Skip to main content

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.

Older posts
Newer posts

Friday Roundup: Jobs, Finances, Income and Loans

Posted on by 2

uk coins
Happy Friday DINKS.  Today we have assembled a Potpourri of great posts from around the web for your reading pleasure. Keep reading as we discuss every aspect about personal finance from our jobs and unemployment, the truth about the reality of our own personal finances, the benefits of having a supplementary income, and (constantly) lending money to friends in need.

  • Financial Samurai rants about the unemployment rate (amongst other things) in his post ” An Optimists Outlook: Why Not “Unemployment Day” Instead?  Financial Samurai is never one to be afraid to share his opinions so check out this post as he gets a few things off his chest.  You can follow Financial Samurai on Twitter @financialsamura
  • Enemy of Debt tells us to take a look in the mirror in his post “Take a Step Back…Put your Financial Behavior in Check”.  No one knows us better than our selves and sometimes we have to face the harsh truth about our spending, our debt accumulation, and our savings strategies.  Grab a glass of wine and have a heart to heart conversation with Your Finances while reading this post.  Follow him on Twitter @enemyofdebt
  • Punch Debt in the Face coined a new phrase and out did us DINKS in the post “TRINKS (triple income no kids) For The Win”.  If you think that having a DINKS lifestyle is great, think about having a third income.  You can follow Punch Debt in the Face on Twitter @punchdebt
  • Donna Freedman follows up on  short term lending and lending money to friends in the post “An update on payday lending”  Donna has  a friend who continues to ask for money in order to hold her over until the next pay day.  Donna advised that her friend has bigger problems than just her cash flow. Follow Donna on Twitter @DLFreedman

Have a Great Weekend Everyone!

(Photo by Images_of_Money)

DINKS Reality: Parking Wars

Posted on by
parking wars, meter problems, car problems

Good Morning DINKS.  Today we are discussing the cost of having a car.  You may remember from a previous post that buying my car was my biggest financial regret. Besides the actual cost of buying a car and the maintenance that is required there are so many other costs associated with owing a car such as registration and license fees as well as insurance costs and upkeep.

The cost of parking in a city and the fines for forgetting to feed the meter can become very costly.  I got a $52 parking ticket for an expired meter while I was parked on the street.  I think that it is important to note that cost of a ticket for an expired meter in my city has jumped from $37 to $52 in the past three or four years, this is totally outrageous. To make a long story short, I forgot to pay my ticket and less than a year later my $52 ticket was $215.

There is a reality show on television called Parking Wars that chronicles a day in the life of various parking authority jobs from ticket agents and booting cars to workers at the impound lot.  I love watching this show because people get so upset about the fines they have to pay, even though it was clearly their own fault. I even watched an episode of Parking Wars where an angry car owner pulled out a gun on the parking authority agent who tried to tow his car.  Originally the show was based in Philadelphia but it has since expanded to Detroit.

There was a couple on Parking Wars whose car was booted and then towed because they owed over $1500 in parking tickets; now that is a lot of money.  I can think of at least 10 other things that I would rather do with $1500 other than pay parking tickets.  However, I can also think of several other things that I would rather do with the $215 that I paid for my own (unattended to) parking ticket.

I learned some interesting facts about the profit that cities make from people paying car related fines and the cost of parking tickets. Philly earns $50,000 per day from coins in Parking Meters and over $12.5 million per year from the costs of Parking Tickets.  Those figures don’t even include car towing fees. Philadelphia tows 175 cars per day.  The cost of a ticket in my city for having our car towed is $72 plus the cost of holding and storage fees at the impound lot.

Don’t Let Your Car Cost You Extra Money

  • Pay Your Tickets on Time.  Don’t be a dummy like me, please learn from my mistake.
  • Buy a Car from a Car Dealership. They will run an ownership history check on the car to make sure that the previous owners do not have any outstanding parking tickets or moving violations on the car.  When we buy a car we inherit all of the previous infractions associated with that VIN (vehicle identification number).
  • Sell a Car Privately. This allows us to set our own purchase price and make a profit on the sale. I sold my car privately for $13,500 and my Honda dealership only offered me $9000. I gained $4500 by selling my car privately and waiting to find the right buyer.
  • Don’t keep excess items in your car. If we don’t keep excess items in our car we will not be forced to be without them or lose them if our car is booted, towed, or stolen.
  • Run an ownership search.  This makes sure that the person we are buying the car from is in fact the registered owner.  There could be a big problem if it turns out that we just bought a stolen car.

Tips To Save Money on Parking Tickets

  • Put Money In The Meter….constantly if needed.
  • Watch Your Watch and Check The Time. Don’t let the time in our meter run out.
  • Read the Street Signs.  Just because a parking spot is open does not mean it is available.
  • Just Pay for a Parking Lot.  If you can’t find a street parking meter just park your car in a parking lot.  It may be more expensive than paying for a parking meter, but it is a lot cheaper than having our car towed or ticketed.
  • Save Your Receipt.  When you pay for a parking meter save your receipt as proof of payment just in case you are wrongfully ticketed.

Photo by Alan Clever

The Cost of a Great Vacation

Posted on by 2
vacation expenses, vacation advice, travel tips

Happy Afternoon Frolic

Good Morning DINKS.  Summer is now officially over, so let’s talk about our summer vacations.  I personally love to take time of during summer, but I hate taking summer vacations.  I enjoy being off work and enjoying the warm weather and sunshine.  However, I rarely travel during the summer.  So many people take vacations during the summer because the weather is (usually) nice, although this year has been an exception with the storms and the rain.  People like to be outdoors when the weather is nice and the sunshine usually makes people happy.  I personally would never travel in the winter because the cold weather makes me angry and extremely unpleasent to be around.  I like to take vacations in May or in September because the weather is still warm, but tourist season is over and prices are cheaper.  I don’t mind spending money on a really good vacation as long as my personal experience is worth the cost.

How much does it (or should it) cost to take a really good vacation?

Can we even put a price tag on taking a summer vacation? When I travel I like to find the best deal possible for my travel and accommodations, but I will definitely pay to have a great once in a lifetime experience.  I personally hate spending more than I have to on flights and hotels.  The actual experience of travelling is so similar among airlines that there is no need to have a personal preference, unless we are collecting reward miles. I definitely don’t mind paying for nice hotel accommodations because I don’t want to be sleeping with roaches and bed bugs.  However, extravagant hotels are never in my budget.  The actual amount of time that we  spend in our hotel room is so insignificant that it is not worth the cost.

What is Your Dream Vacation?

I would love to visit Africa from the North all the way down the West Coast to South Africa.  My favourite movie is Jaws, and I am totally obsessed with Sharks.  I would love to go Shark seeing in the Ivory Coast or South Africa.  I may even get into a cage in the water in order to get a closer look, but I probably don’t think that I will have the courage to do so.  I don’t know why, but I have always wanted to go to Morocco.  It looks beautiful on TV and I have several friends who are Moroccan.  My boyfriend Nick is actually from West Africa so we would also have to make a pit stop and spend some time with his family.

Other destinations that are on my list of places to travel are Portugal, Italy, and Greece.  I am happy to say that I have plans to travel to Italy next September.  My friends and I will be spending 10 days in Naples, and a day or two in Rome.

How Did You Book Your Last Vacation?

I have personally never used a Travel Agency to book any of my vacations.  With the growing popularity of online self booking websites such as Travelocity and Expedia, and the price incentive of discount websites such as Hotwire and Priceline, I do not see the added value in booking my vacations through a Travel Agency.  Travel Agents charge a booking fee or a commission, I would rather save that money and spend it on buying jewellery during my vacation.  Almost all of my jewellery has been purchased outside of Canada.  I love shopping in foreign countries because I know that no one else will have what I am wearing.

Before you start to book your vacation check to see if your employer has any discounts or privileges for travel.  I recently learned that my employer is a member of The Last Minute Club and this is how I will book my vacation to Italy next year.  I compared prices with Travelocity and I am going to save approximately $500 by booking my vacation to Italy with The Last Minute Club.  I know that many companies also receive preferred discounts through Club Quarters Hotels. We do need a password to log in; but hint…it is usually your employers name.

(Photo by pterantula)

Does Your Couple Have a Date Night?

Posted on by 3
couple tips, date night ideas, frugal date

As our lives get busier and our careers become more time consuming we may find ourselves with less and less time for what (or should I say who) really matters in our lives. Think about what you did yesterday, how much time did you spend with your spouse? For some of us we may not have even seen our spouse yesterday, I know that I didn’t.

Last night my boyfriend Nick had an after work function that started at 6 pm, this means that I came home to an empty house.  I couldn’t help but feel a little sad, not because he wasn’t home; just because I wouldn’t see him for an entire day.  By the time Nick got home from his after work function I was asleep, and there you have it; a whole day passed by and I didn’t even see my boyfriend.  Not seeing my boyfriend for 24 hours made me think about how nice it is to have someone to come home to and someone to talk with after work.  So many times we focus on our careers that we may forget about the one person who really matters…our spouse.

I know three different couples who have introduced a Date Night into their relationship.  For one night a week the couple turns off their cell phones, shuts down their computers, and they just hang out together.  My boyfriend thinks that spending time together means that we are in the same place at the same time.  I am sorry but my idea of spending time together does not include going grocery shopping.  When was the last time that you and your spouse just hung out together? No household chores and no laundry…just the two of you spending time together doing nothing but enjoying spending time together.

Having a Couple’s Date Night doesn’t mean that our Couple is in trouble.  It just means that we may need to take some time to relax from the chaos of our everyday lives.  There is no one in the world that I would rather relax with than my boyfriend Nick.  Sometimes we are so busy with friends, and work, and everyday life that we don’t realize how little quality time we actually get to spend with our spouse.  Some people may say that DINKS don’t have kids so why can’t we find time to spend with our spouse.  Well, the truth is that we have careers and we have other personal obligations that occupy our time.

A typical date has traditionally always been dinner and a movie, but when we factor in the cost of 2 people eating dinner at a nice restaurant and the cost to watch a movie in the move theatre our Date Night could cost us over $100.  I know that spending time with our spouse is priceless, but would you like to spend over $100 each week on a Date Night? I know that I don not want to do that.

Inexpensive Date Night Ideas Under $100

  • Stay at home and Cook Dinner Together. Eat Together and Clean Up Together. (it’s actually kind of fun)
  • Take a Walk.  Visit different neighbourhoods so if feels like you are doing something different.  I love walking in Parks or near the Water.
  • Go Out for Dessert.  Ice Cream, Pie, or Fruit Cups, whatever you like.  Paying for Dessert is definitely cheaper than Paying for Dinner.
  • Pop some Pop Corn, Get Some Candy, and Turn Out the Lights.  It’s like being at the movie theatre but in the comfort of your own home, and it’s a lot cheaper.

Friday Roundup: Breaking The Financial Rules

Posted on by 1

Smart has the brains

Hello Everyone and Happy Friday.  I hope you all had a nice week.  Here on DINKS Finance we usually like to give our readers tips and tricks on how to save money, live on a budget, and accumulate wealth while still enjoying our lives.  However, today is going to be a little bit different. Today we are going outise of our DINKS box.  Today we are taking everything that we have learned about finance, and doing the opposite.  We have searched the web to bring you some new tips and tricks on personal finance.  We are breaking myths, going against the odds, and setting the record straight today here on DINKS Finance.

Check out these great posts from around the web about Breaking all of the Finance Rules:

The Money Pincher  discusses one of the most controversial subjects in budget planning, and one of the biggest expenses in my own personal budget in the post “When Eating Out Saves Money”.  Many people think that eating out is a waste of money but I don’t think so because everyone has to eat.  So what if you could save $5 by cooking at home, what about the 30 minutes it takes to cook the meal and the 15 minutes it takes to do the dishes afterwards.  I would rather spend an extra $5 and save 45 minutes of my time.  I don’t drink alcohol or smoke anything so I don’t see the harm in eating out every once in a while.  However, when eating out becomes a habit it can definitely harm more than it can help our budget.

The Simple Dollar  says that Frugality is not for everyone in the post “Is This Frugal Idea Worth It for Me and My Family?”  I like this post because “Frugal” is such a dirty word.  I feel that I should be wearing Berkinstock sandals and laying on a patch of fresh cut grass when I hear the word Frugal.  Everyone wants to save money, but why? Just because we are told to do so?!  We don’t have to be Frugal and save every dollar we earn, we just have to be financially smart with our money.

Get Rich Slowly  says that playing the lottery is not a waste of money in the post “Reader Story: Winning the Lottery”.  This is a great post about how going against the odds paid off (big time) for one couple. Their lives changed forever because of one single lottery ticket.  So many people think that playing the lottery is a waste of money, well I am sure that this couple would disagree.

Investor Junkie  warns us about financial terminology in the post “There’s No Such Thing as a “Risk Free” Investment”.  Many people want to invest in Term Deposits and Bonds because they feel the market is too volatile and they don’t want to take any risk . Investor Junkie tells us that even Term Deposits and Bonds have some risk, the average investor just might not know about it.

(Photo by angela7dreams)

What is a Financial Plan & Why Do You Need One?

Posted on by
financial plan, financial advice, financial tips

Good Morning DINKS.  If you deal with a Certified Financial Planner at your Financial Institution then you may have been solicited for a Personal Financial Plan.  This is a service which is usually offered to clients who are planning to achieve specific financial goals such as the purchase of their+ new home, or who are planning for their retirement.

Some independent brokers also offer Personal Financial Plans to their clients but there is a cost involved. Wealth Management Firms also offer Personal Financial Plans to their clients which may or may not be included in their quarterly or annual fees.

A Financial Institution aka Your Bank is the only place that offers Free Financial Plans to their clients.  The reason is because banks earn revenue on a variety of products such as bank accounts and credit products; they also earn their yearly revenue as a national institution.  Unfortunately Brokers and Private Wealth Management Firms do not have this luxury.  They are micro managed and their revenues are based solely on their fees charged to clients.

If you have never had a Personal Financial Plan prepared for you, I suggest that you visit your local bank and ask your Financial Planner to prepare a Personal Financial Plan.  There are benefits for both clients and banks when presenting a Personal Financial Plan.  The client gets to see if they are on the right track towards achieving their short term and long term financial goals, and the bank gets to present a professional image to their clients.

Banks usually offer Personal Financial Plans as a deal closer to clients who are considering investing with their financial institution.  A professional and knowledgeable Financial Planner can be the deciding factor when clients are choosing to invest with one financial institution over another.

There is approximately 5-8 hours of work involved in the preparing a Financial Plan which includes meeting the clients and gaining their trust, gathering the clients information, inputting the information into the software, making the necessary financial calculations, finding presentable solutions, as well as presenting the final Financial Plan to clients.  Therefore Personal Financial Plans are only offered to a specific clientele.

The Features and Benefits of a Financial Plan

  • It shows clients their current personal financial situation compared to where they want to be
  • A Financial Plan clearly defines personal financial goals and the steps needed to take in order to achieve them
  • The Financial Plan can be updated yearly to make sure that we (as clients) stay on track
  • We can change, add, and delete goals as needed
  • Certified Financial Planners can give us advice on all of our products including insurance, savings, retirement accounts, mutual fund accounts, and estate planning, real estate investments, and our own business for entrepreneurs
  • A Financial Plan determines if our goals are achievable or if we have to make adjustments to our dates, timelines, and objectives
  • Financial Plans determine the most tax efficient sources of income during retirement.  They show us where our income will come from during retirement

Credit Card Balance Transfers Are Bad!

Posted on by 6
credit card balance transfers, credit card tips, balance transfers advice

credit cardAs someone who has made her share of financial mistakes regarding debt I am not a big fan of Balance Transfers.  However, as a financial services employee I am a big fan of Balance Transfers. Banks make a lot of profit from clients carrying balances and paying interest on their credit cards.

When I was an older teenage and a young adult I lived on credit.  Now as a professional soon to be 31 year old, my best Credit Card advice is that we shouldn’t spend more money on our Credit Cards than we can afford to pay off.  I now only use my credit card for purchases to build and maintain my good credit history.  I pay off the balance at the end of each month to make sure that I don`t fall back into bad habits, and to avoid paying interest.

The subject of Credit Card Balance Transfers is coming up because I had a client come to my office on August 31 who was desperate to apply for a new Credit Card.  He explained to me that today was the last day of the low interest promotion on his current Credit Card, and he wanted to apply for a new Credit Card with a new Balance Transfer promotion.

Due to the high balance on his previous credit card and the amount of credit he currently has compared to his income, we were unable to approve him for a new credit card in the branch.  I was obligated to send his Credit Card application to our Credit Adjudication department and it could take up to 3 days to receive an answer.  The client was less than pleased that we couldn’t approve his new Credit Card instantly and that he may have to pay 3 days of interest on his Credit Card.  It is a big misconception amongst people that having existing credit automatically guarantees them to obtain more credit.  This statement couldn’t be more false.

Instead of paying off our Credit Card balances by obtaining more credit in the form of a Balance Transfer, we should just pay off our Credit Card Balance.  No good can come out of transferring our balances between Credit Cards every three, six, or twelve months.  Credit Card Balance Transfers are a Band Aid solution because the Credit Card Balance is not being paid off; it is just being moved around. Every time we apply for a new Credit Card to transfer our existing balance we get a hit on our Credit Bureau, and this lowers our Credit Score. There may also be various fees associated with Balance Transfers.

In Case I haven’t convinced you that Balance Transfers Are Bad, here are some Banks that are currently offering Balance Transfer Promotions:

Bank of America is currently offering 0% APR on Balance Transfers made within 60 days of the account opening.  BOA Balance Transfers are subject to a 4% transaction fee.

Wells Fargo clients can directly request a Credit Card Balance Transfer through Online Banking. Wells Fargo Balance Transfers are subject to a 5% transaction fee.

Capital One offers clients different Balance Transfer options depending on the Credit Card they choose. Some Capital One Credit Cards offer a $0 transfer fee with a 24.9% interest rate, or a 10.9%-18.9% interest rate with a 3% Balance Transfer Fee.

Photo by Robert Scoble

Weekly Roundup: Home Renovations and DIY Projects

Posted on by 3

Happy Friday Everyone.  Today we are discussing home renovations.  We recently explored the world of real estate investing and flipping home in a DINKS Reality post called “Flip This House”

Are any of our DINKS readers House Flippers?

Whether you are flipping houses for a profit or you are just trying to spruce up your own home with some minor renovations and home deco DINKS are here to help.  We have searched the web to bring you the best posts about DIY Projects and Home Renovations.

Enjoy!

Krystal @ Give Me Back My Five Bucks discusses her home renovation progress as well as her To Do List.  Krystal is slowing but surely making her townhouse her home.  Check out her progress in the post “Saving up for renovations.”

Brad @ Enemy of Debt  gives us helpful budget tips during home renovations.  Brad discusses the dirty details of having to replace his roof in the post “A Top Priority: What to Consider When Budgeting for Roof Maintenance.”

Cat @ Budget Blonde shows some love to Ashley from A Blonde’s DIY Life.   Cat and Ashley discuss home decorating projects with a theme in the post “Blondes Have More Fun”.  She is currently trying to incorporate Greek Key Patterns.  If you need inspiration during your home renovation or decorating projects then check out this post because these two lovely ladies have found a solution with a new sharing outlet called Pinterest.  It allows people to post or “pin up” different snap shots on your page of interest.  As an example if you want inspiration for a tropical theme or a red theme you can post it on your page and other DIY readers will post pics of your theme to help inspire you.

Mark Weisleder @ Moneyville  talks about putting our house on the market and selling our home.  His post “Will an open house help sell your home?” discusses the pros and cons of whether our real estate agent should have an open house.

Have a Great Weekend Everyone.

 

Love Drop is helping Melanie in Boston

Posted on by

This month Love Drop is collecting money and goods for Melanie who is a wonderful mother of four great kids.  Melanie’s life was recently turned upside down when she was hit by a car while walking near her home. Thankfully Melanie survived the car accident and now she is on the long road to recovery.  Melanie tries to keep a positive attitude because even though she now has limited mobility, at least she is still able to spend every day with her four kids.

Melanie’s life and the lives of her four children have now been changed forever; Love Drop wants to help make the transition to her new life with limited mobility a little bit easier. Three things that Melanie and her family could really use right now are a front-loading washer and dryer, as well as a new stove with front controls.  Melanie loves to cook and she would love to continue doing so for her family.

As a coupon blogger, Melanie is no stranger to budgeting, personal finance, and saving money.  She often uses her money-saving abilities to help out others in the community. It may be ten months to a year until Melanie’s life is close to how it was before the car accident. This month Love Drop really wants to bring together people in the personal finance community as well as in Melanie’s community who want to help get her house ready for the upcoming stretch of rehab and recovery.

You Can Help Melanie and Her Family in Four Different Ways:

  1. Donate Appliances that Melanie can access from her wheelchair.
  2. Give $1.00 or two – even the smallest gifts can go a long way.
  3. Share this site with others and help spread the word about Love Drop.
  4. Offer a Gift or Service. Gift Cards are always helpful for families.

What Motivates Your Finances?

Posted on by 7
financial tips, financial advice, personal finance

financial tips, financial advice, personal finance

We all work to have money, but why do we want money? Is it because we want to be able to afford the finer things in life, or is it because we let our money define us?  The motivation behind our finances determines how we behave financially and how responsible we are with our money.  Some people are motivated by the option to buy nice things or take nice vacations; some people are motivated by the option to have more than others.  What motivates your personal finances?

My personal financial goals motivate my personal finances.  I save for my retirement because I have a retirement goal, and I save in my emergency fund in case I lose my job or have an unexpected emergency.  I also save in my Employee Stock Share Plan because my employer contributes on my behalf and it is free money for me.  I don’t save just to build up my net worth because I would rather spend that money on personal experiences.

I don’t care how much money I have in the bank because if we don’t use our money then it is worthless.  In order to have value money has to be spent.  Do you like to brag about your money?  Some people are defined by their net worth and they save every single penny in order to increase their net worth, buy why? If you don’t have goals then why are you saving? Maybe you were advised by your parents or grandparents who lived through the great depression to save money in case of another tragic economic event.  Has anyone experienced a  recent tragic economic event?

Does your class status motivate your finances? Maybe the status of Middle Class, Upper Middle Class or Upper Class is important to you.   Maybe the neighbourhood you live in, or the type of car that you drive are important to you.  The amount of income that I declare each year on my personal tax return may define my money class, but it does not motivate me.  As long as I have enough money each year to achieve my financial goals, fill my hungry belly, and have a warm (clean) place to sleep every night I am happy.

My class status is irrelevant to me, and frankly I feel that classes do more harm than good to a society. We are all people and we shouldn’t judge each other based on how much money we make.  My current personal financial goals include saving for retirement and taking a trip to Europe each year.  Next year I am going to Naples Italy.

Why do you pay off your debt every month? Maybe it’s because you don’t like to pay interest, or maybe it’s because debt burdens you.  For some people the idea of debt is unsettling.  Maybe the need to not owe money to anyone motivates your finances. I try to pay off my VISA balance every month because it helps build and maintain a good credit score.

Even though I have no intention of applying for additional credit in the near future, I feel that my credit score is a very important part of my financial life.  Unlike my net worth, the number of my individual credit score is important to me; this is because it directly affects me as an individual.  Net worth and Class Status are comparisons between us and other people, and that does not interest me.  Finances are personal, it is not a competition.

What motivates your finances? In other words why do you get up in the morning and go to work?

———-
Photo by LuluLemon

Older posts
Newer posts

Boost Your Brand – Advertise with Us!

Advertise With Us

You cannot copy content of this page