SoFi Blog

Remember back on December 31, when you vowed this would be your year to get financially fit? How’s that working out for you, now that it’s mid-year?

If you’re like many Americans, it might not be going so great. Turns out, many folks forget or give up on their New Year’s resolutions by January 17 —and by spring, those good intentions are a tiny speck in the rearview mirror of life.

But that doesn’t mean you can’t get back on track. Financial resolutions are among the most popular each new year because we really do want to feel more secure about the future. The problem is, we tend to go too broad.

We say we’ll “save money” or “get rid of debt” or “stop spending so much.” But according to fans of the goal-setting acronym SMART (specific, measurable, achievable, relevant, and time-bound), those resolutions aren’t the most effective.

So let’s talk specifics. Here are six tips that can help you do a reset and give your old financial resolutions new meaning.

No one plans to get divorced or separated. It’s not what a couple hopes for when they say their vows. And it’s definitely not what they envision when opening joint bank accounts, purchasing a car, getting a dog, or buying a house together.

But if a pair does end up divorcing, figuring out what will happen to joint assets like these can be confusing and painful—at a time that’s already an emotional rollercoaster.

Taking out a mortgage is the single biggest financial commitment that most married couples make. Collectively, Americans owe $9.1 trillion on their mortgages, which make up by far the largest share of consumer debt.

When you first got to college, becoming an RA may not have been on the top of your to-do list. You probably imagined yourself heading out to fun parties with your friends on a Saturday night, not doing rounds in the dorm.

Now that you’re a full-time college student, the idea of becoming a resident advisor seems slightly more appealing. Sure, you’d have to deal with some negatives, but the job does come with its perks. Before you jump into life as an RA, it’s a good idea to think through some of the benefits and downsides to determine if it’s the right decision for you. Here are a few common starting points.

When you get married, you also might get some tax benefits, someone to split a Costco membership with, and, of course, a whole other family. (As in, more relatives to get to know and hopefully, learn to love.) But with all the good stuff, there may also be some less than desirable aspects. You may also get more relatives who want to meddle in your finances, especially parents and in-laws.

Now, your parents and parents-in-law probably mean well, but it can be difficult to navigate the relationship if they start to get nosy about how you spend or save your money. Merging finances with your spouse after you get married is tricky enough, add in some financial tension with parental figures and you’re looking at a recipe for a marital mess.

There are multiple ways that parents may try to get involved with your finances. Some are used to giving advice freely to their child and may just want to extend the same gift of knowledge to their child’s spouse—whether they want it or not.

What do you call it when someone buys a house and is responsibly paying off their mortgage every month? You could call it “adulting.” But what if there was a way to be even more responsible and pay less? Or what if there was a way to take advantage of all that value in your new home? That would truly be adulting. Well it’s possible there could be a way—through a mortgage refinance.

When you refinance your mortgage, you’re essentially paying off your existing loan and taking out a new loan at new terms. Generally, there are two types of refinances – No Cash Out Refinance: to get a lower interest rate or a different repayment period, or Cash Out Refinance: to take advantage of the equity in their home. If you refinance with a lower interest rate or term, it could save you thousands.

For example, using an online amortization calculator, if you pay on a $300,000 mortgage loan at a 5% fixed interest rate over 30 years, you’ll end up paying $279,767. With a 4% interest rate, you’d pay only $215,608 in total interest over the life of the loan.