SoFi Blog

Summers are short and can feel like they’ve ended before they’ve hardly begun. If you’re sorry to see the summer go, one way to keep your chin up can be buying next year’s summer stuff on sale this year. Yep, it might feel a bit illogical to buy cool summer stuff when the weather turns cool, but the retailers are looking to unload. That’s when you swoop in and triumph. Buy now, keep your money later. Once the weather heats up again, you’ll be good to go.

Think of it this way: Retailers want to get it out the door, and you want to save your hard-earned money. It could be a win-win situation for everyone. Retailers typically like to stay one step ahead in both fashion and season, so if you can work it like the models on the runway, you might be able to buy next summer’s wardrobe in September when the end-of-season deals beckon.

Paying off debt can be exhausting. It’s already overwhelming to take out a $10,000 loan, for example. But you also have to pay interest on that $10,000. Over the years, that interest means you could end up paying hundreds or even thousands of dollars more than you originally borrowed.

There’s no easy way to say it—higher interest rates make paying off debt more difficult.

The good news: Due to some recent activity from the Fed, it might be possible to lock down lower interest rates than what you may currently be paying.

This year, SoFi gave one lucky member the opportunity to win $50,000 with our 50x50x50 Money referral sweepstakes.

Members who referred friends to SoFi Checking and Savings® received $50 for themselves, $50 for their friend, and the chance at a $50,000 grand prize.

What would you do with an extra $50,000? While many might fantasize about using a $50,000 windfall to buy a fancy car or make a downpayment on a home, prize winner Denny is using his money for a much-needed financial reset to pay off debt and take care of his family.

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

If there’s one thing most of the 2020 Democratic presidential candidates seem to agree on, it’s that it’s time to make college tuition more affordable for Americans.

For some, that means tuition-free community college, expanding Pell grants for students who come from a lower-income background, or even making tuition completely free for undergraduates attending public colleges and universities.

Remember the last time you bought a lottery ticket with the dream of winning big? Before the numbers were even drawn, you might have fantasized about how you’d spend your new fortune. Whether you realize it or not, a big part of that fantasy is conceptually being financially free, and the great news is you don’t have the win the lottery to achieve financial freedom.

What financial freedom looks like is different for everyone. For some, it might be financial independence from parents or a romantic partner. For others it might mean living a lifestyle where they don’t have to restrict themselves financially.

Even though all of our visions are different, and everyone’s path will vary a little depending on their own situation, there are some things we can all consider while trying to attain our dream.