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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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Weekly Roundup: Spas, Average Marriages and Technology

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Good morning Dinks and Happy Friday! It’s that time of the week again, the time when we share our favourite posts from around the web and the time of the week when we all get ready to enjoy our weekend.

Last weekend I went to a day spa and spent Sunday afternoon relaxing with a massage, a body exfoliation, a cucumber mint body wrap and a moisturizing treatment.  It cost me $100, but I feel that it was worth it.

I have only been to a day spa once before and it was a gift from one of my client’s so I had no idea what type of costs were involved.  I know that $100 may seem like a lot of money to spend on myself in only a few hours but I had a good time, I relaxed with my friends, I had a new experience and I can now cross another activity off my bucket list.  Get a body wrap at a spa was on my bucket list – and now I’ve done it.

Enter these great giveaways, check out these posts from our friends and have a great weekend Dinks.

 

Giveaways:

Take Our Stuff – is giving away a gorgeous picture of The Milky Way in space.

My Diary Entry – is giving away a box of LUNA protein bars (sorry but this is Canadians only)

 

Personal Finance Posts:

Well Heeled Blog – How to Save on Home Technology

Financial Samurai – The Average Net Worth For The Above Average Married Couple

Clever Dude – Getting back to basics: Counseling others…and cars!

Blonde & Balanced – Cheap isn’t always better

Enemy of Debt – Are You One of the “Financially Fragile” Americans?

 

Photo by DennisWong

Sports stars and their money: Overspend or Worth it?

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sports stars, sports money, money from sports

Good morning Dinks. Today we are discussing a topic that has been in the media a lot lately, but also a topic that many of us contemplate on a daily basis.  So let’s get right into it, let me ask you the ever burning question – do you feel you are paid what you are worth?

I am sure that if we ask most employees in the United States of America they will say that they are not currently making enough money. The question that we have to ask ourselves is if employees feel they are not making enough money because they are honestly underpaid for their quality of work or is it just because we are greedy?

Maximizing your skills

If you have a skill shouldn’t you be able to milk it for the biggest paycheck that it’s worth? I guess the question to ask is what is your skill worth? If you can throw a ball into a hoop, tackle your opponent, outrun the other team and shoot a puck into a net does that automatically mean that you are worth millions? I can’t honestly say that the answer is yes. Besides, who’s to say that a sports stars skills are more valuable than my skills as a financial planner?

Maybe your self-worth as an employee is determined based on the amount of sales that you generate for your employer.  If a star athlete signs endorsement deals with major sponsors, sells sports fan gear and attracts thousands of ticket-buying fans are they worth more than an athlete who is just good at his job?

The other side of the coin

If you are an avid sports fan maybe you think that sports stars are worth the money that they are paid, but if this is true why do management associations try to enforce salary caps? NFL contracts do not guarantee a player’s salary if they get injured, however NBA contracts do offer a salary guarantee, so what does that say about each sport?

A guaranteed salary is a way for a sports franchise to ensure their players return to the hardwood, the ice or the field after their recovery and continue generating money in the form of ticket sales and fan gear.  At the end of the day money is a motivator for sports stars to return to work.

What would you do with your money?

I once read that Shaquille O’Neal has never touched his actual NBA salary, he lives entirely off of the money that he earns from his endorsement deals.  If you have enough money to live, should you really be negotiating a bigger salary? Some people say no, the minimalistic mentality is that if you don’t need it to live then it is a waste, does that same philosophy also apply to money?

I am sure that sports stars feel they earn every single penny they earn, but they also have to realize that they are selling an image.  Even if you have millions, money should never be taken for granted because Sprite endorsements and Nike sponsorships can be just as easily taken away when bad press and immoral accusations hit the media.

Do you think that sports stars should be making millions?

Photo by US Navy

Then Single. Now Dink.

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dink, couples, no kids, couples with no kids

Good morning Dinks.  This post is dedicated to all of our new members here on the Dinks Finance community.  As you know my boyfriend Nick and I are not married but we have been living together for a long time and neither one of us foresee kids in our future.  Today, we are welcoming newlywed or newly cohabitating Dinks to our lifestyle.  I think today is a great opportunity to talk about the Dink journey that we all experience with those who may be just starting out.

Why did you decide to be a Dink?

Most couples start out as Dinks, some couples choose to stay that way and for some couples a higher power made the decision for them.  There are many reasons why couples (both married and not married) decide to remain childless and enjoy the Dink lifestyle.

Career ambitions, lack of time and, if you are me, selfishness can all get in the way of your plans to have kids.  I am 32 years old and I have just never pictured my life with kids.  I know that I am not getting any younger and I don’t want to wake up in ten years and regret my decision not to have kids.

When did you first talk about money as a Dink?

My boyfriend and I never talked about money until we decided to move in together.  Our first argument was about money and now 13 years later it is still one of the subjects that we argue about.

It is said that the honeymoon phase officially ends when you get your first utility bill in the mail. The end of the month is when being a cohabitating couple becomes real. It’s best to have the money talk, set your couples monthly budget and control your spending before the bills come in, this eliminates any potential surprises and any possible conflicts.

What do you love the most about being a Dink?

Of course the choice not to have kids has both its pros and cons. I love that fact that I can come and go as I please without having anyone to depend on me.  I like that fact that I don’t have to rush home to pick up my kids from school and cook dinner for my family.  I also like the fact that I can take a nap after I get home from work without feeling guilty for not spending time with my kids.

I think that not having a younger generation in my life is definitely a con of not having kids. When my boyfriend Nick and I get older we are not going to have anyone to share our lives with, anyone to tell stories to and we aren’t going to have anyone to look up to us for advice.

That is the one thing that I will most likely regret about being a dink – the fact that I won’t be able to watch a little mini me grow up and enjoy life.

What is your best piece of advice for newly Dink-ed out couples?

Photo by ke7

Tax time is my favorite time of the year

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tax time, filing taxes, tax

Good morning Dinks.  Actually, my favourite time of the year is my birthday but I do love tax time, especially when I am getting a tax refund. Tax time is spring time that means the weather is getting warmer and summer is on its way.

Last week I took our personal income tax file to my accountant’s office and yesterday Nick and I found out that we are getting an income tax refund. Admittedly our tax refund is not as much as I hoped it would be, but I guess that is just human nature right? We always want more.  I am definitely thankful that we are getting an income tax refund (regardless of the amount) because receiving money is always better than owing money to the government.

The importance of a good accountant

There are several ways that people can get a tax refund, including paying a little extra income tax during the year with each paycheck and getting a lump sum refund when you file your annual income taxes.  I personally don’t believe in prepaying for anything therefore this is not my personal income tax strategy.

My boyfriend and I file joint taxes because it is more financially advantageous than filing separately.  The key to getting a tax refund is know what deductions you can claim, make sure you are having a reasonable amount of income taxes deducted at source on each pay check and always ask your accountant for some tips.

I absolutely love my accountant.  Every year he gives us advice on what to do over the next year to ensure that we continue to receive a tax refund.  Of course having expenses to deduct against my freelance income helps, but if my expenses always exceed my income I will never save any money.  This is where the expertise of a creative account comes in.

Spend or save: What are you going to do with your tax refund?

In the past my income tax refund has always gone towards repaying my debt.  This year I don’t have that obligation so now I have to decide what to do with my half of our income tax refund.

There are two options: I can save my income tax refund or I can spend it.  Of course spending it on one or two awesome vacations is the more fun option and saving my income tax refund is the more boring option.  I would much rather enjoy my money and spend it but I am going to be responsible and save it.

I am not saving for anything in particular but at least the money will be in my account if I need it. Trust me I would much rather save my income tax refund because I have three trips planned this year and the first one is quickly approaching in May, but instead for the first time in many years (actually the first time in my entire life) I am going to put the entire amount of my personal income tax refund into my savings account.

Photo by taxcredits

Friday Roundup: Breakups, Coming Out and a $75 gift card

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Happy Friday Dinks. Today we have two amazing giveaways for you and some great posts from our personal finance friends around the web.  If you ever have a post or a giveway that you would like us to share let us know on the FinCon Facebook group or on Twitter @dinks_finance.

Speaking of FinCon did you get your ticket yet? For the second year in a row Dinks Finance will be attending FinCon.  I am excited to go to St. Louis because the location looks great, the view is gorgeous and there will be a lot of local attractions to see.  I am thinking about spending some time at the zoo, if anyone else is interested let me know.

Enter our giveaways and enjoy these great posts. Have a good weekend Dinks.

– Take Our Stuff – Melinda’s ex left his stuff. Now it’s yours (Including a Drew Brees autograph picture)

– My Diary Entry – is giving away $75 to Minted.com (it’s gorgeous and you’ll love it)

– My Care One – The Risks of Secondary Grocery Shopping Trips

– Yes, I Am Cheap – I’m Unemployed & Coming Out The Closet

– Wise Bread – Best Money Tips: Signs You May Be a Shopaholic

– Consumerist – Stuff No One Needs: Comic Sans Stencils

– The Simple Dollar – Picking the Right Spot for a Home

 

Photo by DustyJ   

Blogging as a Full Time Job: Take the Smart Step

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blogging, blogging full time, blogging tips

Good Morning Dinks.  A few weeks ago we put out a call in the FinCon Facebook group for guest posts about blogging as a full time business.  It’s no surprise that we had a wonderful response from our personal finance friends and Voila, a new blogging series has been born.  If you want to learn about making money from blogging and how to turn  your part time blogging into a full time business then keep reading.  If you are a full time blogger and you want to submit a post, just let us know – we love sharing.

Our first guest post in the blogging as a full time job series comes from Andrea Travillian who will teach us how helping others helped her become a full time blogger. Enjoy!

In 2007 I was doing freelance bookkeeping.  While I was doing this I realized that more of my clients were asking me coaching questions than accounting questions.  Since I have always been a problem solver I decided to transition to a coaching practice.  Part of my certification training required that I started a blog to chronicle my journey.

Over the next couple of years it went from being a personal journey to a marketing tool for my ever evolving business.  At first I blogged very sporadically, finally in 2010 blogging became a permanent and integral part of my business.

Today Smart Step, Inc is focused on helping others become more balanced and stable in all areas of life so they can in turn make the world a better place.  I believe that when we are balanced in our money, heath, career, relationships and spiritual practice then we can be the best versions of ourselves.  It is only when we are this best version that we are able to really focus on helping others and making the world a better place.

Smart Step, Inc achieves this through education that is easy to understand and immediately useful.  I currently have three sites to achieve this:

  • Takeasmartstep.com – this site mainly covers personal finance, but I am working on developing out the other personal development categories over time.
  • Hearthealthjourney.com – this site is dedicated to preventing heart disease.  This is the number one killer of both men and women in the United States, and is preventable.
  • Migraineshelp.com – this site is dedicated to relieving migraine pain.  I have suffered migraines for twenty years and wanted to share my knowledge of how to reduce the number of migraines and quickly eliminate the pain.

I make money blogging multiple ways including methods tied directly to blogging and also income from non-blogging products and services.

Income from Blogging:

  • Advertising
  • Affiliate Sales

Income Outside of Blogging:

My education and experience is in personal finance and investing so the income from outside of traditional blogging is for my personal finance expertise.

  • Success Coaching – I believe in living holistically so we focus on building a life plan, a financial plan and then making sure you achieve your goals while living your vision and values.  What is the point of money if you don’t enjoy life?
  • E-products – including a budgeting class, financial assessment tool and a goal achievement workbook.
  • Kindle books – covering kids and money and how money is tied to your overall health.
  • Speaking
  • Curriculum development for colleges

I have been actively working on building the income and traffic for a solid two years, while hard and frustrating at times it is easier because I am very passionate about everything I do.  I am blessed that I have an amazing husband that has let me do this full time while he brings home the main income.  That has been crucial in helping me stick to my focus and not compromising.   While hard at times the ability to focus on how I can make the world better has made it worth the hard work.

– Andrea Travillian runs Take A Smart Step a site dedicated to personal development, including personal finance, health, career and relationships. 

Photo by jorge

Helping you save for the retirement you want

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retirement, save for retirement, retirement plans

Good morning Dinks.  One financial goal that we may all have in common, regardless of our financial situation, our employment and our personal income is saving for retirement.  I hope that someday in the future we all want to retire and therefore we are all currently saving for retirement.

When we will retire, our age at retirement and how much money we need during retirement varies between people, but the one goal that we all have in common is to eventually retire someday.  Some of us will retire in our 40s, some in our 50s and some of us will retire in our 60s, we know that we have to save for retirement but do you know how much money you will need in retirement?

MSN recently published a guide to help you easily calculate your retirement.  If you don’t have a financial planner, or even if you do, I definitely suggest checking out this article to determine if you are on track towards your retirement.

Determine how long you need to live off your retirement savings

One of the major factors when calculating our retirement is our life expectancy.  Of course we can never determine the exact age when we will pass on but check out this calculator to give you a rough idea.  When I was 13 years old my mother went to visit a psychic and she told my mom that I would work with words, live a long life with a man, and die at age 84.  So far she has been right on 2 out of 3, so who knows maybe someone does know when our time on earth will be up.

Calculate how much you can afford to save for retirement

Saving for retirement is a combination of how much money we can afford to save each month and the amount of money that we plan to need during retirement.  Some of us save a fixed amount of money because that is how much we have determined to need to fund our retirement and some of us save only what we can afford on a monthly basis. I always say that a little bit of savings is better than no savings at all, so set up your automatic transfers and start saving for retirement.

Live happily ever after

How much money you need to save for retirement depends on the lifestyle that you want to have in your later years.  Some people think of retirement as the period of time in their lives that they don’t have to work, some people consider their retirement to be the time of their lives that they can do all of the things that they never had the chance to do while working, and some people take retirement as the opportunity to relocate to a place where they don’t have to worry about finding work.

Retirement is a great way to take advantage of living in a foreign country.  If you have always wanted to travel but never had the flexibility to do so then retirement is your chance.

What are your plans for retirement?

Photo by musiclvr

It’s better to buy these items second hand

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secondhand, hand me downs, used items

Good morning Dinks.  They say that the best way to save money is to reduce, reuse and recycle the personal items that you already have.  If you use less, if you share and if you find other ways to use your current personal and household items then you will save hundreds of dollars per month.

I personally try to reduce the amount of items that I use and the amount of clothes I buy.  This year I am also trying to cook at home a little bit more so that I can eat out (and spend money) a little bit less. We are three months into 2013 and I am happy to say that I do cook at home a lot more than I did last year.  This is partly due to my newfound love of grocery shopping and cooking but it’s also partly due to the fact that the office building where I work is not located anywhere near good restaurants where I can eat on the go.

Do you reuse your items?

Maybe you swap clothes, furniture and household items with your friends and family.  Hand-me-downs used to be seen as a way for families with lower incomes to save money but now hand-me-downs are a way for trendy thrift-sters to be fabulous and frugal at the same time.  The thing about hand-me-downs is that in order for someone to receive them someone else has to buy new items.  My mother gave Nick and I her old living room set when she bought a new one.  I love home furnishing hand-me-downs as long as they are in good condition.

Closet swap parties are another great way for people to reuse their old clothes.  Friends and family get together for a dinner party and they each bring clothing and accessories that they no longer need or wear. After dinner everyone swaps their unwanted items for their friend’s items and everyone goes home with something new.

How do you recycle your unwanted items?

MSN recently published a list of popular items that you are better off buying used.  Are any of your personal items on the list?

– Bicycles.  This spring I will be in the market for a new bike and I thought about buying it brand new, but now I think I’ll check out Craigslist.

– Textbooks.  If any of our Dink friends are in school then you know that buying a used textbook is much cheaper than buying the book brand new.  When I buy a used textbook I feel less guilty about marking it up with highlighter.

– Cars.  I bought my Honda Civic brand new and admittedly I overpaid for it.  I loved having a new car but I know people who always buy their new cars used.

– Household appliances.  New refrigerators, freezers, dishwashers and washing machines can be very expensive but I’m not sure if I would ever buy them used.  I guess we should never say never.

– Furniture.  I know that it can be much cheaper but I don’t think that I would buy furniture from someone that I don’t know.

What items do you buy used?

Photo by ben

Weekly roundup: Bagels, Budgets and Pensions

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Happy Friday Dinks.

It’s that time of the week again, the time when our days at work get a little bit easier and we start counting down the minutes until 5 o’clock because we know that tomorrow we don’t have to wake up to our alarm clocks.

I love Fridays because I know that on Saturday morning I can have a home cooked breakfast and I can sleep in, two activities that I never get to do during the week.  I love having waffles, pancakes or French toast for breakfast on the weekends.  During the week my breakfasts usually include a banana, a yogurt and a bagel from the cafe near my work.

That has been my normal breakfast routine since I gave up Tim Horton’s (sort of a Canadian Dunkin Donuts) for Lent.  I used to get an egg and cheese breakfast sandwich every morning for breakfast, but then I decided to make the personal sacrifice to give up my Tim Horton’s morning eating habit for 40 days so now I order a bagel with jam from a cafe near my office building.

Last week I went in to the cafe to order my morning sesame bagel with strawberry jam and the woman charged me for the jam and then decided she could save a few bucks by only putting jam on one side of my bagel.  The woman thought that if she combined the two halves of my bagel that the jam from one side would rub off onto the other side and that I wouldn’t notice, but she was wrong, on both accounts.  I immediately decided to boycott the cafe in an angry personal protest. Now I have to wake up 15 minutes earlier to substitute my morning bagel with jam for a bowl of cereal.  Ah, the things we do to prove a point.

I can’t wait until lent is over so that I can go back to eating my egg and cheese breakfast sandwiches. However in the meantime I am saving at least $25 per week by not eating breakfast and snacks at Tim Horton’s and at the cafe near my office.

Thanks for listening Dinks, if you have ever had bad service, a service that you paid for, then I’m sure you understand.

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

– Take Our Stuff – is giving away Miniature Pistols

– Three Thrifty Guys – How to Create Your Own Pension

– Frugalista – Would You Ask for Your Date’s Credit Score?

– Savvy Sugar – A Budget-Friendly Weekend Activity You’ve Never Thought Of

– Bankrate – Don’t drop your life insurance

– Clever Dude – Our Net Worth and Financial Freedom

Photo by saucyglow

Retirement planning into the afterlife

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retirement planning, retirement plans, retirement

Good Morning Dinks.  Most financial planners tell you that’s important to save for retirement, from a very young age we are taught to work hard now so that we can enjoy our money later.  This is true, but what happens after retirement?

If you have ever had a retirement plan prepared by your financial planner you know that 90 years old is the norm used by the industry to determine our life expectancy.  If you don’t live until 90 years old then you will have a surplus of income that will roll over into your estate.  But what happens if you live until 90 or if you live longer than 90 years old? You will be broke, have no money to live and your will also have no money to fund your estate.

Estate planning is important too

Contrary to popular belief the need for our money doesn’t stop at death.  Some people save on a regular basis for their estate’s financial needs, some people set aside a fixed amount of money to cover the costs of their estate expenses such as funeral costs, debts and final taxes, but some other people don’t worry about what happens after they are gone because they assume their family will cover the costs of their estate.

I actually had a client tell me that he doesn’t care what happens after he passes on because he won’t be here.  I asked my client, but what about your family? Can they afford to pay for the costs of your funeral and other final expenses? The client confirmed that no one in his family had $10,000 to cover his debts and another $10,000 to pay for his final expenses, but he still didn’t care.  The client continued to say that he wanted to spend all of his money while he was alive because what happens after he is gone is not his concern.

Of course as a financial planner I was floored by his attitude, but it’s not my job to change people’s personal beliefs.  It’s my job to give them the information and express my concern for their choices, but at the end of the day clients will ultimately make their own decision.

You can never know when you will go

The fact that the client wanted to spend all of his money while he is alive is a ridiculous statement in itself.  Of course I understand the idea behind what he is saying but unless he has a deal with a higher power there is no way that we can spend every single dollar before we go.

I believe in enjoying our money while we can, but I also believe in planning for the future.  As a child I couldn’t imagine my parents leaving me with a financial burden of thousands of dollars after they have passed on.  I would be very offended and at the same time I would feel obligated to take care of their final expenses and the cost of their estate.

How would you feel?

Imagine that you didn’t have the money to pay your parent’s final expenses.  I would not want to get into debt to pay someone else’s debts, but I guess we would have to. This is why it’s important to stress the importance of both retirement planning and estate planning to the older generation.

Photo by joseandrosanne

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