🏖️ What if-proof your summer

Saturday,
June 10, 2023

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The week in review

• Americans now hold a record amount of credit card debt just shy of $1 trillion at $988 billion. On average, individuals carry around $5,700 in credit card debt, with Americans aged 40 to 49 carrying the highest average at $7,600. With interest rates at decade-high levels, the cost of carrying that debt has also increased to more than 20% compared to 16% a year ago.

• Taco Bell (YUM) is testing a vegan version of its Crunchwrap in three cities in the US. The Vegan Crunchwrap, made with plant-based beef and cheese alternatives, and will be available in Los Angeles, New York, and Orlando for a limited time. The chain has been a popular option for vegetarians and vegans due to its vegetarian substitutes. Nearly a quarter of the items Taco Bell sold last year were vegetarian.

• The PGA Tour and Saudi-backed rival LIV Golf have agreed to merge, ending all pending litigation. The deal would combine the PGA Tour and LIV Golf's commercial businesses and rights into a new, yet-to-be-named for-profit company.

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

What if-proof your summer: Make a splurge budget

Here’s a bright idea: a budget just for occasional indulgences. For spontaneous getaways, Beyoncé tickets, and optional shaved white truffle on your omelet. Finally, a financial goal with built-in motivation.

1. Set up a sinking fund. While an emergency fund covers life’s inevitable goat rodeos, a sinking fund is the opposite. It provides flexibility outside your daily budget for unexpected opportunities. (With a SoFi Bank account, you can create a Splurge Vault right from your mobile app.)

2. Forecast your expenses. Take a look at what you did last summer to get a rough estimate of how much you might need. You may not know when you’ll hit the beach or catch a concert, but if that’s what summer means to you, it’s likely going to happen this year, too.

3. Treat yourself. Memorable moments don’t need to break the bank. Setting up small rewards throughout summer can be a great way to maximize every single moment (without derailing your budget.)

This week's top stories

There’s a new trend among employers in response to the tumultuous labor market: workforce stockpiling
Rather than cutting costs through layoffs, some employers have opted to invest in employees instead, in order to keep them from actively seeking different opportunities. This type of business in particular is hoping stockpiling talent will offset labor shortages.
Read more >>

Hollywood writers are trading scripts for side hustles.
The Writers Guild of America has now been on strike for roughly six weeks. Without blockbusters to pay the bills, check out how screenwriters are making ends meet.
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Many startups are funding tools to make it easier for companies to connect with gig economy workers.
76 million Americans rely on hourly wages to make ends meet. These 3 emerging startups have raised tens of millions to get workers properly paid for their precious time.
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Deep dives from SoFi Learn

Want to be a more frugal traveler? To snag some bargains on your next trip, try these smart tactics.
With a little research and knowledge of some insider tips and tricks, you can have a great experience on vacation and cut costs, too.
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Making your new space feel like home can be daunting and expensive if you don’t have a plan in place.
We’ll break down the cost to furnish a home, plus six interior decorating tips that can help you in the process.
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Everyone feels emotions about money. Is your relationship with it healthy or unhealthy?
Your biases and beliefs about money influence your financial decisions. Understanding this dynamic can help you better manage your money and build wealth.
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