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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.

4 Financial Reasons You Might Want to Sell Your Home

4 Financial Reasons You Might Want to Sell Your Home

Selling your home and moving isn’t an easy process for most people. You have to pack up all of your stuff making sure it’s well protected from breakage, hire a realtor, and keep your home presentable while it’s being shown. Of course, you could sell your house on your own as so many people do these days. But what if you need to sell your home within a short amount of time? There are at least 4 financial reasons you might want to sell your home quickly. 1 Eliminate Debt In most cases, the largest amount of debt most people have is the mortgage on their homes. If you are trying to eliminate the amount of debt you have, you might consider selling your home to help you get out from underneath it. You certainly don’t want to wait until you are faced with the threat of foreclosure to sell your home because that can completely wreck your credit for many years to come. As difficult as it may be to make the decision to sell your home, it could be the best financial option in some situations. 2 Lower Your Payment Another reason to sell your home might simply ...

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6 Things to Include in Your Holiday Party Budget

holiday party

Just about everybody loves a good party. If you are planning one for either Christmas or New Year’s this year, you might be wondering what things to include in your holiday party budget that will make your party a smash hit! Taking time to make a plan, and a budget, for your holiday party will ensure you don’t go over board with spending during the expensive holiday season. Plus, it’ll help you avoid forgetting things that you’ll have to run and grab at the last minute. It’s a win-win! Here are 6 things you should include in your holiday party budget. 1 Food It isn’t a party if you don’t have great food. Make sure you plan your menu ahead of time and don’t wait until the last minute to do your grocery shopping. I was once forced to change my holiday menu because the only grocery store in my small town was out of a critical ingredient I needed for one of the food items I had been planning. If some of the ingredients you need are canned or boxed you might be able to pick them up a couple of weeks early when they are on sale and ...

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How to Make Money Renting Your Home for the Holidays

How to Make Money Renting Your Home for the Holidays

The number of shopping days until Christmas is dwindling and ready or not, the holidays will soon be here. Will you be traveling for Christmas this year? If the answer to that question is yes, it might be worth your while to look into how to make money renting your home for the holidays. You might make enough to pay for your own holiday travels rather than letting your own house sit empty while you are gone. Advertising There are a number of companies online that can assist you with listing your property to rent out to others for their holiday vacation. Airbnb and HomeAway are just two of the many companies you could check into to help you get started. All it takes is a few mouse clicks to begin making money during the holidays by hosting your home with either of these companies. In addition, you’ll need to consider setting up a website to help potential renters and travelers get a feel for what they will receive when they rent from you. Include detailed descriptions and lots of pictures to help you entice people to stay in your home. Make sure you have contact information including a phone ...

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Why a Budget is Not the Same as a Financial Plan

A Budget is Not the Same as a Financial Plan

The terms “budget” and “financial plan” are sometimes used interchangeably. However, in my mind, there are differences between the two. I have a budget for each month, along with an over-arching financial plan. To me, a budget is more of a short-term spending plan and a financial plan is long-term with multiple goals and steps along the way. Here are some of the differences between a budget and a financial plan. Budget First, let’s talk about what makes up a budget. A budget is a listing of your expenses and financial obligations and is a guideline for your spending. It may contain categories, like housing, utilities, groceries, etc. In addition it is usually for a specific time period, such as a monthly budget or a weekly budget. Generally your expenses are broken down into a budget and then totaled so they can be compared to your income for the same period of time. In this way, income and expenses can be compared so adjustments can be made to help you achieve balance in your personal finances. Financial Plan Now let’s examine what a financial plan is. A financial plan helps you to evaluate your financial state using your budget as ...

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How Job Hopping is Harmful to Your Retirement Savings

Job Hopping

While some people choose to stay at the same job for their entire career, others have a habit of changing jobs every year or two. This habit is known as job hopping. Job hopping may not be a bad thing if you are young and the positions you hop to are higher paying or with better benefits. However, there are times when job hopping can be harmful to your retirement savings. Cashing Out Should you choose to leave your job after only a year or two, you may think you should simply cash out your 401(k) when you leave. Think again. Cashing out your retirement plan early means you may only be able to receive a portion of it. The reason for this is because early withdrawal usually causes you to incur penalties and fees. A couple of better options would be to move it with you to your new employer, if they allow it, or to roll it into an IRA. Not Being Fully Vested When you are investing in a 401(k) plan, it usually takes three to five years before you are fully vested. If you choose to leave your current employer and go to work for a different company ...

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