Kristina Tahnyak, Author at Dinks Finance

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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What’s the key to happiness in a relationship?

Posted on November 6, 2015 - 5:00 am by Kristina Tahnyak

relationship advice, key to happiness, relationship tips

When I first started dating Nick many moons ago one of my colleagues told me that the secret to a happy marriage is compromise. It didn’t make much sense to me at the time because I was in a new relationship and I didn’t have too much invested. However now 16 years later her advice makes perfect sense.

The truth is a relationship is work and although Nick and I have a lot of similar interests there are times that you have to make sacrifices because you’re in a couple. I’ve learned, especially as we get older, that couple’s who want to stay together need to learn to find a balance between our own wants and the needs of our spouse.

If you compromise too much you may feel like you are losing yourself by giving up too much for your sweetheart. That’s not good because even though you’re in a couple you are still an individual. The other side to that is if you always want to have your own way and aren’t ever willing to compromise your spouse may feel neglected and you could find yourself suddenly single again.

So how do you find a happy balance?

I think that’s the secret of finding happiness in a relationship. We have to figure out how to balance doing what we want and considering our spouse at the same time?

Think before you talk

This is something I have recently starting doing. As I grow older and increasingly less patient I have the tendency to snap back when I disagree with something and it’s extremely unhealthy for a relationship. Even if you and your spouse commonly work through troubles always keep in mind that once you say something it’s out there and you can’t take it back. Even if your spouse says they forgive you for being abrasive, all may not truly be forgotten.

Set priorities

I think a lot of trouble in relationships come from misunderstandings, at least in my relationships. I’ve learned that it’s better to be open and over communicate rather than assume and leave someone disappointed. If you set priorities neither spouse will feel neglected because all expectations are established ahead of time.

Pick and choose your battles

When I was younger I had an opinion on everything. I was the kind of person who had to tell you if you were wrong, mostly because it meant that I was right. Nowadays I’m older and more tired. I am much less confrontational in my mid 30s than I was in my 20s. Now I only speak up if I really have a strong opinion on the subject. If I’m neutral or don’t really care either way I just let it go.

What’s the secret to happiness in your relationship?

Learn to Love to Cook

Posted on November 5, 2015 - 5:04 am by Kristina Tahnyak 1

learning to cook, cooking skills, how to cook

If you’re like me you make better reservations than you do meals. I have made learn to cook as one of my New Year’s resolutions for the last several years. However all my efforts have been unsuccessful – but it’s not from lack of trying.

Both my parents are good cooks and it’s very hard for people to believe that I didn’t inherit the gene. My Dad says when it comes to cooking we are only limited by our imagination. He also single handily claims that he invented the concept of adding dried fruit and nuts into salads.

If you’re learning to cook here are some tips to help you learn to love it:

Try your favorite restaurant recipes

This is how I started to like cooking. Every day for lunch I would buy a Greek salad with pasta, feta cheese, cherry tomatoes and olives. I thought to myself why am I paying for this when I can make it at home. I even added in my own special tough by throwing in some sun dried tomatoes. It tastes just as good and I’m saving $5 a day on my lunch.

Reuse the same ingredients for multiple meals

Cooking every single day is not fun, at least not yet. So what we do is cook a large portion of something on Sunday and reuse it for several different meals throughout the week. This lets us minimize cooking time and we don’t get sick of eating the same thing over and over again. Right now we’re making a mixture of peppers and onions and using it to cook stir fry with rice, quesadillas and pasta primavera throughout the week.

Spend time in the kitchen with your spouse

Cooking doesn’t always translate into fun, but like most things it’s better when you do it with someone you love. So get your sweetheart into the kitchen and learn to make something you love together. It’s also a great way to spend time together and accomplish a task. You may not be good at the beginning, but over time you’ll achieve it together. When it comes to learning two heads are better than one.

Enrol in a cooking class

If you’re starting from scratch it would be a great idea to take at cooking 101 class. Check with local culinary schools, grocery stores and the YMCA to see if they offer single or couple’s cooking classes. Just like any skill cooking only gets better overtime with practice.

Make sure you have the time

As I’m learning to cook I know I don’t have a ton of time to spend all day in the kitchen. I am currently working my way through Rachael Ray’s 30 Minute Meals. The recipes are usually simple, don’t have too many ingredients and take less than 30 minutes total including prep and cooking time.

If you’re limited in time make sure to pick an appropriate recipe otherwise you’ll be rushed and stressed and the meal won’t turn out as good.

Money Mistakes You Make in Your 30s

Posted on November 4, 2015 - 5:00 am by Kristina Tahnyak 1

money mistakes, financial advice, money tips

Making money mistakes may seem like the end of the world and I’m not going to lie, making mistakes in our 30s can have long term effects on our financial well being for years to come. However at the same time there is no financial mistake that I’ve come across that people can’t recover from.

Instead of making mistakes, trying to recover from them, learning your lesson, changing your habits and taking action to avoid making the same mistakes again, why not just avoid making mistakes all together. Sometimes that’s not possible if we never learn the dos and don’ts of money management. However talking to professionals can help us learn how to use money wisely and avoid making common money mistakes.

Here are four money makes we make in our 30s:

Overspend because you have money

Our 30s are a turning point in our financial lives. It’s the time when we grow up, possibly advance in our full time jobs with higher salaries and most likely have paid off our student loans. These things all sound like positive financial milestones, but the truth is they can lead to a common financial mistake.

When you life starts to get a little bit better with less debt and more income the temptation to spend can arise. Just remember to always spend within your limits and avoid using credit cards so you don’t get into debt.

Buying an expensive house

A lot of people buy their first home in their 30s and end up being house poor because they can’t afford the mortgage payments. This is a huge financial mistake.

It’s nice to have a home that you love, but not at the expense of your lifestyle. Your first home is a starter home and shouldn’t break the bank. No one is saying that buying a home isn’t expensive, but it shouldn’t put you in the poor house. Compromise on some amenities and be willing to give us some “must haves” in order to find a more affordable first home.

Accepting every credit card offer

This is a big money mistake and the one that landed me tens of thousands of dollars in debt. Having more than one credit card is unnecessary because no one needs a wallet full of plastic. Some people think that being approved for credit is a sign of maturity, but accepting credit offers and racking up debt you can’t afford to pay off is truly a sign of immaturity.

Avoiding your retirement savings

The truth is the sooner you start saving for retirement the sooner you can retire or the more money you’ll have to live off in retirement. Of course when we’re in our 30s we have other goals like traveling, buying a home and starting a family; but no one says you can’t have more than one goal.

Prioritizing multiple goals will help you determine how much you should save towards each. The closest goal should get your financial focus. Even though retirement is far away contributing consistently will help your savings build up over time.

Financial Mistakes to Overcome in Your 50s

Posted on November 2, 2015 - 5:00 am by Kristina Tahnyak 4

financial mistakes, money mistakes, golden years

In our 20s we probably aren’t overly concerned about retirement because we’re busy paying off student loans and starting our lives. In our 30s we may be up to our necks in debt as we buy our first home and have kids. In our 40s we may finally start living a happy financial life as we pay down our debt and focus on building wealth. But what about our 50s?

If all those stereotypes seem pretty normal in the financial lifecycle then our 50s should be a breeze. We should be debt free, our kids should be educated, we shouldn’t have a mortgage and own our home free and clear as well as have stacks of savings built up in multiple accounts. But what if that isn’t the case?!

The days of working at the same job until retirement and staying in the same relationship until death do us part are over. Nowadays finances in our 50s aren’t as sound as they used to be. With economic struggles, layoffs, divorces and foreclosures the 50-somethings of the world may find themselves in less than perfect situations. It’s O.K. because it seems that it’s the new normal.

If you find yourself having money woes in your 50s here’s how to ease the financial burden:

Not thinking about your retirement

When you have debt on your mind and a divorce behind you retirement may be the last thing on your mind. However not planning for retirement is a big mistake that people make in their 50s. With a little bit of planning and the help of a professional you can achieve multiple goals at the same time – you just need to prioritize.

Keeping credit card debt

Racking up credit card debt later on in life isn’t the best financial strategy. Sometimes we use credit cards out of necessity and sometimes we use them just because they’re there. Using credit cards wisely, spending within a budget and paying off the balance each month is a good financial strategy to keep your credit score up.

However carrying outstanding balances as you transition into retirement is never a good idea because your fixed income may not have the room to afford the monthly payments.

Investments more secure for the income

When you’re young you want your investments to grow and therefore can afford to take some risk since you have time to hopefully recover any losses. However as you approach the age where you need to stop saving and start living off your investments the strategy needs to change.

Talk to your financial advisor about more secure, income bearing investments. The last thing you want is to see your retirement income disappear with a market downturn.

Learning about government benefits

Retirement doesn’t just happen. There is a lot of planning – both emotionally and financially – that has to be done. If you’re retired or you’ve seen your parents retire you know that every little bit counts when you’re living on a fixed income.

Take advantage of everything you can and learn about both your employer as well as government provided benefits such as health insurance, pensions and Old Age Security. Who knows, you may be entitled to some extra income to help out during retirement.

What Does Your Stock Portfolio Say About Your Personality?

Posted on October 30, 2015 - 5:00 am by Kristina Tahnyak 3

stock portfolio, investment portfolio, stock market

Someone once asked me how I get into a pool. They wanted to know if I tippy toe in and take my time, if I get half way in then hesitate and consider getting back out or if I just run and jump into the deep end without ever getting a feel for the temperature of the water.

They were asking because the approach we take towards getting into a lake, ocean or pool can be directly correlated to our views on investing. That is if you believe your personality is a direct reflection on your investment strategy…which I do.

Once a conservative, always a conservative

People can watch the Business News Network all day and read The Wall Street Journal from front to back, but at the end of the day our investment choices come down to our emotions. Some can argue that they shouldn’t, but the truth is we can’t change who we are.

In my 16 years of working in banking I have yet to come across someone who’s investment strategy was completely polar opposite of their personality. If you’re conservative by nature I highly doubt you take high risks when it comes to your money and if you’re indecisive in your everyday life I can almost guarantee that you’ll be a balanced investor with a perfect mix between equity and income.

Control freaks and know-it-alls please check in here

As a financial planner I can often tell what type of investor someone is just by talking with them about their life for 10 minutes. It’s true. I can try to talk someone into adding a more aggressive mutual fund into their portfolio, but if they are shy and extremely cautious I would be wasting my breath, even if there are financial benefits.

If a person is a control freak who always likes to be in charge they are probably never going to pay for the professional advice of a financial planner because they prefer to make their own decisions. I am never offended by this, although I don’t agree with the decision, it’s a personal choice.

That’s why online direct discount brokerages exist. For all the ego maniacs out there who think they know more about building a well diversified investment portfolio than a professional who studied the subject for seven years. But like I said it doesn’t bother me.

Do your investments reflect your personality?

With all that being said, let’s go back to the original question about getting into the water. Which one are you and when you rationalize your answer with your money does your personality match with your investment style?

Of course buying investments shouldn’t be emotional, it should be a well thought out, well researched decision that takes into account your risk tolerance, time horizon and asset allocation.

However at the end of the day money options – whether spending, saving or investing – always come down to personal choices, don’t they?

Your Wedding Day: Spend or Splurge

Posted on October 29, 2015 - 5:00 am by Kristina Tahnyak 1

wedding day tips, wedding day expenses, budget wedding

A wedding is a very special day, it’s the first day of the rest of your life with your new spouse. Some brides like to plan their dream wedding and spend tens of thousands of dollars on one single day. Some others are just happy making the commitment to their loved one and don’t feel the need to spend a lot of money in the process.

So which side are you on?

There is an episode from the TV show Friends when Chandler and Monica get married. In the scene the morning after their wedding Monica says “Yesterday I was a bride. Today I’m just someone’s wife.” I laugh every single time I watch it. It’s funny because it’s true.

It also makes me think that spending a ton of money on one day is not money well spent, but I’m not married. I would much rather set an affordable budget and not start my life as husband and wife with a ton of debt from our wedding day. It’s the same principal as working through college as oppose to taking student loans so you don’t start your adult life in debt. I just wouldn’t do it.

I would much rather find a perfect balance between a big expensive dream wedding and look for ways to cut costs so I can afford my dream wedding on a budget. Doesn’t that sound like a much better idea?

Here are some ways to save on the costs of your wedding day:

Don’t splurge on a dress you’ll wear once

Yes all eyes are on the bride, but is that a reason to spend thousands of dollars on one outfit – possibly more than the cost of your entire wardrobe? It’s much better to shop for an affordable dress that’s both pretty and comfortable. If you know your measurements you can even shop online for your wedding dress.

Let the groomsmen use their own suits

For the groom and groomsmen consider renting tuxedos or have them wear black suits. If you save on the costs of the wardrobe you can spend the money on something else. The wedding party can still look coordinated with matching ties (which you can buy) and flower boutonnieres.

Look for good travel deals for your honeymoon

There’s no rule that says you have to jump into a car and jet off to the airport directly from your wedding reception. Look for last minute travel deals and give yourself a few destination options in case your first choice isn’t a good deal. Also avoid telling everyone that you’re on your honeymoon because married couples are notoriously overcharged.

Spend money on the experience with family and friends

If I was getting married I would definitely splurge on the wedding reception. Not on decorations, but on the ambiance and experience. I would have good food, but limit the courses to cut costs and I would spend money to get a really great DJ for the music. After all the wedding is just as much about the party with family and friends as it is about starting your life as husband and wife.

What was your biggest cost at your wedding?

The Biggest Money Rip Offs of All Time

Posted on October 28, 2015 - 5:00 am by Kristina Tahnyak 5

money rip off, wasting money, wasting cash

Do you hate wasting money? I certainly do. If you’re like me you’re always trying to buy everything, and I mean everything, at a good price. If I buy something and find it cheaper somewhere else (although that rarely happens because I always research my purchases) I feel sick – and I return the original item. If I buy something – particularly food – and don’t like it my entire day gets ruined.

Wasting money and being ripped off are two things I really hate. However people do it all the time. Some of the things we love in life cost money and more often than not they are a waste of money. So why do we buy them? Maybe it’s for convenience, maybe it’s because of a fear or maybe it’s because of an addiction. Who knows why we do it.

These are seven of the biggest rip offs and ways we waste money:

Buying bottled water

This is absolutely one of the biggest rip offs of all time and surprisingly (or maybe not) one of the biggest consumer markup profit makers for retailers. Think about the last time you bought a case of water. Maybe you paid $3.99 for 24 bottles.

Now think about the last time you bought an individual bottle of water, it probably cost $0.99. Now that’s a huge markup. Next time you’re thirsty fill up a reusable water bottle and save yourself some money.
Upgrading to medium size anything

Think about the last time you went to Starbucks, look at the price difference vs. size difference of small vs. medium vs. large size drinks. I usually stick to the small size or splurge for the large size because I find we don’t get our money’s worth when it comes to the medium size in between. I’m O.K. spending a little bit more on a Venti drink because the quantity is so much more.
Paying for a room with a view

How much time do you really spend in your hotel room when travelling? Probably not a lot. I personally don’t understand why anyone would pay extra money – even $20 per night – for a room with a view. Isn’t it much better to go out an experience the city in person than look at it from a window?!
Upgrading your airplane seat

I have never done this and with my recent newfound fear of flying I probably never will. I guess I could understand paying for an upgrade to first class, (maybe) but paying for a preferred seat in coach just doesn’t make any sense to me. Have you ever paid to change your airplane seat?

Using plastic bags

I bring a reusable bag with me everywhere I go, mostly because it’s better for the environment but also because I hate paying $0.05 for a plastic bag at the grocery store. It may seem silly to carry a reusable bag around all the time, but you just never know when you’re going to pick something up at the pharmacy or need to stop at the grocery store on the way home from work.

How to Start a New Hobby on a Budget

Posted on October 26, 2015 - 5:02 am by Kristina Tahnyak 4

new hobby, budget hobby, starting a hobby

Learning a new skill, starting a new hobby and finding a new past time can be very exciting, as new beginning usually are. If you’re like me you like to give your all to everything you do. However one of the biggest mistakes I always make is wanting everything to be perfect from day one.

In reality starting a new hobby takes time. There is no point in spending a ton of money on classes, equipment and other materials before you know that you really love what you’re doing.

Here are four things to consider when starting a new hobby:

Research the costs involved

Some hobbies are cheaper than others. If you’re taking up a new sport there can be costs involved with equipment and gear. Sports like soccer, football, hockey and skiing or snowboarding can all be fun, but expensive hobbies.

Consider renting your equipment or buying items second hand before investing a lot of money up front. It will help you save on the start-up costs until you’re sure you have both the time and money to invest.

Talk to others who have experience

One of the great things about the internet is that you can find people from all walks of life without having to pay for long distance phone calls. You can find a tribe of people who share your new passion and they don’t even have to be in your zip code.

Talk with people who also participate in your hobby and ask about the costs involved as well as where to go. That’s how I found my yoga studio. I Googled yoga studio in my area and read what other people had to say about the class schedule, teachers and facilities.

Take a trial first

If your hobby has a sign up cost and ongoing commitment such as music lessons, yoga classes or a sports league take an initial introduction class or lesson before signing up for ongoing sessions. This will help you get a feel for the hobby and help decide if it’s a good fit for you.

Before becoming an ongoing member to my yoga studio (which is $88 a month) I signed up for an introductory month of unlimited yoga for only $49. I tried a variety of classes with different teachers to make sure that this particular yoga studio was where I wanted to be before making an ongoing financial commitment.

Ask a friend to join

Like most things in life, past times are better spent with friends and family. Consider recruiting your spouse, best friend or a family member to join. I once went to a ceramic class with one of my friends who was considering taking up the hobby. I made a small plate that looked like it was pained by a child, but it was a fun two hours and my friend continued on to make some beautiful things for her home.

What’s your favorite hobby?

How to Save Money on Everything

Posted on October 23, 2015 - 5:06 am by Kristina Tahnyak 6

save money, saving money on everything, save money on stuff

Shopping can be taunting. I don’t know about you but I always feel like I’m shopping for something whether it be clothes, vacations, furniture or groceries. If there are two things I love and hate in this world it’s that I love saving money and I hate wasting money. Overpaying for anything, even $3 makes me physically ill and I think about it for days. So to avoid all that anxiety I try to save money whenever and wherever possible.

Of course every purchase has its own special pricing and different stores have unique ways to save money, however the truth is there are ways to save money on almost anything you buy.

Look for sales

This should sound like a no brainer, but the truth is people don’t always look for sales. Humans are creatures of habit and sometimes we choose our routine over a better price.

My grocery list looks almost the same every week and therefore my grocery budget doesn’t vary too much. However if I need an unusual or irregular item I always look for a sale – otherwise I don’t buy it.

Consider the second best

This rule is especially true when shopping for household items. When you’re shopping for groceries big name brands can charge more for their items because they know consumers trust the brand. However a name brand is not a reason to overpay for items.

Some people believe that better quality equals a higher price, but that’s not always true. If your item is not on sale then choose the next best thing to save money.

Go out of your way for a good deal

Shopping for convenience is a big money waster. Grabbing food on the go, finding a one stop shop for your weekly groceries and buying everything at the store closest to your home are all ways that we shop for convenience and waste our hard earned money.

Check local flyers and find the best prices for your needs. Sometimes you’ll need to take the less convenient route to find a good deal and that’s O.K. because it’s always O.K. to save money. Just plan ahead to time to make sure your route is efficient.

Ignore the sale price

I was at a store (not to be named) and saw a blouse on sale for $49.95 I thought it was an O.K. deal only to rip off the price tag and find that the original price was $50. I couldn’t believe it. Is that really a sale? From that moment on I changed my shopping habits to avoid looking at the sale price vs. the original price.

Now I look at the bottom line and ask myself if I want to pay $49.95 for a blouse or is that too much. Of course $19.99 would be a lot better price. If the quality is good and the item has multi-purposes then the price is worth the cost. However I will never ever again buy an item just because it’s on sale.

6 Qualities to Look for in a New Car

Posted on October 22, 2015 - 5:05 am by Kristina Tahnyak 2

car purchase, buying a new car, qualities to look for in purchasing a car

If you’re in the market to buy a new car now may just be the perfect time. As the year winds down older models are on sale – some may even say liquidation – in order to make room for the 2016 models. When there are red tags on all car models everything may seem like a good deal. However that’s not always true.

The purchase price of the car is only one factor in the decision making process. There are other costs to be considered such as ongoing maintenance costs and the longevity of the car. Consider these six factors when buying a new car.

What’s the model year of the car?

Even though the 2016 models may already be out on the lot it doesn’t mean you need the latest model. There can be several new models from last year that have zero mileage. An older model – even a year – doesn’t mean a used car. Sometimes buying last year’s model can save thousands of dollars.

Does the car get good gas mileage?

If you use your car a lot the gas consumption can be a major factor when deciding between two models. Gas prices are low right now, but they may not always be so consider how much each mile will cost you at the pump.

How much is the overall price?

When you see advertisements for new cars they are most likely showing the cost of the base model. Once you add it upgrades and additional features the cost of the car can quickly add up. Just remember that many things can be negotiated when buying a car. Don’t be afraid to shop around; I saved $3000 by buying my Honda at a dealership in the suburbs versus a dealer location in the city.

Can you find the lowest financing interest rates?

If you don’t want to pay cash for your car – and I don’t think a lot of people do – you’ll want to find the best rate for your financing. Before signing the papers to buy a new car you’ll want to find the best financing option. Shop around and compare rates between your bank and the car dealership financing options.

How much are the monthly payments?

If you can negotiate the overall purchase price and find a low financing option you should find yourself with affordable monthly payments. At the end of the day after all the bells and whistles – a.k.a. floor mats and heated seats – buying a new car comes down to can you afford the monthly payments? Make sure you factor the monthly car payment, insurance, gas and parking costs into the overall budget for your new car.

Does it have a good resale value?

This is a very similar mentality to improving and upgrading your home. Ask yourself if your car is durable and will be able to be sold at a good price a few years down the line. Hondas are known to be very durable cars and therefore have a fair resale value. I know it may seem weird to think about the resale value of a car when you are buying it new, but it’s a factor to consider.