Home > Author Archives: Kayla Sloan (page 5)

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.

Why You Should Begin Working on Your Taxes in the Fall

Why You Should Begin Working on Your Taxes in the Fall

Fall brings with it cooler weather, football, and warm, spiced foods and drinks. For many, it is also the time to start thinking about upcoming holiday purchases and activities. But these are not the only thing you should be doing as the season changes and the leaves start falling. There are also reasons you should begin working on your taxes in the fall. 1. File Taxes Earlier Spending time preparing for tax season throughout the year, and particularly in the fall, allows you to file your taxes earlier come January. Instead of rushing around trying to make sense of unfiled papers and receipts you will already have much of the work done. One way to do this is to stay organized. File your receipts, bills, and other important documents as you get them. If you haven’t been doing that, take the time this fall to catch up before the New Year arrives. Another thing that can help is to stay in touch with your tax preparer or accountant. Take time now to set up an appointment with them for late January or early February. You will be able to go over your taxes then and get them filed early. 2. ...

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5 Reasons Budgeting is Hard for Millennials

5 Reasons Budgeting is Hard for Millennials

Millennials are often labeled as lazy or lacking direction if they aren’t demonstrating success at making it on their own. But it’s easy to put a label on someone and make everything their fault. Taking time to understand why millennials have trouble making it financially could show us a different scenario, however. In fact, what appears to be laziness, on the surface, could instead be a problem of not budgeting. But if that is the case, what are some of the reasons budgeting is hard for millennials? 1. The Need to Keep Up It’s difficult to deny yourself of things others have. This is especially true if everyone has it and you are expected to have it too. The price for millennials, though, could be higher debt and difficulty sticking to a budget. One example of this is smart phones. Everyone seems to have them. Not only that, but millennials are almost obsessed by them. Nearly everywhere you go you see them ignoring each other and the world around them. Millennials can check bank account balances, order stuff online, and communicate almost instantly by smartphone. Not having a smartphone, therefore, is very inconvenient. How else will they keep up appearances ...

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Pros and Cons of Buying Life Insurance for Your Kids

Pros and Cons of Buying Life Insurance for Your Kids

The cost of raising a child doesn’t decrease, it only increases. Knowing it takes so much money to raise a child these days, it makes sense that people don’t want to spend extra money unnecessarily. In fact, frugal living has become something many parents are constantly working toward. Obviously, it’s a good goal to have. But, to achieve it, parents are cutting their budgets where ever they can in order to save the most money possible. This makes me wonder where life insurance fits into the picture. Should you buy life insurance for your kids? This is something my parents and I were discussing the other day as they took out insurance on my brother and I when we were little kits. Here are some of the pros and cons of buying life insurance for your kids. Pros: 1. It Can be Inexpensive You can purchase a term insurance policy for a child for only a few dollars per month. For instance, if you put a rider on your own life insurance policy it may only cost you around $5 to $10 each month. 2. You Will Have Funeral Expense Coverage Having life insurance is not a guarantee that all ...

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Can You Be a Prepper and Be Budget Conscious?

prepper

Nearly all of us have seen a movie or television show depicting a prepper who stockpiles food and supplies for some future calamity. Sometimes that person chooses to squirrel items away in a basement or in odd places around their home. For those of us living in reality, however, this kind of propaganda may leave us wondering if storing such vast quantities of supplies and food is reasonable. For one thing, some of the food could potentially expire and go bad before it’s used. (Couponers have the same problem!) If this occurs it would result in a huge waste of money as well as resources. But, it also begs the question of whether or not you can be a prepper and be budget conscious. Here are some things to think about before you stock-up. 1. Why Are You Prepping? To be a prepper, especially on a budget, it might help to first have an idea of what you are prepping for. Are you afraid of an apocalyptic event, such as another world war? Perhaps you worry about a bio-terrorist attack or an electrical magnetic pulse, called an EMP, being launched against our country? Or, could you be concerned about the ...

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4 Ways Keeping Up with the Joneses Hurts Your Budget

4 Ways Keeping Up with the Joneses Hurts Your Budget

If you thought peer pressure ended once you graduated from high school, you are wrong. Peer pressure is around us every day in the guise of keeping up with the Joneses. It exists at work, where you may have a snobby coworker who brags about her new car or the hundredth new shirt she just bought but doesn’t even need. But, the pressure to measure up and keep up with the Joneses doesn’t end there either.  It’s also present among family members and friends who try to impress and outdo you every time the family gets together. Unfortunately all of this pressure can wreak havoc in your life if you aren’t careful. In fact, there are lots of ways keeping up with the Joneses can hurt your budget. Here’s how. 1. Makes You Spend More There are a lot of reasons you may try to keep up with the Joneses. One is because you may feel the need to fit in with your family, coworkers, or friends. Another is to avoid being ridiculed by others. A third reason could simply be your base competitive nature to “beat” someone else. None of the reasons really matter. The bottom line is that ...

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