May
27
2025
What Does It Take to Be in the Top 1%_780x440

What Does It Take to Be in the Top 1%?

By | Budgeting & Goals, Financial Independence, money | Comments Off on What Does It Take to Be in the Top 1%?

You’ve likely heard about the “one percenters” — those people whose net worth is among the top 1% in the nation. Just how wealthy are these individuals? To be part of the top 1% in the U.S., your net worth needs to be at least $11.6 million. If you’re looking strictly at income percentile, the threshold for joining the top 1% of earners in the U.S. stands at $787,712.

If you are curious about what it takes to be among the 1% or have your sights firmly set on joining their ranks, read on. Here’s a closer look at how the wealthiest people in America got there, plus some of their most effective strategies for financial success.

Key Points

•   A significant majority (79%) of the top 1% are self-made, leveraging both skill and luck.

•   Key traits for wealth accumulation include living below one’s means, prioritizing financial independence, and seizing economic opportunities.

•   Early savings and consistent income growth are essential for boosting wealth over time.

•   Frugality, exemplified by figures like Warren Buffett, significantly aids in wealth accumulation.

•   The top 1% save 38% of their income, compared to the national average of 4%.

What Does it Mean to be in the Top 1%?

Many people might think “top 1%” and immediately imagine a CEO whose salary is in the tens of millions. But the term “top 1%” is often used to refer to net worth, rather than income, which means one percenters aren’t necessarily the people who earn the most.

Net worth refers to the value of the assets a person owns (which includes balances in bank accounts, the value of securities such as stocks or bonds, real property value, the market value of automobiles, etc), minus their liabilities (or debt, like mortgages, loans, credit card balances, they owe).

A deeper view of the top 1% indicates that this wealth accumulation is spurred by more than one source and includes income, investments, tax breaks that can help the wealthiest keep more of their money, property, and more. All of these help make up the resources a household or individual has socked away as net worth.

Recommended: What Is Discretionary Income?

The Income and Savings of the 1%

Having a high net worth isn’t just a matter of earning more. It can also mean saving more. While the average savings rate in the U.S. was just 4% of income in 2024, the average saving rate for the top 1% was a whopping 38%.

Of course, those who are earning more can afford to save more, since less of their income is taken up by housing, transportation, food, and other necessities. However, the savings rate of the top 1% shows that savings habits — and not just income — have a big impact on wealth. A high savings rate is one reason why the rich are so rich.

To build wealth over time, financial advisors generally recommend saving at least 20% of your income. This includes putting 15% of pretax income into retirement savings (including any employer match) and 5% into a shorter-term savings vehicle like a high-yield savings account.

Increase your savings
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*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Is There a Formula for Becoming Part of the 1%?

There’s no one formula for joining the 1%, but several factors appear to play a role in the rise of many one-percenters. These include:

•   Saving. As mentioned above, savings rates are a key difference between the one percenters and everyone else. If you aren’t contributing the max amount to your 401(k), consider gradually increasing your contributions. You also want to be sure you take full advantage of any employer matching contributions — this is essentially “free money” and can help you build your net worth faster.

•   Starting early. “The sooner you can start investing, the quicker you can take advantage of compound returns,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “Compounding helps you to earn returns on your returns, which can help your earnings grow exponentially over time.”

•   Income consistency and growth. The more you earn and the more that grows over time, the more likely your household will be to enter the top 1% of wage earnings. There are some in-demand careers that pay huge salaries. But regardless of your particular job, staying consistently employed and saving is a path to building wealth, versus leaving the work force or deciding to forego savings for a few years to, say, travel more.

•   Frugality. You may have heard that Warren Buffett wears outdated suits and lives in a house he paid $31,500 for in 1958. He’s worth approximately $158.4 billion. He also buys reduced-price cars, doesn’t spend big on expensive hobbies and he even clips coupons. Not all 1% are spending lavishly on yachts and third and fourth homes. If you want to be a part of the 1% and you didn’t invent the best thing since sliced bread, it may be helpful to stay motivated to save money vs. overspending.

•   Family history/luck. Having a head start can certainly help. However, research indicates that 79% of 1%-ers are self-made. Finding the right solution for a big problem at the right moment can lead to a big windfall in a new company. In other words, starting the next Facebook or Amazon takes a combination of skill and luck.

Recommended: How to Stop Overspending

Moving Towards the 1%

Thomas Stanley, author of The Millionaire Next Door, identified the seven characteristics of people who become big accumulators of wealth — and thus have a chance to build the wealth it takes to be in the top 1%. These common traits include:

1.    They live below their means.

2.    They allocate their money, energy, and time in ways that contribute to building wealth.

3.    They believe that financial independence itself is more important than appearing to have a high social status.

4.    Their parents did not provide money for their basics in adulthood.

5.    Their adult children are self-sufficient economically.

6.    They understand how to target economic opportunities.

7.    They choose the right occupation.

Not all of these are factors one can fully control — and not everyone has a knack for targeting economic opportunities. In addition, many people choose an occupation around a passion, not around wealth-building. But that doesn’t mean you can’t get there — or get close.

The Takeaway

Being part of the 1% appears to take a combination of luck, talent, hard work, and determination. Being diligent about saving is also a key way to grow your net worth over time. The more you can sock away, the better off you will likely be in the future.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What is top 5% net worth?

Based on the most recent government statistics, the top 5% of households have a net worth of around $3.8 million or more. Being in this percentile means you have a significantly higher net worth than most people, often including substantial assets like real estate, investments, and savings.

What qualifies you as a 1 percenter?

To qualify as a 1 percenter, you typically need to be in the top 1% of wealth or income in your country. In the U.S., being in the top 1% requires a net worth of $11.6 million to $13.7 million or an annual income of $787,712 or more. This elite status signifies significant financial resources, including assets like real estate, investments, and savings. Being a 1 percenter also often comes with unique financial opportunities and challenges.

What salary is top 5%?

The income threshold to join the top 5% earners in the U.S. is $290,185. This income is about one-third of the income needed to be a one-percenter but represents a high level of income compared to the general population. Top 5% earners often include professionals in fields like finance, technology, and medicine, as well as successful business owners and executives.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 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 Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®


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.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBNK-Q225-078

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May
22
2025
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The Pros & Cons of Prepaid Debit Cards

By | Budgeting & Goals, money | Comments Off on The Pros & Cons of Prepaid Debit Cards

Prepaid debit cards can be used to buy almost anything, whether you’re shopping online or in person. They may also be a helpful budgeting tool, and they don’t affect your credit. You may even be able to recover your money if you lose the card.

However, prepaid debit cards do have some disadvantages, including possible fees. Learn how these cards work to help determine if a prepaid debit card makes sense for you.

Key Points

•   Prepaid debit cards are accessible to most individuals since a credit check is not needed to activate a card.

•   Prepaid cards do not help build or improve your credit history as activity isn’t reported to credit bureaus.

•   Prepaid debit cards help you control spending and avoid debt, since you can only spend up to the amount loaded on the card.

•   Users should be aware of potential fees, such as for activation, reloading, ATM withdrawals, transactions, or inactivity on the card.

•   If a prepaid card is registered, it offers some protection from fraud and errors, but issues must be reported quickly.

What Is a Prepaid Debit Card?

A prepaid debit card shares some features of a credit card, debit card, and gift card. It’s a debit card that’s been preloaded with money that you can generally use at any retailer (online or in person) that accepts credit cards.

Like credit cards, prepaid debit cards may be associated with credit card networks. So a prepaid Visa debit card, for instance, can be used anywhere that accepts Visa.

Each purchase you make on a prepaid debit card will deduct from the amount that’s been preloaded onto the card. When you reach the end of your preloaded cash, you can’t buy anything else with the card.

It may be possible to add more money to the card when the balance gets low via cash or direct deposit, depending on the card. However, there might be a fee to reload the card with money.

Pros of Prepaid Debit Cards

Like most financial products, there are pros and cons to consider when it comes to using prepaid debit cards. Here are a few of the benefits.

No Interest or Bills

A prepaid debit card is not a credit card, and you generally can’t carry a balance on it. That means you pay no interest when you use the card, and there is no bill to pay at the end of the month. A prepaid debit card is basically the plastic equivalent of cash.

Limited Loss

It used to be that losing a prepaid debit card was like losing cash — you were out of luck. But legislation by the Consumer Financial Protection Bureau (CFPB) that took effect in 2019 required card issuers to provide protection against fraud and errors. In order to access this protection, you must usually follow instructions to register your card with the prepaid card issuer and report any theft or loss promptly.

Security for Personal Information

While you may need to provide personal information to activate or register a prepaid debit card, the prepaid cards don’t typically carry any of your personal or financial information. So if your card falls into the wrong hands, it’s generally not possible for someone to access your sensitive information. That said, protecting your account number, PIN, and CVV code can prevent others from accessing your balance.

Automatic Budgeting

Prepaid debit cards typically offer a hard stop on spending, meaning that if there’s $100 on the card, you can’t spend more than $100, which can be a helpful tool for managing your money.

For people who have a hard time with impulse purchases or those who are trying to stick to a strict budget, prepaid debit cards may provide a helpful tool to prevent overspending.

There are some prepaid cards that allow account holders to overdraft and spend more than the balance on the card. They may charge a fee for this. If going over the limit is a problem for you, it may be worth considering a card that doesn’t allow overdrafting.

Available to Those With Less-Than-Stellar Credit

There is no credit check required to get a prepaid debit card. This makes prepaid debit cards one option to consider for consumers who are unable to qualify for a traditional credit card.

If your credit is subpar, you can get a prepaid debit card and use it where major credit cards are accepted.

Teaching Tool

Those with children may find that prepaid debit cards could be a useful tool to teach them about money.

Prepaid debit cards could be used by parents to introduce concepts of spending within limits, to help children understand using plastic instead of cash, or to dole out allowances so kids can practice their money management skills.

Spending Tracker

Some cards offer email or text alerts based on card activity, or they’ll notify you when the card has been reloaded or the account balance is getting low.

Possible to Deposit Paychecks

You can have funds (like paychecks) directly deposited onto some prepaid debit cards, skipping the need to manually reload the card as the balance runs low. This could mean that funds are available faster than they would be if you were cashing a paper check.

Cons of Prepaid Debit Cards

Here are a few downsides to consider when it comes to prepaid debit cards.

No Credit Effect

Although there’s no credit check required to get these cards, it means prepaid debit cards aren’t connected to a line of credit like credit cards are.

Because the company that administers the prepaid debit card is not reporting your payment activity to the credit bureaus, these cards aren’t helpful for establishing or strengthening your credit history.

High Fees

Depending on the card, a prepaid credit card may come with a host of attached fees. Some prepaid cards may charge fees for certain activities including:

•   Activating the card

•   Making a purchase

•   Adding money to the card

•   Checking the balance on the card

•   Withdrawing money at an ATM

•   Replacing a lost card

•   Foreign transaction fees

•   Inactivity after a period of time with no transactions

If you’re considering using a prepaid debit card, you may want to shop around and review the costs and fees associated with different types of prepaid debit cards.

Another option for your money — and one that could help it grow — is to open an online bank account that offers a high yield for your savings. With a bank account, you’ll typically also have access to ATMs and online and mobile banking for added convenience. And some bank accounts come with no fees, unlike certain debit cards.

Potential for Loss

If you don’t register your prepaid card and something happens to it — loss, theft or fraud — there may be no way to recover your cash.

Getting a Prepaid Debit Card

You can purchase prepaid debit cards at a variety of locations, including grocery stores and drug stores, online, or from some banks and credit unions.

Purchasing a prepaid debit card usually requires you to load money onto the card at the time you buy it. For example, if you want to buy a $50 prepaid Visa debit card at the drugstore, you would pay the fee to activate the card, plus the $50 you want to load onto it.

If you’re shopping for cards, pay attention to the card fees, which should be displayed on the card’s packaging. There may also be a toll-free number or website you can visit for complete fee information. To the extent possible, it’s worth trying to find prepaid debit cards with fewer fees.

After purchasing the card, to be protected against fraud, loss or theft of your card, you’ll usually need to register it.

The prepaid card will generally come with instructions for doing this. The card provider may request information such as your full name, contact information, date of birth, and Social Security number or tax ID.

The Takeaway

Sticking to a budget and avoiding excessive spending can be daunting. Balancing your income against your expenses and savings goals takes dedication and commitment.

Fortunately, the right tools can make it easier. Consider choosing a high-yield bank account that allows you to manage your spending and saving all in one place.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

🛈 While SoFi does not offer prepaid debit cards, we do provide Checking accounts with no account fees, which include a complimentary debit card.

FAQ

What is a prepaid debit card and how does it work?

A prepaid debit card is loaded with a specific amount of money you can use for purchases, generally wherever credit cards are accepted. Each transaction deducts from the preloaded balance. You can’t typically spend more than what’s on the card, though some cards allow you to reload funds. It functions similarly to a debit card but isn’t linked directly to a bank account.

Do prepaid debit cards help build credit?

No, prepaid debit cards do not help you build or establish credit. Since they are not a line of credit, your usage and payment activity are typically not reported to the major credit bureaus. Therefore, they don’t impact your credit score.

What are the main advantages of using a prepaid debit card?

Prepaid debit cards are accessible to most individuals, since a credit check is not necessary. They can also help you stick to a budget, since you typically can’t spend more than the balance on the card, which helps to avoid interest charges, as well. Prepaid cards also offer fraud protection if they’re registered and the loss is reported promptly, and some of them can even receive direct deposits.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 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 Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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.


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.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.


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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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May
22
2025

11 Tips for Cleaning Up Your Finances

By | Budgeting & Goals, money | Comments Off on 11 Tips for Cleaning Up Your Finances

If you’re feeling financially disorganized, making a few key moves can help you restore order and take charge of your money. You’ll learn to live within a budget, pay down debt, and start saving so you can work toward a successful financial future.

Here’s what you need to do to clean up your finances.

Key Points

•   The first step to getting financially organized is to review financial statements, paychecks, and debts to understand the big picture.

•   Create a budget that takes into account essential and discretionary spending, as well as savings goals.

•   Create a plan for debt, such as by prioritizing high-interest debt, consolidating debt with a low-interest-rate loan, and potentially refinancing a student loan.

•   Regularly review investments to ensure they’re aligned with your goals and consider consolidating accounts, such as by rolling over old 401(k)s into an IRA.

•   Commit to monthly financial reviews, credit report monitoring, annual insurance policy checks, adjusting tax withholdings as needed.

Ways to Clean Up Your Finances

1. Look at the Big Picture

The first step is to look at your entire financial situation. Review your bank statements, credit card statements, bills, and paychecks. It might feel a little overwhelming at first, but seeing your income and debt all at once, and comparing the two, can help you understand exactly what you own and what you owe.

Make the process easier with a money management tool that can help you track your accounts in one place.

2. Set a Practical Budget

Setting a budget can be a great way to organize your spending and saving. One way to do it is by using the 50/30/20 method. This process can help simplify your money by dividing it into three categories.

To start, 50% of your income goes to necessities, such as housing, utilities, groceries, and other essential bills. Next, 30% is for discretionary spending, like entertainment or eating out. The remaining 20% is for your financial goals, such as savings and retirement.

As a final step in the budgeting process, take a look at your savings account. You may want to consider opening a high-yield high-yield savings account where your money could earn more for you.

3. Make Payments On-Time

One surefire way to make sure your bills are paid by the due date is to automate your finances by setting up autopay. Since payment history affects approximately 35% of your FICO® score, consistent on-time payments could potentially benefit your score.

Plus, many financial institutions may offer a discount for setting up automatic payments. You can also go paperless and get notifications delivered straight to your email inbox.

4. Cancel Unused Subscriptions

As you’re evaluating your spending habits and budget, be sure to look for subscription services you can cancel.

Whether it’s an unused Netflix subscription or an underused gym membership, canceling what you don’t use could save you a substantial sum over the course of a year.

Increase your savings
with a limited-time
APY boost.*

*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

5. Make a Plan for Your Debt

If you’re working on paying off multiple loans, you could explore the idea of consolidating your debt with a personal loan. If you have debt built up across multiple credit cards, for example, the different interest rates and due dates can lead to confusion and missed payments.

One possibility to help simplify things is a debt consolidation loan. You could choose a new repayment term, possibly with a lower interest rate, if you qualify.

If you have private student loans to repay, you might also want to consider refinancing your student loans. You may be able to get a lower interest rate that could help you save money. Evaluate the options to see what might work for you and what you can qualify for.

6. Review Your Current Investments

If you’ve had multiple jobs, you may want to consolidate your investment accounts, too. Having several 401(k) accounts from past jobs could be tough to keep track of and might not help you make the most of your money in the long run.

Rolling over your old 401(k) accounts and combining them into one IRA account, for example, could be one option to consider.

You can also check with your current employer to see if you can roll over your previous accounts to your new plan. Be sure to compare the different investment choices of each account to make an informed decision.

7. Commit to Regular Maintenance

Streamlining your finances in the present is just the first step. From now on, commit to doing a regular financial checkup. Review your finances monthly, and adjust your budget and financial strategies as needed.

8. Stay on Top of Your Credit Report

While you’re at it, check your credit report and review it to make sure it’s correct. If you spot any errors, notify the credit bureaus. You can get a free copy of your report from AnnualCreditReport.com.

In addition, you may be able to check your credit score for free through your credit card or bank. You can see how your score changes over time and what may be impacting it the most. Then you’ll know what you need to work on to strengthen your score.

9. Review Insurance Policies

If you have life insurance policies or other benefits with beneficiaries, review those designations at least once a year. With big life changes, you’ll want to make sure your beneficiaries are up to date.

If you get married or remarried and change your name (or your spouse’s name changes), you’ll need to add that information to the policies as well.

10. Update Your Tax Withholding

Take a look at your most recent tax return. Did you end up with a big refund? Or maybe you owed way more than you planned for. Your income tax withholding may be too much or not enough.

Discuss your withholding information with a tax professional to make sure you’re having the correct amount taken out of your paychecks for taxes.

The goal is to free up more of your money month to month as you earn it so you can put it toward savings or paying off debt.

11. Maximize Account Benefits

Finally, as part of your financial cleanup, you should review the benefits and features of your bank accounts and see if a new account might benefit you more. Choosing a bank account that’s right for you may depend on a few different factors, such as its minimum balance requirements, bank fees, digital options, and ease of making withdrawals or deposits.

You might consider a high-yield bank account to help your money grow over time, and it’s also important to check whether a bank is insured by the Federal Deposit Insurance Corporation (FDIC) or, in the case of a credit union, the National Credit Union Administration (NCUA).

The Takeaway

Getting your finances organized may seem daunting at first, but taking account of your current financial situation and setting clear goals can reduce stress and help you work toward a secure financial future. Building a budget that takes into account essential as well as discretionary categories can be essential to success, as can regularly reviewing and adjusting your financial plan in order to keep your destination in sight.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What’s the first step to getting my finances in order?

The first step is to get a clear picture of your financial situation. Review your bank statements, credit card bills, loan documents, and paychecks. This helps you understand exactly what money is coming in and going out, as well as what you own and what you owe, forming a foundation for your financial plan and budget.

What advice is there for managing debt?

When tackling debt, start by making a clear plan. If you have multiple loans or credit card debts, prioritize the high-interest debts and consider consolidating them with a personal loan, which may help secure a lower interest rate and simplify payments. For private student loans, explore refinancing options. Evaluate the possibilities to find what best suits your financial situation.

What ongoing practices can help me manage my finances?

To keep your financial plans on track, commit to regular reviews. Check your finances at least monthly and adjust your budget as needed. Monitor your credit report for errors and review insurance policies annually, especially after life changes. Also, be sure to review your tax returns and adjust withholdings if necessary.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 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 Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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22
2025
woman shopping online with credit card

8 Tips for Finding the Best Deals Online

By | Budgeting & Goals, money | Comments Off on 8 Tips for Finding the Best Deals Online

If you’re like many people today, one of your main modes of shopping is online. It’s quick, it’s convenient, and it’s sometimes even one-click easy. But, like purchasing in any other manner, you’ll want to make sure you are getting the best deals online. Why pay more than you have to?

Read on to learn some clever hacks that will help you get the best possible deals when shopping online.

Key Points

•   To maximize online savings, consider exploring coupon code, cash-back, and price tracking services.

•   Some services offer browser extensions that allow coupons or cash-back offers to activate automatically when shopping online.

•   Price tracking tools can help you monitor price fluctuations and identify sales opportunities.

•   Following your favorite brands on social media can help you stay informed about exclusive discounts and promotions.

•   You can take advantage of significant price reductions during major shopping events like Black Friday and Cyber Monday.

Ways to Find Deals Online

1. Finding the Right Coupon Codes

Coupon codes are lurking all over the internet to help people find the best deals at their favorite retailers. For example, many online retailers will give customers a little discount for a newsletter signup or for their first purchase. In certain cases, a simple Google search can yield great results for coupon hunters.

An easier way to dig up coupons to online retailers may be to search on coupon websites like RetailMeNot or Coupons.com.

Digital shoppers also can try downloading browser extensions like Honey, which automatically searches the internet for the best discount codes and applies them at checkout.

Recommended: 7 Budgeting Methods to Try

2. Earning Cash Back for Purchases

Similar to coupon codes, some services offer rebates for purchases made. For example, in addition to providing coupon codes, RetailMeNot lists cash-back offers for various retailers daily on its website. Rakuten is a popular cash-back (and coupon) service, as well. Consumers that have its browser extension enabled can activate cash back and coupon offers automatically when shopping at participating retailer sites, or they can choose retailers with rebate offers through the Rakuten website or app.

If you’re not interested in doing any legwork to get a good deal while shopping online, there is another option: Use a credit card that gives you cash back. You may even be able to bundle and increase the credit card reward if you shop online at specific retailers at certain periods of time.

3. Using Free Shipping or In-Store Pickup

Online shopping tips don’t stop at coupons. Another way to save is to find free shipping options. If you don’t need an item ASAP, free shipping is often an option at checkout.

Many online retailers also offer free shipping with a minimum order amount. To find free shipping deals and codes, check out websites like FreeShipping.com, though there may be a fee involved, so you’ll need to ensure benefits outstrip any costs.

Another option may be to order an item online and then pick it up at the store for free. If it’s close enough to grab in person, it may be worth it to avoid shipping costs altogether.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

4. Giving a Price Watcher a Go

Consumers who aren’t in a rush to purchase an item may be able to take advantage of price tracking tools. Price tracking tools help shoppers stay informed about price drops and sales so they can click “buy” at just the right time. These might even be able to help you be more patient if you are an impulsive shopper. Knowing that a better price may be in the offing could help you slow down.

Apps like Honey have tools like Droplist that allow consumers to save items for later and be informed when an item on the list has a price drop.

Other apps like CamelCamelCamel track prices on Amazon, and PriceBlink will find deals at multiple retailers across the Web, too. It works by showing how much an item costs at several online stores so shoppers can pick the best one.

Get up to $300 with eligible direct deposit when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

Up to 2-day-early paycheck.

Up to $3M of additional
FDIC insurance.


5. Trying Online Price Matching

Many larger retailers participate in price matching programs, which means if you find a price at one retailer you may be able to get it at another. Target, for example, will match prices for qualifying, identical items found at Amazon or Walmart.

This used to mean bringing in a printed coupon or proof that the product was on sale for a lower price at a different retailer, but now, it can often be done online or by phone. All a shopper needs to do is reach out to customer service, which may be able to help out.

6. Checking Reviews

To get the best deal when shopping online, you’ll want to be sure you are getting the best product. And one way to do that is to check online reviews. Customers all over the internet leave reviews on products they’ve purchased, alerting others to potential issues or potential great buys.

On websites like Amazon, search for “verified purchase” to know that the review is legit. While online reviews should be taken with a grain of salt, they are one more tool to add to your decision-making arsenal for online shopping.

Before purchasing a product, is it really something you want or need, or will bring joy? If so, check reviews to make sure it’s the perfect fit before clicking “buy.”

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

7. Waiting for Bigger Sales

Throughout the year, larger retailers will likely host online shopping sales. These sales are known to occur around the holidays, specifically on Black Friday, the day after Thanksgiving, and Cyber Monday, the following Monday, a day that’s packed with online deals.

Other major sales usually occur around holidays like Presidents’ Day, Memorial Day, and Labor Day, as well as midsummer. During this time, you may be able to score major discounts, so if you can wait for a purchase, try to hold off until then. Knowing that deep discounts are coming could help you avoid shopping out of boredom. It gives you an incentive to wait.

One more “holiday” to keep an eye out for is Amazon Prime Day. During the sale, retailers across the website offer steep discounts on products.

However, to get in on the deal, you must be an Amazon Prime member, which comes with a subscription. But Amazon Prime members get free shipping on most products, which can add up in the long run.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

8. Following Favorite Brands on Social Media

One more way to potentially find the best deals online is to follow brands and retailers on social media. Brands love to give their loyal customers something special, so they may share insider discounts and offers on their social media pages and newsletters before anywhere else.

Give your favorite brands a follow on Twitter, Instagram, or Facebook to stay aware of when sales may be happening, and maybe get inspired about new things to buy along the way, too. Just be sure when you are purchasing that you are on the verified account of the brand. There are some scams out there that you’ll want to avoid.

The Takeaway

Shopping online is already, as you undoubtedly know, quick and easy. But there are ways to make it even more affordable, by tracking prices, using coupon sites, and knowing when to purchase to get the lowest possible price. By deploying these and other hacks, you can get the goods you want at the most budget-friendly price.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What are some key strategies for finding the best deals when shopping online?

To find the best deals online, try searching for retailers’ coupon and promo codes on Google or coupon platforms. Some services, such as Honey and Rakuten, offer browser extensions that apply discounts and cash-back offers at checkout. You can utilize price tracking tools to monitor price drops, and also consider following favorite brands on social media for exclusive discounts.

What are effective ways to find and use coupon codes for online discounts?

Look for coupon codes on retailer websites, dedicated coupon sites, or through a simple Google search. Browser extensions provided by some services can also automatically find and apply coupon codes as well as cash-back offers at checkout. Following brands on social media might also provide access to special discounts.

How can timing my online purchases help me get better deals?

Timing your purchases around major sales events may increase savings significantly. Retailers often offer substantial discounts during holidays like Black Friday (the day after Thanksgiving) and Cyber Monday. Other key sales periods include Presidents’ Day, Memorial Day, Labor Day, and Amazon Prime Day.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 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 Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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May
21
2025
outdoor wedding venue

Budget-Friendly & Cheap Wedding Venue Ideas for Every Couple

By | Budgeting & Goals, Family Finances, Life & Career, personal_loan | No Comments

Typically, couples spend 37% of their wedding budget on the venue, which is a big chunk of one’s funds. Given that the median price of a wedding is $10,000 according to SoFi’s most recent survey, and the average is $33,000, according to the wedding site The Knot, that can mean thousands of dollars invested in the location where you say your vows.

Fortunately, there are ways to reduce the price of your wedding venue. There are free and affordable options, from a backyard to city hall to a beach. Read on to explore your options, plus learn tips to finance your wedding.

Key Points

•   Wedding venues typically account for 37% of a wedding budget, so finding an affordable venue can have a big impact on keeping costs down.

•   Hosting a wedding at home can be cost-effective and customizable, but may require planning for upgrades, parking, and local ordinances.

•   City hall weddings offer an affordable and chic option, with fees typically under $100 depending on location.

•   Park and beach weddings provide scenic backdrops but require permits and considerations for accessibility, shelter, and restrooms.

•   Budget-friendly venues still require financial planning; personal loans or family contributions may help cover remaining costs.

Host a Wedding at Home or in a Backyard

This could be at your own home, or that of a parent, friend, or other loved one, which will likely be one of the most affordable wedding venues around. Benefits of this choice (besides the lack of rental fees) include the flexibility to have your ceremony on just about any day of the year, plus you have a ready-made shelter if the weather isn’t ideal. By avoiding a wedding venue rental, you can stretch your savings or your wedding loan further on other expenses, such as flowers and entertainment.

Just decide how much of the event will be held outdoors, what rooms of the house should be made available to wedding guests, and how to ensure enough seating.

A couple of other perks to an at-home wedding:

•   Want a pet-friendly ceremony? It doesn’t get any better than a home wedding for having your beloved dog be your ring bearer.

•   Any home upgrades made for the ceremony can be enjoyed for a long time afterward. If your powder room could use a glow-up, you might want to concentrate your efforts there for a beautiful bathroom refresh.

Or this could be a perfect time to do some outdoor landscaping that will beautify your special day and your home for years to come. As a bonus, a project like this could add value to your home.

Check to be sure your officiant of choice is able to perform the ceremony, plan the parking logistics, find out how to comply with any noise ordinances, and so forth.

Say “I Do” at City Hall: A Cheap and Chic Wedding Venue

A city hall wedding can be a very chic choice. You aren’t restricted to the city hall or courthouse by where you currently live. You could choose one that has special significance to your relationship, perhaps the city where you first fell in love.

Or, you can get married in the city hall where you’ll enjoy your honeymoon or your family vacation. As another strategy, you can choose the city hall based on its beauty or retro architectural details. For instance, the city hall in San Francisco has a stunning white column and gold-capped roof.

The fee for a city hall wedding varies by state and municipality. Generally, it ranges from $20 to $50 or somewhat more, not including your marriage license. Call the location to learn the exact cost.

There are usually designated days and times for city hall weddings, so find out what they are in the location of your choice and how that would work in conjunction with your post-wedding celebration. Also, ask if there’s a limit to the number of wedding guests you can have, and whether you’ll be able to have bridesmaids and groomsmen, given the logistics.

Many couples like to have a special meal after, either solo or with a few friends and family members; it’s your call how to mark the big day.

Recommended: Wedding Cost Calculator With Examples

Get Married at a Park: Affordable and Scenic Wedding Venue Idea

Perhaps there are beautiful parks in your town or city full of unique flowers, landscaping, and vistas — or maybe there is one with special meaning to you, say, where the two of you went biking on a first date.

If that’s the case, you could contact the relevant parks department and find out any details about fees and permits (for instance, if you want to marry at Yosemite National Park, you’ll need a special use permit, which currently costs $150).

Some considerations:

•   How accessible is the location for guests? If it’s a small park in the center of town, it’s likely to be fairly accessible. If it’s deep in the heart of a national park system, you may need to decide how to make it practical for guests to find and attend.

•   Other concerns for a park wedding include shelter in case of rain, having enough public restrooms (are they readily available or do you need to rent portable options?), and how comfortable you are getting married in an open space.

•   You might also need to find out what the park’s policy is on receptions. Can you set up tables and have food brought in? Or serve cake and bubbly? Dream it up, brainstorm details, and get confirmation from park officials.

Recommended: Personal Loan Calculator

Plan a Budget-Friendly Beach Wedding

You might consider a beach wedding, with its possibilities for one-of-a-kind sunsets, soft breezes, and tropical drinks. As practical considerations, do you plan to have a ceremony along the ocean on a public beach or will you locate a private beach? The permits you’ll need will likely be quite different if you plan to have just your ceremony there versus if you also plan to have a beachside reception complete with food, drink, and music.

You’ll also need to create a Plan B or otherwise have shelter available if the weather doesn’t cooperate. And, where you plan to have the ceremony, geographically speaking, may help to dictate what time of year your wedding should be scheduled. For instance, for a July wedding at your favorite beach, think about how far in advance to plan summer travel.

Then figure out the final details. Do you plan to have alcohol at your reception? That often isn’t permitted on beaches, but there are some that do allow guests to imbibe. Do you want to rope off a section of the beach? Build a bonfire? Again, you might want to ask what the rules and regulations are for the beach you have in mind and be flexible about modifying plans to help make it all come together.

More Cheap Wedding Venue Ideas to Consider

The ideas above aren’t the only affordable locations to consider for your big day. Also keep the following in mind.

Local Community Centers

Depending on where you live, you may find community centers that cost just a few hundred dollars at most to use and provide the right setting for your wedding. You can also consider whether such organizations as the Lions Club, Kiwanis, or Junior League have spaces to rent. Some offer tables and chairs; others may have fully equipped kitchens.

Couples have found that with vases from a local discount store and flowers arranged by friends and family, this option can help them pull off a wedding on a budget.

College Campus Gardens

Many colleges have pretty areas where they can host weddings, whether or not you are a graduate. Research your area and see what’s available. There might also be some indoor spots with historic architectural details where you could say your vows.

Be sure you understand the guidelines, though. Some universities work with specific vendors (such as catering companies), which can wind up blowing your budget.

Airbnb or Vacation Rentals

A vacation rental can offer a spectacular wedding setting on a shoestring. You might find a charming farmhouse with a storybook garden and loads of bedrooms to house the wedding party. Or perhaps you want to rent a loft in a nearby city.

Whatever type of accommodation you are seeking, be clear up front with the owner about the purpose of your rental to make sure there are no restrictions. Some property owners don’t want gatherings in their spaces, while others are very much in the business of helping people find a place to celebrate.

Breweries or Small-Town Halls

Local businesses can often work with tight budgets to create a wonderful and memorable wedding. For example, a craft brewery may have a private area where you can say your vows and then celebrate with friends and family over an array of their beers and snacks. Some have outdoor spaces where a food truck can pull up to feed your friends and family. Don’t forget to search for nearby distilleries, too.

Many couples like the industrial vibe these spaces can have, or you might find a local lodge or other gathering space that has a quirky, cool ambience for your wedding day.

Local Family Farm

A local farm can be a fun, rustic setting for a wedding without breaking the bank. They offer beautiful countryside and often a barn where you can say your vows and dance the night away. Plenty of farmers are supplementing their business this way these days, so see what’s available. Some partner with caterers and cooks to create a farm-to-table meal as well, which could be within your budget.

Budgeting Tips for a Cheap Yet Memorable Wedding

Even when you choose a free or inexpensive wedding venue, you’ll still likely want to come up with some creative ways to save money for the food, music, drinks, flowers, photography, video, and so on. Some ideas:

•   Tap your circle of loved ones. Do you have a friend who could handle the photography or videography? That can help you save a bundle. Or could family members fill vases with flowers from a farmers market to use as centerpieces vs. hiring a florist? Could a pal’s band play, or perhaps everyone could bring a dish for a pot luck feast?

•   You can also explore different ways to help cover some of the wedding costs. For instance, a wedding loan might be an option to explore to help pay for your big day. Or perhaps your families might be able to help out financially with some of the venue-related expenses, such as catering.

•   Prioritize your spending. During a discussion with your partner, you could both try to determine who will pay for what, and how much you’re willing to spend. It could help to discuss priorities so you’re in agreement about where to splurge and where you’re willing to compromise.

If, for example, you know that having beautiful flowers is important to both of you, that could rise to the must-have category. And maybe you want to spend more on photography and less on videography — or vice versa. What’s important is that you mutually create and agree upon a plan that’s unique to you and your special day.

Financing Your Wedding

When it comes to financing your wedding, a wedding loan could be a good option for your needs. These loans are unsecured personal loans used to cover wedding costs. Rates on personal loans tend to be lower than credit card rates, and they can offer more flexibility on the term of your loan and the amount you can borrow. Plus, you’ll get a fixed rate.

Recommended: How to Apply for a Personal Loan

The Takeaway

With research and budgeting, you can find an affordable wedding venue that makes your big day wonderful and memorable. Options can include an at-home wedding or renting an Airbnb space that you love. Or you could opt for a city hall wedding, or find a park, garden, farm, or beach to provide a beautiful natural setting for your ceremony and celebration.

Even when you find an affordable venue, however, you may need help financing your wedding. That’s where a wedding loan, which is a kind of personal loan, can come into play.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

What are some cheap wedding venue ideas?

Cheap wedding venue ideas can include getting married at home, a friend’s house, a vacation rental, or city hall. Those who like to be outdoors or amid nature can consider a local farm, garden, park, or beach. Local craft breweries and community centers can be good candidates, too.

How can I find affordable wedding venues near me?

Searching online and inquiring about spaces you have seen can yield great, budget-friendly wedding venues. Asking friends and family about wedding they have attended can be worthwhile, too.

Is it cheaper to get married at city hall or a park?

Whether it’s cheaper to get married at city hall or a park will depend on the specific locations and fees you are considering. There are usually small fees involved at both kinds of locations, but consider the big picture, too. Will you want to go out to dinner with a number of friends and relatives after a city hall wedding? Would you rent chairs and hire a guitarist for a park ceremony?

Can I use a personal loan to pay for a wedding venue?

Yes, a personal loan can be used for almost any legal purpose, from paying off medical debt to financing a wedding. Some lenders offer wedding loans specially tailored to meet a couple’s needs for their big day.

What’s the average cost of a budget-friendly wedding?

A budget-friendly wedding can be defined as one that costs no more than $10,000. However, it is possible to pull off a big day for considerably less; say, for half that amount.

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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.


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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