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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.

How to Gain Your Landlord’s Favor and Respect in Three Easy Steps

renting, landlord, rental property

renting, landlord, rental property

This is a guest post from Brandon Turner at BiggerPockets.com

Do you like your landlord? Or more importantly – does your landlord like you?

Whether you live in an apartment, house, or small multifamily – gaining the favor and respect of your landlord will make your life significantly easier until you move on to bigger and better things.

As a landlord, I find it interesting how easy it is to get on my “good side” but how few tenants make the effort to do so. No, I don’t need to be friends with those renting my properties – but a good working relationship benefits everyone and makes both of our lives easier. In fact – I am much less likely to charge late fees or increase rent for tenants who I like. Why? Because I want to keep them for as long as possible.

This post is going to give you an insider’s look at three simple techniques you can use to get on your landlords good side and gain their favor and respect.

1.) Good Communication is Key

The best tenants communicate clearly and efficiently with me. When they have a leaky faucet – they let me know. When they are going to be out of town when rent is due and need to arrange an alternative way to pay – they call and ask to discuss options. Sadly – this is not what most tenants do. They believe, wrongly, that by reporting maintenance issues or payment problems the landlord may raise the rent, get angry, and spend excess time snooping around their home. Little do they realize, however, that a small inconvenience now can prevent days of labor later when the maintenance issue becomes a maintenance emergency.

For example – a roof leak in one of my apartments was kept secret by the tenant for nearly a year. The $20, 15 minute repair I could have done (had I known) turned into a $5,000 remodel of that unit, forcing the tenant to vacate the unit.

2.) Ask Permission, Not Forgiveness

As a landlord, few things irritate me more than when I discover a tenant has made some significant change to their home without my permission. I’m not opposed to a tenant adding some personality in their home, but cutting holes in the wall, repainting a unit bright purple, and removing cabinets is not okay because of the costs associated with changing it back. Had the tenant asked – I would have worked with them to ensure their design goals were accomplished. Sometimes something as simple as a phone call can convince me to let a tenant make some change – and I might even pay for it.

3.) Pay on Time

The last one is the most important: pay your rent on time. It’s not that difficult of a concept – but consistant on-time rent payment is the number one best way to win your landlord’s favor and respect. If you really want to go the extra mile – pay your rent a couple days early. Chances are, the money is sitting in your checking account anyways, not earning any interest – so why not use that simple tactic to stand out as an amazing tenant?

What About You?

This stuff isn’t rocket science. As a landlord – I want to like my tenants. I want to have a great relationship that is mutually beneficial. I want to help them out, give them their deposit back, and give them a great reference when they move. However, many people don’t follow the simple techniques above and make having a good relationship difficult.

Do you have any techniques you use to get on your landlord’s “good side?” Do you even think it’s important? Let me know in the comments below and let’s talk about it!

– Brandon Turner is the Community Manager of BiggerPockets.com – a real estate investing social network for investors large and small. He is also the author of How to Rent Your House, a #1 best selling Amazon Kindle book.

 

Photo by MoyanBrenn

 

 

 

It’s easy to save money this year with these 3 steps

save money, savings, saving money

save money, savings, saving money

The New Year has begun and if you are like me you set new New Year’s resolutions this year.  In previous years my New Year’s resolutions have always included learning to cook, trying to use swear words less and working out on a more often basis.  However this year I decided to push myself to my limits and make 2013 the year that I set saving more money as my New Year’s resolution.

This year I decided to set a savings goal of $15,000 for myself.  That’s right from January 1 to December 31 I am going to save $15,000.  We can all agree that I am now responsible with my money because I have learned from my credit card mistakes of the past.  I have even started spending less money on snacks and eating out at restaurants; I try to cook at home as often as possible.  However the one place that I find myself spending a lot of money is on travelling.

Set your financial priorities

I live on the east coast so it’s very easy for me to take weekend vacations to great cities such as New York or Boston.  Every time I have some money accumulated in my checking account (without dipping into my savings) I take a vacation, this is a bad habit because money that is not spent is money that can be saved.

However I love travelling and I don’t really want to give it up just to save money because on my list of priorities travelling surpasses saving extra money.  I do save money on a regular basis and if I save more money each month sometimes I ask myself, what am I saving for? I don’t want to be the type of person who sacrifices my personal happiness just to save money because honestly I don’t really care that much about saving extra money each month.  I save for an emergency, I save for retirement and I keep enough money in my bank account to avoid all monthly service fees (now that I no longer have unlimited banking privileges since I quit working at the bank).

Find creative ways to save money

I decided that the key to saving money successfully is to find ways to save money without spending my own money.  This way I will build up my savings in my bank accounts but I won’t have to sacrifice my current lifestyle.  I am the type of person that if something disrupts my life too much I stop doing it; so I have to save money without having to change my budget and this is how I am going to do it.

Save your tax refund.  In previous years I have always used my tax refund to pay off debt, go on vacation or purchase items for our apartment, but this year I am going to save my half of our tax refund.

Save your bonus for retirement.  My employer allows us the option to save our annual bonus pre tax into our retirement savings account or pay taxes on the bonus amount and receive the money in cash.  I personally hate losing half of my annual bonus in taxes so over the last two years I have opted to put my annual bonus directly into my retirement savings.

Save with your employer savings plans.  Many employers offer a retirement savings plan option as well as an employee share ownership plan.  I know that this is a wonderful added benefit that not all employees have the luxury of receiving, however I believe in taking full advantage of this employee benefit.  For every $35 I contribute into the plan my employer contributes $50. That’s a great bonus.

According to my personal calculations I will be able to save $15,000 this year and it will only cost me $1,800 of my own money.  The rest of my savings will come from my tax refund, my annual bonus and my employer savings plans.  I will let you know how it turns out at the end of the year.

Photo by Apaleutos26

Weekly Roundup: Blogging Lessons, Bigger Paychecks and Tablets

Good morning Dinks and Happy Friday.  I hope that you all had a great week.

I saw the movie Gangster Squad this week and I have to tell you that it is an amazing movie.  If you are looking for something to do this weekend I suggest that you go and see Gangster Squad.

We have some really great posts for you today and we also have some awesome giveaways.  So let’s get right to it.

Who wants free stuff?

Take Our Stuff is giving away a 1st Edition “For Whom The Bell Tolls” book, along with other Ernest Hemingway-related objects.

My Diary Entry is giving you the chance to transform your favourite photo into canvas art with an $80 giveaway from Canvas Pop.

Yes I am Cheap is giving away a Kindle to celebrate her 4th year blog anniversary.  Now if you only knew of a new book to read on the Amazon Kindle Store (wink wink).

Great posts from our blogging friends:

Budgets are Sexy – The Mighty 10 Rule

Alise…Write! from BlogHer – Seven Blogging Lessons in Seven Blogging Years

The Happy Homeowner – Negotiate Your Way to a Bigger Paycheck

Making Sense of Cents – Are Tablets Worth It?

Young Adult Money – 5 Lessons Learned from Freelancing

Passive Income Now – Residual Income Opportunities

Clever Dude – Balding, but with more money in my wallet

Photo by oubessed

Do or Don’t: Opening a credit card just for the rewards points?

rewards program, credit card with rewards, opening a credit card

This is a post that I originally wrote for the Smart Money Debate at Ready for Zero.  I want to know if Dinks are pro or con opening a new credit card just to take advantage of rewards bonus points.  Can you guess where I stand on the subject? If you would open a credit card just to take advantage of the bonus rewards points we want to know why.

Come on Dinks, tell us about your credit cards!

In the past I opened credit cards for any number of reasons that included everything from gaining bonus rewards points and cash back to opening a new credit card just because it was offered to me.

Many banks are currently offering 0% interest balance transfers and one time sign up bonus rewards points to try and entice consumers to sign up for their newest credit card.  But before you sign that credit card application and get your bonus rewards points you have to ask yourself – do I really need another credit card?

Most likely the answer is no. Unless you are a teenager and you are applying for your first credit card you most likely do not need another credit card in your wallet.  Credit cards (more than one) do not help your credit score or your net worth, actually credit cards harm your credit score and your net worth more than they help them.  Many people feel that if they have a lot of credit cards with high limits it makes them more financially worthy but this is just not true.

Don’t be tempted to use your credit card for the rewards

Credit cards are not always bad because if you use them responsibly by spending within your limits and always paying off the balance each month they can be very rewarding.  However credit cards can also be a source of temptation that can lead to over spending and unnecessary debt accumulation.

Before you charge a purchase on your credit card just to get rewards points you have to ask yourself – would I still make this purchase if the rewards points were not an added perk? Once again the answer is probably no.  If you have one credit card you should use it only when needed.  Don’t overspend and make unnecessary purchases on your credit cards just to get bonus rewards points; you should consider the rewards points to be an added bonus and not the reason why you are making the purchase.

Make sure the credit card rewards are worth the cost

Credit cards rewards points can definitely be a temptation to spend and a reason why people sign up and apply for credit cards, but you have to remember that rewards points are usually a onetime bonus. Credit cards that offer rewards points usually come with an annual credit card fee.  If you are going to pay an annual fee for a credit card that offers rewards points you have to make sure that the annual fee is worth the rewards benefit.

What is your favourite rewards credit card?

Photo by stormkatt

5 Things to do with Your Second Income in 2013

extra income, side hustle, second income

(This is a guest post from our friend Philip Taylor @ PT Money)

What are you doing with your second income?

Unless you are a DINK cliche, thus spending all of your extra income to achieve a certain lifestyle, you probably have plenty of money leftover from your two incomes to throw at financial goals.

At least I know I did back when I was a DINK.

Here are some ideas for what to do with that theoretical “second income.” Believe me, there will likely be no easier time to make financial progress in your life than when you are a DINK, so make 2013 the year you do the most good with your second income.

Pay Off Your Debts

Excessive credit card debts, car loans, and those lingering student loans are probably good places to start. Getting out of debt  is hard, but the process is simple. Start with the smallest debt or the debt with the highest interest rate and throw all of that monthly second income at the debt. Move from one debt to another as you pay them off. Crush it all as fast as you can.

As a proponent of completely integrated finances I say who cares who’s debt is who’s, just get them all paid off and commit to being out of debt as a couple for the rest of your lives. The sooner you take care of this the more choices you’ll have with your financial future.

Max Out Your Retirement Accounts

There are two strong reasons to channel all of your second income into your retirement savings:

Odds are you are young and the more you put in now the more money will be exposed to all those years of growth you have until retirement.  You likely have many more options available to you now because your income is low (keeping you within IRS limits) and you have access to two work-based retirement plans.

A DINK couple contributing to 401Ks in 2013 will be able to defer up to $17,500 in income each! That’s a $35,000 tax deferral! You’ll never get another chance to defer 2013 income. Do it while you have the chance.

Shore Up That Emergency Fund

I was going to make the assumption that many DINK Finance readers had already tackled the subject of building up an emergency fund (money set aside for financial emergencies, typically 3 to 6 months of expenses), but if you haven’t then you should definitely use your second income to make this happen.

Having an emergency fund should actually be the first thing you do with your second income. Having this in place frees you up to do so much more with your money because you don’t run the risk of getting back into debt when things go bad…and they probably will at some point. Car repairs, excess medical bills, short-term job losses are all a reality these days.

Build Up a Baby Fund and/or Down payment Fund

This is where improving your financial life gets exciting. If you’ve knocked out your bad debts and made some progress with savings, you can begin to tackle those big life dreams, like owning a home or having a child. I know many DINKs choose never to have children, but most will certainly attempt to own property, even if it’s not your primary residence.

To buy real estate these days it takes a sizable down payment (as it should) and so you’ll need to prepare for the moment when you buy your house. A second income can get you there quickly, so if you’ve accomplished your other goals, like debt and savings, then get started on saving up for that new home down payment or that new baby fund.

Give More

Finally, having a second income affords you the ability to give more. With your second income you could help a single-parent family who doesn’t have two incomes. You could give more to your favorite charity, school, or church. When you are blessed with much, you have the ability to bless much. Use your second income for more good.

– This is a guest post from Philip Taylor of PT Money: Personal Finance, where you can always find ideas for doing more with your money. Check out the latest ranking of the best travel rewards credit cards.

Photo by taxcredits

When do you Save vs. Splurge?

save, splurge money, saving up

save, splurge money, saving up

Good Morning Dinks. I recently got back from my 7 day trip to Las Vegas and I have to tell you that I had a great time. I loved being in the warm sunny weather in January which is something that we don’t get here in the cold North Eastern winters.  I met some wonderful personal finance bloggers and I made some great connections while networking at the New Media Expo.  However the NMX was only 2 days and the other 5 days were all about relaxing and getting some “Me Time”.  There is no better place to have fun than in sunny Las Vegas. I have been to Vegas a few times before: twice when I was in my teens and once with my Dad for my 21st birthday.  However this was my first trip to Las Vegas by myself as an adult…and I absolutely loved it.

Do your spending habits change while you are on vacation?

Taking a vacation is in itself a major expense and spending money while you are on vacation is an additional cost. I don’t overspend carelessly while I am on vacation but I definitely do spend money.  I mostly spend money while I am on vacation because there are so many great stores and products that are available in the U.S. that we do not have in Canada. My vacation spending is also partly due to the fact I like to have personal experiences while travelling.

During my trip to Las Vegas I paid $18 to visit the shark reef at Mandalay Bay and I paid $45 to see Coco and Josh Strickland in Peep Show at Planet Hollywood.  I paid full price for the shark reef exhibit because 1. I love sharks and 2. We don’t have sharks in Canada. The ticket for Peep Show was actually discounted because I booked it with the entertainment service Tix 4 Tonight.  I love going to see live theatre and musicals (I saw Mary Poppins while in NYC last summer) but I hate paying full price for the tickets.  Broadway shows are very expensive and getting the ticket at a discounted price makes the experience so much better.

You don’t have to break the bank to have a good time!

The key to enjoying your vacation and no going broke is to try and save money wherever you can without missing the experience. When I travel I spend a lot of money on transportation to and from the airport as well as when I am trying to get around the city. Look for ways to find cheap transportation such as taking the bus and using a shuttle service instead of taking a taxi cab can help save you a lot of money.  In general I don’t spend a lot of money on food when I travel alone because I usually eat while on the go or in my hotel room.  I will do it sometimes, but I prefer not to sit in a restaurant and eat by myself.

Before I travel I always search the web for local attractions, shows and things to do.  I believe in talking full advantage of a location, even if I am supposed to be there for business purposes.  Usually when you are landing on several web pages for local attractions you are bound to come across a discount code or coupon to buy your tickets at a discounted price.  If you know some people in the area where you are travelling you can also ask them where to buy your tickets.  If not then you can always Google it.

When do you save vs. splurge?

Photo by tax credits

What is your dollar worth?

dollar worth, money's worth, dollar


Good Morning Dinks. Every single day we get up and go to work so that we can make money.  We like to make money because we can spend it to buy all of the things that we want to buy in life, we can use money to travel the world and we can save our money to build our net worth.  We all love making money, spending money and saving money for different reasons, so let me ask you a question – why do you love money?

Money can be your best friend if you have it and use it responsibly or money can be your worst enemy if you mistreat it.  Do you ever wish that you had your money now and your favourite items where the same prices as they were when you were a kid? Just think about that for a minute and imagine how far your money would go.

Sometimes when I go into a store to buy my favourite items I remember how much that same item cost 20 years ago when I was a kid (wow did I really just write that?). I wish that I had my money today to buy my favourite items at the prices from when I was a kid. My dollars (now that I have them) definitely don’t go as far as they used to which is ironic because now I have a lot more money than I did 20 years ago. I work hard for my money but sometimes I don’t feel that it’s worth the time I worked to make it.

 How do you evaluate the value of your money?

– What you can buy for it.  Some people value their dollar at how much they can buy for it.  If you can buy 10 items for $1 does it mean that your dollar is more valuable than an item that costs $10? Some people would say yes.  In today’s society we consider the value of an item to be relevant to its cost but I don’t necessarily think that it’s true.  If I pay a lot of money for an item the benefit over the long term has to be worth the cost.  Just because an item is expensive doesn’t necessarily mean that it is valuable.

– Appreciation over time.  If you put a dollar in a piggy bank 20 years ago and you wanted to use it today your $1 would still be worth $1.  However you wouldn’t be able to buy the same items for the same price today as you would have 20 years ago.  This is the cost of inflation; it’s the value increase of our money over time.  Technically $1 is still worth $1 20 years later but what you can buy for that $1 definitely changes over time.

– How hard you worked for it.  When you were a kid and you asked your parents for a gift did they ever tell you how long they had to work to pay for your item? At 32 years old every time I eat a piece of candy I am constantly reminded by my Dad how many nights he had to work overtime to pay for the braces that I had as a child. I definitely try to buy items that are a good deal which means they aren’t necessarily on sale (which is an added bonus) but it means that the items that have a benefit that is worth the cost.  Sometimes I compare the price of my items with how hard I worked to pay for them. Do you ever do that?

Photo by images of money

How (and why) do you save money?

save money, saving money, save cash

save money, saving money, save cash

Many people incorporate their personal money goals into their personal New Year’s resolutions.  What is your personal money goal? Many people want to save more money this year, some people want to pay off their debts and some other people want to try and earn more income. If your personal goal is to save more money what is your plan?

5 tips to help you save money

1. Start a Change Jar.  My boyfriend Nick and I have a change jar. A few times a week we empty out our pockets and our wallets and we put all of our change (i.e. $0.25 and less) into the jar.  Once a year or so we count up all the change and we cash in anywhere between $100 and $200 of change. We are definitely not accumulating a life savings but it’s still enough for a nice evening out on the town.

2. Set up Automatic Payments.  I have said it before and I will say it again, the best way to save money is to force yourself to save money through automatic payments.  You can set up an automatic transfer from your checking account to your savings account on a regular basis that coincides with your pay check.  This forces you to save because before you wake up in the morning the money is already transferred and it’s out of your reach.

3. Inquire with Your Employer.  Before you try to start saving your own money check if your employer has an employee savings plan.  Very often you can contribute a percentage of your pay towards savings and your employer will also contribute a percentage on your behalf.  This helps you get more money and accumulate more savings at a lower cost and at a faster rate.

4. Start Living on a Budget.  If your current lifestyle doesn’t leave a lot room for disposable income then you are going to have to change your lifestyle.  Decide which is more important – saving money or spending money on the things you love in life? You may have to cut some expenses if you want to save more money; sign up for an online budgeting software program and track where your money is being spent each month.  Once you know where you are spending your money you can determine your unnecessary expenses and make cuts in your spending in order to save more money each month.

5. Find a Second Income.  Maybe your current income and lifestyle just don’t give you the freedom to save as much money every month as you would like.  If this is the case then you have to do one of two things – you have to either cut your spending or find some more money.  Getting a second job and finding a second income will help you save money.  I have a friend who is planning to spend 3 weeks travelling around Europe so for the next two years she is working a part time job and saving every single penny that she makes from her second job.  Yes she is tired and yes she doesn’t have a lot of free time but she is saving for something that she loves so it’s all worth it in the end.

What are you saving for and how are you doing it?

Photo by takeasmartstep

Keep Your 2013 Financial Resolutions with help from SaveUp

financial resolution, saveup, saving money

SaveUp

One of the top New Year’s Resolutions is to save money, pay down debt and spend responsibly.  And it’s no wonder.  With an average of $16,000 in credit card debt, American families are looking for different ways to trim the fat out of their household budgets.

To help Americans break their post-holiday spending splurge, SaveUp is launching for the entire month of January a fun NO SPEND Challenge to kick off 2013. Think of it as a detox for your wallet!

With SaveUp’s No Spend Challenge, you can save, pay down your holiday bills and have fun. Participating is simple:

  • Sign up with SaveUp and register your credit card(s)
  • Every day that you DO NOT spend on the card(s) is one entry towards $10,000 in cash prizes

We believe that you should get rewarded for your good financial habits, and what better way to win real prizes than with SaveUp (url to prize page here)? SaveUp is a free online financial incentive program that rewards you for saving, not spending.

Start 2013 right and join SaveUp’s No Spend Challenge. Be a champion of your personal finances and start building a better financial future!

OPTION #2:

Financial Detox with up to $10,000 in rewards – Take SaveUp’s NO SPEND Challenge.

Are you starting 2013 with the resolution to spend less and save more?  You are not alone. With an average of $16,000 in credit card debt, most Americans have the same goal. SaveUp is here to help and has launched a fun game with $10,000 in cash prizes to help pay off your holiday debt and build up your savings.

Join SaveUp’s NO SPEND Challenge. Think of it as a detox for your wallet!  Participating is simple:

  • Sign up with SaveUp and register your credit card(s)
  • Every day that you DO NOT spend on the card(s) is one entry towards $10,000 in cash prizes

SaveUp rewards Americans year round for saving money and reducing debt.  A fun daily game that helps you focus on your finances, SaveUp gets you organized and rewards you for your progress.  Prizes on SaveUp range from weekly gift card drawings to vacations, cars and even a $2 million jackpot.

Start 2013 right. Join SaveUp’s No Spend Challenge and be a champion of your own personal finances to build a better financial future!

Weekly Roundup: Careers, Savings and Just Being Over It.

Good Morning Dinks.  Well I’m back from Vegas and I have to say that I am a little bit sad to be home.  I definitely miss the warm(er) weather and I’m sad to be back in our 4 feet of snow.  I had a great time in Las Vegas at Blog World’s New Media Expo and I really enjoyed catching up with my FinCon friends.  I hope you all had a safe trip home.

I love going to blog conferences because I get to meet great new people, I get to travel to a new city and best of all I get to learn a lot about blogging as a business and social media strategies.  This year I hope to attend BlogHer’13 in Chicago, the Blissdom Conference and also the Financial Blogger Conference. So fingers crossed.

Enjoy these great posts from our friends around the web:

– Free Money Finance – Should Americans Be Forced to Save for Retirement?

– Clever Dude – Can’t find a job? Can’t earn more? Want a change? Move!

– Thriftability – What Would You Do for $5?

– Money Saving Enthusiast – How Much is that REALLY Costing You?

– So Over This – 5 Things That Are Driving Me Insane

– Free From Broke – Best Careers for the Future

 

Photo by David Blackwell

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