💚 The financial benefits of going green

Saturday,
April 22, 2023

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The week in review

• Building permits in the US sank 8.8% to a seasonally adjusted 1.41 million in March. As a useful indicator of housing demand, the latest release suggests high interest rates are weighing on homebuyers.

• The average interest rate for a 30-year fixed-rate mortgage jumped to 6.43% in the week ending April 14, marking the first increase in six weeks. As a result of this move higher, mortgage applications dropped 10% compared to the previous week, and year-over-year buyer demand is down 36%.

• The number of Americans filing for first-time unemployment benefits increased by 5,000 to 245,000 in the week ending April 15th. The numbers were in line with expectations, but still point to a softening labor market as interest rates and the slowing economy act as tailwinds for job losses

For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Happy Earth Day! Here are the financial benefits of going green.

At first, a sustainable lifestyle sounds as if it may benefit the environment more than it does the individual. But there are financial benefits that come with going green, including:

Tax benefits. Purchasing everything from eco-friendly appliances to electric cars can come with tax credits or federal rebates.

Less consumerism. Since green living encourages reusing, people may be less likely to purchase new items.

Lower bills. Simple things like turning up the thermostat a few degrees in the summer can lead to direct savings on utility bills.

Reduced transportation costs. Biking, walking, or using public transportation can be considerably cheaper than driving a car or requesting a ride-share.

Learning how to be eco-friendly on a budget can be easier than it sounds. Here’s 19 ways to save money while living sustainably. These creative ideas may help you save money while giving back to our planet.

This week's top stories

Empty nesters are migrating toward a new kind of multigenerational household.
You’ve likely heard about kids moving back home. But what about parents moving in with their kids? It’s happening more often, at younger ages. We’ll take a look at the forces behind the trend.
Read more >>

Companies are trying to unlock the secret to happier employees by offering extra personal days for mental health.
Companies are revolutionizing the workplace by prioritizing mental health support for employees. Here's what you need to know.
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After 50 years, standard barcode technology is getting an upgrade.
2D barcodes are here and will provide consumers with a treasure trove of data about the products they purchase.
Read more >>

Deep dives from SoFi Learn

The master bathroom, aka primary bathroom, can be a self-care sanctuary to ooh and aah over.
Remodeling a master bathroom can provide a spa like sanctuary while adding value to your home. Here are master bathroom remodel ideas and ways to fund them.
Read more >>

Do you feel uncomfortable asking your employer for more money? You’re not alone.
Negotiating a starting salary or asking for a raise can sometimes feel like a confrontation. These strategies could help you climb higher on the compensation ladder and earn what you’re worth.
Read more >>

Now’s the time to start solidifying your summer travel plans.
June is right around the corner, and booking your travel plans at just the right time could help you spend less and save more.
Read more >>

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