Home > Author Archives: Kayla Sloan

Author Archives: Kayla Sloan

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

Earning Extra Money: Should You Work Overtime?

Earning Extra Money: Should You Work Overtime?

Working overtime is something Americans do more than any other country according to a recent article by ABC News. Yet at times it seems we still can’t get ahead financially. Do you fit into this group? If you work overtime on a regular basis but still have trouble keeping up with your bills you might wonder if you should even bother. Perhaps you have thought about getting a second job instead. But when it comes to earning extra money, should you work overtime or get another job? When you compare the two, which is the better option? In today’s post, I’ll share the benefits and drawbacks of working overtime. Next week I’ll share the other side of the story, the benefits and drawbacks of taking on a second job. Benefits of Working Overtime There are some obvious benefits of working overtime. You might, if fact: Make More Money One advantage working overtime has over getting another job is that the pay may be higher in most cases. The reason for this is because you should be getting at least 1.5 times your normal rate of pay for overtime at your current job. Getting a second job may not pay you ...

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Should You Open a Bank Account for Your Child?

Should You Open a Bank Account for Your Child?

Shortly after I was born, my parents opened a savings account for me.  They didn’t deposit money into it regularly over the years, but occasionally they did add to it. Once I was old enough to have a checking account too, I had at least a few hundred dollars already set aside in savings. But, not everyone follows my parent’s example. Some people open an account shortly after their children are born and save thousands for their future. Others wait until the child is a teenager and able to make and control money themselves. Still others do neither, preferring to let their child handle it on their own after reaching adulthood. Clearly there is some controversy over the matter. Should you open a bank account for your child? 3 Reasons to Open a Bank Account for Your Child 1. Teaches Good Financial Habits One reason you should open a bank account for your child is to teach them good financial habits. Keeping records, balancing a checkbook, and paying bills on time are not skills each of us is born with. These habits must be learned. Teaching kids by example and hands on training is one of the best ways they ...

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Is a Personal Trainer Worth the Cost?

Is a Personal Trainer Worth the Cost?

I have been on a mission to lose weight and get healthy this year. I started my health journey in January and I have stuck with it so far. Like anyone who begins such an undertaking, I have had a few setbacks along the way. However, to date I have lost over 40 pounds and my quest to get healthy has provided other benefits as well, such as having more energy. One of the ways I have accomplished this is through a personal trainer. However, there is controversy among many people over whether or not a personal trainer is worth the cost. Here are a few things to consider. 1. Correct Form Personal trainers, like mine, who have experience and knowledge in their field will make certain you are performing exercises correctly. For example, when I first started out with my trainer she emphasized form and quality over quantity. If you are not exercising correctly you may injure yourself. But another potential consequence is not getting the full benefit of the movement you are performing. That is why having a good personal trainer is important. 2. Accountability When you pay for a personal trainer, you may be spending more than ...

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Why Debt Consolidation Isn’t the Answer to Your Money Problems

Why Debt Consolidation Isn’t the Answer to Your Money Problems

A common problem many people share is debt. If you are one of them, perhaps your debt comes from a home mortgage, business loan, auto loan, or student loan. Or, maybe it is a different loan altogether. Nevertheless, no matter where your debt comes from, there are different methods to dealing with it. My approach, for instance, is to work hard in order to pay off my debt as quickly as I can. But some people deal with it by asking for help from friends or relatives. If you are searching for ways to get out of debt you may have thought about debt consolidation as a possible solution. However, there are reasons why debt consolidation isn’t the answer to your money problems. What is Debt Consolidation? Debt consolidation is the process of getting one new loan for a higher dollar amount that allows you to pay off a bunch of smaller ones. Usually these debts are unsecured loans. The new loan may have better terms, a lower rate of interest, lower payments, or any combination of these. Why it Doesn’t Work One reason why debt consolidation isn’t the answer to your money problems is because the debt hasn’t really ...

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Exploring Effective Ways To Finance A Business

Just about everyone dreams of the day they will own a business. While some people will see their dream through, others will falter along the way. Contrary to believe, anyone can open their own business, but not without a lot of hard work and dedication. One of the most difficult steps of the process is obtaining financing for the business. Regardless, if you are starting out with only a few thousand dollars, there are ways to finance your business. Below, you will discover more about the most effective ways to finance your business. Factoring Should Be Considered   Factoring, a finance technique where companies sell its receivables at a fraction of the cost to get cash, works great for companies that design and manufacture products, such as pet supplies, apparel and cosmetics. This finance option works wonderfully for companies with poor credit, but it can be an expensive alternative. Most companies that sell receivables typically pay a percentage of the total cost. For instance if the company pays two percent to get cash funds in 30 days, its equivalent to a yearly interest rate of nearly 24 percent. Credit Cards Consumers utilize credit cards to purchase new attire, fund their ...

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