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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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How Our Bank Can Help Us Be Financially Responsible

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financial responsibility, financial advice, bank tips

chase bank

I know that many people dread going to the bank, but as a bank employee I have to say that I am personally offended.  Going to the bank doesn’t always mean that we need financial help and clients definitely shouldn’t think the worst about their bank. There are many things that our bank can help us with from starting our own business to planning for retirement.

The next time that you are in your bank branch take a look at their marketing pamphlets to see all of the ways that your bank can help you.  We know that our bank can help us open a checking and savings account as well as apply for a credit card. But our bank can help us out with so much more than just our basic banking needs.



Here are 5 ways our bank can help us be financially successful:

1. Financial Planning. Many banks have at least one certified financial planner on staff who can help you plan for your future and achieve your personal financial goals. If you want financial planning services you do not have to visit a private wealth management firm and pay expensive service fees, all you have to do is ask for a certified financial planner at your local bank branch.

2. Personal Budgets.  Many banks offer personal budgeting tools, they just don’t advertise the service.  Many bank employees who are currently working as tellers or customer service representatives are studying in personal finance (at least at my bank branch) and they are more than qualified to help you plan your personal budget. Many banks also offer budgeting software or an online application to help you track your income, your spending, and your savings.

3. Small Business Loans.  Although our state and provincial governments should be the first source of information when we are applying for a small business loan, our bank branch may also offer some helpful information.  Banks usually offer account and deposit services for already established businesses that have banking needs, but they also offer programs to help finance a small business loan.

4. Personal Insurance.  Very often we search for an independent insurance company to purchase our life, home, and auto insurance policies. However we don’t need to go through all of that trouble, all we have to do is visit our local bank branch and ask for assistance.  Very often personal insurance policies are not physically sold in the bank branch, but at least our personal banker can direct us towards the correct department.  If we purchase insurance with our bank we may be entitled to additional discounts on our insurance policies for already being a client of the bank.

5. Donations.  If you are a volunteer for a charitable organization or a good cause and you need to do some fund raising I suggest that you ask your local bank branch manager.  My bank has an annual budget of $2000 that we can donate to various organizations and causes throughout the year.  You never know if your bank can help you until you ask.

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3 Tips to Help You Become Self Employed

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self-employed tips, entrepreneurship, entrepreneur tips

lightbulbGood Morning DINKS.  If you are like me then you have been working in the corporate world or for the same employer for a very long time. If you are really like me then you also have dreams of someday being self employed by following your dreams and making your personal passion your day job.

I actually really like working in personal finance, but my real passion is writing.  I hope to one day become a successful author of a “how to” personal finance series for teenagers, young adults, and people who are preparing to retire.  I also hope to publish a young adult fiction trilogy about dealing with all of life’s responsibilities as we grow up from teenagers into young adults. I want readers to know that it’s  normal for life to challenge us, and it’s how we choose to overcome those challenges that helps us become the person we grow up to be.

What is your personal passion?

MSN recently published an article titled “Canada’s Most Fabulous Entrepreneurs” if you are looking to become self employed and start your own business you may want consider these tips.

1. Have a Concept.  Many people want to open a business but opening just another business on the corner or just another location in a shopping mall won’t get people’s attention.  The concept of a business is just as important as the service they offer. The concept of your business is your everlasting first impression.  An entrepreneur named Devon Brooks opened a new concept of hair salons that offer blow dry’s only.  There are no haircuts and no hair colouring, just washes and blow dry’s. There are now 25 locations of her blow dry only concept hair salon (Blo Blow Dry Only) throughout Canada and the US.

2. Be Persistent. Very often start up businesses don’t make it past the first year and very often it can take several years before a start up business is successful; but no one said that being is business for yourself was going to be easy.  Guy Lailberte used to sleep on park benches before he created the entertaining concept of Cirque du Soleil; his empire is now currently worth over $2.5 billion with shows in various cities from Montreal to Las Vegas. The key to being successful is to never give up; there will be obstacles, setbacks and in some cases even law suits, but start up business owners will never have success if they give up.

3. Target a Niche Market. The president and CEO of Porter Airlines Mr. Robert Deluce didn’t invent the airplane, but he did introduce a short haul only airline that caters to travellers and business people who want a hassle free flying experience. Large commercial planes carry more passengers, and more passengers means more people to check in and longer waiting times for all passengers. Porter Airlines took an existing service and condensed it to make the flying experience more efficient for short haul travellers. Porter Airlines currently owns 26 planes and flies to 19 cities across Canadian and United States.

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Are You Having a Good Money Day?

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money advice, money tips, money matters

money advice, money tips, money matters

Good Morning DINKS.  Today I woke up and I just knew that it was going to be a good money day.  Sometimes I have one of those days when nothing goes right, and sometimes I have those days when everything just seems to fall into place.  Have you ever had one of those days when everything just goes exactly how you wanted it to?

A good money day is a day when you wake up and feel good about your money, a good money day is when the value of your investment portfolio increases, or you find a $20 bill on the street.  A good money day is can also be a day when you may get a nice little money surprise like having more money in your bank account than you thought you had, or finding out that the item you have been wanting to buy has finally gone on sale.

Just as money can help us have a great day, if our money isn’t right it can also ruin our day.  Money (among many other things) can help make or break our day as well as our good mood.

You May be Having a Good Money Day If…

You got paid and your pay check is more than you expected.  I love pay day. It has happened to me a few times when my payroll deductions such as various contributions and taxes are a little bit less so my pay check ends up being more than I expected.  I also love it when those quarterly bonuses are added on to my pay check.

You spent less during the day than you thought you did.  Sometimes I come home from running errands and I think “Oh Dear Lord” I definitely overspent, but then I check my bank account and the financial damage isn’t as bad as I thought.

The money you have been waiting for has finally arrived. It is very rare that I lend money to friends and family; not because I am cold hearted, but just because if they don’t pay me back it’s weird to harass family members.

You received your tax refund. I love the morning when I wake up and my tax refund has been deposited into my bank account. I usually save half of the money and I usually spend the other half on a vacation or a little splurge.

You May be Having a Bad Money Day If…

You didn’t get paid. When I used to work on commission there were weeks when I didn’t get paid because of a “system glitch”.  It’s difficult to plan a monthly budget without having a steady income.

Money owing is not returned on time. It can definitely ruin my day (or anyone’s day) when we are counting on money to be repaid and it’s not given back to us when it is supposed to be.

The market (and your investment portfolio) declines.  Of course there are risks when we invest our money and I know that our retirement investments have a long time horizon but it still hurts to see their value decline in the short term.

Your Credit Card Bill is More than You Anticipated.  I hate this.  Sometimes I forget about some of the purchases that I made throughout the month and my bill gets to be a bit high. I always try to pay off my credit card bill in full so when this happens it just means that I have less disposable income that month.

What makes you have a good (or bad) money day?

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Friday Roundup: Pottery, Millionaires, and Moving On

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Good Morning Dinks, Happy Friday, and Happy June 1st.  As my favourite television shows are all on hiatus for the summer I have found myself being forced to find other ways to spend my time.  I know that it’s sad to admit that I live in a world that is ruled by my daily television schedule, but unfortunately it’s true. I started walking outside more often now that the weather is nicer and I have slowly started to exercise again since recovering from my eye surgery.

I am trying to find new things to do in my neighbourhood because I don’t really like to take public transportation and I also don’t want to be too far away from home in case my eye gets tired or sore and I have to lay down and rest it.  We need a new fruit bowl for our kitchen table and I am considering making it myself at this cute little ceramic store that I found a few blocks away from my apartment.  Don’t let my creative writing fool you, I am only creative on paper; my visual art talents are definitely not up to par as far as decorating and colour coordinating are concerned…so the ceramics and pottery should definitely be interesting.

I hope you all have a great weekend; here are some great posts from around the web this week:

– Wise Bread helps us find new things to do in the post “10 Awesome Money-Making Hobbies”

– Get Rich Slowly talks about change in the post “Work-life Balance, New Challenges, and Thanks”

– Money Crashers helps us save money on transportation in the post “5 Tips for Living Without a Car-Savings & Benefits”

– Financial Samurai works towards improvement in the post “The Ideal Body Weight: Finally Losing The Last 10 Pounds”

– Adaptu wants you to join the discussion in the post “Are you protecting yourself in case your relationship comes to an end?”

– Passive Income Now wants to tap into your creative side in the post “What’s Better: An Idea or Execution?”

– Budgets Are Sexy discusses ambition in the post “Did Millionaires WANT to Be Millionaires?”

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DINKS Choice: Priceline.com

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Name Your Own Price and save up to 60% on hotels. Click here.

Good Morning DINKS. DINKS Choice is a series that we publish whenever we find a really great product or service and we want to share our experience with you.  Basically the DINKS Choice series is a rave review of our favourite products.  This time we are reviewing the hotel booking services from Priceline.com .  Before I start this review I would like everyone to know that this post is not sponsored, endorsed, or influenced in any way by Priceline.com.

I personally love to travel and I have always searched for discounted flights and hotel rooms on various websites such as Expedia and Travelocity.  However about a year ago I discovered Priceline.com and since then I have booked several vacations using their great online service.

Priceline.com is a discount travel website which allows users to book flights, hotel rooms, car rentals, and vacation packages at discounted prices.  It also has several extra benefits such as the option to search for a hotel room or flight within our own price range as well as confirming exactly how much of a discount we are receiving on our vacation packages.

My first experience with Priceline was over a year ago and I absolutely fell in love with their easy to use and no small fine print service.  My mother and several of my friends love booking their vacations with Hotwire.com, but I can’t bring myself to try any other discount travel services.

When I book my vacations with Priceline I always search for deals on their website but if I can’t find a price that fits into my budget.  I use the option to name my own price to book my hotel room.  I have not yet used the name your own price feature to book a flight or a car rental. I absolutely love the fact that we also have the option to extend our stay at the same price if we need to do so. It is important to know that when we book our vacation with Priceline.com our credit card is charged instantly, there are no additional charges by the hotel unless we use some of their services such as ordering movies or using the telephone.

Here are 5 Great Reasons Why I Love Priceline.com

  1. Priceline give us the savings percentage.  I love getting a discount and the only thing better than getting a discount is knowing exactly how much of a discount we are receiving.
  2. We can name our own price on hotel rooms, flights, and car rentals.  I like having a budget and being able to stick with it.  In the past I have even booked a hotel room and been upgraded to a higher quality rating hotel room at the same price.
  3. Priceline gives us the option to choose the area and the star quality level.  It is very convenient to book a hotel room and be able to choose the exact area where we want to stay.  We don’t know the exact location of the hotel until our price is confirmed, but we can choose the area or multiple areas where we would like to stay.
  4. We get an instant confirmation if our price is accepted or declined.  When you name your own price with Priceline.com we know instantly if our offer is accepted.  If we are declined we can change the location, the hotel star quality rating, or increase our price and make another offer instantly.
  5. Priceline.com is one stop shopping. We do not have to waste time searching individual websites for deals and locations.  Priceline deals with several different hotel chains such as Marriott, Days Inn, and Double Tree.

Will you use Priceline.com to book your next vacation?

How is Your Personal Information Being Used?

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personal information, bank security, bank tips

Good Morning DINKS.  As consumers we are very often asked to share our personal information such as our mailing address, our email address, as well as our phone number. Think about the last time that you made a purchase online or in a retail store.  Did the sales clerk or website ask for your postal code, email address, or phone number?  Sometime stores ask for our personal information because they want to know where to build new store locations, and sometimes retail and online stores ask for our personal information because they collect it and sell it to marketing companies for solicitation purposes.

I personally don’t mind giving out my postal code when I shop because I would like to have new store locations built closer to my home.  However I very rarely give out my email address or complete mailing address to online and retail stores because I hate being spammed with promotions and deals to random companies and being bombarded with unnecessary paper mailings that fill up my mailbox.  However, when our bank requests our personal information it can be for a totally different purpose, it can actually be for our benefit and our protection.

When our bank asks for our personal information it is usually only for internal marketing reasons and they rarely (if ever) sell it to third party companies for solicitation purposes.  When my bank asks for client information we advise clients that it will only be shared within our organization and only if the client approves.  Mostly we share client information between departments when the client applies for a new product such as a credit card or an investment account.

According to TD Bank US federal law allows consumers to prohibit the sharing of some of their personal information, but unfortunately it does not prohibit financial institutions from sharing all of our information.  Federal law also requires financial institutions to advise consumers how and why they collect and share their client’s personal information.

There are some circumstances when our financial institutions are required to share our personal information, such as to process our everyday banking transactions and perform account maintenance.  They may also share our information with their affiliates for marketing purposes to offer us new products and services.  Financial institutions also share our personal information with their affiliates with regards to the usage of our credit products as well as to determine our creditworthiness. Regardless of why or how our financial institution shares our personal information, we should know that our personal information is always protected.

Our financial institution may collect and share our Social Security Number and our personal income for tax purposes.  They may share our account balances and transaction history to offer different account packages, products, and services.  Our financial institution may also collect and share our credit history and credit scores if we apply for new products and/or services.

Next time your financial institution asks for your personal information don’t worry because your information is still safe. Just because our financial institution may share our personal information within their organization does not mean that our personal information is at risk.

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5 Things That I Would Never Buy for $25

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money matters, frugal living, budgeting expenses

Good Morning DINKS.  As I was doing my weekly grocery and personal shopping this past week I realized exactly how over priced some items can be. I know that it is cheaper to shop at large discount, bulk, and box stores such as Wal-Mart, Sam’s Club and Target but unfortunately we don’t always have that option.  When we shop at our local or independent pharmacies grocery stores because of their close proximity to our home or place of employment we can definitely end up overpaying for convenience.

I am definitely a supporter of paying for quality, but I absolutely don’t believe in paying for name brands or status items if they are unnecessary and overpriced. A prime example of paying for convenience is women who buy their shampoo at the hair salon.  There is absolutely no need for women to buy shampoo and conditioner at $30 per bottle when we can shop around and find the exact same items at a beauty discount store or wholesaler for much less.

Here is a list of 5 Things That I Would Never Buy for $25 or more

1. Car Wash.  I always pay for the basic car wash on my car because the wax ruins the paint. I know that some car washes offer a hand car wash and clean, but it can be very expensive.  I know a luxury car wash who charges $25 for a 30 minute deluxe car wash, but that is way too expensive in my opinion.

2. Dinner for One or Take Out Food For Two.  Every month I try to get together with a group of friends from a former employer.  We like to keep in touch over dinner and drinks, but since we are not foodies and we are just there for the good company our restaurant choices are usually reasonably priced for the quality of food.  I am just not the type of person who can appreciate a $100 meal from an Iron Chef.

3. Drinks at a Nightclub.  I worked as a bartender at a nightclub during my college years and I never understood why people would spend $100 plus tips per night on alcohol at a nightclub.  I also don’t understand people who order bottle service at a club.  If you want to sit down and have some drinks with a friend then go to a restaurant, the price of bottle service at nightclubs is definitely inflated. We can buy the same bottle at the liquor store for much cheaper.

4. A T-Shirt.  In my opinion a t-shirt is a t-shirt is still just a t-shirt no matter how expensive it is. I absolutely don’t understand how or why people buy expensive designer and graphic t-shirts, unless it is to support a good cause.

5. Lip Gloss or Mascara. I personally don’t find that drugstore make-up such as Maybelline, L’Oreal, or Cover Girl is of a lot less quality than major cosmetic brands such as Christian Dior, Estee Lauder, or Clinique.  I admittedly bought the Dior Show Mascara for $30, but I have never done that again since I don’t notice a major difference between Dior and Maybelline.

BONUS: Bank Fees.  As a bank employee I can honestly tell you that the “VIP”, “Premium” or “Exclusive” monthly bank account packages are not worth the money.  Some “Premium” account packages can cost up to $25 per month, that is $300 per year…on bank fees.  I admit that these accounts do offer many included services such as free personal cheques, a discount on a Safety Deposit Box or a free Credit Card; but the amount of people who take advantage of all these services is very small.  It is definitely more cost efficient to have a cheaper (or free) bank account package and pay for the extra services if we ever need them throughout the year.

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Being Social at the Office Without Going Broke

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office tips, being sociable, office advice

Good Morning DINKS.  This past week I found myself in a weird situation in my office and I want to know if anyone else has experienced the same situation. We are doing some fundraising at my office and in a group meeting the woman responsible for collecting donations asked everyone to make a contribution to the charitable organization on the spot.  She said that she would be coming around to collect money from the people who didn’t donate during the meeting or who didn’t have their wallets with them at that time. It may be just me who is mistaken, but I thought that fundraising and donating money to charities is an optional gesture?

We definitely want to help support a good cause and help people who are less fortunate than we are.  However, sometimes people may prefer to donate money to a charitable cause which they support in their personal lives, instead of feeling obligated to donate money to a charity that is supported within their workplace.  Think about the last time that you were asked to make a donation to a charity at work, did you feel obligated to donate money?

Monetary obligations to charities are definitely a slippery slope when it comes to asking co-workers to donate money. On one had we want to be a team player and support our co-workers in their efforts to support a good cause, and one day we may have to ask our co-workers for monetary donations because we may be supporting a good cause.  However, on the other hand it sort of seems like there is always someone at my office who is asking us to donate money.

If you always give money to your co-workers charitable causes you may become known as a regular donator; then your co-workers may start to expect you to donate money every single time they ask.  This can be a very dangerous financial commitment because we all have personal financial obligations outside of work.

We never want to be known as the person who doesn’t contribute or participate in office fundraising activities because our image at the workplace is very important for our future sustainability.  However, maybe we can’t afford to always donate money to the charitable causes at our office.

Here are some ways that you can contribute without giving money:

1. Volunteer Your Time. Help organize the fundraising activities, help organize a collection of funds, or help organize an event such as a bake sale.  This way you are participating in the fundraising without actually donating money.

2. Offer To Help.  Even if you are not in charge of organizing the events or the activities at your office you can always offer to help the person who is in charge.  This shows that you are a team player and that you are able to work well with the other employees in your office.

3. Share Your Ideas.  You don’t have to be on the fundraising committee in order to share your ideas.  New ideas and ways to raise money are (usually) always welcome and encouraged by employees.

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Friday Roundup: Facebook, Bills and Unemployment

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Good Morning DINKS and Happy Friday. I glad to say that I am finally starting to get back into my normal routine one month after my eye surgery.  I have been outside enjoying the recent nice weather and I actually went to see the movie “What to Expect When You’re Expecting.” I have to say that it is a really cute movie and the perfect way to laugh off the stress from a long work day.  If you haven’t seen it yet then I suggest that you grab your friends and have a night out at the movies.  I have yet to see The Avengers movie or Men In Black 3, but hopefully I will be able to report back soon.  I think that we can officially say that the Summer Blockbuster Movie Season is finally upon us.

 

 

 

 

 

I hope you all have a great weekend DINKS.  Enjoy these posts that we found around the web:

– Bargaineering wants to know if you participated in one of the markets biggest IPOs in the post “Your Take: Are You Buying the Facebook IPO?”

– Finance For A Freelance Life helps us be ambitious in the post “How to Restructure Your Finances When You Quit Your Day Job”

– Budgets Are Sexy gives us ways to cut our spending in the post “14 Ways to Save on Your Electric Bill”

– Passive Income Now  wants to know if you have a good idea in the post “How Can You Test Your Idea Right Now?”

– Money Ning helps us keep busy in the post “What To Do While You’re Unemployed”

– The Simple Dollar shows us how to get a good deal when shopping in the post “Shop Around, Both Online and Off”

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Insurance Planning for Your Life Stage

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insurance tips, insurance advice, insurance planning

butterfly

It’s always nice to plan for our future and work towards our personal goals, but what are we really working towards? As we get older our personal needs and goals change, but did you ever think that those individual goals are very typical for our age and life stage?

A life stage is a milestone in our life that is usually determined by our age, our career aspirations, as well as our future financial goals and our past financial achievements.  Each new milestone in our lives such as graduating from college, buying a house, getting married, or planning for retirement represents a different life stage. Our financial needs, our insurance needs, and our financial priorities change with each different life stage.

Life Insurance is not only for older people who are planning their retirement or planning for their final estate expenses.  According to TD Insurance Life Insurance is a vital aspect of every life stage from starting out in our early 20’s to preparing for retirement in our late 50’s.

When we are first starting out our professional and financial lives after graduation we may not be able to afford the total amount of life insurance coverage that we actually need to cover our debts and expenses in case of an unfortunate event.  However we should try to purchase at least a basic life insurance policy that will cover our final costs (such as our funeral expenses) if ever an unfortunate event occurs.  Ideally we should also have enough life insurance to cover the costs of our student loans so that we don’t leave our loved ones with debt.

As we become stable in our career and we start to accumulate assets, our life insurance needs may change.  We may have the option to purchase group life insurance through our employer and this may be the most cost efficient way to purchase life insurance.  If we purchase assets such as a home or a car which have a loan or mortgage attached to them we may want to purchase life insurance in order to cover the debts in the case of an unfortunate event.

As we get older our debt balances will decrease as the value of our liquid and fixed assets will increase, during this time our life insurance needs may once again change.  We will not need life insurance to cover our mortgage loan once the loan is paid off.  Maintaining life insurance and paying the monthly or annual life insurance premiums can be a very expensive cost, especially if the expense is an unnecessary expense.  If we want to leave a financial legacy to a loved one after we are gone we may be able to do so with the accumulated value of our assets, and therefore life insurance may not be necessary.

Just like any other financial product, there has to be a need for life insurance before we incur the additional expense of life insurance premiums.  If you are preparing for final funeral and tax expenses, if you want to pay off any outstanding debts, or if you would like to leave a financial legacy to your loved ones then life insurance may be a smart financial planning strategy; otherwise life insurance premiums may just be an unnecessary additional expense.

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