09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

baby's nursery

Will I Ever Be Able to Afford Children?

Bringing home a bundle of joy from the hospital is the start of a new adventure. You’re responsible for a new life and are now party to the ups and downs, the laughter and stress, of raising a child.

If you plan on having kids, you may already be considering how the new addition to your family will factor in financially. From the cost of health and prenatal care, to childbirth, to actually raising your child—things can get expensive. There’s a crib, maybe a new nursery, diapers, formula, clothes, and that’s just the beginning.

Young people are facing unprecedented levels of student loan debt and increasing costs for health care and housing. At the same time, millennial salaries are lower than those of previous generations, partly because many entered the job market after the 2008 recession.

While millennials are having kids later than older generations, a majority still rate being a parent as their most important life goal.

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Young woman with backpack

7 Ways to Thrive as a Commuter Student

Articles about the benefits of attending college typically focus on traditional situations where students live on, or right next to college campuses—and benefits of full college-campus experiences are numerous. But, there are also plenty of benefits when commuting to college and here we’ll look at seven of the most important of them.

Before we begin, though, we want to create a definition of this type of student. What is a commuter student, really? Traditionally, people think of students who live in dorm rooms as the ones who are heavily involved in campus life, but what about students who live nearby in an apartment? These students may also be immersed in campus life.

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footballs on yellow background

Hosting The Ultimate Big Game Party

Football, beer, and copious snacks—for some, there’s no better holiday than the big game. It’s a bright spot in what is often a long, dark, cold, dreary winter.

Between the football game, award-winning commercials, and an always talked-about half-time show, it is one of the few events every year that spans interests. And there is no better way to watch the big game than with a big group of friends, family, and a few ice cold brews.

If you’re hosting your friends and family for this year’s big game, have no fear, we’ve got you covered with football party ideas and the best tips and tricks so you can be the host with the most, all while sticking to your budget.

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woman with shopping bags

What is Retail Therapy, Anyhow?

“Retail therapy” is a tongue-in-cheek phrase people often casually toss about, referring to the good feeling that can arise through shopping, a feeling that is often (but not always) short-lived. (This isn’t, it should be noted, an actual form of therapy!)

Sometimes, people pursue shopping therapy when they need to cheer themselves up, whether after a romantic breakup, a bout with the flu, or a tough day at the office. Other times, this kind of pseudo-therapy is used to celebrate a special occasion, perhaps a promotion at work or an engagement announcement.

This post will explore the psychology behind shopping for pleasure, versus shopping strictly for what you need. We’ll delve into ways in which retail therapy can be harmless and may be a release, along with some potentially negative impacts.

We’ll share tips on creating a budget that helps allow room for purchases that make you smile, as well as ways to free up your cash flow, and a strategy aimed to help dig yourself out of credit card debt that can arise with over-enthusiastic spending.

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person at gym

What CrossFit Can Teach us About Debt Management

Created by Greg Glassman, CrossFit is an insanely popular fitness regimen. And like other workout programs, it takes planning, discipline, and commitment to reap the benefits of your hard work. The same is true, psychologically speaking, with managing your debt, as it also takes a similar sense of commitment and disciplined approach.

In both types of goals—fitness and financial—it’s great to first dream big. That’s what brings the excitement to the process, fueling your motivation to succeed. All big successes start with that big dream.

Next come the concrete, practical steps needed to achieve those dreams, making them your reality. In this post, we’ll discuss four things we know about CrossFit lessons that can also help with debt management. We’ll also look at how to manage a specific type of debt—student loans—sharing a smart way to potentially lower your interest rate, as well as describing how you might be able to pay less interest over the life of your student loan.

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