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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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Love and Finances: Buying real estate

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buying real estate, couples decision, couples finances, couples problems

buying real estate, couples decision, couples finances, couples problems

Good morning Dinks. We have an interesting situation to talk about today.  Yesterday I had lunch with my friend Laura and she told me that she and her long time boyfriend are going through a rocky period and she doesn’t know if they’re going to get through it.

When I asked what the problem was (although I thought I might have an idea because he’s five years younger than her) she told me that he bought a house – without her…again.

Should one person own the family home?

This is actually the second piece of real estate my friend’s boyfriend purchased without her.  He purchased the condo they currently live in by himself.  Of course they discussed this at length before the purchase but at the time my friend wasn’t financially ready to buy a home.  She was still paying off student loans and asked him to wait a few years so they could buy a home together.

Her boyfriend having a typical Type A personality refused to wait saying the condo was a great deal because it was still in the construction phase.  He convinced my friend that it would be O.K. for him to buy it and her to live there because in a few years when the value increases they can sell it and buy a home together.  Although part of that may be true it didn’t make my friend feel any better.

What does it say if your spouse buys real estate without you?

This week my friend’s boyfriend dropped another real estate bomb.  He just bought a house with his parents, actually I should say he bought a new house for his parents.  This piece of news completely pushed – actually threw – my friend over the edge.

The first time she wasn’t crazy about paying rent to her boyfriend but she had hopes that someday they would own a house together.  Then instead of checking in on their relationship and her financial status he went out and bought another house…without her.  What does that say about their relationship?

Of course my friend is taking it personally even though I tried to tell her not to.  I explained that the new house is a family purchase and she should not take it as a reflection of their relationship.  However the only way she sees it is that her boyfriend bought another house without her and she doesn’t understand why.

Do couples need to own everything together?

I think it’s O.K. for each person in a couple to have their own money and investments.  However when someone is constantly making major purchases, like buying real estate for themself and their parents, before making a happy home with their spouse is there any other way to take it other than personally?

“I’m renting from my boyfriend because he doesn’t want to have a home with me” said my friend and at that point I couldn’t feel anything for her except incredibly bad.

3 Reasons Giving Gift Cards is a Bad Idea

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giving gift cards, gift cards, giving gifts

giving gift cards, gift cards, giving gifts

Good morning Dinks.  Do you love or hate getting gift cards?  And how about when you’re on the other side of the fence, how do you feel about giving gift cards to your friends and family?

I personally love getting gift cards for Christmas and my birthday – those are really the only occasions we can celebrate me.  Well there is Valentine’s Day, but a gift card would be an extremely inappropriate gift for Nick to give me considering I have an unhealthy addiction to Reese Peanut Butter Cups.

So like I said, I love getting gift cards, but giving them is a whole other story.

You can’t tie a bow on them

I like giving presents for special occasions because we can wrap them up in a box, tie a bow on it and make it look pretty for whomever I’m giving it to.  I also like the fact that gift wrap can be themed based on the occasion such as Christmas, birthdays, baby showers etc.

The same cannot be said for gift cards.  Sure they can be put into a small box and gift wrapped, but that brings a whole other set of complications.  Women tend to get excited when we see small boxes wrapped in a bow.  If I thought Nick was giving me jewelry – or a ring – and I opened the box to find a gift card I would be very upset.

They have a unique purpose

Giving gift cards means the recipient can only use the gift card in one place.  Maybe it’s their favorite store and that can be a good gift, but even so, it still limits their spending options.  Every single year for Christmas my mother’s boyfriend buys her a $300 gift card to a spa and she loves it.

Every single year her boyfriend asks what she wants for Christmas, actually let me rephrase that.  Every single year he asks my mom where she wants a gift card to for her gift.  I know that men don’t usually like shopping, so if her boyfriend doesn’t want to search the mall for the perfect gift that’s his prerogative.  However I truly believe there is a gift out there for everyone.

Gift card require one decision

I’m pretty sure it’s clear from our six years together that I can’t make decisions.  I like to attribute my lack of decisiveness to the fact that I’m an October born Libra.  However the truth is I just don’t like it.

There is a certain amount of pressure that comes with finding the perfect gift and for some reason the stress is elevated when it’s a gift card.  I think it’s because if I buy a gift someone doesn’t like they can return or exchange it.  I don’t think you can get a full refund on gift cards, can you?

3 reasons to shop at a local farmers market

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shop at farmers market, farmers market, shopping

shop at farmers market, farmers market, shopping

Good morning Dinks and happy Friday.  Tomorrow I am going to a local farmers market and I’m really excited about it – probably more excited than someone should normally be, but oh well.  I am finally starting to feel like myself again after having the cold from hell for several weeks so I’m looking forward to a) being outside on the weekend and b) interacting with other people.

Do you shop local?

I have been to a local farmers market a couple of times, but in the past it was more because my friend was going and I wanted to hang out with her.  However tomorrow I’m going with Nick and it’s purely for research purposes.  We want to compare the difference in quality and price between shopping at our convenient grocery store and the-little-bit-out-of-our-way farmers market.

I am expecting to find that it’s a balance between both.  We should support local vendors and buy fresh fruit and vegetables as well as meat and cheese at the farmers market.  We will probably still have to shop at a traditional grocery store for staples like ketchup and margarine as well as bread and other necessities of such, but overall I’m hoping we can find a lot of great stuff at the local farmers market.

Here are some reasons I’m looking forward to our farmers market trip:

We can spend the day outside

It feels like I haven’t seen sunlight in several weeks.  Between all the rain here in Montreal and being sick I haven’t ventured outside much.  However this weekend is supposed to be nothing but clear skies and sunshine.  I’m looking really forward to spending a day outside walking around buying fresh produce.  I might even get to work on my tan.

Everything is fresh

This is a  major bonus.  Buying fruits and veggies at a local farmers market is the next best thing to growing your own produce in your backyard garden.  Since we live in an apartment Nick and I can’t grow tomatoes, peas and carrots, but we can buy them from farmers who do.

We’ll save a lot of money

Saving money anywhere is a major bonus.  Not only will our produce be fresh and chemical free it will also be cheap because we are cutting out the middle man and buying direct from the supplier.  Oh that sounds so badass, but it’s true.

The ability to buy directly from the people who produce the produce helps cut down the costs and markups that big chain grocery stores charge.  Trust me I love Whole Foods and everything they stand for but their groceries are very expensive.

Do you shop local?

Is cash a good gift?

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cash gifts, gifts, money gifts

Good morning Dinks.  With wedding season and graduations upon us you may be trying to find the perfect gift.  Handing a newlywed couple or a recent grad an envelope full of cash can be a great gift to help them ease in to the next phase of their lives.  But is giving cash as a gift in bad taste?

As a recipient I love getting envelopes full of cash, but now that I’m in my 30s that rarely happens.  My Dad likes to send gift cards, which I consider cash, as well as candy and other sweet treats on my birthday.  My mother always buys me pyjamas and slippers at Christmas so cold hard cash rarely exchanges hands.  As a gift giver I take a cue from my parents, I prefer to shop, wrap and hand over a pretty box with a bow.  And herein lies the dilemma.

How do you feel about giving cash as a gift?

New grads

Recent grads – both high school and college – need money as they head off to school or look for a full time job, but they also need a lot of stuff.  Starting life on your own in a compact dorm room or tiny apartment takes a bit of creativity and it also costs a lot of money.

Cash can help new grads buy those things; but giving them actual gifts ensures the money is spent wisely and makes sure they actually get the stuff they need.  If you have a new grad in your life would you give them cash or gifts?

To your parents

What do you buy someone who’s had 50 or 60 years to collect and acquire all of their favorite things?  An envelope of cash so they can buy more stuff seems appropriate, but at the same time is it weird to give your parents cash as a gift?

My sister and I try to find really great gifts for our parents and by that I mean good books for our Dad and pretty flowers for our Mom.  However sometimes we resort to buying a gift card to their favorite restaurants.  In plural because they’re divorced and have different dining habits.

Newlyweds

It’s tradition to give cash to the bride and groom, mostly to help cover the costs of the wedding, fund their honeymoon and give them a little financial boost to start their lives.  But then there’s the registry.

Brides register for gifts because they actually need furniture for their new home, gadgets for their new kitchen and dishes for their new dining room.  If you give cash to the happy couple they have to go out and buy their own stuff.  If you give them exactly what they want all they have to do is unwrap the box.

Which did you prefer on your wedding day: cash or gifts?

5 signs it’s time for a career change

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career change, career path, changing careers

Good morning Dinks.  Let me ask you a  question, do you love your job?  If the answer is anything but an affirmative YES you may want to make a career change.  I did.

Just a few years ago I changed careers from being a financial planner to being a social media consultant.  To be honest it was the best decision I’ve ever made.  It was a lot of work, it required me to go back to school  with a bunch of 20-somethings and I even did some volunteer work to start building my portfolio but it was all worth it.  Now I’m a full time social media consultant for an international financial corporation.

If you’re thinking about making a career change but aren’t sure if it’s the way to go keep reading.  Here are five signs you may need to make a career change.

You’re restless at work

If you find yourself unable to concentrate at work and wandering around it may be time for a career change.  Ask your boss for  more responsibilities or to explore other job opportunities  within your department or company.

You watch the clock all day

When you’re bored time can seem like it’s standing still.  It’s the worst possible way to spend a day.  Giving yourself something to look forward to after work – like a date with your sweetheart or dinner with friends – may help make the day go by a little bit faster.

You leave right at 5 pm

The feeling of wanting to rush out of your workplace right at 5 pm and never look back may be a sign that you need to make a career change.  Think about your dream job – what would you like to do?  Where would you like to work?  If you don’t want to spend a second longer than you have to at work you may need to find a new workplace.

You ignore your alarm in the morning

When your alarm clock goes off in the morning do you jump out of bed to get the day started or do you hit snooze again and again?  I personally hate waking up in the morning, it’s absolutely the worst part of my day but it has nothing to do with hating my job – it’s because I really love sleeping.  However once I’m in the shower I feel refreshed and I’m ready to go.  If you dread getting out of bed in the morning it may be a sign you need a new job.

You’re always looking for other things to do

If your daily tasks are not fulfilling and you spend your days looking for more rewarding work it may be time to make a career change.  There is absolutely no shame in changing careers.  As I said it requires a bit of effort but it can be worth it in the end.  It was for me.

4 (Cheap) Ways to Spend a Day Off

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frugal day off, cheap day off, day off activities

frugal day off, cheap day off, day off activities

Good morning Dinks.  Do you ever just need a day off?  Well I do.  So today Nick and I are at home enjoying some time together.  Well actually the time together hasn’t started yet because we can’t decide what to do.

If you had a whole 24 hours to spend with your sweetheart and only $20 each what would you do?  Here are some of the ideas being thrown around our apartment right now:

Start with a good breakfast

This is one of my favorite things to do with Nick.  I love waking up on the weekends, taking our time to get out of bed and cooking a great breakfast.  I’m the type of person who will do anything for 15 minutes extra sleep so we usually have breakfast on the go during the work week.

On the weekends we can take our time to cook French toast, scrambled eggs and hash browns.  Little fact about me….French toast is absolutely my favorite food in the entire world.

Go for a walk

We live in a great part of town, close to green spaces and the water.  I’m thinking a nice long walk along the piers would be a great way to spend a day.  We can take a break to people watch and eventually stop to grab some lunch when we get hungry.

If it gets too hot out we can always find some shade in one of the green spaces along the way.  Our water isn’t as gorgeous as the Mississippi River I saw in New Orleans last September but being by the water is always nice – and cooler than the city.

Get lost in a good book

This isn’t really a couples activity but I could spend a whole day lazing around reading a good book.  I’m currently reading Paper Towns by John Green and to be honest I don’t want to do much else.  I spend my days laying in bed, sitting on the couch and soaking in our tub reading this book.  I’ve had it for three days and I’m already have way through.

Reading is extremely relaxing.  If you’re an avid reader you know exactly what I mean.  I can get completely lost in the characters and places of a good book.  Paper Towns is my first book by John Green (who also wrote The Fault in Our Stars) and I’m completely obsessed.

Spend the day at Starbucks

Well in theory anyway.  There’s nothing better than grabbing an iced latte and walking around.  No plan and nothing to do, just sitting, walking and chatting with your loved one.  I personally love doing this with Nick and with my friends.

Coffee dates in book stores or walking around aimlessly are both great ways to catch up, relax and just have a conversation with your friends or loved ones.  There’s something about coffee that makes people chat, whether you’re at Starbucks or at your kitchen table.  I don’t know why, but I like it.

Weekly roundup: Why you should always act like you’re sick

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Good morning Dinks and happy Friday.  I’m happy to say that the dreaded three week cold/flu/stomach ache I told you all about last week has finally started to come to end.  Thank you to everyone who sent over their best wishes and homemade remedies for recovery.  I’m finally feeling better.  I still have a little cough, but it’s improving every day so that’s nice.  It’s definitely something to look forward to when I wake up every morning.

Speaking of which, yesterday morning I woke up, checked my bank account and was surprised to find more money than I usually have the day before pay day.  That was definitely something to get out of bed for.  As I looked back over the last couple of weeks I wondered why there was such a surplus in my bank account.  I am a creature of habit and usually spend the exact same amount of money every week on the exact same things so over or under spending is very unusual.  Then I remembered I was sick.

Some people tell you to live like you’re broke to save money, some others say to live like you’re on a diet.  I say if you want to save money live like you’ve got a cold and here’s why…

You don’t feel like eating

There is absolutely no chance of busting your food budget when you’re sick because you don’t feel like eating, at least I didn’t.  Between the fever and the antibiotics I was keeping myself full on chocolate milk and bananas – which still made me nauseous.

You don’t have the energy to be out and about

Impulse purchases and spontaneous shopping are non-existent when you’re sick because you just don’t have the energy to be walking around.  All you probably want to do is stay home, jump into bed and sleep.  That’s not a bad way to spend a day in my book (minus the terrifying illness) and it helps save money at the same time.

You don’t feel like getting dressed up

Date night?  No thanks.  When I’m sick I don’t even want to get out of bed let alone get dressed up and spend a night out on the town.  Nick and I haven’t ordered food, been out to a restaurant or gone to the movies in weeks thanks to my cold.  Our couple’s time has definitely been cut out over the last few weeks so I’m looking forward to spending time together over a nice dinner tomorrow night.  I guess it was a blessing in disguise.  A big ugly, zombie-like disguise.  But nevertheless my bank account is happy.

Now the question is should I save it or spend it?

 

How to Buy Mutual Funds

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mutual funds, investing, investment portfolio

mutual funds, investing, investment portfolio

Good morning Dinks.  Yesterday I had a client who asked “How do I buy mutual funds?”  That’s a pretty general statement, the food equivalent would be “Where can I buy the best chocolate?”  Well that depends on what type of chocolate you’re looking for, how much you’re willing to pay for good quality as well as your personal definition of good.

I love Cadbury Fruit and Nut chocolate bars, but that doesn’t mean their everyone’s favorite.  It just means that I like them.  The exact same thing is true when buying mutual funds.  How to buy mutual funds depends on your own personal style, taste and goals.

What is your comfort level with risk?

This is the first question you should ask yourself when buying any type of new investment whether it be bonds, exchange traded funds, stocks or mutual funds.  Why?  Because it determines what type of fund you’ll want to buy and which sectors you should consider.

If you are a new investor a balanced mutual fund might be the best option for you because it’s an all-in-one solution.  You get low risk income funds and high risk equity funds; it’s an all in one mutual fund without having to make individual investment selections.

If you’re investing for a short term goal and want stability over growth then an income fund might be best for you.  These are all decisions that will be made based on your comfort level with risk. Ask yourself, how long do you want to invest and how comfortable are you with fluctuations in the value of your investment for a potential rate of return?

How much are you willing to pay?

This is the second question to ask when buying mutual funds.  Different types of funds have different levels of fees.  Sector funds such as gold or precious metals have higher fees (known as the Management Expense Ratio or MER) because they require a higher level of expertise from the fund manager as well as higher engagement with active trading.

Geographically focused mutual funds also tend to have higher fees because the company has to pay for the fund manager to live and work abroad.  This is common with Asian and European funds.

If you’re not concerned with having actively managed funds then don’t pay for it.  You can purchase Index funds which require very little effort on the fund manager’s part because the investments follow an existing stock index.

I like to have 1-2 index funds in each of my investment portfolios because it lowers the overall cost.  The fees for index funds are usually less than 1% whereas other types of mutual funds can go as high as 3%.

Where do you want to buy them?

Now you know which type of mutual funds you want to buy and how much you’re willing to pay you can decide where you want to buy them.  I like to purchase my funds through my bank because I can see my investment account balances when I log in to see my checking and savings accounts.

If you want someone to buy the mutual funds for you and make trades on your behalf you may want to purchase your funds with a full service broker, but keep in mind this service comes with a fee.

4 Ways to Create a Financial Plan for Couples

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financial plans, couple finances, creating a financial plan

financial plans, couple finances, creating a financial plan

Good morning Dinks.  Let me ask you a question, do you have a financial plan?  If so do you have one with your spouse?  Truth be told as a financial planner I very often create individual financial plans for people who are married, but very rarely do I create a financial plan for couples.

The other day I thought to myself, why is that?  Maybe it’s because couples don’t want their personal goals to get lost in a joint financial plan, maybe it’s because couples managed their money separately prior to getting married and don’t feel the need to merge assets or maybe it’s because merging money just doesn’t make sense for all couples.

The truth is there’s nothing stopping you from having both a personal and joint financial plan.  If you and your spouse want to sit down and create a financial plan for couples  here are a few things to keep in mind.

Talk about your goals individual and joint

This is very important.  So often people think a joint financial plan only includes joint assets, savings and goals.  Although it can, there is nothing that says it has to.  Talk with your spouse and your financial planner about your personal goals because they also have to be taken into consideration when planning your future – especially if you’ll be putting a portion of your income aside towards saving for them.

State each contribution

One of the easiest ways to start a financial plan is to talk it out.  State your goals and each of your contributions towards the goals.  This way expectations are set at the beginning and there will be no surprises down the road.

Keep track and celebrate your progress

Once you know which goals you want to achieve in the short and long term as well as who’s responsible for the portion of the savings you want to contribute you can check in on a regular basis to make sure  you’re both on track.

If your goal as a couple is to pay off debt over the next two years set smaller goals, little milestones for you to achieve along the way.  It’s a great way to focus on the long term with having something to look forward to in the short term.  Celebrate your milestones as a couple, maybe a little dinner or a night out on the town.

Open new accounts

If you really are going to set joint goals my advice is to open new joint accounts for the savings.  If one person is in charge of the goals and manages the money alone it may not seem like the reward is for both of you.   If you’ve kept your finances separate until now this can be the first step towards merging your finances.  Starting slow is the key to making changes, if rush into something or try to change your habits too abruptly they probably won’t stick.  People need time to adjust to change.

Should you get a personal loan with bad credit

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get a loan, personal loan, bad credit, rebuilding credit

get a loan, personal loan, bad credit, rebuilding credit

If you’ve got less than perfect credit you may be searching for ways to rebuild your credit score and get your financial life back together.  I know it’s hard, trust me I know firsthand how hard it can be to try and get back on the right track when you have a debt load that’s more than your annual income.  I was there not too long ago.

I could have just given up, threw my hands in the air and stopped making payments, but I didn’t.  Instead I got a second job, cut my living expenses and started making regular, consistent payments onto my debt.  That’s how I did it.

But what happens to your credit score after your debt is paid off?  Well it will get better but if you want to start rebuilding your financial life and increasing your credit score you will have to get back into debt and pay it off on time to show the creditors you can be financially responsible.

I know the thought of getting into debt for someone who has become debt free is a bit scary, but it has to be done if you want to rebuild your credit score.  One way to do this is through a personal loan.  I know what you’re probably thinking, should you get a personal loan with bad credit?  The answer is yes.

Personal loans generally have higher interest rates than other credit products such as lines of credit and even credit cards, but they are the perfect product to help rebuild your credit and here’s why.

Fixed payments

The terms and conditions of your loan are given by the bank when you sign for the disbursement.  This includes the payment schedule and amount.  Having fixed payments taken out of your bank account on a regular basis helps you stay disciplined.  It also takes the responsibility out of your hands so you won’t forget to make payments or make late payments.

Not a big amount

The good thing about getting a personal loan after becoming debt free is you’re probably afraid to get back in to debt.  A small loan amount helps rebuild your credit score and it ensures you can afford the payments.  Since the loan amount is fixed you can’t keep borrowing like you can on revolving products such as a line of credit or credit card.  Therefore you know exactly how much debt you’re getting in to and you won’t be able to let it get out of control.

Secure it with an asset

If you’re applying for a personal loan with bad credit the bank may be less than willing to lend out the money.  Offer to secure the value of the loan with an asset.  This will help you be accountable and hopefully help make sure you keep making payments.  You’re probably a lot less likely to default on the loan if you know some of your personal property or assets is at stake.

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