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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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Survive The Holidays with These 3 Tips

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holiday shopping, surviving the holidays, holiday shopping spree

The holidays are quickly approaching; this means that you may already be in full holiday shopping mode.  If you have fully recovered from your Black Friday shopping and you are fully into your holiday shopping let me ask you a question, what is your holiday shopping strategy?

I personally love to take full advantage of the holiday season because I love everything about the holidays.  Well I love almost everything about the holidays.  I love the decorations, I love the music and of course I love receiving and giving gifts; however I could live without the snow and the cold weather.

This is my holiday shopping strategy:

1. Shop Early.  I am a planner, I like (actually I love) to plan everything in my life. I am one of those weird people who makes a list when I need to calm down.  When the holidays come around I am all about the planning.  I plan my meals, I plan my gifts and of course I plan my budget. I start my holiday shopping in early November so that I can spread my holiday expenses out over several different paychecks. I love this time of the year because it’s early enough to plan ahead and it’s close enough to the holidays to start getting great deals on all of my gift items. Right now I am definitely in full holiday gift shopping mode, however I am having a bit of trouble finding places to hide all of the gifts from my boyfriend Nick.

2. Make a List.   I am always amazed by people who are running around on December 24 trying to find the perfect gift for their family and friends.  I honestly don’t know how people do that because just the thought of it is stressing me out.  Some people are too busy to go out and run around the shopping mall trying to find gifts for everyone on their holiday list. The way to avoid this is to make a list of the gifts that you want to buy for everyone on your list and factor in an approximate budget.  Once you have set your holiday gift list you can start searching weekly flyers and online websites in order to find the best deals on all of the gifts you need.  If being in a shopping mall is not an appealing idea you can also purchase all of your gifts online and have them delivered right to your doorstep (sometimes overnight).

3. Shop Online.  One of the best ways to save money during the holidays is to shop online and use discount codes or coupons.  Online shopping websites such as Ebates and RewardsRunner.com offer discount codes and coupons to a variety of popular stores such as American Eagle, Bath & Body Works, The NFL Store, Godiva Chocolates and Best Buy.  I recently purchased three sale items from Aeropostale through Rewards Runner and on top of the items being on sale I also received 30% off my entire order.  Merry Christmas to me!

What is your tip to survive the holiday shopping season?

 

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Rich People vs. Poor People

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TV sitcom, rich vs poor, types of people

TV sitcom, rich vs poor, types of people

Good morning Dinks. You may remember that I absolutely love the television sitcom 2 Broke Girls. One of my colleagues at the bank recently told me that he didn’t see the comedy in the television sitcom 2 Broke Girls and I told him that it’s because he has never been broke.  I have definitely had my share of financial struggles in the past and this may be why I can relate to the broke-ass lifestyle of 2 Broke Girls.

Different Strokes for Different People

If you have ever been broke and survived it then maybe now you look back on your former financial life and you can laugh about it.  But the truth is that being broke is not fun; it’s stressful and it causes many couples to break up.

Rich people and poor people deal with situations in very different ways.  If you used to be broke and now you aren’t then think about how you handled a situation when you were broke versus how you would handle the same situation now when you have money.  Little things like calling in sick and losing a day’s paycheck may not have been an option back then, but now you may have the financial freedom to take a day off.  When you are broke and live on a very fixed budget an extra little expense on your monthly hydro bill or telephone bill can be a huge financial burden.

Different Money Management Styles

My money management style has gone from not having any money to spend on anything to spending every single last penny that I made to now always debating the cost versus the benefit.  When I was making more money I spent money carelessly and unnecessarily.  Now that I live on a budget I am definitely more careful about how, when and where I spend my money.  I know that seems like a rich girl problem but it’s true.

I used to spend money just because I had money but honestly it was useless, remember my Honda car purchase? My overspending was not helpful and honestly it was pointless. I just ended up with a lot of stuff that I didn’t need and it was all just taking up space in my apartment.  I ended up donating a lot of it to an abused woman’s shelter during spring cleaning.

Saving Money is Relative to Your Situation

I know that we are all supposed to save money on a regular basis but how much money we can save is relative to our own personal situation. If we have less expenses we can save more money on a regular basis and if we have a lot of monthly expenses we will have to save less. This is just the reality of living on a budget.

Some experts say that we should save at least 20% of our monthly income and some personal finance bloggers preach about living on only one of your dual incomes.  The amount of money that we can all save is relative to our monthly expenses and our monthly income. How much do you try and save each month?

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How to Get Ahead Financially in Today’s Economy

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get ahead financially, economy, financial status

(Guest Post by Benjamin Feldman)

Let’s face it: the economy is a fickle beast. It cares not for your feelings or your financial needs. And as we’ve all seen quite clearly in the last few years, abrupt economic changes can leave many people struggling to save their finances.

So how do you become one of the people who is ready for the twists and turns that we need to expect in today’s economy? Well, if you’re a frequent reader here, then you’re well on your way to achieving that kind of financial security. But you can always use more insight. And as someone who has spent the last few years of my life trying to get my career and financial life on track, I’ve learned some important lessons for young couples (or anyone, really).

Here are some of the most valuable lessons I’ve learned – in some cases, the hard way – and how you can apply them to your own life in order to boost your financial standing.

Don’t be afraid to change jobs… or careers

In today’s economy, it’s okay to change jobs. In fact, in some cases, it’s necessary. And it’s also okay to change careers! Especially if you feel like your current job isn’t the place where you can meet your full potential as an earner and as a worker, you’ve got to understand that (A) you’re not alone and (B) you should be proactive and search out that next step immediately.

This can be tricky. A few years ago, I had a job that was solid, but it wasn’t a job that I wanted to do forever. I was ready to find a new job. But when I thought about actually doing that, it felt scary. I imagined that it would be too difficult to find something new and that prevented me from taking any action.

However, once I actually did it, things worked out great and I found a new job that was a much better fit. In my own experience, the seemingly simple task of coming to grips with leaving your current job is the hardest part.

So get started by making a plan for how to find and get your new dream job. This can be as vague as you need it to be at first. Brainstorm the types of things you like to do and the kinds of working environments that have made you happy in the past. Talk to people in similar positions and learn about new careers from people who are already in those fields. And then go out and start applying for new jobs. You may not get one on the first try, but you’ll probably get one sooner than you’d expect.

Add income from freelancing if you need it

If you already have a job you’re happy with and you don’t want to leave, that’s great! Of course, that doesn’t mean you have to stay at your current income level. In today’s economy, you can make money on the side – no matter what your skills or expertise may be.

For example, I did some research on how I could turn my own skills into freelance income, and I realized there are things (like writing, word processing, transcribing, etc.) that people are willing to pay for on sites like Elance.com and many others.

You will be surprised at the wide range of freelance jobs that are available, and if you want to make extra money working from home this is the best way by far.

Tackle your debt immediately

The one thing you can’t afford in this economy is to have debt – particularly credit card debt. After my career change, I had several thousand dollars of credit card debt that I knew I had to pay off (and did pay off earlier this year). If you find yourself in a similar situation where you’ve accumulated consumer debt, start taking action now to pay it off.

Use the tips above and elsewhere on this site to begin gradually increasing your monthly income – so you can allocate more money toward paying off your debt each month. And get serious about sticking to a monthly budget. If your money personality is more spendthrift than frugal, then you will need to examine your behaviors and make changes to ensure you can meet your budget each month.

You can also research some specific actions that might help you better manage your debt. For example, you can use our resource centers, such as the ones focused on Student Loan Debt and Debt Consolidation to find articles that may be helpful to you and learn more about how to tackle each type of debt.

Hopefully these tips will help your finances soar no matter what this new economy brings your way! Let us know in the comments if you have any questions we can answer.

——–
Benjamin Feldman is a personal finance expert at ReadyForZero, a visually-compelling web app that helps people pay off debt by giving them a plan and motivating them with information – like how much interest they’re paying per day. Follow him at @BWFeldman and read more of his work at the ReadyForZero blog.

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Weekly Roundup: Road Trips, Extra Cash & Sticky Notes

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Good Morning Dinks and Happy Friday.  I am on my way to Boston and I am super excited.  It is my first time going to Boston and I’m excited to see Harvard, the marketplace and Faneuil Hall based on the suggestion from my friend Andrew at Money Crashers.

Since I don’t celebrate the holidays with my family I have made a new tradition of taking a weekend trip during the month of December to get my mind off of all the holiday madness. Last year I went to New York City to see the store windows on Fifth Avenue and the Christmas Tree at Rockefeller center; this year I am going to Boston.  I will post some pictures next week.

Have a great weekend and enjoy these great posts from our blogging friends:

– Money Crush – Could You Use Some Extra Cash? (With my first book set to be released at the end of the year I am always happy to help other bloggers promote their e-books. Congrats!)

– Kylie Ofiu – What is Your True Cost to Own Something?

– Enemy of Debt – My 8 Step Plan to Resolve Financial Conflict and be a Super Hero Husband

– Girls Just Wanna Have Funds – Should I Cash Out My 401k For An Emergency?

– Budgets are Sexy – The “Sticky Note” Way of Budgeting

– Give me back my five bucks – What would you do with $1000?

 

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If I won the lottery I would…

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winning the lottery, lotto plans, lottery

It seems like over the past few weeks I have been reading and hearing about stories of people who won the lottery.  There is also the reality TV show on TLC that chronicles the stories of people who spent their millions after winning the lottery.  I can only think that if I was lucky enough to win millions of dollars in the lottery that I would be responsible enough to not blow it on cars, jewellery and houses.  I don’t live an extravagant life now and I would like to think that it wouldn’t change if I won the lottery.  Of course my life would improve, but I definitely wouldn’t waste all of the money.

What would you do if you won the lottery?

This is what I would do if I won the lottery:

1. Travel More Often.  I would make a point to travel at least twice a year if I won the lottery.  My travel style wouldn’t change but it would definitely improve.  I don’t like a lot of attention and I wouldn’t be staying in high roller suites or anything like that.  I would maybe travel to better destinations and travel more frequently.  I would also have a little bit of extra spending money in my pocket, but I definitely wouldn’t flaunt it.

2. Work Towards My Dream Job.  If I didn’t have the pressure of having to earn a paycheck I would take advantage of my new found financial windfall to quit my day job in the bank and continue working towards my dream job as an author. I would attend conferences and take some time to promote my (soon to be released) book through speaking events and appearances (assuming that people like my book).

3. Share a Bit with My Family and Friends.  I would give a fixed amount of money i.e. $25,000 to each of my immediate family members (there are maybe 15) who have always been in my life and supportive of my endeavours. Family members who I have not spoken to in years or who have been absent from my life would not be a part of my new found wealth.  I would also share a fixed amount of money with my closest friends. I know that money isn’t a representation of appreciation, but it is just a token to say thanks for always being a good friend.

4. Start a Charity breakfast for children.  If I won the lottery I would definitely give back through a charitable cause.  I would start the Tahnya Kristina Breakfast Club which provides one morning meal and two snacks throughout the day to kids at elementary schools. I love eating breakfast and it’s the one meal a day that I never skip.  I do my best thinking (and sleeping) on a full stomach.  I know that when I was in elementary school there were definitely kids who were hungry and this is just not right. All children should have access to the same education but it’s hard to concentrate and learn when all you can think about is eating some food.

Photo by DaGoaty

Manage Your Money Like a Kid

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money management, teaching kids about money, managing money

I was recently watching television when I saw a commercial for a toy called The Leap Pad.  It is a toy for toddlers that teaches kids how to add, subtract and manage their money.

Of course The Leap Pad is not a toy with sophisticated accounting software because kids don’t have sophisticated money needs, but The Leap Pad is a great gift for any child to learn about the value of money and how to add and subtract.  I don’t have kids to buy this gift for but my four-year-old niece should be expecting The Leap Pad for Christmas.

Teach Your Kids About Money at a Young Age

It is very important for kids to learn about earning money, managing money and the value of money at a young age because it sets the basis for their financial well being in the future. Think about your money when you were a child.  Did you have to work around your house for a weekly allowance or was money always given to you when you wanted it? Did you only get gifts on special occasions such as Christmas and your birthday or were you constantly showered with the latest new toys?

My four year old niece is currently learning about money.  She has a wallet and her parents ask that we give her gift cards or cash for Christmas so that she can learn about budgeting and saving money.  As I watched my four year old niece talk about the amount of money on her gift cards and as she showed me pictures of the items that she was saving up to buy I started thinking…wow adults can learn a lot of money from kids.

3 Money Tips You Can Learn from Kids:

1. Save Your Money in a Piggy Bank.  A piggy bank is the kid-friendly version of a high interest savings account.  It is used for savings for short term goals.  If you need your money within a year then a short term savings account may be the best option for you.

2. Spend Your Money on Ice Cream. Sometimes adults get so caught up in the idea of saving money and increasing the value of our net worth that sometimes we forget to spend our money.  What’s the point in saving money if we can’t enjoy it? I definitely believe in saving for our future, but not if it means that we can’t enjoy our money at the same time.

3. Be Proud of Your Accomplishments.  Have you ever asked a child how old they are? Kids are more than happy to tell everyone that they are 4.5 years old or that they are now in grade two.  The same pride applies to their personal savings.  My four year old niece was more than happy to open up her wallet and show me all of the gift cards and cash that she has earned for being good at school, cleaning her bedroom and feeding the family dog.  Adults should also be proud of their personal and financial accomplishments because after all we did work very hard to achieve them.

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Hiding Money. Do people still do that?

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hiding money, safe keeping money, safety deposit

hiding money, safe keeping money, safety deposit

Good Morning Dinks. I can’t even believe that I am going to write about this today but yet here we are.  I met an elderly client at my bank branch last week and she needed to go to her safety deposit box to get her weekly allowance. I couldn’t believe it; I was shocked to know that people still hide cash money.

When I asked the elderly client why she kept her money in her safety deposit box she replied “because it’s better than keeping it under my mattress.” I couldn’t argue because I guess that keeping your cash money in a safety deposit box at the bank is better than hiding it under your mattress at home, but it’s still not a profitable financial strategy.

I keep a little bit of cash at home just in case I need money for something and I can’t get to an ATM, but I hardly feel that my $100 of cash at home in my secret hiding place qualifies as hiding money.

Hiding Money is Not Profitable

There are so many reasons why people should not keep cash money in a safety deposit box or under their bed mattress at home that I can’t even think of a reason why someone would want to keep cash money hidden in their house.  When I asked the elderly client why she kept her money in her safety deposit box instead of in a bank account she told me that because it is safe and because it will always there.  Once again this is true, but at the same time it is not earning any interest.  This client is actually losing money because the value of her money is not the same today as it was many years ago yet she continues to have the exact same amount of money.

This client didn’t care about earning interest, she lived through the great depression of the dirty thirties and she just wanted to make sure that her money would always be there. Once again I couldn’t argue, I mean seriously who can argue with the great depression? However hiding cash money at your home goes against everything that I believe in as a banker and it goes against everything that I have learned as a financial professional. But at the end of the day I am never going to change the mind of an 80-something-year-old lady.

As I was getting ready to write this post I came across this article from the Huffington Post which discusses the best secret hiding places for money. Once again I was in shock; maybe hiding cash money is more common than I think.

Where do you hide your money?

– In your lip balm container.  I think my father used to do this when we went on a family vacation. He had a little container that was about the size of a lip balm that he would hang around his neck so his money wouldn’t get wet at the pool bar.

– In your telephone book. This is a good idea as long as you can remember the letter under which you hid the money. I probably wouldn’t remember.

– With your prescription pills. I don’t know about this one.  Prescription pill bottles are clear and therefore if a thief went through your medicine cabinet he would see your money.

– In your bag of pet food. I love this one. I mean seriously if you are being robbed no one is going to take the time to search through a bag of dog food in the hopes that there may be money hidden inside.

– With your cleaning supplies. I wouldn’t do this. I don’t even know how I would hide money in my cleaning supplies.

– Under your candle jar. This just seems messy and like a really bad idea.

Or you can do what J. Money does and hide them in one of these cool hidden safes.

Photo by rileyroxx

Weekly Roundup: Black Friday, Giveaways and My Trip to Boston

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Happy Friday Dinks.  I hope that you are all enjoying your Black Friday shopping and getting ready for Cyber Monday shopping deals.

I would love to know why you love shopping on Black Friday, is it the thrill of getting a good deal or is it because you like getting your Christmas shopping out of the way before December 1?

I am not partaking in the Black Friday festivities this year but I am going to Boston next weekend.  Boston has always been on my list of places to go and I am very excited that next weekend I will be spending 3 days in Bean Town.

For all of my Dink friends who live in Boston or who have ever been to Boston please tell me where I should go, what I should see, and where I should eat.  I am open to and I appreciate all suggestions.

Have a great weekend and enjoy these posts from our favourite personal finance bloggers:

– Careful Cents – Bullying in the Office: What You Should Know About It

– Young Adult Money – Why You Need Health Insurance

– Wise Bread – Get Ready for Christmas: 7 Things You Should Do Today

– Money Crashers – 4 Surprising Things That Affect Your Credit Score

– Go Banking Rates – 10 Surprising Reasons Why Your Mortgage Loan Could be Rejected

 

 

 

 

 

Here are some great giveaways just for you:

Femme Frugality is hosting a Friends mug and picture frame giveaway

Beautiful Giveaways is giving away Tasty Cookies from Dr. Lucy’s

If you have a giveaway that you would like us to list please send us a Tweet @dinks_finance

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Superheroes and Their Money

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superheroes, money, superhero earnings

The new 007 movie is out in theatres, did anyone see it yet? I haven’t gone to see it yet because I went to see Breaking Dawn Part 2 which is the finale in the Twilight Saga.  I am a big fan of James Bond movies and so is my boyfriend Nick.  I am sure that we will see the new James Bond movie very soon.

The release of the new James Bond movie got me thinking about superheroes and money.  I know that James Bond is not a superhero like Batman or Spiderman, but he is a very wealthy man who fights crime and takes out bad guys so let’s just make the connection.

I have definitely seen my share of superhero movies with my boyfriend Nick; admittedly I don’t know a lot of the stories prior to going to the movie theatre but I always enjoy the movies.  Have you ever wondered why some superheroes (such as Bruce Wayne) are very wealthy and some superheroes (such as Peter Parker) are not as lucky in the financial aspects of their lives?

Among all of the superhero movies that I watched I noticed a financial trend that all superheroes (both rich and poor) have in common.

3 Superhero Money Tips:

1. Do Good With Your Money.  When Bruce Wayne is not saving Gotham City as Batman he is a wealthy bachelor who hosts charity events and tries to save the planet through clean air initiatives. This is a great example of how rich people can use their money for good. Actually everyone can support a good cause, not matter how much money you have. If I was rich I would start a breakfast program for kids in elementary school.

2. Be Conservative.  Some people think taking risks are ok, but this is not true when it comes to your money. Actually I guess it depends on what type of investor you are.  If you financial goal is to make sure that your money is always there then you are probably a very conservative investor. However if you feel that taking big risks leads to getting a big reward then you are probably a little more flexible with your investments.  Superheroes hide their identity by day but they fight crime by night, so maybe they are balanced investors?

3. There is money in science.  Remember my post a couple of weeks ago about Sheldon Cooper? Well I will say it again, there is money in science. Many superheroes (such as Peter Parker as Spiderman and The Fantastic Four) got their super powers from a scientific accident.  However many villains were also created from scientific malfunctions, so what does that say? If I could have one superhero power I think that it would be “Flame On” from The Fantastic Four. I am afraid of heights but the ability to be warm all of the time would be a major advantage for me because I am always freezing cold.

If you could have one superhero power what would it be?

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Have Some Class If You Have Money

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classy, don't be a snob, rich but humble

Good Morning Dinks.  Let me ask you a question, have you ever met someone who feels that they are better than you just because they have money? I hate people who feel that they are better than me or that I should envy them just because they have more money than I do.

Sometimes I wish that I was rich but not because I am materialistic (although I used to be). I mostly wish that I was rich because if I am very rich it also means that I am probably very successful. That is what I really want out of life; I want to finish my book, get it published and become a very successful author.  I want to travel the world and motivate people to make positive changes in their lives with their money, their health and their career. Ah, a girl can dream.

Just because you have money doesn’t mean you have to be a snob

If there is one thing that I really hate about the world it is people who feel that they can treat other people like crap just because they have more money than other people do.  I don’t think that money defines us, and therefore people who have money should not treat people who don’t have money as if they are not equal.  This is not true only for people with money, I actually don’t feel that anyone should bully or degrade another human being just because one has more power or more money than the other.  Regardless of how much money we have we are all humans; therefore we should treat each other equally and with respect.

If I work in the service industry my job is to serve people but I am not their servant.  If someone works in an office they are not more valuable than someone who works in the service industry.  At the end of the day both people are working, both are contributing to society and both workers are paying taxes. Doesn’t that make us all equal?

Be Classy and act like money doesn’t matter

There is a scene in the movie Titanic where the passengers are discussing the presence of a newly rich guest aboard the ship. They said that she is “new money” because she was not from a rich family; she came into money later on in life.  She did not have the refined manners that other families who came from old money had and therefore for some reason this made her less valuable as a person.

I feel that people with money should use their wealth for good and not for evil.  Money should be a means that we have; it should not define who we are.  But unfortunately we live in a society where we judge other people by the way we look, where we work, who are friends are, where we live and how much money we have. It is not ok, but unfortunately this is just how we live.

Have you ever been defined by your money?

Photo by taxcredits

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