June 12, 2021

Amid evolving news surrounding COVID-19 and the economic reopening, your financial needs are our top priority. For more information,click here.


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The Week in Review

US stocks stumbled on the first day of the week as volatile speculative trading activity stood out on a rather quiet day for markets.

US stocks rose Tuesday in what was a choppy session. Growth stocks outperformed in the morning, helping the Nasdaq Composite push higher. But later in the day cyclically-oriented S&P 500 sectors including energy, consumer discretionary, and materials made a nice comeback.

US stocks fell Wednesday after trading in a tight range.

US stocks rose Thursday after the release of a pair of high profile economic data reports. Consumer prices came in a touch higher than anticipated, but investors clearly weren’t overly worried about modest upside to inflation expectations.

Despite the CPI increase, industry watchers do not think it will prompt intervention from the Federal Reserve when policymakers meet next week.

For more economic news and how it affects your money, visit the SoFi app.

This Week’s Top Stories

The unemployment rate is declining, but at a slower pace than some had hoped. Learn more here.

Consumers venturing out for a summer vacation may face price shocks given the skyrocketing cost for everything from car rentals to accommodations. Learn how to vacation responsibly from a budget perspective.

The CPI rose 5% in May, marking its biggest increase since August 2008. Learn what is driving prices higher and why the Fed probably will not respond.

Deep Dives from SoFi Learn

Creating a personal budget isn’t easy—but when you’ve got specific goals in mind, it can go much more smoothly. Learn about short-term and long-term financial goals, plus ways to create small victories along the way.

Because payment history makes up 35% of your credit score, budgeting and making payments on time is crucial. Get back to basics with How to Make a Monthly Budget.

As companies phase back to on-site work, managers have to figure out how to keep productivity and morale high. Learn How to Manage a Team That's Half Remote, Half On-Site.

Use Your Money to Work for You

The 50/30/20 budgeting guideline can help you prioritize spending, saving, and paying down debt. The principle allows you to focus on the proportion of your money going to different priorities compared to tracking every dollar you spend. The idea is to focus on spending about 50% of your money on needs, 30% on wants, and 20% on saving and paying down debt.

Financial educator Ro$$ Mac shares tips on budgeting, including how to use the 50/30/20 rule to keep your money working for you.

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