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The cost of housing is the biggest living expense for most people, and lately, it’s been rising fast. In 2022, housing prices were expected to shoot up 11% over the prior year, according to the National Association of Realtors (NAR), and modest gains are forecast for 2023 as well.

If you’re struggling to make ends meet, finding cheaper housing alternatives could be the solution to mending your money woes. There are less expensive ways to live that don’t involve selling your worldly possessions and couch-surfing indefinitely. With a little creativity, and a willingness to simplify your life, you can find affordable, comfortable housing.

Read on to learn:

•   What is considered affordable housing?

•   How to find and live in cheap housing?

•   How can you save money on housing?

What Is Considered Affordable Housing?

The average American spends $1,784 per month on living accommodations. A sound financial goal is to allot 30% of your gross monthly income toward your housing budget, including electricity, heat, and water.

The cost of living by state can vary tremendously, but with rents and utilities rising across the country, the suggested 30% rule can be unrealistic. In certain cities and areas with a high cost of living, housing can eat up 50% of a person’s budget, straining their ability to save and meet financial goals.

13 Cheap Housing Alternatives

When thinking about the cheapest ways to live and trying to open up some breathing room in your budget, ask yourself, “Is my housing situation affordable?” If you are living paycheck to paycheck and not saving, your living situation may have to change. Fortunately, there are a range of possibilities when it comes to seeking cheap housing.

Here are 13 housing alternatives to help cut the cost of living and bring balance to your budget.

1. Moving to a Cheaper Area

When looking for cheaper accommodations, one of the biggest moves you can make is a literal one: Move to a place with lower housing costs.

For instance, the costs of the Los Angeles housing market are typically far more than in rural Idaho. Your choice of locale can add hundreds, sometimes thousands of dollars to your monthly bill.

If your job and life situation permits, you could look for a less pricey neighborhood nearby or something more affordable that is within commuting distance of your work. If that doesn’t help make ends meet, it might be wise to consider relocation to another state where the rents are cheaper.

Unfortunately, relocating can be expensive. It can be difficult to tabulate how much money you’d need to move. Resettling in another state may involve the cost of typical moving expenses and supplies, getting a new license and vehicle registration, and typical costs.

2. Living in a Recreational Vehicle (RV)

The use of recreational vehicles surged during the pandemic, with people itching to get out of their quarantines and onto the open road. Having an RV can do more than satiate your wanderlust, it can be an affordable housing option.

While a new RV is not cheap, you can find used ones for around the price of a used car. Despite their somewhat restrictive quarters and the constant need for parking, the sense of freedom, including financial, could be worth it, especially if you’re a nature lover. While it may not be a forever move, it can give your budget a break for a while.

3. School Bus Homes

Here’s a quirky way to live more cheaply for a period of time: Get on the bus. A converted school bus is cheaper than an RV. A used school bus can run between $3,000 and $10,000 dollars.

The interior renovations are the biggest cost factor. A school bus conversion, complete with hookups for electricity and water, can cost around $30,000.

Parking can be an issue, so do your homework first on everything from national forests to a friend’s roomy property in terms of where to pull up.

💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for an online bank account that doesn’t charge you for overdrafting.

4. Living on a Boat

Perhaps you prefer life on the water vs. life on the road. In that case, choosing a boat as your primary residence could satisfy your inner sea captain and your financial needs.

Not including the cost of a boat, maintaining your nautical lifestyle can run an average of $2,000 to $3,000 a month. But you can reduce your costs by spending more time at sea and less on marina fees. Of course, if you have a Monday-to-Friday office job, this will be a challenge. For those with flexible or work-from-home schedules, it could work.

5. Living Abroad

With the cost of living rising in America, some people are looking beyond the borders for affordable housing. Your dollar can go far in places like Vietnam, Costa Rica, and Thailand, as long as you can work and procure the proper visas.

However, establishing a permanent residency in a foreign country can be tricky, and shipping your stuff internationally can be a hefty expense. You’ll want to do the research and do the math before making a move, but it could be an option — and an adventure — for some.

6. Renting a Guest House

You can lower your housing costs by moving into a garage apartment or a mother-in-law suite in someone’s home. What you sacrifice in space and privacy can be made up in savings on rent and utilities. If a friend or acquaintance has one to let, great. Also look at the usual rental listings for options on this front.

Recommended: How Much Should I Spend On Rent?

7. Living in a Mobile Home

What else is among the cheapest ways to live? Purchasing or renting a mobile home can be way more affordable than an apartment or house. Utilities are sometimes included, but be sure to factor in the costs of the lot fees, community fees, and other charges imposed by the trailer park landlord.

8. Moving into a Tiny Home

Tiny houses have exploded in popularity, popping up on TV shows and social media feeds. The term describes compact dwellings of no more than 600 square feet or so, with many of them being just 225 square feet. If you don’t have enough of a down payment for a traditional house, a tiny home offers a more budget-friendly alternative and hip design options. The national average price for a tiny home is $52,000, a fraction of the figure for a full-sized home.

Not ready to commit to close quarters? Renting a tiny house can run between $600 and $800, still cheaper than a lot of apartment rentals. But you may have to pay for storage for all your oversized belongings.

9. Living in a Shipping Container Home

Believe it or not, one of the newest cheap ways of living can involve cutting-edge high design. Repurposing shipping containers into industrial-chic small homes has become a trend lately. These containers are way cheaper than a house and can be configured in unique ways, combining multiple containers for more square footage.

In terms of how much you’ll spend, converting a container to a livable space could cost you up to $45,000 per unit.

10. Living as a Live-In Caretaker

If you’re looking for employment as well as more affordable housing, being a live-in caregiver can be an ideal situation. You could look after an elderly or disabled individual in exchange for a free room and a monthly salary. Another option is being an au pair or nanny, which can work well if you love kids.

11. Being an On-Site Property Manager

In terms of finding cheap ways to live, you might explore becoming an on-site property manager if you’re handy. You’d be responsible for superintendent-type duties — garbage removal, cleaning common areas, and the basic upkeep of the building — in exchange for low-cost or free rent.

12. Renting Out a Room in Your Home

Here’s a way to save on housing costs that flips the script. If you are fortunate enough to have a spare room in your house or apartment and don’t mind having a roommate, renting out your extra space can cut your expenses significantly. Just be sure to properly vet the renter before agreeing to an arrangement.

Recommended: 39 Passive Income Ideas to Build Wealth in 2023

13. Move in with Friends or Family

If you need to cut housing costs to the barebones (perhaps you’re trying to financially survive a layoff), think about family members or close friends who could make room for you. In some cases, you may be able to pay no rent but contribute to the household via cooking, cleaning, and other chores. While a temporary move, it can help you.

While likely a temporary move, it can give you time to break out of habits that make you bad with money and prepare to get your own place again.

The Takeaway

Housing costs can take a big bite out of your budget. If you want to save money or stop living beyond your means, reevaluating your housing situation is a great place to start.

If you are willing to be flexible, and a little unconventional, you can secure an affordable home that suits your lifestyle and your bank account.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Is living cheaply worth it mentally?

Living cheaply and within your means can typically bring financial peace of mind and allow you to save for the future. However, if taken to an extreme, frugality can cause some people a high level of stress.

What are the hidden costs of living in affordable housing?

While affordable housing can save you money down the line, there are expenses such as down payments, first-and-last month’s rent, security deposits, and the costs of moving or storage units to consider. Also look out for broker’s fees when renting if cheap ways to live is your goal.

Are there monthly rent payments at mobile homes?

Yes, you can rent a mobile home by the month. Be sure to ask the landlord about common fees, who covers utilities, and other potential additional costs. Different properties have different policies, and you don’t want any surprises if you move in.

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Photo credit: iStock/Marje

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Student athletes typically have extra busy schedules along with the usual college expenses. Between classes, course work, practices, and games or competitions, finding the time for a job to make some money can be tough.

Fortunately, there are many ways for college athletes to make money — through coaching, training gigs, remote work options, and more. With a little creativity, it’s possible to earn some cash doing what an athlete does best: playing to your strengths.

Here, you’ll learn more about how college athletes can make money while working on their degree.

Rising Cost of College

There’s no doubt that college is a big-ticket item: In the 2021-2022 school year, the average cost of tuition and fees at a public college was around $10,740 for in-state residents, and $27,560 for out-of-state residents. For private college, the average cost was $38,070.

Between 1980 and 2020, the average cost of an undergraduate degree went up by 169%.

Even if you’ve been awarded a scholarship, student athletes still need money for everyday expenses and all those protein bars. If you’re wondering how to make ends meet, read on for answers to the question, “How can you make money as a college athlete?”

12 Smart Ways to Make Money as a Student Athlete

If you need to balance athletics and academics, there are an array of part-time job opportunities well-suited for the student athlete.

Here are 12 ways you can bank on your abilities, while adding to your college bank account.

1. Working for the Athletics Department

Landing a job in your school’s athletics department can be a convenient way to earn money while figuring out how to get involved at college and meet other students. Many college athletic departments can provide part-time gigs — in the office or the locker room.

Try asking your coach or athletic director about money-making opportunities. Athletic departments often need the support and, since they’ll be helping out a student athlete, the arrangement can be a real win-win.

2. Training Younger Athletes

Your athletic talents can help nurture the next generation. You could earn an hourly wage working in an after-school sports program for kids — either directly at a school, with a private league/program, or with an organization such as the YMCA.

Parents are often looking for role models to coach and train their children. Some college athletes offer their expertise in a private one-on-one or small group setting for an hourly rate — between $20 to $25 per kid.

Your coach or athletic director may have insight on opportunities for working with children. Bonus: Running around with those energetic kids can help keep you in shape.

Recommended: 15 Low-Cost Side Hustles

3. Personal Training

Still curious about how a college athlete can earn money? Think about all those hours spent training, whether your sport is baseball or gymnastics. You can parlay your workout know-how into income. As a personal trainer, you could make around $20 bucks an hour working with a client, and schedule sessions around your availability.

However, some clients (definitely gyms) may require you to have a personal trainer certificate from an accredited program, which could take time and money.

4. Managing Social Media

In addition to hours in the weight room, college athletes, like most young people, have spent a lot of time on social media. Why not turn those hours of screen time into cash?

Some small businesses don’t have a social media presence. You could check with your campus pizza joint, a local fitness center, or your team’s favorite coffee bar and see if they might hire you to set up or maintain their social media accounts. You could arrange for an hourly rate or flat monthly fee.

Recommended: Finding Jobs That Pay Off Student Loans

5. Vlogging

Some student athletes start their own YouTube vlog relating their experiences or testing sports equipment. As it grows, you can eventually monetize it by using income-producing programs such as Google Adsense.

The flexibility of vlogging is great for a busy college athlete’s schedule, but it might take awhile for you to learn how to get paid for social media and start bringing in income.

Quick Money Tip:When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a zero fee bank account that doesn’t charge you for overdrafting.

6. Writing Sports Articles

You can make some extra dough by writing about your experiences as a college athlete — personal stories or articles about your triumphs and challenges or an insider’s scoop on the big match.

Check with local newspapers or online sports publications for submission requirements and pay scale.

7. Working Seasonal Jobs

Many college athletes may have more hours for a job during the off-season. If the bulk of your athletic commitments are in the spring, you might consider an easy way to make money in the winter, whether shoveling driveways or ski detailing in a sporting goods store.

A primarily winter season could free up time for an athletic summer job, such as being a lifeguard or a counselor at a sports camp.

8. Selling Old Sports Gear

Student athletes can clean out their closets and earn extra money by selling their gently used sports equipment, apparel, and footwear. Online marketplaces such as SidelineSwap and Geartrade deal specifically in used sports products. Or you can always list your items on Ebay, Facebook Marketplace, and/or Craigslist.

9. Selling Sports Cards

Like many college athletes, you may have spent your childhood collecting trading cards of your sports heroes. Now your hobby could really pay off. There are many websites and antique stores waiting to buy individual cards or your whole collection.

Only one problem: Some of your sports cards may have high sentimental value. You may not be able to part with them!

Recommended: 39 Passive Income Ideas to Build Wealth in 2022

10. Starting an Online Business

Being your own boss is a great way to ensure a flexible schedule for a college athlete. Tap your entrepreneurial streak. The possibilities are endless — editing services, translation services, online T-shirt sales with a unique logo for your team — and you can hire your teammates to help out.

Recommended: 11 Benefits of Having a Side Hustle

11. Modeling

Here’s how else student athletes can make money: Most are physically fit, making them good candidates for modeling work. You could submit photos to a local talent/modeling agency and mention your athletic skills as a plus. A photoshoot for a print ad or an on-camera commercial can yield good money for a few hours of work.

12. Cashing in on Endorsements

In 2021, college athletes earned the legal right to profit off of their names, images, and likeness (NIL). While some student athletes have raked in five- to six-figure endorsement deals, the majority of the 460,000 college athletes across the country earned smaller payouts or free products from local businesses.

While the ruling may be controversial, for some, it’s an easy way to benefit from your years of hard work and dedication to your sport.

The Takeaway

Student athletes can leverage their years of training and discipline into finding a part-time job. You can channel your sports knowledge and work ethic into coaching, personal training, vlogging, writing sports articles, or launching an online business.

With a little research and hard work, you can find an income source that is financially rewarding and won’t put your studies or athletic performance in the penalty box.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Is it legal for student athletes to make money?

Student athletes are allowed to hold on-campus and off-campus jobs.

How many hours are student athletes able to work?

The NCAA dictates that student athletes are limited to participate in school athletic activities for a maximum of four hours a day, or 20 hours a week. Depending on a student’s course load, that leaves a few hours a day for a part-time job.

Do student athletes get paid?

Student athletes don’t receive salaries from colleges. However, they are allowed to benefit from monetizing their name, image, and likeness, and benefit from commercial endorsements.

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Photo credit: iStock/GCShutter

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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A movie theater can be the perfect place for a date, a family outing, or an escape from life’s worries. But for many, rising ticket costs and expensive concessions aren’t worth the price of admission.

Fortunately, you can save money at the movies with discount tickets, price clubs, loyalty programs, and other savvy cinephile tips that allow you to sit back and enjoy the show.

Going to the Movies in 2022

Going to the movies has been a beloved American pastime since the 1920s, when the average ticket cost around $0.25.

Flash forward to 2022: The average price of a movie ticket has reached around $9.17, running as high as $16 in places like NYC. Concession prices have also been on the rise, with a small popcorn costing more than $7 in some theaters.

These days, many people are trying to prioritize saving money. With the popularity of streaming services like Netflix, Hulu, and others, coupled with saving money on at-home snacks, it can be hard to justify the price of a night out at the movies.

Movie theaters may be expensive, but there’s nothing like the smell of buttery popcorn, the thrill of the lights dimming, and the communal experience of movie watching.

Recommended: How to Save Money on Food

15 Clever Ways to Save Money at the Movies

Many of us don’t want to give up on that big-screen experience of going out to the movies. If you’re the kind of person who’s focused on easy ways to save money, you’ll probably be interested in how to spend less at a movie theater.

Here are 15 cost-cutting tips to inspire you to get off the couch and into the cinema without bungling your budget.

1. Avoiding Premium Formats

While it’s understandable to want to see the latest superhero film in 3D or a summer blockbuster in an IMAX theater to feel more immersed in the experience, the additional price of a premium film format ticket can add up.

On average, a 3D film can cost $4 dollars more than a regular adult movie ticket, with an IMAX experience running an additional $6 dollars. You might want to save those extra bucks for a box of Milk Duds.

Be sure and check the movie listings. It’s easy to buy tickets to a 3D or IMAX showing without even realizing it, spending extra dollars unnecessarily.

2. Catching a Matinee

Many theaters offer discounts on matinee movies, to encourage attendance during off-peak hours. Matinee times can start anywhere from 9 am to 11 am and run from 3:30 pm to 6 pm.

Matinee ticket prices can be 30% less at some chain movie theaters and (bonus) you could have the theater all to yourself.

Recommended: How to Save Money on Streaming Services

3. Attending on Discount Days

In addition to cheaper seats at matinees, you can also save money at the movies by attending on certain days. Many movie theaters advertise price deals on certain weekdays. Some theaters have “Discount Tuesdays,” for instance, offering $5 dollar tickets all day, including for the evening showings.

Quick Money Tip:Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. Online banks are more likely than brick-and-mortar banks to offer you the best rates.

4. Eating Beforehand

Eating a meal or a snack before the movie may not sound like a radical way to save money, but since concessions can run more than the ticket prices, it’s a sure-fire way to cut costs. Remember, sneaking food into the theater is still against the rules.

5. Sharing the Snacks

Can’t stand the thought of a movie without popcorn? Consider sharing the concession spoils with a friend or family member. Say yes to spending the additional dollar on the extra-large popcorn, and consider bringing individual brown lunch bags to divvy up the kernels.

Recommended: 17 Ways to Save Money on Coffee Expenses

6. Buying at the Box Office

It might be convenient to buy a movie ticket in advance online, but many movie websites charge an additional fee (typically between $1 and $2) for the service. Avoid that: You can still buy your tickets early at the box office, then kill time by filling up on inexpensive candy from a drug store.

Recommended: Cash vs. Credit Card: Key Differences to Know

7. Using Price Clubs

Some wholesale price clubs sell discounted cinema tickets and gift cards for big-name movie chains. If you have a membership at Sam’s Club or Costco, you can pick up some movie savings along with your bulk toilet paper.

8. Finding Customer Loyalty Programs

Many megachain and independent movie theaters like to reward repeat customers with loyalty programs. They can offer membership cards where you can receive and use points on tickets and concessions. The more you go, the more you save.

9. Purchasing a Membership Pass

In addition to loyalty programs, some movie theaters, such the Alamo Drafthouse, offer seasonal membership deals. Depending on where you live, you could pay $16.99 to $29.99 a month for unlimited movies. (One showing per day.)

Other memberships offer discounted tickets for a year, and special deals on companion tickets and concessions.

10. Signing Up for Local Theater Newsletters

With a few clicks on the keyboard, you can sign up for online newsletters and email alerts from your favorite movie theaters. Doing so can ensure you won’t miss out on the latest ticket and concessions deals.

Recommended: Does Couponing Save You Money?

11. Finding Deals for Groups

Movie theaters want to fill their seats, so many will offer discounts on large purchases for groups of 25 or more. This could help you save up to $1 per ticket for a company outing or birthday party.

12. Finding Specialty Discounts

Almost all movie theaters offer discounts for different groups. In addition to a reduced-price child ticket, there are customarily lower prices for senior citizens, students, and military discounts for active and retired veterans.

13. Finding Summer Movie Programs

Kids need things to do in the summer, and their parents need them to do things! Some movie theaters, like Regal Cinemas, offer special $2 dollar tickets on certain summer weekdays for animated and family films. The offers can vary by region.

Recommended: Guide to Saving Money During the Summer: 10 Tips

14. Going to a Drive-In

Another summer pastime is a night at the drive-in. Since the pandemic, drive-in movie theaters have made a comeback, opening up in dense metro areas as well as in rural ones.

Drive-in tickets and concessions can be cheaper than at a traditional movie theater. And if the drive-in charges by the car, call your buddies! You can split the entry fee and save some dough.

15. Taking Advantage of Credit-Card Cashback Benefits

While you won’t see immediate savings when buying that large diet soda, using a credit card with cashback benefits at the movie theater can yield rewards down the line. Some credit cards can offer up to 5% cash-back rewards on entertainment purchases.

The Takeaway

The price of movie tickets and concessions can be a bit shocking. But if you’re willing to look for discounts, attend off-peak showings, save money by snacking at home, and try some of the other suggestions above for saving money at the movies, you can lower your costs. That way, the only shock you’ll get is from a really good plot twist.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What day is cheapest to go to the movies?

Weekdays can be the cheapest days to go to the movies. Some movie theaters offer reduced prices Monday through Wednesday.

What’s the best time to go to the movies?

In terms of cost, a weekday matinee generally offers cheaper movie tickets — from opening time until 3:30 pm or 6 pm, depending on the venue. Theaters also tend to be less crowded during matinee showings.

Is it illegal to bring outside snacks to the movies?

Almost all movie theaters don’t allow outside food. While not illegal, the theater could deny you entry into the venue.

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Photo credit: iStock/bombermoon

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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With rising inflation and stagnant wages, being frugal with your spending is a good idea. But you can go a step further: By learning some valuable life skills and DIY-ing more activities, you can save money.

Mastering skills like cooking, cleaning, riding a bike, and doing your own taxes mean you don’t have to pay professionals for expensive services. While it can be time-consuming, harnessing new skills can make you more independent, help you keep more of your money, and maybe even inspire a few new hobbies.

In this article, we’ll take a look at 20 basic money-saving skills that almost everyone can learn. They can be fun to dig into, build confidence, and free up funds to put towards your financial goals.

How Life Skills Are Essential to Your Financial Freedom

Life is built on financial transactions. We pay for food at the restaurant, spend money on a haircut, reach deep into our wallets at the gas station, and shell out for repairs when something in our home breaks.

While we can’t possibly learn enough life skills to replace all these transactions, it is possible to take up a few new savings skills, like cooking, painting, and sewing, so that you can hoard a little more money each month.

That little bit of money adds up — honing several life skills can be an important step toward your financial freedom. The money you save can go towards your emergency fund, paying down student loan debt faster, or gathering the down payment on a house.

20 Life Skills That Can Help You Save Money

So which life skills are worth learning? We’ve rounded up 20 of the top money-saving skills that, when mastered, can help you avoid spending your cash on basic goods and services. They’ll help put you on the path to becoming financially disciplined.

1. Cooking

Eating out now and then is perfectly fine — a well-deserved reward after a long week at the office or a celebratory dinner for a major milestone. But eating out for lunch or dinner every day can be unhealthy (those portion sizes!) and can get quite expensive. Learning the basics of cooking can keep you out of the pricey restaurants and in your own kitchen instead.

Cooking can require an investment in the proper cookware and staple ingredients, but overall is bound to be cheaper than getting food to go or at an eatery. Just think about the price difference between avocado toast whipped up in your kitchen and what you’d pay at a cute cafe. Search for recipes online, and follow tips to save money on food before you head out to the grocery.

2. Painting

Ready to pick up a paintbrush and unlock another savings skill? According to HomeAdvisor, homeowners spend more than $3,000 on average to paint the exterior of their home, and renters and homeowners alike might pay painters even more to paint the interior. The current rate typically runs from $2 to $6 per square foot.

While painting the exterior of your home can be a little more challenging, painting the interior is not complicated at all. If you are willing to take the time to learn, you can save yourself thousands of dollars every time you want to change up the inside of your living space.

3. Gardening

Yes, professional landscapers can weave a certain kind of magic. But doing your own gardening can be a tremendously satisfying and creative pursuit, not to mention that it can save you a lot of moolah. Spending time learning the basics about what zone you live in and which plants will thrive, plus wandering around nurseries and garden centers, can provide plenty of inspiration.

You can grow fresh produce for the small price of starter seeds and the occasional watering, which means less money spent at the grocery store.

What’s more, when selling your house, landscaping is an important part of curb appeal. A well-cared-for garden might attract potential buyers and help your home sell more quickly.

Recommended: How Much Should I Spend on Groceries a Month?

4. Plumbing

Plumbing emergencies like a flooded basement or a broken water heater are probably still better left to a licensed contractor, but teaching yourself to be handy with a wrench and a screwdriver might save you on smaller problems, like a leaky faucet or a running toilet.

This money-saving skill can serve you well over the years. Calling a plumber for every small problem that your house encounters over the years can add up. In fact, most plumbers charge $45 to $200 an hour and may charge a flat rate of $350 just for a service call.

Beyond plumbing, you can teach yourself basic electrical and carpentry skills so that you can tackle some easy home improvement projects for beginners.

5. Budgeting

Knowing how to make a budget — and sticking to it — is a crucial life skill. When you are able to analyze your monthly expenses against your monthly income in an easy-to-read format, you can quickly discover which spending habits you need to scale back. Many people like the 50/30/20 rule, which spells out that you should spend 50% of your after-tax income on needs, 30% should be put towards wants, and 20% should go into savings.

And you don’t even need to pay for fancy budgeting software. Many online banking platforms make it easy to see all of your transactions in one place, and you can use a simple spreadsheet to design a budget that works for you.

6. Haggling

Not every price is negotiable, but when it is, it’s important to know how to haggle with confidence. While you might immediately think of haggling at a used car lot (and that’s a great place to do it), you can also haggle over things like your monthly cell phone bill, your rent, and even credit card interest rates. Politely asking, “Is there any flexibility on the price?” may yield a surprising positive response.

Even if you’re only successful in lowering one expense, that’s money in your wallet that you wouldn’t otherwise have had.

Recommended: How to Negotiate Medical Bills

7. Sewing

You might not ever create your own clothes from scratch (though you certainly can!), but knowing how to sew can come in handy when you get a rip in your favorite shirt or a parka’s zipper starts to detach. Instead of throwing out clothes with holes or lost buttons, sew them back together. Mending the torn back pocket on your favorite jeans, for instance, and you’ll save yourself from dropping $50 or much more on a new pair.

8. Cutting Your Family’s Hair

Haircuts at chain salons are certainly not cheap, often ranging from $30 to $70+, but boutique salons are even more expensive. Learning to cut your family’s hair (or your own, if you’re brave) can cut out one monthly expense. Check out the tutorials on YouTube and other video platforms and see if you can’t hone your skills.

9. Investing

While the stock market may not be performing wonderfully right at this moment, the average stock market return over the last 10 years has been nearly 15%. And though you can certainly pay a traditional broker to manage your portfolio, it’s totally possible to do it yourself.

In fact, there are many platforms for investing to choose among, some of which enable automated investing, and fractional shares. Plus, you can build your financial know-how by reading blogs and books on investing, as well as listening to podcasts or taking an online class to sharpen your skills.

10. Changing Your Car’s Oil

According to KBB, the average oil change costs from $65 to $125 (for synthetic oil), but the actual cost of the synthetic oil and filter replacement is just $45. Being able to change your car’s oil by yourself (typically twice a year, depending on how much you drive) can mean you pocket an extra $20 to $80 every time. It’s a great life skill to learn and then stash the cash you save, year after year.

11. Cutting Firewood

If you have ample trees in your yard — or a generous neighbor has just taken down a tree and doesn’t mind sharing the spoils — you can chop the wood yourself for an outdoor firepit or your fireplace. If your home has a fireplace, you can use that wood to heat a single room while leaving the heater setting lower in the rest of your home, cutting down on your utility bill.

12. Doing Your Own Taxes

If you have a complicated tax situation, an accountant might be a good investment, especially if they can help you maximize your credits and tax deductions even if you’re a student. However, if you have a straightforward income and financial situation, it might be beneficial to skip the accountant fees and file by yourself.

Check out the IRS Free File hub to find programs that will help you do it all by yourself.

13. Bartering

The time-honored tradition of bartering, or trading goods and services, can help you lower your expenses. Let’s say there’s a spinning class you love that’s beyond your budget. Could you offer to swap your digital savvy (say, filming videos and posting on social media for the studio) in exchange for no-cost sessions? Think creatively about the skills you have and how you might use them to get some freebies. It never hurts to ask about such arrangements, and it could help.

14. Roasting Your Own Coffee

Buying a latte at a coffee shop every morning may be convenient (and relaxing), but it also gets expensive. If you spend $5 every day on a cup of coffee, that’s more than $1,800 a year. Instead, learn how to save on coffee expenses. Brew coffee at home — and better yet, learn how to grind and roast your own coffee beans for maximum savings. You’ll find that whole beans are typically less pricey than pre-ground ones at the supermarket.

15. Baking

Going to the bakery when you said you’d bring a dessert to your family’s holiday get-together may be convenient, but buying fresh cakes and cookies can get expensive. Baking can be a little more challenging than cooking, but it’s certainly a great way to save money. And it can be a wonderful creative pursuit and a new pastime. Need inspiration? Just watch any of the addictive shows on TV, like The Great British Baking Show.

16. Upcycling

Upcycling is a buzzword for reusing an item instead of buying something totally new. For example, you might use reclaimed wood or an old door to make a desk or table, turn a sweater with torn elbows into a vest, or use old towels as cleaning rags for a while before tossing them. Upcycling can help you save on common expenses, and it’s great for the environment; less goes into the trash.

17. Cleaning

Most people probably don’t like to clean, but it’s a big part of being an adult. Whether it’s scrubbing the bathroom, vacuuming the rug, or wiping down kitchen counters, these are chores that just need to be done.

It might be tempting to pay for a cleaning service, but doing so is expensive. Cleaning professionals typically charge $30 to $50 per hour — or more than $600 for a large home over 3,000 square feet.

Don’t give into that temptation to farm it out. Grab a rag (or an upcycled towel), a bottle of cleaning solution, and a monthly house maintenance checklist. You’ve got this!

18. Riding a Bike

Gas is expensive (and you probably know its impact on the environment). While you probably can’t bike everywhere you need to go, each trip on a bike you make — to work, to school, or just to a friend’s house — means you won’t be spending money on gas or bus fare.

19. Hosting

Hanging out with friends at your favorite bar is nice, but a fun night out adds up quickly when you do it every weekend. Instead, host your next friend or family gathering at your own home. Stock some wine, cold beer, and snacks, and you’re good to go. (You can be next-level and make a pitcher of a signature cocktail; it’s a fun way to build your mixology skills.)

Or switch things over to a morning meet-up with a pot of coffee and some home-made muffins. You’re likely to save big.

20. Doing It Yourself

Our final life skill ties all the rest together: Do things yourself instead of paying someone else to do them. If you don’t know how to do something, research online or find someone who does and learn. Once you’ve mastered the skill, share your knowledge with others.

Whether mowing your lawn, washing windows, or doing yoga or Pilates at home, you can really open up room in your budget when you DIY.

Banking With SoFi

Honing these valuable money-saving skills is a great way to establish financial freedom, and having a quality bank account will elevate your efforts. A SoFi bank account can do just that: It allows you to spend and save in one convenient place. When you open one with direct deposit, you’ll earn a terrific APY and pay no fees, both of which can help your money grow faster.

See how SoFi can help you bank smarter with our combination of convenience, high interest rates, and no fees.

FAQ

Is saving money a life skill?

Saving money is an important life skill. By learning to do various tasks yourself around the house and in your daily life, you can avoid paying for a lot of expensive goods and services. Also, being a smart consumer and comparison-shopping will help you save money. This is especially important when making a big purchase; look around for the best price, coupons, and other discounts.

How do I find the time to develop these life skills?

Most of these life skills can fit into your regular day. If you normally spend a couple of hours going out to dinner, you can instead spend that time finding a recipe and trying to cook it at home. You may also find that some of these tasks (cooking, gardening) become hobbies in which you happily invest time.

What is the most valuable life skill?

Learning to do things yourself, from cooking to filing taxes to changing your car’s oil, can be the most valuable life skill. This can give you confidence, know-how, and self-reliance, plus it requires you to be curious and willing to educate yourself, all of which are important traits.

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Photo credit: iStock/blackCAT

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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When the going gets tough, the tough get giving. Or that’s what the latest data on philanthropy reveals. Despite the recent pandemic and intense inflation, Americans are donating more to charities. In 2021, the amount ticked up a sizable 4% over the past year, to a hefty $484.85 billion in funds.

If you’re among the ranks of those who want to contribute funds to support a cause you believe in or help those less fortunate, it can be hard to know where to give. Is a charity legitimate? How much of your funds will really be put to work? This is an important question to answer when deciding where to allocate funds (and possibly get a nice tax deduction, too).

What constitutes a good organization to donate to may vary depending on how much you’re donating; if you want to give money, time or other donations; and which causes are close to your heart. As a rule of thumb, though, it’s smart to research any organization you plan to support.

In order to help you do that, here’s a guide to some of the top-rated charities according to CharityWatch, an independent watchdog organization founded in 1993. CharityWatch specializes in reviewing and ranking charities based on their financial reporting, including their:

•   Audited financial statements

•   Tax forms

•   Annual reports

•   State filings

Methodology: Ranking the Best Charities to Support

The list that follows is culled from CharityWatch’s list of top charities, selected from those charities with an A or A+ ranking.

CharityWatch ranks charities based on the following calculations:

•   Program Percentage: The percent of total expenses the charity spends on charitable programming (as opposed to expenses such as fundraising, management, and operations).

•   Cost to Raise $100: How much it costs a charity to bring in $100 in cash donations from the public. Ideally, this is a low figure to do the most good with the money received.

CharityWatch then assigns charities a letter grade, ranging from A+ to F. CharityWatch’s full methodology for ranking top charities to donate to can be found online.

Of the hundreds of charities the organization has ranked, typically only a few dozen are straight-A or higher. (Worth noting: CharityWatch updates rankings regularly, which is why we’ve linked to their rankings for each of the following organizations. Each charity’s website is then linked on each of CharityWatch’s rating pages. By clicking the links, you can get the latest intel on a given organization.)

If you’re looking for inspiration about where to give, read on.

Quick Money Tip:Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. An online bank account is more likely than brick-and-mortar to offer you the best rates.

Which Charities to Support This Year

Whether you want your donations to help children, animals, educational causes, or almost anything else, here is a list to give you a headstart. It highlights (alphabetically) some of the top-rated charities according to CharityWatch.

1. Action Against Hunger-USA

Program Percentage: 90%

Cost to Raise $100: $3

Action Against Hunger-USA ‘s mission statement is to prevent, detect, and treat under-nutrition. The organization aims to tackle the underlying causes of hunger, and they also help regions experiencing conflict or natural disasters meet their nutritional needs.

2. All Hands and Hearts

Program Percentage: 93%

Cost to Raise $100: $3

Concerned about the “crazy weather” you see so often on the news these days? All Hands and Hearts aims to address short- and long-term needs of communities after natural disasters. This includes helping rebuild homes, schools, and infrastructure.

3. American Kidney Fund

Program Percentage: 98%

Cost to Raise $100: $2

American Kidney Fund helps those suffering from kidney disease during every step of the process. That includes prevention, early detection, disease management, and post-transplant. The organization provides those in need with financial support and other resources they need to manage their kidney disease.

4. Asia Foundation

Program Percentage: 86%

Cost to Raise $100: $1

Asia Foundation focuses on improving lives throughout Asia, including improving environmental resilience and empowering women.

5. Breast Cancer Research Foundation

Program Percentage: 81%

Cost to Raise $100: $10

You may know the grim statistic that almost 13% of women will be diagnosed with breast cancer at some point in their lives. The Breast Cancer Research Foundation has earned an A for its efforts to prevent and cure breast cancer by funding promising research globally. It has raised $569.4 million to support clinical and translational research on the disease.

6. Catholic Relief Services

Program Percentage: 91%

Cost to Raise $100: $8

Catholic Relief Services assists the poor in the U.S. and across the globe. Its goal is to prevent and end poverty regardless of the races, religions, or nationalities of those in need.

7. Center for Community Change Action

Program Percentage: 93%

Cost to Raise $100: $2

By contributing to the Center for Community Change Action , you’ll help improve material conditions for people struggling to make ends meet in the United States. Through voter engagement and policy change, the Center works to build the power and capacity of low-income people, especially those of color.

8. Child Find of America

Program Percentage: 89%

Cost to Raise $100: $1

Child Find of America aims to both prevent child abductions and find abducted children. Part of that work involves responding to the family conflicts and crises that may lead to potential abduction or abuse.

9. Comic Relief

Program Percentage: 80%

Cost to Raise $100: $14

Who doesn’t love to laugh? And doing good via humor is doubly nice. Comic Relief uses entertainment to eliminate poverty, improve children’s lives, and help disadvantaged individuals around the world. The organization is well known for its Red Nose Day fundraiser, in which people can buy a red clown nose to raise money to help end child poverty.

10. Concerns of Police Survivors (COPS)

Program Percentage: 90%

Cost to Raise $100: $7

Concerns of Police Survivors (COPS) helps families and coworkers of law enforcement officers killed in the line of duty. The organization provides them with resources to help rebuild their lives after enduring the loss, and it also provides training to law enforcement on how to help surviving co-workers and families.

11. Conservation Fund

Program Percentage: 95%

Cost to Raise $100: $4

If you consider yourself eco-minded, take a look at the Conservation Fund . It helps protect America’s land and water resources with the help of public, private, and nonprofit partner organizations. The fund also helps educate the public about sustainability, resource management, and creating environmental goals for individuals, communities, or organizations.

12. Diabetes Action Research and Education Foundation

Program Percentage: 89%

Cost to Raise $100: $2

If diabetes has touched your life, you might want to donate to the Diabetes Action Research and Education Foundation . Its mission is to prevent and treat diabetes, which impacts one out of every 10 (or 37+ million) Americans. It helps fund new research to help cure diabetes and diabetes-related illnesses and complications.

13. DonorsChoose.org

Program Percentage: 93%

Cost to Raise $100: $4

DonorsChoose.org aims to help raise awareness about accountability issues and educational inequality in public schools. It seeks to create a world in which all American children have equal access to high-quality education by engaging the public in educational issues and reform.

14. Elizabeth Glaser Pediatric AIDS Foundation

Program Percentage: 91%

Cost to Raise $100: $9

The Elizabeth Glaser Pediatric AIDS Foundation ’s mission is to prevent pediatric HIV infections. Through education, research, advocacy, and treatment, the organization aims to help end pediatric AIDS. The organization also stresses that progress against AIDS has been unequally distributed, with marginalized groups being hit hardest.

15. Environmental Defense Action Fund

Program Percentage: 90%

Cost to Raise $100: $15

If you care about the state of our planet and its future, consider The Environmental Defense Action Fund . It seeks to educate the public about the environment and conservation. The organization also advocates for legislation and policies it believes will protect the environment.

16. Fisher House Foundation

Program Percentage: 93%

Cost to Raise $100: $3

The Fisher House Foundation creates and furnishes “Fisher Houses” for military and veteran families to stay at while a loved one is in the hospital. The organization also provides further financial assistance and scholarships to military families.

17. Friends of Animals

Program Percentage: 91%

Cost to Raise $100: $3

Are you a fan of furbabies? Perhaps Friends of Animals would be a good place for your donations. It aims to help animals experiencing cruelty or institutional exploitation. They put money towards funding and creating litigation for no-free shelters, protecting wild animals’ ability to roam freely, and more.

18. Government Accountability Project (GAP)

Program Percentage: 82%

Cost to Raise $100: $9

Are you motivated to help ensure that whistleblowers can be heard and navigate the path ahead of them? Take a look at the Government Accountability Project . It’s a non-profit organization that’s dedicated to protecting government whistleblowers at every step of the way, at federal, state, and local levels, to ensure that justice is served.

19. Guide Dog for the Blind

Program Percentage: 80%

Cost to Raise $100: $9

Here’s a charity that helps those with vision issues by giving them trusty companions. For 75 years, the Guide Dog Foundation has trained and placed guide dogs and service dogs. These animals help provide increased independence and enhanced mobility to people who are blind, have low vision, or other disabilities.

20. Hearing Health Foundation

Program Percentage: 88%

Cost to Raise $100: $4

Here’s a shocking statistic: One out of eight Americans age 12 or older has hearing loss in both ears. If you’d like your charitable donation to go towards remedying that, consider Hearing Health Foundation . It works to prevent hearing loss and tinnitus. It also hopes to develop a cure for both by supporting research and hearing health education.

21. Hispanic Federation

Program Percentage: 88%

Cost to Raise $100: $5

Hispanic Federation is a Latino nonprofit organization aiming to advocate and advance Hispanic communities and families. It provides communities with a variety of services and resources for education, health, immigration, civil engagement, economic empowerment, and more.

22. Hispanic Scholarship Fund

Program Percentage: 92%

Cost to Raise $100: $1

Looking for another angle on uplifting the Hispanic community? The Hispanic Scholarship Fund provides scholarships and student services to help Hispanic students prepare for and earn their college degree. The organization provides students with support services and other resources they need to not only make it into the college classroom, but also to succeed in college and after graduation.

23. Intrepid Fallen Heroes Fund

Program Percentage: 92%

Cost to Raise $100: $5

Intrepid Fallen Heroes Fund helps military members who have traumatic brain injuries or PTSD. The organization provides them access to treatment centers to assist them in continuing to serve or enjoying life post-service.

24. Multiple Myeloma Research Foundation

Program Percentage: 85%

Cost to Raise $100: $15

Multiple myeloma is a kind of cancer that develops in the plasma cells, a kind of white blood cell. An estimated $34,000+ new cases are diagnosed annually, and more than 12,000 Americans die from the disease in a given year. Want to be part of the search for a cure? Multiple Myeloma Research Foundation seeks to invest in research and education to find a cure for multiple myeloma. The organization also helps fund innovative new ways to treat myeloma and extend the lives of those affected by it.

25. National Alliance to End Homelessness

Program Percentage: 90%

Cost to Raise $100: $4

Many areas of America have seen an uptick in homelessness since the start of the pandemic. A donation to the National Alliance to End Homelessness could help. The organization aims to prevent and end U.S. homelessness, educating the public on the causes of homelessness and potential solutions.

26. National Council on Aging

Program Percentage: 93%

Cost to Raise $100: $18

If you want to put your dollars to work on behalf of our elders, The National Council on Aging could be a good recipient. The organization seeks to help older Americans who may be struggling financially, physically, mentally, or experiencing other issues. It also educates caregivers and advocates on how best to serve the elder community.

27. National Park Trust

Program Percentage: 87%

Cost to Raise $100: $11

Have you enjoyed the beauty of our national parks? Then perhaps you’d like to make a donation to (and get a tax deduction) via the National Park Trust . It protects and preserves park lands and trains the next generation of park stewards, aiming to increase both their numbers and diversity.

28. National Wildlife Federation

Program Percentage: 88%

Cost to Raise $100: $6

Love creatures, great and small? Perhaps you’d like to contribute to the efforts of the National Wildlife Federation . It’s the United States’ largest private, nonprofit conservation education and advocacy organization, with over six million members and supporters. It works to protect our wildlife, including endangered species, and the land they live on.

29. Pathfinder International

Program Percentage: 86%

Cost to Raise $100: $6

If sexual and reproductive rights matter to you, take a closer look at Pathfinder International . It works to ensure that everyone around the world has the right to a healthy sexual and reproductive life. During COVID-19, the organization is also helping vulnerable communities survive the crisis.

30. PetSmart Charities

Program Percentage: 95%

Cost to Raise $100: $3

Want to have your contribution help pets find their forever homes? PetSmart Charities helps pets find life-long homes. The organization hosts adoption events and centers, as well educational and training programs to help humans learn how to support pets in need.

31. Population Services International

Program Percentage: 92%

Cost to Raise $100: $1

Are you globally minded? Population Services International provides those in developing countries with products and services to plan families and lead healthier lives. The organization also creates programming to help address gender-related health issues, including violence against women and women’s access to health services.

32. Ronald McDonald House Charities (National Office)

Program Percentage: 88%

Cost to Raise $100: $9

Ronald McDonald House Charities (National Office) has 380+ locations that provide a comfortable, caring place for families to stay near children who are undergoing medical treatment far from home.

33. Scholarship America

Program Percentage: 94%

Cost to Raise $100: $2

Give the next generation a leg up on their studies. Scholarship America helps American students make it into college classrooms through scholarships and educational support. The organization also provides mentorship to students and emergency grants for students at risk of dropping out for various reasons.

34. Semper Fi & America’s Fund

Program Percentage: 91%

Cost to Raise $100: $3

If you want to make a donation to help those who’ve served our country, consider Semper Fi & America’s
Fund . It helps combat-wounded, critically ill, or catastrophically injured veterans and their families with financial, family, and wellness support programs. The program also helps veterans transition back into their communities after a serious combat-related injury.

35. Stephen Siller Tunnel to Towers Foundation

Program Percentage: 93%

Cost to Raise $100: $4

Does the phrase “Never forget” resonate for you regarding 9/11, as it does for many Americans? If so, look into contributing to the Stephen Siller Tunnel to Towers Foundation , which seeks to honor fallen firefighter Stephen Siller, who died on duty on September 11, 2001. The organization helps the families of fallen firefighters and police officers pay off mortgages, among other programs.

36. Trevor Project

Program Percentage: 84%

Cost to Raise $100: $6

For those who want to support the LGBTQ+ community, a good recipient for charitable donations could be the Trevor Project . It is the world’s largest mental health and suicide prevention organization for lesbian, gay, bisexual, transgender, queer and questioning young people. It’s goal is to create a more inclusive world.

37. Unbound

Program Percentage: 93%

Cost to Raise $100: $4

Here’s a way your contribution can uplift those in need: Unbound partners with families living in poverty to help them become self-sufficient and reach their full potential. The organization works with those experiencing poverty in 19 countries using Catholic theology to foster family and community relationship-building and self-empowerment.

38. United Methodist Committee on Relief (UMCOR)

Program Percentage: 98%

Cost to Raise $100: $3

Another faith-driven organization to note: The United Methodist Committee on Relief (UMCOR) aims to alleviate human suffering around the world caused by conflicts, war, natural disasters, and other causes of suffering. The organization has helped with refugee resettlement and other humanitarian missions.

39. Waterkeeper Alliance

Program Percentage: 91%

Cost to Raise $100: $7

Make a donation that protects our precious natural resources. Waterkeeper Alliance creates a network of global leaders to help protect peoples’ rights to clean water around the globe. The organization also has several campaigns to promote clean and safe energy, clean water, and to battle pollution caused by industrial meat farms, among other causes.

40. World Central Kitchen

Program Percentage: 98%

Cost to Raise $100: $1

If you care about fighting hunger, perhaps you want to think about donating to World Central Kitchen . Their mission is WCK to provide meals when climate, community, and humanitarian crises hit. They also work to build resilient food systems.

41. World Resources Institute

Program Percentage: 91%

Cost to Raise $100: $0

Looking for other environmentally focused charities? World Resources Institute aims to help people learn how to live in ways that better protect the environment for current and future generations. It educates the public on ways to make cities, energy, food, and businesses more environmentally friendly.

Making a Difference With Your Finances

Budgeting for charitable donations can be a good way to ensure your money helps the causes you care about. It can also benefit your finances if you receive a tax deduction for your donation. You could use that deduction to invest, reach your savings goals, contribute more to your retirement, or build up your emergency fund.

Recommended: How to Make End of Year Donations

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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