Saturday,
April 20, 2024
Top Story
The week in review
• Powell said recent inflation data makes it “likely to take longer than expected” for the central bank to feel comfortable cutting interest rates.
• Key data: The median existing home price increased 4.8% to $393,500 in March, a record high for the particular month.
• Social media stocks including Meta and Snap both rallied 1.5% and 6.7% Thursday, respectively, after U.S. House Speaker Mike Johnson indicated he would introduce a group of bills including a forced sale of Chinese-owned social media rival TikTok.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Smart ways to use your tax refund
The average tax refund is higher this year, so what are your plans for the cash?
Think long term. There are many ways to use your refund to help build financial security. For example, shore up your retirement savings and contribute to your IRA.
Else, does your emergency fund need a boost? Experts recommend having three to six months of living expenses saved up to cover any unexpected events, such as car repairs, job loss or medical expenses.
Or maybe you can use your refund to tackle your debt; reducing any high-interest rate debt (think credit card) can save you money on interest charges.
Have a little fun. Using a portion of your refund to focus on yourself can also reap benefits.
Upgrading technology that you rely on can make you more productive and efficient and help make your life run a little smoother, for example.
Or perhaps you want to invest in your skills, by doing a course or earning a certificate that can boost your career.
This week’s top stories
Why are fewer Americans receiving tax refunds?Changes in the labor market may be at play when it comes to fewer workers receiving refund checks from the government.
Read more >> No respite for parents: Child care costs keep rising faster than inflationWhile the cost of care varies wildly by where you live, and how old your child is, one thing is clear: Child care is expensive and American parents are under pressure.
Read more >> SoFi Survey: Women have more financial power than ever. How are they using it?Women’s financial priorities and realities may not always line up. Even though women earn more and control a growing amount of assets, many are hesitant when it comes to investing. Learn more in SoFi’s 2024 Women and Finances Survey.
Read more >>Deep dives from SoFi Learn
What if you missed Monday’s tax deadline?Tax Day finally came, but what if you didn’t manage to file? Here’s what you need to know.
Read more >> What happens when you don’t replenish a negative bank balance?So you’ve overdrawn your bank account. But what happens if you don’t pay it back?
Read more >> If rate cuts are on the backburner, what will happen to the market?The Federal Reserve is expected to cut policy rates much later than the market hoped for, and this won’t go unnoticed in the different asset classes. SoFi’s Head of Investment Strategy Liz Young looks into it.
Read more >>