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Financial gurus, your money-savvy friend, and personal finance books and articles all say the same thing: You need a budget. Why? Because without any guardrails to guide your spending decisions, you can end up overspending (and, in turn, running up debt). You may also find it difficult to reach important financial goals, such as building an emergency fund, going on vacation, or buying a home.

The main characteristics of any budget are estimates of how much money you’ll make and how much you’ll spend over a certain period of time, typically a month. Trouble is, it can be hard to predict every expense that may come up in a given month. That can make it hard to know what to include in your budget. But don’t give up — read on. What follows are eight key components of a successful and realistic budget.

The Importance of Budgeting

While a budget may sound restrictive, it’s really nothing more than a plan for how you will spend your money. Why bother making one? Here’s a look at some of the benefits of putting together a basic budget:

•   Lets you know if you’re spending more than, less than, or about the same as you’re earning each month.

•   Gives you a birds-eye view at where exactly your money is going each month.

•   Helps you avoid spending more than you have or want to spend.

•   Alerts you to subscriptions or services you’re paying for but may no longer need.

•   Ensures you stay on top of debt payments.

•   Allows you to make adjustments in your spending and saving so you can align your financial habits to reach your goals.

•   Can prevent you from going into debt should there be an unexpected, emergency expense or if you get laid off

•   Helps you feel more secures and less stressed about money

Key Characteristics That Make a Budget Successful

While there are many ways you can approach managing your money, all budgeting styles share some of the same key elements. Let’s take a look at the main characteristics of a budget that can help you stay on track and boost your overall financial wellbeing.

Emergency Funds

The bedrock of any type of budget is an emergency fund. Without a cash reserve set aside specifically for unplanned expenses or financial emergencies, any bump in the road — say a car repair, trip to the ER, or a loss of income — can force you to run up credit card debt. This can lead to a debt spiral that can take months, potentially years, to recover from.

A general rule of thumb is to keep three to six months’ worth of basic living expenses in a separate savings account earmarked for emergencies. If you’re self-employed or work seasonally, however, you might want to aim for six or 12 months of expenses to feel secure and protected.

Recommended: Where to Keep Emergency Funds

Irregular Expenses

When creating a budget, you likely won’t overlook your recurring monthly expenses, such as rent, utility bills, and food. What’s easy to forget about are your one-off and irregular expenses.

To set up an accurate budget, you’ll want to be sure to jot down any annual or seasonal expenses you anticipate, such as membership dues, holiday gifts, insurance payments, car and registration fees, or kid’s camp expenses. Scanning through your monthly checking account statements for a year should help you suss out your irregular expenses.

To adequately account for these expenses, determine the annual cost, divide by 12, and build that amount into your monthly budget. You may want to transfer that money into a separate account so you can pay those expenses when they’re due.

Recommended: What Are the Average Monthly Expenses for One Person?

Repaying Debt

For a budget to be successful, you want to make sure you’re accounting for debt repayment, including minimum monthly payments and (if you’re carrying high-interest debt) additional payments. The 50/30/20 budgeting rule, for example, recommends putting 50% of your money take-home income toward needs (including minimum debt payments), 30% toward wants, and 20% toward savings and debt repayment beyond the minimum.

Once you’ve paid off your balances, the money you were spending on debt/interest each month can now go towards other goals, such as a vacation, large-ticket purchase, or down payment on a house.

Recommended: See how your money is categorized using the 50/30/20 Budget Calculator.

Monthly Savings

Even if you tend to live paycheck to paycheck, a key element of a budget is putting at least something into savings each month. For example, with the “pay yourself first” approach to budgeting, you set up a recurring transfer from your checking account into your savings account on the same day each month, ideally right after you get paid.

Once you’ve fully funded your emergency saving account, you can funnel this extra money into a high-yield savings account to work towards your short-term savings goals.

And it’s fine to start small. If you save $20 a week, in a year you’ll have accumulated $1,040. If you commit to the 52-week savings challenge, where you save $1 the first week, $2 the second week, and so forth for an entire year, you’ll have stashed away $1,378 by week 52.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Accurate Monthly Income

Without knowing exactly how much money hits your bank account each month, you won’t be able to allocate your funds accordingly and create an accurate budget. Besides your paycheck, you’ll want to factor in any other income streams, such as freelance work, government benefits, alimony, or child support.

If you’re self-employed and your income varies from month to month, determining your monthly income can be a bit trickier. One solution is to use your lowest monthly income over the past year as your baseline income (minus any taxes you will owe). This gives you a margin of safety, since you will likely make more than that.

Money for Vacations and Free Time

While it’s important to save for an emergency fund and pay off your debt, a key component of budgeting is money for fun and leisure. Without it, you likely won’t stick to your budget at all.

Think about what activities bring you the most joy and offer the most value in your life. What hobbies would you like to invest more time, energy, and resources in? Where would you like to vacation next? From there, you can set some “fun” savings goals. Consider how much you will need and when you want to reach your goal to determine how much to set aside for fun each month.

Recommended: 15 Creative Ways to Save Money

Retirement

Retirement might seem far off but failing to start saving early can put you in a tough predicament later on. Thanks to compound interest — the interest earned on your initial savings and the reinvested earnings — it’s much easier to amass a comfortable nest egg when you start early. Even if you’re still paying off your student loans, retirement is an important element of a budget that can make a huge difference in your future.

If you work for a traditional employer, you likely have a company 401(k) you are eligible to participate in. If your employer offers a company match, it’s wise to contribute at least up to match — otherwise you’re leaving free money on the table.

Realistic Goals

While many people don’t write down specific goals when creating a budget, this is actually an important element of budgeting. By setting realistic goals, such as building an emergency fund, saving for a downpayment on a car or a home, getting out of debt, or saving for retirement, you can begin to find ways to save for those goals and track your progress towards achieving them.

Having specific and realistic money goals can give you the motivation to take control of your spending. It also gives all the money that comes into your account a purpose.

Keep in mind, though, that goals and budgets are ever-evolving. When changes arise in your situation, you can tweak your goals accordingly. For instance, maybe you suffered a financial setback. In that case, you might want to put your foot off the pedal on aggressively paying off debt, and focus on replenishing your emergency fund.

Tips on Starting a Budget

If the idea of creating a budget feels overwhelming, here are some stimple steps that help jump start the process.

•   Determine your after-tax income. If you get a regular paycheck, the amount you receive is probably just that, but if you have automatic deductions, such as 401(k) contributions or health and life insurance, you’ll want to add those back in to give yourself an accurate picture of your earnings.

•   Tally your monthly expenses. You can scan your bank and credit card statements for the past three to six months to get an idea of what you typically spend each month and on what. You can then make a list of spending categories, how much (on average) you spend on each per month, and then break down those expenses into two main categories: “needs” and “wants.”

•   Make adjustments. If your average monthly income is less than your average monthly spending (meaning you are going backwards) or is about the same (meaning you aren’t saving anything), you’ll want to look for places to cut back. You likely find it easier to cut back spending in your “wants” categories, such as cooking a few more times a week (and getting take-out less often) or cutting the cord on cable and opting for cheaper streaming services.

•   Choose a budgeting plan. Once you’ve done the basics, you can take it a step further by selecting a budgeting plan. Any budget must cover all of your needs, some of your wants and — this is key — savings for emergencies and the future. The 50/30/20 budget (mentioned above) often works well for beginners. But there are many different types of budget — including the envelope system and zero-based budget. You might choose a budgeting app, such as YNAB or Goodbudget, to automate the process.

Banking With SoFi

Knowing exactly what elements go into a successful budget can help you create a spending plan that’s in step with your goals and help you do a lot more with the money you have.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

How do I stick to a budget?

The best way to stick to a budget is to never spend more than you have. Running up high-interest debt can be a vicious cycle that is tough to get out of. You also end up spending a lot more on your purchases than if you have held off and saved up.

If you can’t afford something you want right now, it’s generally a good idea to put it off until you can. If you want to go on vacation or buy new furniture, for example, plan for it and save regularly so it doesn’t throw off your budget.

What is the best budgeting method?

The best budgeting method is the one you’re most likely to stick with. If you prefer to not worry so much about where you’re spending each dollar, you might prefer the 50/30/20 budget. If you like to get granular with your spending, then a zero-sum budget might be a good choice.

What are the benefits of budgeting?

Budgeting is a tool that helps ensure you’re spending your money in a way that aligns with your priorities. If you simply spend here and there without any type of plan, you can end up spending on things you don’t care all that much about, and never saving up enough for the things that you do — such as buying a car, going on vacation, or putting a downpayment on home.

Budgeting also helps ensure you can pay all your bills, have a cushion for the unexpected, and avoid running up expensive debt.

Photo credit: iStock/AndreyPopov

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

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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ATMs can be a quick, easy solution when you need a fast cash infusion, but banks typically impose a limit on how much money you can withdraw in one day. If you are planning to withdraw a certain amount of cash, it can be wise to know whether you’ll actually be able to get the money you need from the nearest ATM. The typical amount is between $500 and $1,000.

Here, you’ll learn how much money you can likely withdraw from an ATM and how to get around these ATM maximum limits.

What Is an ATM Withdrawal Limit?

An ATM withdrawal limit sets a maximum amount of cash you can withdraw per day from these machines. The limits vary widely, from several hundred to several thousand dollars. Often, those with premium checking accounts may have higher limits than those with standard accounts.

The kind of ATM you’re using (in-network or out-of-network) can make a difference, too, with in-network often having higher limits.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

Why Do Banks Have ATM Withdrawal Limits?

While ATM withdrawal limits can be frustrating, they exist for two important reasons:

•   Cash availability: Banks want to make sure there is enough money available for all ATM users. But ATMs can only hold so much cash, and banks only have so much cash on hand at any one given time. Say you go to an ATM on the Friday before a long holiday weekend to get some spending money and find that there is no cash left. This doesn’t happen often, but it’s a possibility. Capping the amount of money that can be withdrawn at an ATM helps ensure that customers can’t clean out ATMs or drain the bank’s cash reserves.

•   Security: ATM withdrawal limits also protect consumers. If someone were to get hold of your debit card and PIN number, the ATM withdrawal maximum would prevent that fraudster from immediately draining your entire checking or savings account.

How Much Can I Withdraw From an ATM per Day?

The answer depends on the specific bank’s rules around withdrawals, with some capping at $300 and others going as high as $5,000 a day. A limit of somewhere between $500 and $1,000 is common.

In some cases, a withdrawal limit depends on a specific customer’s banking history or account type. A new customer with a basic checking account may have a lower withdrawal limit than an established customer with a premium checking account. If you have a student or a second chance account, your max ATM withdrawal might be lower than if you had a standard checking account.

Whether you are withdrawing from checking vs. savings can also make a difference. In some cases, how savings accounts work is to have a higher cap on how much you can withdraw at any one time. In others, you will find that you can pull more cash from an ATM using your checking account.

One thing to be aware of: You may be limited to how many withdrawal transactions you can make per month from your savings account. Check your financial institution’s policies for specifics.

You may also find that how much you can withdraw will depend on the type of ATM you are using. For example, you may be able to withdraw more from an in-network machine than an independent one at a gas station.

Here’s a chart showing the range of withdrawal limits for some popular banks:

How to Work Around ATM Withdrawal Limits

If you need more cash than an ATM will allow you to withdraw, there are a few workarounds that can help as you manage your money.

Ask for Cash Back While Shopping

In some stores (like grocery stores), it’s possible to ask for cash back at checkout when making a purchase. While cash back may count toward your debit card’s daily purchase limit, it typically doesn’t count toward a daily ATM withdrawal limit.

The store will likely also have a cash back limit that applies on a per-purchase basis. That could mean you’ll need to make multiple purchases to withdraw the full amount of cash needed.

Withdraw From Savings

If you have both a checking account and savings account, you can withdraw money from a savings account when using an ATM. This can help avoid the daily checking account withdrawal limit.

There may, however, still be some limitations on ATM savings withdrawals, and this may vary with the kind of savings account you have.

Withdraw at the Window

If you bank at a brick-and-mortar location and the branch is open when you need more money, head inside. You can withdraw the amount you need by seeing a teller.

Contact Your Bank to Increase Your Limit

You may be able to negotiate a higher ATM withdrawal limit simply by contacting your bank’s customer service department and asking for a boost.

Recommended: ATM Cards vs Debit Cards: What’s the Difference?

Meet the new SoFi Plus!

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The Takeaway

ATM withdrawal limits are there for your protection as well as the bank’s, but that doesn’t mean they aren’t inconvenient at times.

If you regularly need cash, you may want to find out your bank’s daily ATM withdrawal limits and plan ahead. Or, you can work around the maximums in place and get cash from other sources. By using a bit of smart strategy, you can make sure you have the cash you need on hand.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

Can you withdraw $1,000 at an ATM?

The amount you can withdraw will vary based on a number of factors, including your account type (standard or premium) and the type of ATM you are using (in-network or out-of-network).

Which ATM lets you withdraw the most money?

You may find you can withdraw more cash at an in-network than out-of-network ATM.

What is the maximum amount I can withdraw from an ATM at one time?

The amount you can withdraw from an ATM may range from $300 to $5,000 a day, depending on the financial institution and your particular account. Somewhere between $500 and $1,000 is typical.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

Photo credit: iStock/RgStudio

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://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.

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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An emergency savings fund is a lump sum of cash set aside to cover any unanticipated expenses or financial emergencies that may come your way.

Besides offering peace of mind, an emergency fund can help save you from having to rely on high-interest debt options. These include credit cards or unsecured loans which can snowball. Not having rainy-day savings can also threaten to undermine your future security if you wind up tapping into retirement funds to get by.

What Is an Emergency Fund?

An emergency fund is essentially a savings fund earmarked for emergency expenses—aka unplanned expenses or financial emergencies. A major home repair, like a leaking roof, is an example of an unplanned expense that needs to be dealt with right away. Losing a job is an example of a financial emergency that can cause a lot of stress if you don’t have an emergency fund to dip into to pay for necessities and bills.

If someone doesn’t have an emergency fund and experiences financial difficulties, they may turn to high-interest debt. For instance, they may use credit cards or personal loans to cover expenses, which can lead to struggling to pay down the debt that’s left in its wake.

You may be wondering just how much to keep in an emergency fund. Financial experts often recommend having at least three to six months’ worth of basic living expenses set aside in an emergency fund. That can be a lofty goal considering that one recent study showed that about half of all Americans would struggle to come up with $400 in an emergency scenario. And in SoFi’s April 2024 Banking Survey of 500 U.S. adults, 45% of respondents said they have less than $500 set aside in an emergency fund. It’s wise not to be caught short and to prioritize saving an emergency fund.

Source: SoFi’s 2024 Banking Survey

Why Do You Need an Emergency Fund?

With all of the bills that a person typically has to pay, you may wonder, “Why should creating an emergency fund be a top priority?” Here’s why: An emergency fund can be a kind of self-funded insurance policy. Instead of paying an insurance company to back you up if something goes wrong, you’re paying yourself by setting aside these funds for the future. Building this cushion into your budget can be a vital step in better money management.

How you invest emergency funds is of course up to you, but keeping the money in a high-yield savings account typically gives you the liquidity you need while earning some interest.

Having this kind of financial safety net comes with a range of benefits. Below are some of the key perks of having an ample emergency fund.

Preventing You From Going into Debt

Yes, there may be other ways to quickly access cash to cover the cost of an emergency, such as credit cards, unsecured loans, home equity lines of credit, or pulling from other sayings, like retirement funds.

Preventing debt is one of the most important reasons to have an emergency fund.

But these options typically come with high interest fees or penalties. Though there are many reasons for having an emergency fund, preventing debt is among the most important and enticing.

Providing Peace of Mind

Here’s another reason why it is important to have an emergency fund: Living without a safety net and simply hoping to get by can cause you to stress. Thoughts about what would happen if you got hit with a large, unanticipated expense could keep you up at night.

Being prepared with an emergency fund, on the other hand, can give you a sense of confidence that you can tackle any of life’s unexpected events without experiencing financial hardship.

Providing Finances During Unemployment

Applying for unemployment benefits, if you are entitled to them, can help you afford some of your daily expenses. Unfortunately, these payments are generally not enough to cover your entire cost of living.

If you have an emergency fund, you can tap into it to cover the cost of everyday expenses — like utility bills, groceries, and insurance payments — while you’re unemployed.

Starting an emergency fund also gives you the freedom to leave a job you dislike, without having to secure a new job first. Sometimes this can be the best move if you are stuck in a toxic situation.

Making Better Financial Decisions

Having extra cash set aside in an emergency fund helps keep that money out of sight and out of mind. Having money out of your immediate reach can make you less likely to spend it on a whim, no matter how much you’d like to.

Also by having a separate emergency account, you’ll know exactly how much you have — and how much you may still need to save. This can be preferable to keeping a cash cushion in your checking account and hoping it will be enough. In fact, 77% of the SoFi survey respondents who have a savings account said they used it specifically for emergencies.

Recommended: Guide to Practicing Financial Self-Care

Emergency Fund Statistics

Curious about how much other people have in their emergency funds? Or what percentage of Americans actually have a rainy-day account? Here are some recent research numbers to know:

•   About 75% of people report having emergency savings.

•   46% have enough money to cover three months’ worth of expenses.

•   Just 19% of people in SoFi’s report said they have between $1,000 and $5,000 in emergency savings.

•   24% of people overall have no emergency savings at all.

•   37% of Americans said they couldn’t cover a $400 emergency expense, according to Empower data.

•   59% of U.S. survey respondents said they couldn’t cover a $1,000 emergency bill.

How Do You Build an Emergency Fund?

One of the basic steps of how to start a financial plan is saving for emergencies. Stashing money aside for a rainy day is a vital part of financial health.

The good news is that starting an emergency fund doesn’t have to be complicated. These tips can help you get your emergency fund off to a good start.

•   Set your savings target. The first step in building an emergency fund is deciding how much to save. The easiest way to do that is to add up your monthly expenses, then multiply that by the number of months you’d like to save (typically, at least three to six months). If the amount seems overwhelming, you can start smaller and aim to save $1,000 first, then build up your emergency fund from there.

•   Decide where to keep it. The next step is deciding where to hold your emergency savings. Opening a bank account online could be a good fit, since you can earn a competitive APY (annual percentage yield) on balances while maintaining convenient access to your money. You could also choose to open a traditional bank account and use its online banking features. Forty-eight percent of people say they use online banking daily, according to SoFi’s data.

•   Automate contributions. Once you set up an online bank account for your emergency fund, you can schedule automatic transfers from checking. This way, you can easily grow your emergency fund without having to worry about accidentally spending down that money.

One of the most frequently asked emergency fund questions is whether a savings account is really the best place to keep your savings. After all, you could put the money into a certificate of deposit (CD) account instead or invest it in the market. But there are issues with those options.

A CD is a time deposit, meaning you agree to leave your savings in the account for a set maturity period. If you need to withdraw money from a CD in an emergency before maturity, your bank may charge you an early withdrawal penalty.

So, should emergency funds be invested instead? Not so fast. Investing your emergency fund money in the stock market could help you to earn a higher rate of return compared to a savings account. But you’re also taking more risk with that money, since a downturn could reduce your investment’s value. Proceed with caution before taking this step.

How Long Does It Take to Grow an Emergency Fund?

Emergency funds don’t necessarily come together overnight. Saving after-tax dollars to equal six months’ worth of typical living expenses can take some work and time. Here’s an example to consider: If your monthly costs are $3,000, you would want to have between $9,000 and $18,000 set aside for an emergency, such as being laid-off.

•   If your goal is $9,000 and you can set aside $200 per month, that would take you 45 months, or almost four years, to accumulate the funds.

•   If you can put aside $300 a month, you’d hit your goal in 30 months, or two and a half years.

•   If you can stash $500 a month, you’d have $9,000 saved in one and a half years.

A terrific way to grow your emergency fund is to set up automatic transfers from your checking account into your rainy-day savings. That way, you won’t see the money sitting in your checking and feel as if it’s available to be spent.

Recommended: Online Emergency Fund Calculator

How Can You Grow It Faster?

You’ve just seen how gradually saving can build a cash cushion should an emergency hit. Here are some ways to save even faster:

•   Put a windfall into your emergency fund. This could be a tax refund, a bonus at work, or gift money from a relative perhaps.

•   Sell items you don’t need or use. If you have gently used clothing, electronics, jewelry, or furniture, you might sell it on a local site, such a Facebook group or Craigslist, or, if small in size, on eBay or Etsy.

•   Start a side hustle. One of the benefits of a side hustle is bringing in extra cash; it can also be a fun way to explore new directions, build your skills, and fill free time.

These techniques can help you ramp up your savings even faster and be prepared for an emergency that much sooner.

Prioritizing Your Emergency Fund When You Have Other Financial Obligations

Most of us have competing financial goals: paying down student debt or a credit card balance; accumulating enough money for a down payment on a house; saving for college for kids; and socking away money for retirement. In many cases, you’ll see variability in financial goals by age, but there are often several needs vying for your dollars at any given time.

Here’s advice on how to allocate funds:

•   Definitely start or continue saving towards your emergency fund. Even if you can only spare $25 per month right now, do it! It will get you on the road to hitting your goal and earning you compound interest. Otherwise, if an emergency were to strike, you’ll likely have to resort to credit cards or tapping any retirement savings, which probably involves a penalty.

•   Continue to pay down high-interest debt, like credit card debt. You want to get this kind of debt out of your life, given the interest rates can currently top 20%. You might explore balance transfer offers that let you pay no or very low interest for a period of time (say, 18 months) which can help you pay down your debt. Just make sure you understand the fees that are typically involved.

•   Steadily stick to your schedule for low-interest debt, which typically includes student loans and mortgages.

•   Fund your retirement savings as much as you can. As with an emergency fund, even a small amount will be worthwhile, especially with the benefit of compound interest. Make sure to contribute enough to take advantage of the company match if your employer offers that as part of a 401(k) plan; that is akin to free money.

The Takeaway

An emergency fund is an important financial goal. Once you’ve accrued at least three to six months’ worth of basic living expenses, you can feel more secure if a major unexpected expense pops up or job loss happens. It can be wise to store emergency funds in a high-yield savings account to deliver both liquidity and interest.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

What is the purpose of an emergency fund?

An emergency fund is a financial safety net. It’s money set aside that you can use if you are hit with a big, urgent, unexpected bill (like a medical expense or car repair) or endure a loss of income. In these situations, an emergency fund can help you avoid using your credit cards and taking on high-interest debt or hurting your credit score by paying bills late. How to invest an emergency fund is up to you, but a high-interest savings account is one good, liquid option.

Can I use an emergency fund for a non-emergency expense?

Technically, you can use an emergency fund for a non-emergency expense. After all, it’s your money. But it’s not wise to do so and defeats the whole purpose of saving this cash. If you use your emergency funds to pay for a vacation or new clothes, then if a true emergency arises, you won’t be prepared.

How difficult is it to rebuild an emergency fund?

It can be difficult to rebuild an emergency fund, just as it was to accumulate the money in the first place. But even if it takes years to achieve your goal, it is worth it. Putting away money gradually for an emergency is an important step towards being financially fit.

More from the emergency fund series:

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How to Build an Emergency Fund

Emergency Fund Calculator

Where to Keep an Emergency Fund

When to Use Your Emergency Fund

Should You Ever Invest Your Emergency Fund?

>

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SOBNK-Q325-116

Money transfers are part of everyday life. Maybe you use a peer-to-peer payment app to reimburse friends for dinners, pay your cell phone bill online, or tap your digital wallet for coffee.

What you may not do often is send money across borders. And when the need arises, international money transfers (also known as global remittances) can feel intimidating. Whether you’re helping family abroad, purchasing goods from overseas, or funding education in a foreign country, it’s important to use a secure and reliable service.

Below, we explore how to safely send money internationally, along with red flags to watch out for along the way.

10 Tips for Safely Sending Money Internationally

Sending money across borders is becoming increasingly easier and faster to do through banks and other money transfer service providers. But there are still risks involved — from security concerns to remittance scams to hidden transfer fees. Here’s how to make the process as safe and seamless as possible.

1. Vet Your Transfer Service Like a Detective

For one of the most secure options, and particularly for larger amounts, you may start with your own financial institution to see what options they provide for international transfers using your bank account. Some banks may offer wire transfer services or app-based international transfers.

If you can’t use your bank, make sure you thoroughly vet any provider you’re considering. Check to make sure the company is licensed and regulated by financial authorities in your country. Legitimate services should make this information easy to access and verify.

It’s also a good idea to research customer reviews and ratings for the company. Look for patterns, such as repeated complaints about transfer delays, poor customer service, or surprise fees.

2. Look Beyond the Transfer Fee

Banks and money transfer services typically charge a transfer fee, which may be a flat fee or a small percentage of the amount you send. But this fee is only part of the story. It’s also important to look at the exchange rate the service is offering you.

Banks and providers often add a markup to the ​​mid-market exchange rate, which is the rate that big banks use when they’re trading foreign currencies with one another (and often considered the “real” exchange rate).^[1] For example, a bank will often add 3% to 6% to mid-market rate, which considerably adds to your costs.

The best way to compare global remittance providers is to look at both fees and exchange rates, and exactly how much the recipient will receive when all is said and done. A service with low or no upfront fees but a high rate markup could cost more than one that charges a transfer fee. Fortunately, federal law requires international transfer companies to be transparent about all fees (including the exchange rate that applies to the transfer) before you pay.

3. Triple-Check Every Recipient Detail

When sending money internationally, small errors can lead to major big headaches. A single wrong digit in an account number or misspelled name can delay your transfer — or worse, send it to the wrong person entirely.

Before confirming a wire transfer, carefully review:

•   The recipient’s full name, address, and phone number

•   The recipient’s bank name, account number/IBAN, and routing number or SWIFT/BIC code

•   Account type

•   Transfer amount

•   Your full name, address, and phone number

While this may seem tedious, spending a few extra minutes verifying details is likely to be a lot less painful than trying to reverse a misdirected transfer.

4. Secure Your Account With Digital Locks

When using any kind of payment service, it’s critical to protect your personal and financial details from being intercepted by hackers or unauthorized parties. To guard against bank fraud, be sure to:

•   Use a strong password: This is the initial key to your account. To make sure scammers don’t get through the door, use a strong, long password and make it unique for each account. Consider using a password manager to keep track of them.

•   Enable two-factor authentication (2FA): This adds another layer of security by requiring a second verification step, such as a code sent to your phone or email or a fingerprint scan. Even if a fraudster has your email and password, it would be difficult for them to get through the door thanks to your digital deadbolt.

•   Set up account alerts: Many transfer services offer notification for login and transactions. These account alerts give you real-time updates and can help you spot unauthorized activity quickly.

5. Learn to Spot the Red Flags of a Scam

Fraudsters often use wire transfers to scam people because they offer a fast, irreversible, and difficult-to-trace method for sending money internationally. This allows them to quickly collect funds and disappear before victims realize they’ve been defrauded.

To protect yourself from wire transfer scams, the Federal Trade Commission (FTC) cautions against sending money to:^[2]

•   Anyone you’ve never met in person

•   Someone claiming to be from a U.S. government agency (the government won’t ever request payment this way).

•   Anyone who makes an urgent, high-pressure request for payment.

•   Anyone who says a wire transfer is the only way to pay.

•   Someone who tries to sell you something over the phone (it’s illegal for a telemarketer to ask you to pay with a wire transfer).

6. If It Sounds Too Good to Be True, It Is

Sometimes transfer services use marketing tricks to lure customers. Some might advertise “zero fees” but significantly inflate exchange rates. Others might claim “instant transfers” when funds typically take days to clear.

If you encounter a deal that seems unusually generous, proceed with caution. Ask yourself: How is the company making money? Reputable providers prioritize transparency regarding fees, rate markups, and transfers times, making it easy to compare service apples to apples.

7. Use Traceable, Digital Methods

While using an international money transfer isn’t entirely risk-free, sending cash in the mail or through a courier is far riskier. If that envelope is lost or intercepted, the money is gone and there’s no way to get it back. Mailing a check isn’t fail-safe either. If it gets lost or stolen, it could lead to delays and, potentially, check fraud.

By contrast, banks and licensed money transfer companies provide tracking options to monitor your transaction. Once you send money, you’ll receive a confirmation number or tracking code. You can typically enter this on the provider’s website or app to see the transfer’s status in real time. Some services also send an email or phone alert when funds are received. Having a reference number can help resolve any issues that come up.

8. Keep Meticulous Records

It’s a good idea to document everything when sending money abroad. Make note of any confirmation codes, save your receipts, and screenshot all correspondences, as well as advertised exchange rates and fees. These records could come in handy if there is any need for dispute later.

9. Know Whom to Contact If Something Goes Wrong

If a transfer fails or seems suspicious, knowing your next step is key. Every provider should clearly state their dispute resolution process and provide multiple support channels (such as phone, chat, or email).

If you make an error or you realize you sent money to a scammer, you’ll want to contact your bank or the money transfer service immediately to explain what happened. If it’s early enough, they may be able to correct or reverse the transfer. If you’re the victim of any kind of money wiring scam, you should also report the experience to the FTC.

10. Send a Small Test Transfer First

When using a new service or sending money to a new recipient, consider sending a small test transfer before committing to a larger sum. This allows you to:

•  Verify that the service works as expected

•  Ensure recipient details are correct

•  Confirm the timeline for delivery

•  Check the actual exchange rate applied

While you may pay a small fee, a test run provides reassurance and minimizes the risk of costly errors. Once you’ve confirmed everything works smoothly, you can proceed with confidence on larger transfers.

The Takeaway

Sending money internationally can be stressful, but as long as you use a trusted, regulated, well-reviewed service — and make sure you get all the information correct when submitting the transfer — you should be fine. Just remember: Money transfers are a favorite tactic of fraudsters. Never send money to someone you don’t know.

Being proactive and approaching each transfer with caution and care helps ensure that your money reaches the right hands, for the right purpose, every time.

SoFi Checking and Savings members can now send money to 30+ countries, including Mexico, India, Brazil, and more. Plus, make three international money transfers by 3/31/26 to earn $30 in rewards points.

SoFi worldwide money transfers are a fast, affordable, and simple way to transfer money to loved ones abroad — directly from the SoFi app.

FAQ

What’s the single-most important security feature to look for in a transfer app?

One of the most important security features to look for in a transfer app is two-factor authentication (2FA). This adds an extra layer of protection, such as requiring you to enter a code sent to your phone or a fingerprint scan. Even if your password is stolen, hackers can’t easily access your account without the second verification step. This significantly reduces the risk of unauthorized transactions.

What should I do immediately if I think I’ve been scammed?

If you think you’ve been scammed, contact your bank or money transfer provider immediately to report the fraud and request a hold or reversal if possible. Next, you’ll want to change your account passwords and enable two-factor authentication (if you haven’t already). It’s also a good idea to file a report with the Federal Trade Commission.

Is it safe to save my credit card information in a money transfer app?

If the money transfer app is reputable and regulated, storing your credit card information in your account is reasonably safe. However, no system is foolproof, as data breaches can still potentially occur. In general, it’s a good idea to limit storing your payment details online to reduce potential exposure.

How can I verify a transfer request from a family member is legitimate?

Scammers often impersonate family members, so it’s crucial to confirm any suspicious transfer requests via a separate channel, not through the message you received. To make sure you aren’t being scammed, call your loved one using a trusted phone number or video call before you send any money. If that’s not possible, ask the person making the request a very specific question only your loved one would know the answer to.

About the author

Timothy Moore

Timothy Moore is a personal finance writer and editor and a Certified Financial Education Instructor. His work has been featured on sites such as USA Today, Forbes, Business Insider, LendingTree, LendEDU, and Time. Read full bio.

Photo Credit: iStock/Dilok Klaisataporn

SOBNK-Q325-115

While medical doctors have high earning potential, the first few years of a doctor’s career — known as residency — tend to be defined by long hours and relatively low pay.

So if you’ve got a medical career ahead of you — and medical school student loans to pay off — what sort of financial life can you expect? In this article, we’ll explore the average pay for medical residents and what they can do to manage their finances during this time.

How Much Do Medical Residents Make?

So, how much do doctors make during residency? According to the Association of American Medical Colleges, the average medical resident salary was $66,712 as of July 2024. Before taxes, that’s roughly $5,560 per month.

Medical residents are known to work very long hours. The Accreditation Council for Graduate Medical Education requires hospitals to ensure that residents work no more than 80 hours a week. If you do the math, an annual salary of $66,712 breaks down to $16-$17 an hour if a resident puts in a full 80 hours a week.

Making that money stretch can be a challenge — especially in high cost-of-living areas. To help, here are six tips for getting by (and even thriving) while living on an average resident salary.

💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

How to Get by on a Medical Resident’s Salary

1. Make a Simple Budget

The average resident has little time to keep track of their expenses, but building a simple budget could be the difference between making it work and ending up short. Your first step should be to make a list of all “necessary” spending, such as rent, utilities, transportation, and food.

Next you’ll want to look how much you bring home each month, including your resident’s salary and any additional income from your partner or family support. Then look at how much money you have left over. That’s how much you have to spend on “extras” each month, like dining out, travel, or clothing. You might decide to set spending limits for each category (for example, $100 for eating out) or monitor your spending as the month progresses. Or, you can do both.

2. Consider Personal Preferences and Trade-Offs

A budget can feel like a hassle, but if you set it up right, it can also be freeing. By knowing exactly how much you can spend, you can then decide what’s important for you to prioritize and what you don’t mind cutting out.

Maybe you’ll decide that you want to cut cable, but you don’t want to stop meeting up with friends at your local wine bar. Or perhaps you’ll give up eating out so you can spend more on rent. Making a budget is just analyzing each trade-off. Ask yourself, “Do I want this, or something else?”

3. Focus on Fixed Costs

One substantial way you can make an impact on your budget is by making “big wins” on fixed costs, such as housing, car payments, or utilities. For example, lowering a bill by $20 each month is going to have a bigger effect than saving a few dollars on small purchases. Looking at your own fixed spending, where could you ask for better rates or cut back entirely?

While you’re at it, look at your subscription services and other memberships. Though not often considered a “fixed cost,” they can add up quickly to become a significant expense. When you put them on autopay, it’s easy to forget about them and miss the chance to cancel them each month or year. Take time to go through your credit card statement to make sure you’re not paying for a service that you’re not able to use because you’re so busy.

4. Share a Living Space

When you’re trying to save money, there’s usually no financial win that’s bigger than saving on your housing costs. To do this, you can move into a more affordable place, live with roommates, or rent out a room in your place. Not only can a roommate help you save on rent, but also on utilities like water, electric, and cable.

Some folks don’t like the idea of having roommates because they lose some privacy. But if you’re a busy resident who’s not home very much and is trying to eke by on a small salary, it can be a great way to save money.

5. Choose Less Expensive Transportation

Transportation may be your second biggest expense after housing, especially if you have a car payment. But even if you’ve already paid off the vehicle, you’ll need to cover the cost of car insurance, as well as maintenance and sometimes parking. It can add up.

If you’re living in an area with good public transportation or you’re able to live within walking distance of the hospital, you might want to get rid of your car to save money. In some areas, Uber or Lyft offer a flat-rate, monthly pass option that can be less expensive than owning and maintaining a car.

If you’re not ready to sell your car quite yet, simply try using it less. Even this small act may save you money each month. For example, if you’re spending $120 per month on gas but could ride public transportation for $30 per month, you may save over $1,000 on transportation in a year.

6. Cook at Home

While it may be unreasonable to think that a medical resident will cook every meal, it may be worth taking a few hours each week to make a batch of meals that you can eat throughout the week. Preparing meals and eating at home could potentially save residents hundreds of dollars a month.

Another Option: Refinance Medical School Loans

Like most people who attended medical school, there’s a very likely chance you took out student loans. Managing these loans while you’re living on an average resident salary may be important for your financial success.

It is important to understand your medical school loan repayment strategies. One of the first decisions you may want to make is whether you want your loans to go into forbearance or to make payments on your loans during residency.

Student loan forbearance may seem like an ideal option for a person on a medical resident salary, but that might not always be the case. Federal medical school student loans accrue interest during that time, and that interest is added to your balance at the end of your forbearance period. This is called compounding, or capitalization, and means that you’re paying interest on top of interest.

You may want to consider refinancing your medical resident student loans. Refinancing is the process of paying off one loan (or many loans) with another, generally to lower your overall interest rate or to change the terms of your loan.

Refinancing student loans won’t be for everyone, as you will lose access to federal loan programs such as Public Service Loan Forgiveness (PSLF) and income-driven repayment plans.

Refinancing student loans won’t be for everyone, as you will lose access to federal loan programs such as Public Service Loan Forgiveness (PSLF) and income-driven repayment plans.

💡 Quick Tip: When refinancing a student loan, you may shorten or extend the loan term. Shortening your loan term may result in higher monthly payments but significantly less total interest paid. A longer loan term typically results in lower monthly payments but more total interest paid.

The Takeaway

Despite the relatively low pay compared to fully licensed physicians, residency is an important phase that offers invaluable training and experience. It’s important for residents to manage their finances wisely, considering the long-term benefits of their education and the potential for higher earnings in the future.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

What is the average salary for medical residents in the United States?

The average salary for medical residents in the United States typically ranges from $50,000 to $70,000 per year, depending on factors such as the year of residency, specialty, and location.

How does the salary of a medical resident compare to that of a fully licensed physician?

Medical residents generally earn significantly less than fully licensed physicians. For example, while a resident might make between $50,000 and $70,000 annually, a practicing physician can earn anywhere from $150,000 to over $400,000 per year, depending on their specialty and experience.

What factors can influence the salary of a medical resident?

Several factors can influence a medical resident’s salary, including the year of residency (PGY-1 to PGY-4), the specialty they are pursuing, the geographic location of the hospital or institution, and the specific hospital or program they are affiliated with.

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