SoFi Blog

Tips and news—
for your financial moves.

6 Steps to Improving Personal Cash Flow, So You Can Be Like Your Own CFO

Picture this: It’s the end of the month, you’ve paid all your bills, and even had a little fun. You’ve made ends meet, as you always do, but your savings account isn’t growing and there’s nothing left to fund an emergency should one arise. Sound familiar? If you’re just breaking even—or worse, spending more money than you’re taking in—you’ve got a personal cash flow problem.

Maybe you’ve been living this way for a while, and it now feels normal. But here’s the deal: Without a positive cash flow (meaning you earn more than you spend), it’s hard to get ahead financially. Until you’re in the black, you could be shut out of good financial opportunities—including getting low interest rates on personal loans, or mortgages, or even student loan refinancing. You’re also missing out on the money you could be earning by investing what you save.

The good news is, it’s possible to turn that around. You’re the Chief Financial Officer of your life, so it’s up to you to learn exactly how to improve your monthly cash flow. It will take some work, but by increasing your income and lowering your expenses—both fixed (rent, utilities, and car payments), and discretionary (entertainment and clothing)—you can make dramatic shifts in your financial life. Follow this six-step plan, and you’ll see your monthly cash flow move from negative to positive even faster than you’d expect.

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How to Plan the Ultimate Debt Payoff Strategy

Debt can often have a negative connotation, but there are plenty of good reasons to have it – for example, using student loans to increase your earning potential, funding an entrepreneurial venture with a small business loan or going to the “Bank of Mom & Dad” to pay for a move across the country for a great job.

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A history of credit and how to manage yours better

A History of Credit (and How to Manage Yours Better)

Alfred Bloomingdale, Diners Club developer and grandson of the famous department store founder, once said, “The day will come when the plastic card will make money obsolete.” At the time, this might have sounded futuristic, but today 62% of Americans think society will become cashless in their lifetimes, with all purchases made electronically.

So how did we get to a place where cash is on the way out, and credit is everywhere? The origin of the credit card, and its subsequent rise, can help explain the current credit landscape, and lend powerful insight into how to control your own credit today.

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End of year debt payoff checklist

Your One-Minute Checklist To Eliminate Debt (And Make 2017 Really Payoff)

As the year draws to a close, it’s a great time to reflect on your finances—especially if you’re a recent grad who’s newly employed. You’re likely bringing home a significant paycheck for the first time in your life, but also have big-time monthly bills to pay, including student loans. Without proper planning, that debt can easily drag you down.

So how can you balance paying your bills, eliminating your debt, and saving for your future while still allowing yourself a few bucks for fun?

Start achieving your 2017-and-beyond financial goals by asking yourself these key questions:

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