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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How to Get Rich by the End of the Year

Posted on September 7, 2015 - 5:00 am by Kristina Tahnyak 3

getting rich, money advice, financial tips

Getting rich is a relative term because my definition of getting rich by the end of the year may not be the same as yours. We can’t help you make millions by Dec 31st, but we can help you change your habits and achieve your personal goals.

It’s already September and that means there are only four months left in 2015. Can you believe it? My, my this year went by very fast. So let me ask you a question, how are you doing on your goals?

If one of your personal goals was to improve your money habits this year it’s time to check in and see how it’s going. Is your debt getting paid off? Are your savings growing? Did you buy that special something that you were saving up for?

If the answer is no then maybe you need to make some serious changes. Here are four ways you can get rich by the end of the year (your own version of get rich):

Stop spending

Sometimes it’s as easy as that. If you don’t want to run out of money in between paychecks then you need to stop spending money, or at least start spending a little less. I used to use my debit card to pay for everything. I used to tell myself that I would only spend $50 every week, but without tracking and unlimited access to my bank account I very rarely stayed within my spending limits.

Now I take out $40 at the beginning of the week and make it last until Friday. I stopped using my debit card and started spending less by paying for everything in cash. This way when the money runs out I stop spending.

Set up pre-authorized payments

This is absolutely the best way to save because if you set up pre authorized transfers the money is taken out over night. By the time you wake up in the morning it’s already gone and you can’t miss something you never had, right? By the way, David Bach has a really excellent book on this subject called The Automatic Millionaire. If you want to get serious about setting up automatic payments, reading that book will help…a lot.

Set a goal in November

Sometimes goals are good intentions, but they don’t get achieved because we need a little bit more time. That’s normal because sometimes life just throws us a curve ball. I like setting deadlines before I actually need to achieve it, just in case.

If you set a goal deadline for yourself in November you can buy yourself some time in case there’s a setback. If November comes around and you’re still on track then you’ll save a little bit extra money or pay off a little more debt. Don’t forget to check in on your goals regularly to make sure you’re on track and on time.

Focus on one goal at a time

When it comes down to crunch time it’s a good idea to focus your efforts on one goal at a time. It may be hard to achieve one goal in only four months, let alone multiple goals. Set a plan and a target for your first priority then you can work on your secondary goals in 2016.

The evolution of your relationship

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

Let me ask you, where are you in your relationship? Some couples are just starting their journey together, some have moved in together and some are making the commitment to spend the rest of their lives together. Couples are different at every stage of their relationships, some parts are good and some are bad. So what’s been the best part of your relationship?

Yesterday morning on my way to work I was waiting on a corner to cross the street when I saw a couple in a fairly awkward position. The man had the women cradled in his arms and although I couldn’t see her face I knew she was crying.

He completely had the woman surrounded in his body; his head was on top of hers (she was quite small) and his arms were draped around her like a blanket. I thought to myself “I wonder what’s going on with this couple and I hope she’s alright.”

The early days you can’t live without

When the light turned green I crossed the street and walked by the couple to see that she wasn’t crying at all. Actually they were engaged in quite a passionate kiss. Ah I remember those early days – even though it’s been almost two decades since I had them.

Do you remember what it’s like to physically have your heart hurt when you’re away from someone you recently started dating? This is where this couple was. They were sharing an extremely emotional good-bye morning kiss before they each went off to work. No one else mattered and they didn’t seem to be shy about their public display of affection.

Getting comfortable with each other

This was by far the favorite part of my relationship with Nick. The part where you both are completely comfortable with each other. You don’t mind if they see you in your pyjamas before you go to sleep or wake up with bed head first thing in the morning.

It’s the part of your relationship where the pressure to be beautiful and polite every single minute of the day wears off and you finally get to know each other for who you truly are.

The honeymoon phase

Admittedly I have no idea what it feels like to be married, but I’m sure it’s fantastic. Come to think of it this is also a place where the couple might have been in their relationship. Maybe they weren’t newly dating, maybe they were newlyweds and that morning was their first day back to work after their honeymoon.

The thought of spending any time away from each other was more bearable than they could handle and I think that’s kind of sweet. It’s the feeling of never wanting to leave your love; the time in your relationship when you would walk an extra block out of your way just to be able to spend more time with your sweetheart.

Decades later and still happy

After sixteen years, no kids and no ring Nick and I are still together. Our relationship is more functional than glamorous, but I wouldn’t change it for the world. I love the feeling of being able to rely on someone for absolutely anything. I also like knowing that no matter how awful my life may be at any particular moment and no matter what I’m dealing with I will always have someone waiting at home telling me it’s all going to be O.K.

And that my friends is better than any passionate kiss.

How to Plan the Perfect Party

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

party planning, perfect party, organizing a party

Labour Day is just around the corner and that means couples all around the country are getting ready to celebrate a day off work and the last weekend of summer. Whether you’re celebrating with a family BBQ or by spending the day at the beach with friends you can definitely plan the perfect party on any budget.

Here are some tips to help you enjoy Labour Day without spending a lot of cash:

Pick a theme for the party

Once you pick a theme you’ll know how to set the type of party you want to have. Some fun party themes are beach in the backyard and a crayon party. Both are fitting because it’s time for back to school and this is the last bash before summer ends.

Have your guests dress like they’re spending the day at the beach or all in a color you’d find in a crayon box. One guest may come dressed head to toe in green and another in yellow. It adds color to your party and it’s also a lot of fun.

There are two ways to host a party: supply the venue and spearhead the whole event. If you want to give your friends and family a place to have the party because you have the best backyard or the biggest home then you can ask everyone to bring a dish. Your guests will understand and it’s also nice when everyone chips in, don’t forget the dessert.

If you want to plan and supply the entire party all by yourself, that’s O.K. too. Just remember that with more responsibility comes with more costs.

Make the menu simple

Cooking in bulk is by far the easiest way to save money when planning a party. If you serve individual plates the costs can quickly add up. However if you plan the menu family style you can buy ingredients and cook everything in bulk.

Think macaroni and garden salad, corn on the cob (on sale they are 6 for $2) and lots and lots of burgers. For the vegetarians in your life (like if I was coming to your party) you can buy veggie hot dogs and hamburgers or I’m sure they’ll be happy with a plate full of side dishes, I know I would.

Refine the guest list

Of course as a good neighbor and friend you want to invite everyone on your block. However the bigger the guest list, the bigger the budget. Don’t feel bad if you can’t afford to invite everyone to your party, you can get them the next time around.

A great way to keep your guest list down is to invite specific circles of friends, such as your college buddies, your sorority sisters, close family members or your co-workers.

Forget the decorations

I feel that decorations are like flowers, although they look pretty and people like them they are usually a waste of money. I feel the exact same way about wrapping paper. When planning a party you don’t need to buy a bunch of decorations to liven it up, all you need is good music, delicious food and good friends.

Why I Think Shopping Bans are Stupid

Posted on September 2, 2015 - 5:00 am by Kristina Tahnyak 1

shopping ban, no to shopping, impulse shopping

If you have an excessive shopping habit or if you want to save money you may consider implementing a shopping ban. This is extreme behavior when people who want to (or need to) save up a lump sum of cash in a short period of time quickly change their spending habits and completely quit spending cold turkey. I personally think shopping bans are stupid.

I know a lot personal finance bloggers and some close friends who have implemented a six or twelve month shopping ban in an effort to change their excessive spending habits. I personally don’t think it’s a good idea because rash decisions usually always have negative results and erratic actions usually end in regret. Don’t get me wrong, if you need help with money management I suggest you seek advice, I just don’t think telling yourself that you can never spend money ever again is the answer.

Every single time I think about someone who stopped spending money as quickly as you can snap your fingers my first questions is always “Why?” I mean kudos for anyone who can do it because I know I couldn’t. I just personally wouldn’t opt to instantly change my spending habits and here’s why:

Everyone should do what they love

After going through tough financial times, a lot of family troubles and possibly the worst four years of my life I am a big believer in doing what you love and forgetting all the rest. I used to do what I was told and try to make everyone happy, this resulted in me growing up to be a very angry and resentful young lady – the term lady used very loosely.

Everything in moderation

I’ve learned this is the key to happiness and achieving goals. I used to be extremely emotional and I would compulsively do everything from house cleaning to snacking. I was the “but I can’t eat just one” girl. However I’ve learned to control my impulses; this includes everything from spending to eating.

Cold turkey never works

It takes time to change your habits. Whether that be fitness, eating or shopping. If you implement a spending ban will you really stick with it? What happens in two weeks when the big changes becomes too much? The odds are you’ll just fall off the wagon and start spending again.

So why not gradually cut down your spending over time instead of cutting it out completely. Doesn’t that seem like a much better way to change your behavior and develop new habits.

Have you ever implemented a shopping ban?

I’d love to hear about it if you have. I would like to know if you went through withdrawal, if you stuck with it and if you saved as much money as you planned to. Please tell us all about it.

Would you let the lottery ruin your life?

Posted on August 31, 2015 - 5:00 am by Kristina Tahnyak 5

lotto, lottery, game of chance, winning the lotto

Winning the lottery is supposed to be prosperous. It’s supposed to bring good luck and fortune in the form of money, but what if instead of a glamorous lifestyle all you get is more problems with more money.

Would you prosper from winning the lottery?

I have read story after story about how winning the lottery ruined people’s lives and all I can think to myself is “Why are people blaming the lottery?” Winning the lottery is literally a once in a lifetime opportunity. It doesn’t happen to everyone and therefore people who are blessed with a mega cash windfall should cherish it, not waste it.

This woman won the lottery and found herself taking the bus to work just nine years later because she spent the entire amount on cars and other luxurious items. This couple bought their dream home and a brand new Porsche, but the new fortune couldn’t save their marriage. They divorced after 14 years of marriage and the husband took the Porsche.

I don’t see any problem with the lottery money in either of those scenarios, all I see is human error. However in their defense, it’s easy to get carried away with a windfall of cash if you’re used to being broke.

What would you do if you won the lottery?

If I won the lottery I would definitely splurge on buying a new house and car. I don’t really need either, but buying them ensures I will never have to pay rent or make another car payment again for the rest of my life. That’s money well spent if you ask me.

I would also take time off and travel. I would spend a year travelling the world and experiencing new things. I wouldn’t blow any of the money extravagantly or do anything out of the normal that I wouldn’t do in my regular life. Basically I would live my life, but abroad instead of in my apartment.

After seeing the world I would pick one spot and buy property there so I could escape to a second home whenever I want to. I wouldn’t buy a million dollar home, but I would buy a really nice home in a warmer climate. I think property is always a good investment so why not have some here and some abroad.

What wouldn’t you do?

I definitely wouldn’t spend it all. I would allow myself to splurge on a trip around the world, but I wouldn’t waste any money and I would also set a spending limit.

After the house, the car and the foreign vacation home I would give myself a set amount (maybe $50,000) for the trip around the world. Once the money runs out I would come home, or better yet I would plan to go everywhere I want to and make it fit within that budget.

I also wouldn’t flash my money around everywhere. Bragging and showing off can only lead to bad things and I definitely don’t want that, especially with my money.

If you won the lottery what would you do?

Do you remember going back to school?

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

going back to school, back to school, studying

It’s the most wonderful time of the year. It’s back to school and that means families all across the United States are getting their kids (and in some cases themselves) ready for back to school. So let me ask you a question, even though you’re all grown up and work full time do you miss going back to school?

I do. I get nostalgic this time of the year for overcrowded classrooms, busy college campuses and long nights filled with homework. I definitely don’t miss the sleepless nights and the feeling of always being ten minutes behind, but I do really miss going back to school and here’s why…

Buying school supplies

I love paper and pens. The smell of paper and books is very calming and for some strange reason I also really love the smell of ink on paper. Maybe it’s because I miss going back to school or maybe it’s because I have a weird paper fetish that’s about to be unleashed. I’m not too sure what it is but either way I still buy myself stationary at this time of the year in reminiscence of going back to school.

Shopping at the campus bookstore

I think this weird obsession is the exact reason why I became an avid reader after graduation. When I have a bad day at work I like to take my lunch break at the bookstore. I enjoy the calming atmosphere of bookstores because it helps me decompress. I think it’s directly attributed to my days spent in the campus bookstore.

The smell of fall in the air

I’ve said this time and time again on Dinks Finance and I’ll say it again, I love fall. Not only is my birthday in October, but fall is by far the prettiest season when it comes to landscapes. I know in most parts of the country you can’t go to the beach and enjoy long days during fall like you can in July and August, but trees changing from green to orange is just so beautiful.

Then of course there’s also the annual indulgence of Starbucks’ Pumpkin Spiced Latte. I look forward to that every year. Although I heard they’re changing the recipe this year and actually adding real pumpkin flavor, so it will be interesting to see how it turns out.

These are the two things I never liked about going back to school:

All the expenses that come with college

Going off to college is an exciting time in a young student’s life, but it’s also a very expensive time. I don’t miss taking out a student loan for tuition and spending hundreds of dollars of my hard earned money on books. That’s not even mentioning the cost of room and board.

Saying good-bye to friends

If you attend college in a city away from your hometown going back to school can be both happy and sad. It’s sad to leave old friends behind and say good-bye to them until next summer, but at the same time college life is exciting because you get to make new friends.

Do you miss going back to school?

How Soon Should You Get Married After Being Engaged?

Posted on August 27, 2015 - 5:09 am by Kristina Tahnyak

engagement, getting married, couples advice

How long were you and your spouse engaged before you got married? That seems to be the million dollar question for all couples. My best friend just moved in with her boyfriend of one year. Her parents were less than thrilled with her choice because she was committing to him without “any promise” – that’s a direct quote.

As you know Nick and I have been dating for 16 years and it doesn’t look like marriage is anywhere in our future. So if someone asked me “How soon should you get married after being engaged?” my answer would be forever. However, not everyone feels the same way.

When you can afford it

My best friend decided (against her parent’s wishes) to move in with her boyfriend on the condition that they would be engaged within the next year. I don’t agree with giving your boyfriend or girlfriend an ultimatum, but it’s definitely one way to go.

My friend will be 35 years old this year and she doesn’t want to “waste time” if there is no promise of getting married – that’s also a direct quote. She wants to get engaged as soon as possible and now that they live together she’s just waiting for her boyfriend to pay off his debt so he can afford to buy her an engagement ring.

Before the seven year itch

There’s a scene in The Hangover movie where Stu tells his friends that he is going to propose to his girlfriend because they’ve been dating for three years and that’s what you’re supposed to do. I hate doing anything because we are supposed to do it at a certain age, because we have a certain amount of income or just because that’s what society says we should do.

However some could argue that if you don’t set hard deadlines for your goals they will never be achieved. I believe goals that are tracked get accomplished, so if getting married is one of your personal goals maybe a definitive date is a good idea.

As soon as possible

When it comes to dating, relationships and getting engaged my friends are all over the spectrum. I have a friend who dated men she met in bars, men from the office and men she met online. All the relationships ended in breakups.

She finally decided to try online dating one more time and found the man of her dreams. Within a year of meeting they moved in together, got engaged and got married one month before their first date anniversary. Now after two years of marriage her son is about to celebrate his first birthday.

Obviously the rash decisions and rush to the alter seemed weird to me (16 years of dating, remember?) and when I asked her about her year of chaos she just said “I know it’s right”. O.K. I guess I can accept that, but how well do you know someone you’ve only known for 11 months? Well enough to get married I guess.

This is Why I Never Want to Have Kids

Posted on August 26, 2015 - 5:00 am by Kristina Tahnyak 2

I know this is a dual income no kids personal finance blog, so it should go without saying that I never want to have kids. However something happened to me last weekend that just solidified my life choice is the right choice for me.

Last Friday my best friend and I decided to take a girls weekend away from our boyfriends and just hang out together doing nothing but watching movies, ordering room service and shopping. We decided to meet in a city in between where we both live so it would be convenient. I quickly booked a train from Montreal to Toronto and I was on my way to a nice, relaxing, long weekend.

Sitting across from me on the train was a young couple, with their very young daughter. After watching the mother try to keep her child quiet and calm for the better part of a five hour train ride and after watching the father gaze out the window for which I can only assume he was wishing to a higher power for a better life, it reaffirmed my decision as to why I never want to have kids.

I know there will probably be some backlash on everything I’m about to say, but this is my decision. I’m sure happy families all across the United States have a million reasons as to why they want to have kids, but it’s just not right for me.

Kids are a lot of work

I saw the young family in the train station and I remembered them because of the abundance of luggage they had and couldn’t seem to manage. By the time I boarded the train, had my ticket verified and started setting up my laptop the family barely made it on to the train, let alone to their seats. It must be hard to manage all your life’s belongings with a child in tow. That seems like a work commitment I just can’t make.

It’s expensive to have kids

By the time you add up the cost to have a child, raise a child and provide for them I’m sure the expenses related to having a kid are the same as (or even more than) buying a house. According to CNN Money the current average cost to raise a child is $245,000. I like to travel, eat out and just be able to spend money whenever or however I want to. I feel that financial freedom is taken away when you have kids.

You don’t have your own life anymore

I couldn’t even imagine my life if I had to rush home after work to cook dinner and help my children with homework. This is probably the biggest reason as to why I never want to have children. In all honesty, I’m just too selfish. My dad always says that when you have kids, you live for them. Every single time parents want to make a decision they have to take their children into consideration.

I just can’t give that kind of commitment to someone else.

Financial Advice for a Happy Marriage

Posted on August 24, 2015 - 5:02 am by Kristina Tahnyak

couples advice, marriage tips, marriage advice

Some say the secret to a happy marriage is communication, some say it’s honesty and others say it’s compromise. Among other things, I personally think it’s a combination of all three…especially when it comes to money in your marriage.

If you could go back to the first year of your marriage, what financial advice would you give yourself? I know that I would do some things differently and I’m sure so would Nick – although he’s my boyfriend, not my husband.

As both a long time girlfriend and a financial planner here is some financial advice for a happy marriage:

Over communicate to the point of annoyance

Reminding your spouse about an upcoming bill, significant withdrawal from your bank account or major expense is always a good idea. You may think you’re being annoying, but trust me when I say it’s a lot better to over communicate than assume your spouse is aware of the situation and then deal with the fallout when it comes as a complete and total shock.

It’s also a good idea to talk about major purchases such as repairs to your home, a vacation or lending money to family and friends. This way you can agree on a reasonable amount to spend and you’re both on the same page when it comes to the expense.

Don’t sweat the small stuff

In your relationship – just like in life – you win some and you lose some. A disagreement doesn’t have to be an argument. The best advice I ever received from a co-worker about relationships is that the key to happiness is compromise.

Of course you may do something differently if you were single; but you’re not, you’re in a relationship and sometimes that means keeping quiet when you spouse spends money on things you wouldn’t.

Agree on a spending threshold

It may be extremely annoying to talk with your spouse about every single purchase you make. Set a spending threshold that determines a limit of how much you can spend freely without it becoming an issue in your relationship.

Nick and I usually talk about purchases of $250 or more, but that’s because they usually involve furnishings for our apartment. We very rarely spend that amount of money on ourselves. The last two major purchases we made were our new king size bed and our sofa back in October. Other than that it’s been smooth sailing.

Don’t forget about your personal goals

As one half of a long time couple I can tell you that there’s nothing worse than those “we” couples. You know, the type of woman who says “I’ll have to check what we’re doing” before committing to plans and response is “Oh yes we love it” when you ask if she likes something.

It’s important to keep your individuality when in a couple, this applies to your personality as well as your money. The last thing you want to do is be divorced without any of your own assets or savings – that’s not a good situation to be in.

What’s your best financial advice for a happy marriage?

What To Do With Your Unwanted Gift Cards

Posted on August 20, 2015 - 5:00 am by Kristina Tahnyak 1

regifting, gift card, unwanted gift card

Have you ever opened a gift box or birthday card and found a gift card that you just don’t want? I’m sure we’ve all been there. So what do you do? You probably smile politely, say thank you and then start creating a list of all the things you can do with your newfound unwanted gift cards.

I appreciate all gifts. When I receive unwanted gift cards it’s not so much that I don’t actually want them, it’s more that I don’t live near a store location or I don’t have an immediate use for the card. However I’ve come to learn that just because I don’t need to use them now doesn’t mean that I won’t ever be able to use them.

Here are four ways to creatively use unwanted gift cards:

Check the expiration date

Some gift cards never expire and some must be used within a year from the purchase date. Before you giveaway or re-gift your gift card check how long it’s good for because you might be able to use it down the road.

I don’t know about you but I always get rid of items that I haven’t used in the last three months and then 30 days later I find myself needing it. Sometimes it’s better to hold on to unwanted gift cards for the long run…just in case you end up needing them down the road.

Sell it to a friend

Just because you don’t like or need a gift card doesn’t mean that no one does. If you find yourself with an unwanted gift card ask your friends or family if you can make a trade or sell it to them. This way you still get the value of the gift without having to buy something you don’t want or need. Spending just to buy is a waste of money, even if you’re paying with a gift card.

Donate it to a charity

Believe it or not charities don’t only want your cold hard cash, they welcome gift card donations with open arms. They can use them to buy goods for those in need or even raffle off at their next fundraiser. If you really want to do some good with your unwanted gift cards donate them to your favorite cause.

Re-gift at your next party

There’s no shame in re-gifting a gift card…as long as you don’t give it back to the same person who gave it to you. If you don’t have a birthday party coming up you can use it as a door prize for your next event such as a bridal shower or bachelorette party.

Gift cards are a great idea for gifts because the recipient can buy anything they want at the store and usually over an extended period of time.

What’s the last gift card you received? Did you love it or re-gift it?