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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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5 Ways to Use Your Bank Account Wisely

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bank account, bank tips, banking advice

atm tellerGood Morning DINKS. Today we are discussing different ways to use our bank account wisely.  We often discuss different ways on how to make our debt more efficient by using our credit cards wisely, and today DINKS is going to give you some helpful tips on how to use your bank accounts wisely as well.

This topic came up recently because I was making a large purchase and I was deciding which of my bank accounts to use.  I was also deciding if I should use the money in my bank account instead of charging the purchase on my credit card.

I currently use two banks and have different bank accounts for several reasons.  The main reason why I have a relationship with two different banks is because it helps me easily manage my financial goals and monthly bills.

5 Easy Ways to Use Your Bank Account Wisely:

  1. Keep Bills Separate.  Different bank accounts allow us to manage our bills separately which makes managing our money very easy.  If we have more than one income we can have our primary and secondary incomes deposited into different bank accounts.  The money in each bank account can be used towards a different goal and for a different purpose.  I have both a US Dollar as well as a Canadian Dollar bank account.  My US Dollar account is used to save for travel expenses and my Canadian Dollar bank account is used for daily living expenses.
  2. Always Maintain a Minimum Balance.  Having several bank accounts can be very costly if we are required to pay monthly service, administration or maintenance fees.  We should try to find bank accounts that offer to waive our monthly fees if we maintain a minimum balance. I recently opened a TD Bank Convenience Checking Account; this account waives the $15 monthly fee if I maintain a minimum balance of at least $100 per day.
  3. Don’t use other Bank ATMS.  I have said this time and time again; I will never pay fees or service charges.  I think that ATM service charges are a waste of money and a total rip-off.  If we find our wallets lacking cash we should always try to get cash back on our purchases at the grocery store or at the pharmacy.  This ensures that we will have cash on us at all times and it also ensures that we will never have to pay to get cash at another banks ATM.
  4. Earn perks whenever possible.  Many bank accounts offer perks for every time that we swipe our Debit Card.  We can earn points or cash back on all of our debit purchases.  Check with your Bank and find out which accounts offer free perks.
  5. Never Close a Bank Account. We don’t want to have more bank accounts open than need.  However, if we have a bank account that has a zero balance we should still keep it open just in case we need it in the future.  I have a US Dollar bank account at one of my financial institutions that currently has a zero balance because the interest rate is higher on the account with my other bank.  However, I am keeping the bank account open because when a bank decides to put a hold on our deposits it is based on how long the account has been open, not how long we have been a client.

Photo by Editor B

Friday Roundup: The “B” Word, Fun Hobbies, and Our Homes

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stack of coinsHappy Friday DINKS.  Today is Friday January 13th and that can be a good or bad thing depending on your superstitious beliefs.  If you think that Friday the 13th brings good luck then I wish you all the best today.  If you think that Friday the 13th brings bad luck then I hope that Freddy Kruger doesn’t get to you.

Today we have rounded up our favourite posts from around the web for your reading pleasure.

Enjoy these posts and Have a Great Weekend!

– Brent @ The Simple Dollar shares his first rule of personal finance in the post “Spend Less Than You Earn” A happy financial life starts with our spending and ends with our income.  Check out this post to see how The Simple Dollar can help you become financially healthy and in control of your money.

– Elle @ Couple Money examines one of finances darker sides and asks the question “Is Bankruptcy Sinful and Bad or Right and Moral?”

– Donna Freedman @ MSN Money tells us that our social life doesn’t have to suffer if we decide to tighten our budget in the post “Fun things for when you’re broke” January and February can be a very expensive time of the year as we pay off all the debt that we accumulated throughout the holidays.  Donna Freedman helps us have fun and stay on budget

– J. Money @ Budgets Are Sexy talks about home ownership, property taxes, and land valuations in the post “A Perk of The Crap Economy?”

– Rob @ Dough Roller helps us stay on track with our personal goals in the post “5 Tools To Keep Your New Year’s Resolution in Check”  So often is the case that we make New Year’s resolutions and completely forget  about them 30 days later. Let Dough Roller help you stay on track.

– Dink Life asks a very important question for all couples, they want to know “Are you Successful in Balancing Your Spouse with Your Career?”

Photo by Cometstarmoon

 

Be Nice and Get Free Stuff!

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free stuff, good customer service, people-oriented

Good Morning Everyone.  I don’t know about you, but I love getting free stuff.  Whether it’s an extra Iced Coffee in the morning or a new lampshade, I love getting free stuff and I am sure that you do too! This past week as I was adding up my personal spending and I realized how many items that I actually got for free last week.  At first I thought that it was just really good luck, but then I realized that it is actually my personal relationships that get me free stuff.

Think about where you get your coffee in the morning; is it always at the same cafe? When you do your grocery shopping, do you always check out with the same cashier?  The best way to get free stuff is to build personal relationships with the people who assist, serve, and help you when you are shopping.  In other words…smile and be nice to people and you will get free stuff!

Check Out These 3 Great Tips for Getting Free Stuff

1. Be a Loyal Customer.  In our daily routines if we always see the same people they will become more comfortable and acquainted with our daily habits. As people become more comfortable with us they will start to talk with us.  As we talk to people and learn more about their lives we can relate our own lives to them.  I enjoy talking with my Starbucks Baristas about their day and asking their opinion about which flavours of Tea and Lattes I should try.

Last week my Starbucks Barista offered me a Grande Pumpkin Spice Latte as well as a Grande Caramel Macchiato for Free.  Thursdays are my Eat Out day.  Every Thursday I usually eat lunch at the same Quiznos and it is always the same cashier who works that shift.  Last Thursday the cashier offered me my combo for free.  With my personal relationships last week I saved money on my daily coffees and my weekly lunch. 

2. Be Nice To Everyone.  Have you ever heard the expression “Kill them with Kindness?” This is true to fight our enemies and it’s also true when we are trying to make friends.  We can attract more attention with sweetness than we do with bitterness.

Bad days are contagious and if we spread our unhappiness then other people will be unhappy too.  Have you ever had a really bad customer service experience? Was that experience bad because you were having a bad day or because the customer service agent was having a bad day?

I recently had to return to IKEA for the 2nd time, to return a lampshade for the 2nd time.  Needless to say I was not pleased but I calmly explained my situation to the customer agent, I could have definitely yelled but that wouldn’t be fair because it wasn’t her fault.  To make a long story short, she empathized with my story and she gave me 2 lampshades for free; thanks to my friendly attitude.

3. Sign Up for Rewards Programs.  If you are not a sociable or friendly person you can still save money without building personal relationships.  A great way to get free stuff is to sign up for Rewards Programs. Some Rewards Programs are free and sometimes we have to pay to become a member; trust me when I tell you that not all Rewards Programs are worth it.  We should always read the fine print before we sign up for a new Rewards Program.  Duane Reade Drug Stores, Air Miles, and Sephora all offer Free Rewards Programs.

What is your favourite way to get Free Stuff?

Photo by Christine Warner

Do You Have a Cleaning Lady?

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cleaning lady, cleaning advice, house cleaning

Good Morning DINKS.  Let me ask you a question, who cleans your house? This past week I learned that two of my friends have Cleaning Ladies.  More and more of my friends who are mostly childless, except for two of my friends who chose a different path in life, have started to hire Cleaning Ladies.  I have to admit that I don’t really understand why childless couples have cleaning ladies, and I also don’t understand why anyone would want to be a Cleaning Lady.  I understand that it is a job and Cleaning Ladies do make really great money, and they are paid in cash which is also great.  But the thought of cleaning up other peoples dirt kind of grosses me out.  However, the thought of someone else cleaning up my own dirt also kind of creeps me out too.

So either way I don’t see the point of DINKS having a Cleaning Lady.  I definitely understand why couples with kids have Cleaning Ladies, because kids are messy. My childless friend pays her Cleaning Lady $30 per hour to clean her home and she is strictly limited to cleaning and light organizing.  She does not do laundry or wash dishes.  If we add in the tasks of cleaning clothes and washing dishes a Cleaning Lady can earn up to $50 per hour. We have to ask ourselves is $50 an hour worth the cost of never having to clean your house?

I am the first to admit that cleaning my bathroom and doing my laundry are not my favourite past times, but I can’t imagine the thought of someone else cleaning my bathroom or touching my underwear.  My boyfriend and I are so paranoid about theft and vandalism that we would never leave a stranger in our home alone to clean.  But if we have time to sit and home and do nothing but watch a Lady clean our home then we also have time to clean our own home.  I am not sure if any of you ever worked at Mc Donald’s when you were younger but I did.  The employee motto at Mc Donald’s is “If there is time to lean then there is time to clean.”

Let me ask you DINKS…Do you have a Cleaning Lady?

The Pros of Having a Cleaning Lady

  • We can afford it.
  • We can leave our mess for someone else to clean up.
  • We can focus our time on our career.
  • We can spend more time with our spouse.

The Cons of DINKS Having a Cleaning Lady

  • We should have time to clean since we don’t have kids.
  • How messy can only two people really be?
  • Having a stranger in your personal space is creepy.
  • I don’t trust anyone enough to leave them alone in my home.
  • We are grown adults and we should be responsible enough to clean up after ourselves.

Photo by heschong

Financial Lessons Learned from The Godfather

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financial lessons, financial advice, financial tips

financial lessons, financial advice, financial tips

I recently discovered an online game called The Godfather: Five Families and I have been addicted to it for weeks. I am not usually a Video Game lover or an Online Gamer, I am actually more of a Pac-Man kind of girl; but for some reason I am totally in love with The Godfather: Five Families. Maybe I love this game so much because I can relate it to my life as well as my personal finances.  I like anything that makes me think, and The Godfather: Five Families definitely requires some strategic planning.

The planning required to be successful in the online game The Godfather: Five Families is a little bit more involved than “Leave the Gun, Take the Cannoli”.  The entire allure of this game is smart business planning, building personal relationships, and strategic advancement. The game gives us a neighbourhood that we have to develop by adding and upgrading buildings. We also have our own Estate which requires upgrades and maintenance. Once we are established we need to join one of the Five New York Crime Families and then eventually join a Crew.

Being part of a crew gives us a huge advantage in the game because it offers us personal protection.  Being part of a crew also allows us to gain knowledge from players who are more experienced than we are.  This is also true in real life, when we are trying new adventures or learning about personal finance it is always beneficial to learn from other who have already been there and done that.  Think about the online or strategic games that you play, now think about how you can relate them to your real life and your personal finances.

Money Management and Investment Lessons from The Godfather: Five Families

– It takes time to build your empire.  Wealth doesn’t happen overnight.  It takes time to research our options and make the best possible choices for our own personal situation. Nothing creates wealth like hard work. Sometimes in the Game it takes 4 hours to complete a building upgrade and sometimes in life it takes 4 years to achieve our goals or make a profit.  Patience is required for all worthy benefits.

– Have a plan. Don’t spend any money unless it will help us advance in one aspect or another.  If there is no advantage then the cost of an item, education, or risk is not worth it.  We also shouldn’t spend money that we don’t have because this only leads to debt accumulation.  Plan to make money and then plan to spend it on upgrades or advancements. We truly can’t be successful at something unless we fully take the time to plan and to fully understand it.

– The price always goes up. We have to be prepared for prices to increase over time whether it is the price of a stock or  it is the price of our daily goods with the cost of inflation.  We should also expect to pay for quality.  Nothing worth buying (or investing in) ever comes for cheap.

– Need a support system. We can learn a great deal from more experienced people. Whenever we want to try something new or we want to learn about something new we should always research the subject and seek advice from others. Remember that it’s ok to ask for help.  Sometimes people don’t ask for help because they are afraid that it will make them look stupid or weak.  However, the truth is that asking for help is sometimes the smartest thing that we can do.

– Defeat is ok. We don’t always have to make a profit or win at everything, especially if we are a beginner.  As long as we learn from our mistakes we can keep moving forward.

– Have Passive Income.  In the game we are given properties to collect money and we can enhance and upgrade those properties to produce a passive (and secondary) income; this allows us to build our wealth.  The more wealth we accumulate the more we can spend on upgrades and increase our territory along with our profits.

Photo by Eisenbahner

Save Money & Eat Like You Are Broke!

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saving money on food, save money while eating, food budgeting

Good Morning DINKS! If we can learn to live on less to save money, then we can learn to eat less to lose weight. If we eat like we are broke then we can do both! I personally spend a lot of money on snacks, Starbucks and lunches during the week. I try to live on a $2 per day budget, but that rarely works out as planned. Some nights I am too lazy to prepare my lunch for the next day, and some mornings I am too tired to wake up a bit earlier and eat breakfast.

From Monday to Wednesday I can live on spending only $2 per day. Sometimes I buy an iced coffee, sometimes I buy a bagel, and sometimes I buy a yogurt parfait with fruit. Before I installed my $2 a day budget I would buy all three items and spend up to $10 a day on snacks and food. Now I (try to) live on a $2 per day budget for snacks. Every Thursday I still splurge and buy my lunch up to a maximum of $10.

This only includes spending during the work week. Very often I pick up dinner on my way home for my boyfriend Nick and I which could be up to another $20 at least twice a week. I don’t understand why this habit is so hard for me to break. The commercials for World Vision say that we can feed a child for only $0.30 per day, so why can’t I stick to a $2 per day food budget?

If I saved my $2 per day instead of spending it on snacks, if I didn’t spend $10 per week on my Thursday lunch, and if I stopped spending $40 per week on my Dinners I could save $52 per week which is over $2700 per year!

Other than my (maybe excessive) spending on food, I don’t waste money on any other vices. I do not drink alcohol and I do not smoke (anything). So I try to justify my snack spending by reminding myself that it’s better to spend money on food than it is to spend money on drugs, alcohol, and cigarettes.  Spending money on food rather than addictive substances is definitely better for our health and well being, but neither of these spending habits is better our budget.

Here are some quick tips to help you Eat Like You Are Broke:

  • Don’t Order The Combo. We don’t need it, a soft drink and French fries are just extra calories and an extra $2.50 on our bill.
  • Don’t Give Into Temptation. We may want something just because we see it, but if we aren’t really hungry then we shouldn’t buy it.
  • Make Sure To Bring More Food. It’s better to have extra food than not have enough food because if we get hungry we will go out to buy snacks.
  • Don’t Keep Money in Your Wallet. Money is easier to spend when it is readily available. If we don’t have money in our wallet we may be less likely to go out of our way and make the effort to hit up the ATM when we get our morning or afternoon cravings.
  • Order a Kids Meal.  Your budget and your belly will thank you later.

Photo by Calgary Review

Friday Roundup: Budgets, Couples, and The New Year

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Happy First Friday of the New Year DINKS.  I would like to personally wish you all the best of love, health, and money in 2012.  Today we are rounding up our favourite posts for you from our favourite personal finance bloggers around the web as well as from the websites in our new partnerships.

I hope you had a great first week of 2102. I certainly did. This week I only worked from Wednesday to Friday because the bank was closed on both Monday and Tuesday.  To top it all off my boss was on vacation all week; so overall I had an excellent start to 2012.

Enjoy these posts DINKS and have a great weekend!

– Go Banking Rates asks “Can Your Budget Survive the Office Party?” They discuss the added costs during the holidays and into the New Year that come with spending at our workplace.

– 20 and Engaged tells a heart warming story about a couple who finds a long lost special item in the post “Couple Retrieves Long Lost Engagement Ring”.  I personally don’t have an engagement ring so I can’t relate to the sentiment, but that’s just me.

– Bankrate answers reader Questions about the benefits of Home Equity Loans in the post “Home equity investment not risk-free”

– Enemy of Debt reviews the past year as he looks forward in the post “End of the Year Inspiration for a Successful 2012”

– Money Infant  will make you think differently about spending money in the post “13 Reasons NOT To Have A Budget”

– Dollar Versity shows us the difference between cutting expenses, increasing our savings, as well as increasing our income in the post “Saving vs. Earning More & Their Roles In Wealth Building”

– Retire by 40 helps us manage our money, plan our budget, and save more in the post “Live On One Pay Check”

 

Photo by Dan Moyle

Spend Money to Make Money, or to Save Money?

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money tips, money advice, money matters

british pounds

Good Morning DINKS.  Very often people tell us that we have to spend money to make money.  I am not sure that this is always true, but I do agree that this is true sometimes, depending on the situation.  It is definitely not a good idea to spend money (especially money that we don’t have) in the hopes of maybe making money in the future.  However, very often is the case that we do have to spend money now in order to save money in the future.

Think about your education.  Would you be working in your current career if you didn’t have a diploma? Very often a good education is worth the cost because the career opportunities and potential earning salary are greater if we have a diploma. An education does not necessarily mean attending College or University; a good education can definitely come from Trade School.  I know that I was personally offered many jobs based on my education and not necessarily on my experience. Working at a job that offers a potential higher income also allows us to save money with our extra disposable monthly income.  Therefore we can say that spending money on a higher education helps us to both make money as well as save money.

Many people feel that buying a home is a good investment.  Eventually over time the value of real estate should increase, and therefore our home becomes a long term investment.  Many people feel that renting is a waste of money because we don’t get anything in return. I personally love the hassle free (and carefree) lifestyle of a renter.  However, there are definitely some aspects of sharing my personal space with strangers that I really hate.

The concept of spending money to save money is true when we are talking about shopping for items that we continuously use on a regular basis such as household items.  The concept of buying in bulk definitely makes us spend money now but it also helps us to save money in the future.  When we buy in bulk the unit price of each item is lower than if we decided to buy the items individually whenever we need them.  I am definitely not suggesting that we become Hoarders. I am simply saying that buying 2 or 3 deodorants at a time can be financially beneficial if they are on sale.

We can save money on anything if we plan ahead.  This is true for almost everything from toilet paper to groceries. Spending some extra money now while buying our items can save us money later.  If we procrastinate we can lose out on a good deal, a sale, or a promotion and therefore we end up paying more than we need to for our items.

Planning ahead can also help us make money in the future.  If we have a personal or a financial goal we can make a plan to work towards that goal.  Our goal may be to go back to school, it may be to relocate to a bigger city with more career opportunities, or it may be to buy a house.  Regardless of whatever personal goals we have, achieving any goal requires planning.

Why are you spending money?

Photo by The Hills Are Alive

5 Steps to Help You Start Your Own Business

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starting a business, entrepreneur tips, business advice

Good Morning DINKS.  Some of us work a 9 to 5 job, some of us have a second job (or a side hustle) that provides us with extra income, and some of us are self employed.  For those of us who currently work for a boss our dream may be to eventually become our own boss.  Today we are going to give you some great tips on how to become self employed, as well as some things to consider if you are deciding to start your own business.

If you are thinking of starting your own business follow these 5 steps to get you on the right path to becoming self employed.  Of course there are many aspects to starting a small business such as hard work, dedication, money, and commitment.  So keep reading to help your dream of starting your own business become your reality.

5 Steps to Help You Start Your Own Business:

1. Think About You.  Why do you want to be self employed? Some people think that being their own boss means short flexible hours and lots and lots of money.  But I am sure that if you ask any well established business owner they will tell you that it is very difficult to get started and it is definitely a lot of work.  Starting Your Own Business has to be your dream and being self employed has to be your passion.

2. Plan Your Perfect Business.  Make a list of all the things you want out of life and how being self employed will help you achieve them.  What type of small business do you want to start?  Think about the perfect job that will make you want to wake up and get out of bed every morning.  Think about the type skills you have a passion for and what type of business you will be good at.

3. Research Your Idea.  After completing step one and step two, you now have an idea of the type of business that you want to start and the type of business that maximize the use of your personal skills.  Now it’s time to research the existing market to make sure that there is a need for your small business and also make sure that it will give you what you want out of being a small business owner. Talk to existing business owners, subscribe to industry magazines, visit trade shows, and always ask questions.  The internet can be a very helpful research tool.

4. Start Small But Think Big.  Vision your business in 5, 10, 15, and 20 years.  What steps do you need to take to get your small business to where you want it to be? Where do you see your business headed in the future?  Think realistically about the growth of your small business, do you need employees? Where will you work from? Who are your target clients?

5. Build Your Business Plan.  Put everything down on paper.  Goals and strategies are easier to follow when we see them in front of us.  Your business plan should include a proposal summary which outlines the vision for your business, why you are qualified along with your experience and skills, as well as your market research results.  Basically the proposal summary includes everything from the first 4 steps.  Your business plan should also include a financial section.  If you need to apply for financing options this section should include the amount of the financing required, the repayment structure, as well as your predicted income and expenses.  Finally your business plan should include a business structure.  This is the outline of employees and management roles along with their duties and contributions.

Once you have your business plan you can seek advisors such as accountants and lawyers or strategists.  You can start applying for financing with banks, applying for bursaries or grants with local government agencies, or looking for investors.  Once your business is ready to go you can start hiring employees and scouting suppliers if need be.  With your plan in motion you can keep on track and grow your small business from an idea into a reality.

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Don’t worry about the recession, Hitachi Capital Invoice Finance are offering a handy cashflow guide to help you manage your finances. You can also get access to £1 million free of charge in funding in the Inspired Cashflow SME Competition, enter online for a chance to win this award!

Photo by Dano

My 6 Month Ban on Non-Essential Personal Spending!

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spending ban, shopping ban, shopping ban challenge

Good Morning DINKS. I recently had a financial break through regarding my personal spending and my budget. Over the past 6 months I have been tracking my personal spending in hopes of learning to live on less and save some extra money every week. On an average I spend approximately $200 per week which includes buying supplies for the household, groceries, personal spending, eating out, as well as buying snacks and coffee while I am at work.

I decided to try a 6 month ban on my personal spending of all non essential items.  I am going to learn to live on less and not spend any money on clothes, bath and beauty products, perfume, music, DVDs, movies, or Wii Games.  Essential items for the household and daily living necessities such as groceries are definitely ok, but for the next 6 months I am going to live without any luxuries. There is no particular reason why I am trying to spend less other than to see if I can actually do it.  Also, if I spend less money I can save more money.

I am hoping that my 6 month personal spending ban lowers my weekly spending to $150 per week. My $150 per week budget will include spending approximately $100 on groceries $20 on food and snacks and an extra $30 for household items.  I am really not concerned about where the $150 goes or how I spend it, I am only concerned about sticking to the overall budget of $150 per week.

This has been my exact problem in the past. Before I came up with my new plan for my budget  I was always trying to micro manage my budget.  I was trying to control my personal spending by tracking every single cent that I earned and that I spent.  Then I had a budget revelation. I realized that I should start to macro manage my budget instead of trying to micro manage it. At the end of the week it doesn’t really matter how much I spend on groceries and how much I spend on snacks; all that matters is how much I spend overall each week.

If I can get my overall spending down to only $150 per week and then maybe down to $125 per week (although I don’t think that will ever happen) I will be living off of only one pay check per month.  I will then be able to save one entire pay check each and every month that is a lot of savings.

I can afford to spend $200 per week but for some reason it seems like $200 is a lot of money to spend in only 7 days. So from now on I am going to try and cut my spending down by $50 per week.  If I can save at least $50 per week it can add up to an extra savings of $2600 per year.  There is no particular reason why I want to save an extra $50 per week other than the fact that it seems like $2600 per year could be better used towards something else, other than snacks and coffee.

Photo by Jolly UK

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