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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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You would be a dummie not to enter our book giveaway

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For Dummies ®

Good morning Dinks. Today we have some very exciting news.  Today we are giving away 2 amazing books for dummies.  No we aren’t calling you dumb, but we do want to help you invest better and grow your business or your blog through social media marketing.

Many bloggers want to grow their blogs to be the best that they can be and that means reaching new audiences.  But how can you do that? The answer is simple, with social media.  Social Media Marketing is a cost efficient way for blogs and online businesses to reach a wider variety of clients at no extra cost.

Start up businesses and blogs most likely don’t have big budget for advertising so they choose to take to the web.  Online marketing through social media is a great way to spread the word about your business, it doesn’t cost anything and it can actually be a lot of fun.  Besides, who doesn’t want to grow their business?

Social Media Marketing For Dummies from Wiley

Earlier this year I went to Las Vegas for the New Media Expo (formerly Blog World) and I met two great women from Wiley Publishing House.  Of course as an author who is currently searching for a home for my new book I was happy to see a publisher at the New Media Expo in Las Vegas.

Before we continue I should also mention that I was able to get a ticket to the two day media event thanks to our good friend Phil at PT Money. You may have heard his name around the web because he is the founder of The Financial Blogger Conference (FinCon), wink wink.

The good people at Wiley are just as passionate about growing a business and making money as we are.  Wiley is the publishing house responsible for the “dummies” brand of books, they also published Darren Rowse and Chris Garnett’s Problogger book.

Why you need to enter this Wiley giveaway

Wiley is passionate about blogging and about helping others. This is why they are hosting a great giveaway for 2 of their “dummies” brand books.

Use the Rafflecopter link below to enter to win your very own copy of Social Media Marketing For Dummies and Investing in Your 20s & 30s For Dummies.

I definitely don’t want to spoil the books for you (because even if you don’t win you should pick up a copy of these helpful books) but I do want to give you a sneak preview.

Investing in Your 20s & 30s For Dummies (1118411234) cover imageWith Investing in Your 20s & 30s For Dummies you will learn to:

– Determine your investment timeline and goals

– Make sense of investment lingo

– Invest according to your unique investment style and financial situation

– Build a retirement portfolio

With Social Media Marketing For Dummies you will learn about:

Social Media Marketing For Dummies, 2nd Edition (111806514X) cover image– The Social Media Mix

– Cybersocial Tools

– Measuring Results

– Building on Success

– Blogs, Podcasts and Vlogs

– Social sites such as Twitter, Facebook, Google+, Pinterest

This giveaway is open to all U.S. and Canadian residents.

Good Luck to everyone who enters.  The winner will be announced as soon as the giveaway ends.

Photo by Wiley

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3 Common Insurance Scams…Would You Do It?

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insurance scams, insurance, types of insurance

We all have one thing in common, other than being avid personal finance fanatics we also all have insurance, in some form or another.  Insurance is the one financial product that we all have regardless of our current financial situation.

If you have a high net worth or a negative net worth you still need some form of insurance. Whether you walk to work, take the bus to work or you drive your own car you still need to purchase insurance.

Do you think insurance is worth it?

We all need some form of home insurance, health insurance, auto insurance or life insurance, we just don’t always need to have all of them.

Some people like to purchase insurance for everything they do including extended purchase warranties on their new electronics and travel insurance when they go on vacation.  I think it’s safe to say that insurance is the one financial product that we all have in common.

I know some people who purchase only the basic insurance that is required because they feel it is a waste of money.  Whenever one of the clients at the bank opted not to purchase insurance on their credit products, on their life or for their family vacation I always asked them why they didn’t want to purchase insurance and their answer was always the same, because I can’t afford it and because I don’t need.  My reply was always the same, can you really afford not to purchase insurance.

Can you really afford not to have insurance?

Just imagine the worst case scenario, imagine that something bad happened to your home or to you or your spouse while you are on vacation.  Isn’t it just cheaper to purchase the insurance coverage rather than pay the costs of medical treatment while overseas or the cost to replace all of your personal items if you home is ever damaged.  I feel that insurance can be a valuable tool to protect your most valuable assets.

People should be honest with their insurance claims because insurance fraud is a serious offence; I am personally afraid to go to jail so I try to keep my insurance claims to a minimum.  Don’t get me wrong I take full advantage of my health insurance benefits, but I don’t abuse them.  I can say that now, but who knows what lengths any of us would go to if we were in desperate need of money.

MSN recently published a list of classic insurance scams:

1. Faking a death to collect the life insurance. Anyone who has ever lost someone close to them knows that death is no laughing matter.  But if you were hard up for cash would you fake your own death for the insurance money?

2. Deliberately getting to a car accident.  This is like an afterschool special and a Lifetime movie all wrapped into one. Very often people fake injuries in a car accident just so they can collect more insurance money.  You know what they say about what goes around…so be careful what you wish for.

3. Unnecessary arson.  I couldn’t help but laugh when I saw this because just before I left my bank branch there was a woman who built a new home but couldn’t afford the mortgage payments so she burnt it down to collect the insurance money.  Just another reason why I should continue renting.

Photo by dvs

Friday Roundup: Giveaways, Cooking and Your Marriage

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Happy Friday Dinks.  Once again it’s that time of the week when we all go to work with a little more energy because we know that in less than eight hours we will be home for the weekend.  It’s March first and hopefully the weather starts to get warmer soon so that we can take full advantage of our two days off.

What are your plans this weekend?

My weekends are usually full of grocery shopping and cookbooks because I am learning to cook.  I used to spend a huge amount of money on eating out in restaurants and getting takeout food because I told myself that I was too busy to cook.  But that’s not true. The truth is that I was too lazy to learn to cook.  One of my goals this year is to save an extra $15k and I am going to do it by trying to eat out less by learning to cook.

I have to say that I am not a huge fan of the mess and the dishes, but I am actually enjoying grocery shopping and cooking at home.

Do you have an easy to make recipe that you want to share?

Enjoy these great posts and enter these amazing giveaways from our friends:

Giveaways:

Take Our Stuff – is giving away a Giant-Size X-Men #1 Comic

My Diary Entry – is giving away 2 cosmetic gift boxes from Laqa & Co.

Personal Finance Blogs:

Well Heeled Blog – Improving Finances By Moving to Lower Cost of Living Area

Budgets Are Sexy – Why do you want to have money?

Money Crashers – The Impact of Technology on the Workplace – 5 Steps to Protect Your Job

Credit Sesame – Why Stressing Over Debt Isn’t Always Necessary!

Enemy of Debt – Financial Peace Will Save My Marriage

Sustainable Personal Finance – Could You Live a Zero-Waste Lifestyle?

Photo by RobertCouse

Get a refund with these forgotten tax deductions

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tax deductions, refund, tax refund

Good Morning Dinks.  Today we are talking all about taxes.  We all know that we need to file our taxes, some of us file our own taxes and some of us (including myself) see the benefit in paying an accountant to file our taxes for us.

Our friends at Go Banking Rates recently published the Commonly Missed Tax Deductions That Can Add to Your Tax Return and we wanted to share their tax tips with Dinks because everyone likes to save money. I know that some people don’t like filing their taxes because they owe money but maybe these 9 tips can help you get a refund this year.

If you have a tax tip please share with us by leaving a comment below or let us know on Twitter.

Are you making these tax deductions?

State Sales Tax

Many people forget to include state sales and income tax as deductions. If you live in a state that doesn’t impose an income tax, adding up all the tax you’ve paid on personal and household items can really mount up.  On the other hand, if your state does have an income tax, it’s usually a better strategy to claim that as a deduction for more savings unless you made some high-ticket purchases such as a car or boat.

Claim Your Dividends

Isn’t it great that we can gain dividends on our investments and then claim a deduction on our income taxes? If your investments earned dividends this year, you can save money if you take advantage of special tax breaks. If you reinvest your dividends to purchase more shares rather than taking the income they’ve generated, you’ve reduced your current tax liability. This is one deduction a lot of investors miss.

Check up on your Insurance Company

I had no idea this was an eligible tax deduction.  If your insurance company switched its status from being a mutual insurer and began offering stock to stockholders, this process of demutualization will save you money if you sold your shares based on what the share were worth when they were distributed to you as a former policyholder.

Give to Charity and Get a Tax Deduction

Out-of-pocket charitable contributions are often overlooked, especially if they were in the form of many small donations rather than a few large ones. If you’ve covered the cost of postage, baked cookies for fundraisers or given rides to the clients of non-profit organizations, save your receipts. If they total more than $250, you can deduct the amount if you have documentation from your favorite non-profit. If you provided rides or did other significant driving, claim 14 cents per mile for this deduction.

Your Mortgage and Remodeling Your Home

If you remodeled your existing home, deduct state sales tax for building materials if you’re itemizing. If you bought your house, be sure to claim the interest paid on the points on your mortgage.  If you’ve refinanced, you have to distribute the points interest over the life of the mortgage. If you’ve made your home more energy-efficient, Energy Star notes there are new tax deductions for the 2012 tax year.

The Self Employed

If you are self employed you can deduct the cost of health insurance premiums you pay for yourself and your family.  You’re going to have to dig a bit through Schedule SE. Your health insurance figure from Line 29 is subtracted from your calculated self-employment tax on Line 3.

Additional 2012 tax deductions for the self-employed include contributions to a Simplified Employee Pension (SEP) IRA, which are made pre-tax, as well as the cost of business meals, ongoing education or training, and business use of your home.
Photo by stockmonkey

Are you having a threesome?

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couples and money, couples finances, money relationships

Good Morning Dinks.  Who (or what) is the last thing that you think about before you fall asleep at night and who (or what) is the first thing that you think about when you wake up in the morning? Maybe you think about the person lying beside you in bed, or maybe your mind is wondering off thinking about someone or something else. So what do you dream about every night?

If you are lying in bed thinking about different ways to earn income, if you are analyzing your investment portfolio, if you are thinking about filing your taxes or if you are making mental notes to pay your bills then money may be the third person in your relationship.

How often do you think about money in your relationship?

It is said that the person who preoccupies our thoughts is the person that we are in a relationship with and for some of us that is not our spouse. Money definitely has a presence in everything we do because whether we are finding creative ways to get it or convincing ourselves not to spend it we are always thinking about money.

Sometimes our love of money is more than just thoughts; sometimes it actually comes between us and our spouse.  Last night at dinner as your spouse was telling you about their day at work, what were you thinking about? Maybe you were listening to your loved one, but maybe you were calculating how much money you spent during the day or how much money you spent on gas to fill up your car this morning.

Do you let money into your relationship?

Think about the last time that you argued with your spouse, what did you disagree about? Most likely the argument was about money.  Maybe it wasn’t directly related to your couple’s money, but maybe it had a subtle money undertone.  If you disagreed about travelling, visiting friends, taking a vacation or your spouse’s need to add more channels to your satellite package, look below the surface and read between the lines because you were probably arguing about money.

So how do you solve it? I think it’s hard not to let money come into your relationship because it plays a direct or indirect part in everything that we do in life.  The key to successfully being in a relationship with both our spouse and our money is to find a balance between the two.

Can you find a healthy balance between love and money?

Focus on your money but make your spouse the number one priority.  You can have tons of money but it won’t buy you the perfect gift on Valentine’s Day and it won’t caress you and keep you warm at night. Before you sit down to check your bank accounts and add up your spending for the day ask your spouse how their day was.

Appreciate your money but love your spouse.  It’s nice to watch your bank account build up, but it’s also nice to watch your spouse grow as a person. Cherish your relationship and don’t take your spouse for granted because they if they feel neglected they may not always be around.  Before you go over your bills give your spouse a kiss and tell them that you love them.

Photo by carbonnyc

 

Easy Tips to Help You File Joint Taxes

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joint taxes, filing taxes, tax season

Good Morning Dinks.  It’s that time of year again, the time of year when we gather all of our personal income information from the previous year, wait patiently for all of our tax slips to arrive in the mail and make an appointment to see our accountant. That’s right…it’s tax time Dinks.

Some people chose to file joint taxes and some people choose to keep their personal income tax filing to themselves.  My boyfriend Nick and I always file joint income taxes and we have for years.  We earn approximately the same income (give or take a few thousand) and we both have some freelance income on the side, so it only makes sense to file joint taxes and split our yearly income tax refund evenly.

Our couple’s tax tradition is that we use our income tax refund to buy one item for our apartment and then we split the rest of our refund right down the middle, we each take our remaining half and go our separate ways.  It’s kind of a celebration of our relationship over the last year and it says a lot about our relationship.  We treat our income tax refund just like we treat our relationship; sometimes we do things as a couple and sometimes we do things without each other.

Whether you choose to file joint taxes most likely depends on the financial benefits.  Our account gives us both scenarios and we always receive a bigger income tax refund when we file our income taxes together.

Our friends at Go Girl Finance recently published a great “how to guide” for couples who want to file joint income taxes.  We loved their post so much that we just felt the need to share it with our Dinks.  Go Girl Finance tells us that tax time is a great time to discuss your current finances and long-term financial goals. All the necessary paperwork will be right in front of you, and it’s important for both partners to have a solid sense of your financial situation.

If you have any couple’s tax tips we would love to hear them, leave a comment below or hit us up on Twitter.

Documents You Need to File Joint Taxes:

– All tax paperwork supplied by your employers, including W2 and 1099 forms. If you are a student, you may also receive a 1098-T form for scholarship or tuition money.

– 1099-DIV and 1099-INT forms, which will be sent if you have investments or receive interest on your bank accounts.

– Your tax returns from previous years.

– Records of your business, employee, education, childcare and medical expenses.

What You Need To Know About Filing Taxes Jointly

After you have put all your documents together, there are other key pieces of information that both you and your spouse should know:

– How much income each of you earned

– What interest was paid on any student loans

– How much you paid in points or interest on your mortgage

—  What large medical expenses you incurred in the last year

– Whether you donated cash or goods

– What quarterly or state taxes were paid over the previous year

Happy tax time everyone!

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Weekly Roundup: Retirement, Giveaways and Savings

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Happy Friday Dinks.  We have some great giveaways and great posts for you today.  It’s almost the end of February and March is just a few days away.  I love March because it starts to get sunnier and a little bit warmer up here in the cold Northeast.  The end of February is the light at the end of the winter tunnel, it’s the hope that spring is coming soon.

I apologize to all you winter lovers, but I am just not a fan of the cold weather.  I love spring because it’s a promise of better things (aka the warm weather) to come. I love the fresh flowers and the sunshine, however I could live without the rain; although any Northeastern-er will probably tell you that rain is way better than snow.

What do you love about spring?

Great Giveaways:

My Diary Entry –  Win a complete set of Hydros Water Bottles – that’s a $100 value. Get fresh, clean water anywhere, anytime.

Budget Blonde – Is giving away $500 cash.

Great posts from around the personal finance web:

Smart Money Chicks – How Far Back Do Background Checks Go?

Retire Happy – Celebrate your financial accomplishments

Go Girl Finance – How to Create a Savings Plan

Afford Anything – Start Working, and the Muse Will Appear

She Budgets – Three Quick Fixes to Cutting Corners on Your Budget

Go Banking Rates – 7 Strategies for Growing Your Savings Account to $1 Million or More

Photo by Acradenia

Are you an average couple? Take the test and find out!

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average couple, couples test, fun quiz

Good Morning Dinks.  Are you one of those people who is always comparing yourself to other people? If your co-worker got a raise do you wonder if you will too? If your friend bought a new car do you suddenly have the urge to buy a new car too? Sometimes we can’t help it, we like to value ourselves versus where we stand compared to others; being in a relationship is no different.

A little competition can be healthy as long as the obsession to always be the best doesn’t take over your life and it doesn’t have a negative impact on your relationship. Have I sparked your curiosity? Do you want to know where you, your money and your spouse measure up as a couple?

Chase Credit Cards recently published The Chase Blueprint Valentine’s Day Survey – they found that Americans believe the sooner, the better when it comes to talking finances with your significant other.

Take this couples money test and find out how you compare to the average American:

1. Would you discuss money on the first date?

– 39% of people in a relationship think that the best time to discuss finances with a significant other is on day one, compared to the 18% of those who are single.

2. How long should you wait to talk about money with your spouse?

– 30% of consumers think finances should be discussed with their significant other from day one of the relationship.

– 65% of consumers think it is best to discuss finances with your significant other within the first three months of the relationship.

3. Who always brings up money in your relationship?

– 78% of women said that they would be the first to bring up money in a relationship.

– 70% of men said that they would be the first to sit down and talk about debt.

4. Is it harder to manage your money as a couple than it was when you were single?

– 47% of Americans feel that being in a relationship makes it harder to manage their money.

– 57% of those not currently in a relationship feel that being in a relationship would make it harder to manage their money.

5. Would you offer to pay off your spouse’s debt?

– 21% of married Americans said they would help pay down their significant other’s debt – which is only 10% more than those in a relationship, but not married.

6. Is debt a deal breaker?

– Nearly 74% of Americans would sit down and talk with their significant other about a significant debt (more than $10,000). They would not help them pay down debt, but they would point them in the direction to become debt free or break up with them.

7. Do you think it’s important have the same money views?

– 94% of Americans think it is important to have compatible spending habits with their partner.

8. Can you really change how your spouse spends money?

– 62% of people think they can’t achieve financial compatibility or that it will be very hard to change the spending and borrowing habits of their significant other.

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I am a waster and I know it

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waster, wasting items, waste

Good Morning Dinks.  As I was brushing my teeth last night before bed I looked into the sink and realized that I waste a lot of toothpaste.  I brush my teeth at least three times every day, if I don’t learn to control my portions I could not only be wasting toothpaste, I could be wasting a lot of money too.  Today during your daily routine from your morning shower to your tuck-in at bedtime think about all of the products you use and all of the products you could have saved.

Three products that I waste everyday:

Body Wash.  Every morning in the shower and sometimes at night before I go to bed I fill up my loofa (for the male dinks – a loofa is that colorful puffy thing your wife has in the shower) with bubbly body wash.  When I am finished with my shower I rinse off the extra soap from my loofa and I watch all the wasted body wash (and money) go down the drain.

I know that I shouldn’t use so much body wash every day but the truth is that I love the bubbles; for some reason I think that more bubbles means I am getting a cleaner wash.  I also love shopping for body wash because shopping at Sephora, LUSH and The Body Shop is a lot of fun. At $6.99-$16.99 per bottle I think we can all agree that this is a huge waste of money.

Toilet Paper.  Ok I am sure that some people have to agree with me on this one.  I overuse toilet paper because I just can’t risk getting anything on my hands.  I drink a lot of water every day and that leads to a lot of toilet paper.  I always buy toilet paper when it’s on sale and I usually buy two packages at a time – this way I save money and I will never find myself in bathroom situation without toilet paper.

I do not use toilet paper for any other reason other than its intended purpose, so I guess that’s good.  I know some people who use toilet paper to wipe off their makeup and wipe the counter top but I don’t do that because toilet paper is too expensive to waste.

Dish Soap.  This is the same situation as the body wash; I overuse dish soap because I feel that the bubbles mean I am cleaning my dishes better. I love Dawn dish soap because it comes in a variety of flavours that smell great.  Dawn donates a portion of their profits to clean up animals who are victims of oil spills. That’s a cause worth supporting.

It’s not all a total waste 

Even though I know that I could be using less body wash, toilet paper and dish soap I don’t spend money carelessly trying to buy them.  I always buy my household products on sale or with coupons, so I guess that helps me save money.

I don’t waste all products for no reason. I always try to be frugal with my use of paper towels because it’s more eco friendly to use a reusable cloth or sponge, with body cream (I know weird right) because I need to have soft skin but I hate feeling greasy and with food.  I don’t mind spending money on food because we all have to eat, but I hate wasting food – this is why my boyfriend and I shop on a weekly basis.

Do you waste anything?

Photo by Natalie Aynor

Are you taking advantage of TD Bank’s new products?

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Good Morning Dinks.  As you may remember I am Canadian, but I have the need for a U.S. banking relationship so that I can be paid by my American employers.  After researching many different U.S. banks, including Bank of America and Chase Manhattan, I finally decided to open a bank account with TD Bank.

Before we go any further I just want to say that this post is 100% my opinion and it is in no part fully or partially sponsored by TD Bank.  I have been banking with TD Bank for over a year now and I am absolutely satisfied with their service.  Every time I visit my home branch in on Wall Street in New York City I receive excellent service from the tellers and from the personal bankers, every time I call the customer service line I receive quick friendly service.

TD Bank recently introduced some very innovative cross border banking services that allow Canadians to bank easily in the U.S. and vice versa.  If you spend money, pay bills or travel across the border for personal reasons or for business trips then check out these great new services from TD Bank that make cross border banking easy.

TD Bank has recently introduced some very innovative cross border banking services that allow Canadians to exchange and transfer their money to the United States (and from the U.S. to Canada) at preferable rates and without fees. Greg W. Quinn is the Vice President of the Cross-Border Customer Experience at TD Bank Group.  He says that Canadians will now have the same comfortable banking experience regardless of which side of the border they are visiting.  Canadians can expect the same great customer experience from TD Bank, America’s Most Convenient Bank, as they have come accustom to from its Canadian counterpart TD Canada Trust.

TD Bank’s Cross Border Services

TD’s cross-border banking program has several products and services that can help Canadians manage their finances on both sides of the border.  The current cross border services include:

· Easy access to your money in the U.S. through over 1,875 TD Bank ATMs and over 1,300 TD Bank stores (branches)

· Simple and easy ways to transfer money between TD Canada Trust accounts and TD Bank U.S. accounts

· The ability to open U.S.-based accounts at TD Bank, America’s Most Convenient Bank while in Canada

· Hassle free access to U.S. dollar personal credit products such as mortgages and credit cards

· Simplified access to both your TD Bank and TD Canada Trust accounts online through one sign on access

Different Country. Same Great Experience.

Quinn says the need to create cross border banking solutions was important to TD Bank Group because the number of Canadians who conduct U.S. dollar business has doubled in the past 5 years.  With TD Canada Trust’s new cross border services Canadians can get support 24/7 from anywhere within North America.   Canadians can move money across the border either in-branch or by the phone.

TD Bank is the first in it’s industry to introduce this type of cross border banking service and  I can say that I will be a client for a very long time.

Photo by striatic

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