitation to attend someone’s baby shower or wedding.

I thought that the wave of my friends and co-workers getting married and having babies was over, but I guess that I was wrong. So yet again I am going to dance the night away and smile my way through another summer of weddings and baby showers.  But what should I do if my happily ever after doesn’t include a house, two kids and all of the financial stress that comes along with it?

One of my co-workers got married to the man of her dreams last year and now she is blissfully pregnant and expecting her first child.  Three years ago my co-worker was complaining about how she had no money; some days she would even cry about how much debt she had and now only a year later she is debt free.  I know that marriage means you are supposed to share everything with your spouse and live happily ever after, but what if the only thing your spouse has is debt?

Debt may be a deal breaker

I feel that this is why couples should talk about finances, goals and money before they get married because no one likes an unpleasant surprise after they have already put a ring on their loved ones finger.

I know that some people get married for money and I don’t think that this is the whole story in my co-workers case.  I truly believe that my co-worker is happily married but I also believe that money is a big part of her happiness.  She no longer has the stress of being thousands of dollars in debt; she now enjoys having access to a bank account with two incomes and a husband who never says no.

After dating for years and finally getting married in her 40s my co-worker has found happiness with a man who is financially stable and willing to share his comfy money cushion with his wife. Is he a good husband or is he just a sucker?

Maybe a spouse feels obligated

This is surprisingly not the first time that one of my co-workers (at the bank) has married a man who willingly pays off their debt.  I have another co-worker has been married for several years now, when she was still dating her now-husband many years ago he paid all of their monthly expenses (including the mortgage) so that she could focus on paying off her student loans and other debt.

This man didn’t hand over fists full of money, but he did let his girlfriend live rent free for many years so that she could become debt free.  Should one spouse put financial stress on them self so that the other spouse can reap the financial rewards? I am not so sure.

Photo by DieselDemon

Do you care about interest rates? Well, you should!

Posted on by 4
interest rates, investing, money matters

Good morning Dinks.  Interest rates are very important to consumers who want to borrow money, save money and invest their money.  Interest rates are also very important for everyone else as people who contribute to society, pay taxes and buy groceries.  In basic layman terms…interest rates make the world go round.

Have you ever thought about how interest rates affect your life?  Everything that we do and everything that we buy is affected either directly or indirectly by interest rates. Even our salary is determined, in part, based on interest rates. You know that 3% salary increase that you get each year? Well that is based on the rate of inflation and inflation is based on interest rates (among other economic factors).

Borrowing money and saving money

Think about the last time that you wanted to borrow money or invest money – what made you choose one bank over the other to fund your personal loan? The last time you wanted to save money what made you invest in one high interest savings account over the other?  The odds are that the interest rate had a direct impact on your decision.

Banks entice people to come in and buy their products or borrow their money with flashy advertisements and appealing interest rates. If banks don’t advertise their low interest rates then no one will come in to invest or borrow money.  In reality, it’s all about the numbers.

Just a numbers game

Are you thinking about buying or leasing a car? If so, what made you choose one option over the other?  Is your decision based on the interest rate, yes it probably is.  As personal finance enthusiasts we most likely shop around, compare interest rates and calculate our total interest costs over the life of our car loan or lease, I know that I did when I bought my Honda a few years ago.

If you have a mortgage, what made you choose one bank over the other and what made you refinance? Are you getting my point?  Even though we may not know it, interest rates set the base for everything in our lives; and not only the money aspects…absolutely everything.

Investing wisely

I love investing, mostly because I love watching my money grow and a little bit because it’s a personal victory when I choose a winning investment strategy.  Many of us invest our money for the long term because we don’t want our $25,000 to still be worth $25,000 in 10 years.

Investing wisely doesn’t mean that we try to time the market and pick the perfect investments at the right moment.  Investing wisely means that we understand market cycles and how interest rates affect our investments, and then we choose the correct asset mix to protect our money throughout any market cycle – ups or downs.

I know that I am not a high risk investor, my long term investments include a 60% equity and 40% fixed income mix that includes both domestic and foreign investments.  This ensures that during interest rate highs and lows my investments are well balanced and should not fluctuate as much as someone who has all of their investment eggs in one basket.

Photo by kevinmarsh

Do you always keep your debit and credit cards safe?

Posted on by 1
credit card fraud, card security, fraudulent activity

Good morning Dinks.  Yesterday something happened to me and it was just so out of the ordinary that I have to share.  Yesterday I went out for lunch with one of my co-workers and when we were paying for our lunch she didn’t pull out her wallet she just pulled her debit card out of her pocket.  As a financial planner and former bank employee I felt the need to tell her the dangers of not keeping her debit card in a secure place.

There are so many dangers related to debit card and credit cards that I don’t even know where to begin: fraud, identity theft and lots and lots of false charges just to name a few.  Maybe it’s because I am a banker or maybe it’s because I am a control freak but I always keep my debit cards and credit cards safely tucked away in my wallet.

Do you keep your debit card and credit cards safely in your wallet or do you just keep it in your pocket and within reach for all pick-pocketers to take for themselves.

Here are some tips to keep your bank accounts, your credit cards and your money safe:

Use your cards at familiar places.  There is nothing worse than stopping for gas in an unfamiliar neighbourhood then getting home and finding out that you have been the victim of fraud.  This has happened to me and although my bank wouldn’t tell me where my debit card was cloned and used for fraud I knew that it was at the gas station.

I try to carry cash for all of my small purchases and only use my debit and credit cards at familiar big name stores. I also don’t let anyone swipe my card anywhere that I can’t see my card.  I actually don’t even like to give my card to any cashiers, I prefer to swipe or tap it myself and always keep my cards in my hand. If I know where my cards are at all times there is a lower chance that I will become a victim of fraud.

Be careful with your online banking.  Most financial institutions tell their customers that online banking is secure, but at the same time they warn clients about the dangers of online identity theft.  The truth is that there are so many other types of fraud that can happen if the wrong person gets a hold of your debit card, credit card or your PIN. Most people who commit fraud want to get the money and get out; they will use the debit card or credit card to get some quick cash and then move on to the next victim.  I am not saying that identity theft is a thing of the past; I am just saying that the business of fraud is all about the fast cash and quick turnaround.

Be care when you sign into your online banking. Do not have more than one browser window open when you are logged into your online banking. It is advised to stay off social media sites or any other type of information sharing site while you are logged into your online banking.  This helps prevent your personal information from being shared with the wrong people.

Have you ever been the victim of debit card or credit card fraud?

Photo by USDAgov

Weekly Roundup: Trains, discounts and good deals

Posted on by 2

Good morning Dinks and happy Friday.  This time next weekend I will be on a train on my way home to see my parents.  As you may remember I don’t visit my hometown very often since my family fell apart almost three years ago, but I haven’t been home in a while and I got a really good deal on my train ticket.

I am taking a 5 hour round trip (10 hours total) for only $80.  I know that may seem expensive to some of you because Amtrak is a lot less expensive than our rail system up here in Canada, but this is a trip that would normally cost over $150, so it’s a really good deal for us Canadians.

I thought that the phase of my life when I would carelessly buy things just because they were a good deal was over – but I guess not.

What is the last thing that you bought (but didn’t need) just because it was on sale?

Have a great weekend. Enjoy these giveaways and posts from around the web:

– My Diary Entry is giving away a pair of X-1 headphones

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

– The Jenny Pincher – I suck at Relationships – But Here’s How I’ve Tried to Fix It

– Smart Money Chicks – Things To Do With Your Tax Refund

– Budgets Are Sexy – Yard Sales Are Back!!!!

– Money Crashers – Best New Bank Account Promotions, Offers & Free Money

– My Bank Tracker – New Wells Fargo Branch Concept: Going Small, Going Digital

And here are the carnivals we were linked in:

– Adam Hagerman – Carnival of Personal Finance #406 – It’s Tax Time!

– One Smart Dollar – Festival of Frugality – Spring is Here…Or Is It?

 

Photo by ELEOTH

Manage Your Money Like a Pro – according to Jean Chatzky

Posted on by 1
manage your finances, personal finance, money management

(This is a guest post from NBC Today Financial Editor Jean Chatzky)

We’re right on the verge of warmer weather and, as such, wedding season, at least in my neck of the woods. If you’re planning a walk down the aisle, don’t forget to budget in time for a discussion about how you plan to manage your finances after the cake is cut. After all, money is one of the leading causes of marital discord. How do you keep the peace? I have a few suggestions (and, by the way — if your honeymoon is over, but you’re still struggling to bring your money together, this post is for you, too. I know couples who have been married for 10 or 20 years and could still benefit from a little help here).

* Be open. It’s never too late to share information about your finances — credit card debt, your credit score, how much you have in savings — but ideally, you want to talk before you walk. Sit down together and agree to put it all on the table, because any flubs in your past could have an impact on your partner. It’s better to fess up about your damaged credit score now than have a lender air your dirty laundry later, when you’ve found a house you want to purchase.

* Work together. I think both partners should have a stake in the game, and I kept that in mind when I designed the budget spreadsheets and spending trackers that come with my virtual Budgeting Boot camp. If you are feeling like there just isn’t enough money in the month, it helps to go back to square one by tracking your spending. Do it individually, then come together at the end of the day and share what you’ve learned. This isn’t an exercise you need to do long-term, but initially, it’s a good way to get a picture of where you stand. Then you can budget, together, from there — I like budgeting backwards, which means looking at what you’re spending now, comparing it to your income, and then slowly making tweaks to get things in line. Talk too about where you can cut back. Another one of my classes, a Crash Course in Saving More, can help there.

* Keep some autonomy. When it comes to the structure of how you mange your money, I like a system I call yours, mine and ours. Essentially, you have both joint and separate accounts: Once you’ve come up with your household budget, you each deposit enough into your joint account to cover that budget. Please note that that includes savings, both for retirement and an emergency fund, but also for fun things like upcoming vacations. Then what remains is yours to spend how you please. How do you decide how much goes into the shared account? Obviously, you need enough to cover your expenses. But how you arrive at that amount is up to you — if you have fairly even incomes, you might just split it in half. If one partner earns a great deal more or less, you might do a percentage system, so you each contribute X percent of your income, but the actual amounts vary.

 

Bio: Jean Chatzky, the financial editor for NBC Today, is the author of 8 books on personal finance, most recently Money Rules. You can keep up with her on JeanChatzky.com. Follow her @jeanchatzky.

Photo by USNavy

After 13 years we finally opened a joint bank account

Posted on by 4
joint bank account,bank account, opening an account

Good morning Dinks.  I know, I can’t believe it either.  After 13 years my boyfriend Nick and I decided to open a joint bank account.  Surprisingly it’s not that big of a deal, although it’s only be a few days.

We didn’t close our own bank accounts, the joint account is kind of a trial run to see how managing our money together goes, and if it all goes well maybe our new joint bank account will become a permanent fixture in our relationship.

Up until a few days ago Nick and I kept our money separate and managed our monthly expenses together. We would each pay our own portion of the monthly bills such as our rent and then we would pay our own bills such as our cell phones.  Now we are going to manage our monthly income together as well as our expenses.  I am not exactly sure how we are going to use our joint account – for savings or maybe our new joint account will become our primary account in the future. But we aren’t changing our payroll direct deposit information just yet.

This isn’t actually the first time that my boyfriend Nick and I have had a joint account.  We actually had a joint bank account when we were teenagers, but it just didn’t work out.  We were young college students with limited income and high hopes of living on our own without parental supervision.  It was very hard to manage what little money we had and our joint bank account was the root of the majority of our problems.

Do you and your spouse manage your money together or separately?

The pros of having a joint bank account:

Two incomes means twice the savings.  When you have two incomes going into the same joint bank account you have twice the money to manage and double the disposable income.  I know that having a joint bank account doesn’t change the amount of income coming in but for some reason money always looks better when it’s doubled up.

It can bring a couple closer together. Now that we have a joint bank account Nick and I have to manage our money together.  We have to learn how to budget as a couple, watch our spending and consider each other in our financial decisions.  Nick and I already do this for the most part but now we have to do it together.

The cons of having a joint bank account:

The exact reasons why it’s good to have a joint bank account are the same reasons why it’s not such a great idea for couples to have a joint bank account.  Managing money as a couple can be just as hard on a couple as it can be a blessing.

How you manage your money as a couple all depends on how you communicate together. If you are open in the planning and managing of your money then your relationship will be ok…and so will your money.

What is your number one tip for couples who open a joint bank account?

Photo by jeremy vandel

Weekly roundup: discounts, taxes and looking good

Posted on by 2

Happy Friday Dinks. The world recently lost the famous movie critic Roger Ebert.  As you know I absolutely love movies, I love watching them at my home, I l watching them at the movie theatre and I love snacking on popcorn.

A standing movie date with my best friends includes dinner and movie at least once a week.  We all work in personal finance so we try not go crazy on the spending. Believe it or not our girl’s night out costs no more than $20 each week.  We found a good quality-for-the-dollar Mexican restaurant and we only go to the movies on the night of the week when movie tickets are half price.

It’s a great way to see all of the latest movies and have a night out without worrying about how much it costs.

What is your favourite non-expensive fun activity? And while we are asking questions, what is your favourite movie? My favourite movie is Jaws.

Enjoy these giveaways and posts from our personal finance friends. Have a great weekend Dinks.

Young Adult Money – Save Money Using Discount Codes

Narrow Bridge Finance – Should you Have a Safe Deposit Box?

Financial Samurai – The Main Reasons To Do And Not To Do Your Own Taxes

Careful Cents – Why I Decided to Quit My Job (and Think You Should Too)

Take Our Stuff is giving away a Burlap Sack o’ Stuff

The Happy Homeowner – Looking Good Costs Money…Or Does It?

Photo by scalto felino

Why are we obsessed with celebrities?

Posted on by 3
celebrity obsession, celebrities, gossiping

Good morning Dinks.  You may remember from our Dinks Reality series that I am a huge fan of reality TV.  This includes TV shows such as Survivor and The Apprentice.  However it also includes some TV shows that I am a little bit ashamed to admit that I watch such as The Real Housewives of Beverly Hills.

I am not sure why I love watching TV shows about celebrities and rich people, but I do.  If you read gossip magazines and watch Entertainment Tonight why do we love keeping up with the extravagant lives of celebrities?

Is it because they have money?

If you have spent the better part of your life working hard and saving money maybe you love celebrities because they have money, or at least more money than we do. Maybe we are fascinated to see how the other half lives and we secretly – or not so secretly – wish that some day we will have that kind of money too.

Money can buy us all of the things that we want, but the question that we need to ask ourselves is why do we want them? Other than necessary living expenses such as food, clothing and other personal items we don’t really need much else to live. But yet for some reason we still want things, why is that?

Maybe it’s because we love a good success story.

Not all rich people and celebrities are spoiled debutants and housewives.  Some of Hollywood’s elite are actually hard-working self-made millionaires.  I personally love a good success story. I love reading about people who have come from nothing, didn’t take no for an answer, made their way to the top by achieving their dreams and made their fortunes while doing it.

Who is your favourite successful person?

Some people may say that their favourite success story is that of Donald Trump or Steve Jobs.  I personally love the story of how Jay-Z and Russell Simmons created their fortunes. They created their empires by doing something they love…making music.  Jay-Z and Russell Simmons didn’t make their millions from buying the right stock, backing large corporate loans or buying real estate.  They started doing something they love and they turned it into a multi-million dollar fortune.  If you don’t know who they are then I suggest you Google their story, these two gentlemen are definitely an inspiration for all of us hopefuls out there.

Maybe it’s because money equals power.

It is very possible that it’s not the money of celebrities and successful people that attract the attention of the public eye, maybe it’s the power that comes along with being successful. If you could choose to have only one quality what would it be – would you want to have money or power?

Money can buy you all of the things that you want and power will give you the option to make positive changes.  Money doesn’t necessarily make us all superficial and sometimes we can let power get to our heads and consume our being.

If you could only have one, which would you choose?

Photo by jimg

Older posts
Newer posts

Boost Your Brand – Advertise with Us!

Advertise With Us

You cannot copy content of this page