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The biweekly money-saving challenge involves putting away cash for 26 weeks, or every other week, for one year. The amount you decide to save can vary based on your goals and comfort level. This method not only helps you accumulate savings, but it also encourages you to develop consistent savings habits over time.

Types of Biweekly Money-Saving Challenges

If you’re paid twice a month, the biweekly money-saving challenge might be more suitable for your lifestyle. It’s also budget-friendly, so you can adjust this plan according to how much you have left after covering your necessary expenses.

26-Week or Biweekly Savings Challenge

There are many versions of this challenge. You can start with a small savings amount, like $3, in the first week. Every two weeks, add an extra $3 to the last amount you put away. In the second week, that would be $6, and then $9 in the third week. At the end of the 26-week challenge, if you started with $3, you’ll have $1,053 in savings.

Alternatively, you might prefer a fixed savings goal, such as $5,000 or $10,000. If so, put away $193 to $385 every two weeks. After a year, you’ll have between $5,018 and $10,010.

A money tracker can help you keep tabs on your spending and credit score and decide how much you can save.

How to Choose a Money-Saving Challenge

Choose a financial problem that you want to address. Setting targets and starting small can lead to big wins in many ways. Learning to put money aside lays the building blocks for long-term savings habits that can last a lifetime.

Find a challenge that’s budget-friendly. The amount you put away can be as little as a nickel on day one. The more you have to spare, the more you can save. Some challenges suggest using savings accounts or stashing cash. If you choose to open multiple accounts, keep in mind that traditional Federal Deposit Insurance Corporation accounts earn some interest and allow you to access funds for emergencies or planned expenses.

You might have specific financial goals, such as putting money aside for an emergency or funding a wedding. Or, you might want to build a habit of saving. Whatever your goal, a challenge can help you commit to saving $500 to $15,000 in a set period while building good habits.

Common Money-Saving Challenges

Money-saving challenges are smart saving strategies or smart spending strategies, depending on what you choose. They can show you how to save money quickly or in the long term.

And there’s no shortage of creativity. Google, TikTok, and Instagram list hundreds of money-saving challenges. You can even try saving $2,026 in the 2026 money-saving challenge. Below is a list of money challenges to get you started.

100 Envelope Challenge

In the 100 envelope challenge, you number 100 envelopes from 1 to100. Each day, choose one and put in the amount of cash written on the envelope. By the end of 100 days, you’ll have $5,050 stashed away.

Alternatively, you can break down the 100 days into 13 weeks (the final week is four days). For more manageable deposits, set aside a week’s total savings every other week. The table below details the amounts:

Holiday Helper Fund

The holidays sneak up on us quicker than we expect. If you’re planning your annual budget, set up an account or an envelope for extra funds. If you need to pay for gifts in the year ahead, be it for a holiday, a wedding, or a birthday, this keeps the money out of sight and mind until you need it.

Starting in the week of January 1, set aside $20 every week, or $40 every two weeks. By December 25, you’ll have $1,040.

52-Week Savings Challenge

In the 52-week savings challenge, you set aside $1 in week one, then continue to deposit an amount equal to the week number. By the end of the 52 weeks, you’ll have saved $1,378. You can also start with $2 or $10 in week one, $4 or $20 in week two, $6 or $30 in week three, and so on. You’ll save $2,756 with the $2 challenge or $13,780 with the $10 challenge.

Another variation keeps the weekly savings contribution at a fixed amount, which can be particularly helpful for smaller budgets. For example, you can put away $10 a week to save $520 by the end of the challenge.

No-Spend Challenge

Brunching on Sunday? Maybe not if you’re taking on the no-spend challenge.

Pick a week or weekend and only spend money on necessities during that time frame. It’ll give you a chance to be creative with your limited financial resources.

Instead of eating out, try a new recipe at home. Dig deep into your closet instead of buying a new pair of shoes. You set the time limit, so you can continue to save until you notice a change in your accounts!

Recommended: What is the 30-Day No-Spend Challenge?

Cash-Only-for-a-Month Challenge

A 2024 Forbes Advisor survey found that people tend to spend more with bank cards than with cash. A cash diet can help stave off overspending. Leave your cards at home when you go out and only take a cash amount that you’re willing to spend.

Spending stimulates the part of your brain associated with reward, pleasure, and addiction. Take this opportunity to look at the categories in your budget where you tend to overspend, such as entertainment or clothes, and set aside cash for those categories. You can only spend the cash allotted for those categories.

Recommended: What Is a Minimalist Lifestyle?

365-Day Nickel-Saving Challenge

If you have a nickel to spare, this challenge is feasible. On day one, put a nickel in a jar. On day two, put 10 cents in the jar. On the third day, add 15 cents. By day 365, you’ll be adding $18.25 to make a total of $3,339.75 in your savings. You won’t have to put away more than $20 in a day and $130 in a week for the entire challenge.

30-Day Budget Preparedness Challenge

It helps to have a map to find where you’re going. The same is true with spending.

Challenge yourself to a budget. First, download a budget planning spreadsheet template or a budget planner app. Then, go through the categories (housing, groceries, entertainment, etc.) and add the amount you must or would like to spend in each.

Knowing how much to spend before you go out can help improve your planning and control your spending. For example, if you allocate $400 a month to groceries, you can make sure you spend $100 or less a week. If you don’t spend what you allocated, you can put the surplus in your savings.

Money-Saving Challenge Potential Savings

Taking on one of these challenges can help you boost your savings by $1,000 to $10,000.

Goal-setting will help you determine how much you want to save. If your target is $20,000 in two years, try the biweekly savings challenge. If you want to have $1,000 in your account, take on the 52-week savings challenge for a fun, concrete way to start.

If spending less is your goal, a challenge can help you cut overspending habits. Setting up a budget and spending cash (rather than using cards) can help. Some challenges also help you monitor your finances if paying off debt is your goal.

Whatever your goal is, these challenges are practical journeys that can pay off.

The Takeaway

A money-saving challenge can be a fun way to build a savings account. It can motivate you to spend less and save more. It can also be a concrete demonstration of how small savings can add up.

One of the more popular options is the biweekly money-saving challenge. You can put away an amount you can afford, such as $4, and increase it by $4 each week. Or, you can set a goal of $5,000 and aim to set aside about $193 each week. It’s an easy plan that you can adapt to your situation.

After completing one of these challenges, you’ll find you have stronger budgeting skills, including saving money and prioritizing debt payoffs. These skills could help you make more fiscally responsible decisions. That way, when life happens, you’ll be better prepared.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Why do people complete money-saving challenges?

Money-saving challenges help people build toward a financial target, save for a special occasion, or pay off outstanding debts. They can also be a fun way to organize your monthly budget.

What is the 100-envelope challenge?

In this popular challenge, you number 100 envelopes from one to 100. Each day, choose an envelope and put in the amount of cash written on it. For example, you add $1 to the envelope labeled one and $100 to the envelope labeled 100. By the end of the challenge, you’ll have $5,050 in the envelopes.

What is the most popular money-saving challenge in 2026?

There is no top biller in terms of money-saving challenges. However, the 52-week savings challenge often comes up in Google search results.

How much money do you save with the 52-week challenge?

If you follow the original plan of starting with $1 in week one, then $2 in week two, $3 in week three, and so on, you’ll end up with $1,378. Other variations involve changing the starting amount. For instance, you can start with $5 in week one, adding $5 more to the amount each week until you save $6,890.

Can I complete a money-saving challenge on a tight budget?

Yes. Anyone can take on a money-saving challenge, even if their monthly budget is limited. Challenges can be adapted to your own means and needs, and you can start saving with as little as a nickel. You can also extend the length of a challenge so your goals are more manageable.

Photo credit: iStock/Rawpixel

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SORL-Q126-018

It’s an honor to be asked to be a member of a friend’s or family member’s wedding, but it also comes with a cost. Between buying/renting attire, attending prewedding events, and purchasing gifts, it can run around $1,900 to be a bridesmaid and $1,800 to be a groomsman.

Just one wedding can take a bite out of your budget, not to mention the familiar scenario of attending several weddings in one year. We’ll help you understand the expenses that go into being a part of the big day so you can prepare and budget well in advance.

How Much Does It Cost to Be a Bridesmaid?

While the average bridesmaid may spend $1,900 to be part of the bridal party, wedding costs vary significantly depending on the location of the wedding, the number of events, and the dress code. Before you agree to participate as a bridesmaid (or maid of honor), it’s important to consider what costs you may be responsible for.

Recommended: Average Cost of a Wedding in 2025

The Dress

A bridesmaid’s wedding budget includes the cost of their dress, shoes, and any accessories the bride has selected for them to wear. According to The Knot’s 2025 Real Weddings Study (which surveyed nearly 17,000 couples who wed in 2024), the average bridesmaid dress costs $128 per person.

You’ll likely also be responsible for any alterations, which can run from $75 to $150, depending on what adjustments are needed. While there are ways to minimize these expenses — such as by renting a dress — that decision is often not up to the bridesmaid and depends on how the couple is saving for their big day.

Hair and Makeup

Traditionally, if the bride requests that everyone in the party have their hair and makeup done in a certain style, she will pay for the expense. If, on the other hand, bridesmaids are given the option to opt in or do their own thing, the bridesmaids generally cover the cost of getting glammed up for the big day. The average cost of wedding hair for bridesmaids is $100, and you can tack on another $100 for makeup.

Bachelorette Party

Bachelorette parties have become more elaborate in recent years. Typically, every attendant pays for their own expenses while splitting the cost to cover most, or all, of the bride’s expenses.

According to The Knot, the average cost of a bachelorette party in 2023 was $1,300 per person. Of course, the cost of attending a bachelorette party varies significantly depending on the type, location, and length of the event. Celebrations that last one to two days cost, on average, $1,135 per attendee, while those that go on for three to four days can total $1,630 each. Also, the farther you need to travel to the event, the more you’ll need to spend. Guests who travel to the bachelorette party locale by plane spend an average of $2,000, while those who travel by personal car spend an average of $900 to attend the event.

Wedding Travel and Accommodations

For the wedding itself, the bridal party is typically expected to cover the costs of travel and accommodations, which can vary depending on the location of the event and length of stay (with members of the bridal party possibly needing to arrive early or stay late).

On average, wedding guests who need to travel outside of their town or city to attend a wedding spend between $840 and $1680 on travel and $630 on accommodations. You could end up spending significantly more if you cover travel costs for yourself and other family members or if the wedding involves long-distance travel. When the wedding is local, travel costs are likely to be minimal.

Recommended: Personal Loan Calculator

Gifts

Bridesmaids traditionally give shower and wedding gifts, which add to the cost of being in someone’s wedding. According to The Knot, the average bridesmaid bridal shower gift costs between $50 and $75, while the average bridesmaid wedding gift costs around $160. A group gift may allow you to spend less while giving something nicer than you could afford on your own.

What Does the Maid of Honor Pay For?

Being the maid of honor generally doesn’t cost more than being a bridesmaid, but it does come with additional duties and a greater commitment of time. The maid of honor assists with any tasks she can take off the bride’s to-do list. They may also be involved in planning prewedding events and communicating with other members of the wedding party.

In some cases, the maid of honor might plan the shower and help cover the costs. However, these days, the cost of a wedding shower is more commonly covered by the bride’s family.

What Do Groomsmen Pay For?

Groomsmen typically pay for their wedding attire, the cost to attend a bachelor party (which may include sharing the cost for the groom’s attendance), the cost to attend the wedding (which might involve travel and accommodations), as well as a wedding gift. Here’s a look at what it all adds up to.

Formalwear or Tuxedo Rental

Just as bridesmaids generally pay for their dresses, groomsmen often pay for their wedding day clothing. This might be a suit, a tuxedo, a shirt and slacks, or another type of attire selected by the groom or couple. Typically, the groomsmen’s attire is purchased or rented, but in some cases, a groom may let their wedding party choose from their own wardrobe, which can be a more affordable option.

If you need to rent a tux for the event, costs will vary depending on what style, design, brand, and accessories you’ll need to wear. On average, you can expect to pay between $150 and $300 to rent a tux for the standard period.

Bachelor Party

Groomsmen normally take part in planning the bachelor party and may cover their own costs and the groom’s. According to a recent survey by The Knot (which included roughly 500 respondents who attended, or planned to attend, a bachelor party in 2023), the average cost of a bachelor party is $1,400 per person. The survey also found that the average bachelor celebration lasts for two days, and roughly one-fifth of attendees fly to the party destination. Indeed, 29% of those surveyed spent $2,000 or more to celebrate in a major metro city.

For guests who drove or were planning to drive to the event’s location, spending was less, averaging $1,000 per attendee.

Wedding Gift

Groomsmen are generally expected to give the couple a wedding gift, though they are not expected to spend more on a gift than other guests do. According to The Knot’s 2024 Real Wedding Guest Study, wedding party members spend an average of $160 on their gifts. If you want to save money, consider chipping in for a group gift with other wedding party members.

The Takeaway

It’s not unusual for a bridesmaid to spend $1,900, including their dress, the bachelorette party, and gifts. Groomsmen may spend just a little bit less ($1,800) for a rental tux, the bachelor party, and a wedding gift. Keep in mind, however, that the cost to be in someone’s wedding can run much higher or lower depending on the location and style of the event.

If you haven’t saved up enough money to be in a friend’s or family member’s wedding in advance, there are better options than throwing it all on a credit card. Personal loans are designed to help cover life’s big events. SoFi Personal Loans offer low fixed rates, no-fees-required options, and a quick and easy online application process. Checking your rate takes just minutes.

FAQ

What do bridesmaids and groomsmen usually pay for?

Bridesmaids and groomsmen are typically expected to pay for their wedding-day attire and accessories, travel and accommodations, and a wedding gift. They might also cover the costs of bachelorette or bachelor parties, which often make up a large portion of the expenses.

How can I participate in a wedding while staying on budget?

You can keep costs down by splitting the cost of a group gift, limiting optional expenses such as professional hair and makeup, and choosing more affordable travel and accommodation options if needed. Planning ahead and discussing your expectations can help you manage your budget.

Does being the maid of honor cost more than being a bridesmaid?

Not necessarily. The maid of honor usually has more responsibilities and dedicates more time to helping with the wedding, but the role doesn’t generally cost more than being a bridesmaid, since most of the major expenses are the same, and wedding shower costs are commonly covered by family.

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SOPL-Q126-025

When Jennifer S. clocked in on her first day of work as a nurse at a major hospital, she remembers thinking, “I’ve got this.” And she did. Nursing school had prepared her well for working in the emergency room.

She felt less confident about navigating her finances, however. Jennifer had to balance her living expenses and long-term goals with $40,000 in student loans while earning $25 an hour.

She cooked meals at home and kept her expenses low. Jennifer also created a monthly nursing budget to help organize her finances. “I saw that I should start saving a little more during the second half of the month, when I usually had leftover money, in case I needed it for the next month’s bills,” she says.

In addition, Jennifer discovered ways she could make extra money. Consider this nursing budget example: She switched to overnight shifts, making an additional $7,000 a year. When a hurricane hit her state, she worked around the clock at the hospital for a week and earned roughly $6,000, which she put toward a down payment on a home. And she routinely picked up per diem and travel assignments.

Why You Need a Nursing Budget

It’s an interesting time to be a nurse. Staffing shortages and burnout worsened during the pandemic, and the nursing shortage is expected to continue to grow through 2035. The rising cost of higher education, including how to pay for nursing school, has resulted in a growing number of students graduating with debt.

According to the American Association of Colleges of Nursing, roughly 70% of nurses take out nursing student loans to pay for school, and the median student loan debt in the field is between $40,000 and $55,000.

On the plus side, staff shortages mean nurses have some leverage. The profession is in such high demand right now that some hospitals are offering incentives such as sign-on bonuses, flexible hours, and student loan repayment help.

And in general, nurses can earn a good salary. According to the latest data from the U.S. Bureau of Labor Statistics, the median income for a registered nurse in 2024 was $93,600, and the median income for a licensed practical nurse or licensed vocational nurse was $62,340. The median income for a nurse anesthetist, nurse midwife, or nurse practitioner — fields that typically require a master’s degree — was $132,050 per year. Nurses who are willing and able to take on additional shifts, work overnight, or accept lucrative travel assignments stand to make even more.

If you’re a new nurse who’s figuring out your finances, a nursing budget is a good place to start.

How to Budget as a Nurse

With tens of thousands of dollars’ worth of student loans to repay, it’s helpful for nurses to create a budget to manage their money, cover their living expenses, pay down the debt they owe, and plan for their financial future. Here’s how to do it:

•   Set financial goals. Think about your short-term and long-term aspirations. These might be targets such as saving $2,000 in your bank account, paying off your student loans, or investing a certain amount for retirement. Knowing what you’re working toward will help give you the motivation to get there.

•   Calculate your income. Look at your pay stubs to see how much you’re bringing home each month. That’s the amount you have to work with.

•   Determine your expenses. Pull out all your bills and add up how much you’re spending each month for rent, food, utilities, loan and credit card payments, and so on. Be sure to include “fun” expenses such as dining out, entertainment, and self-care costs.

•   Find a budgeting method that works for you. There are different types of techniques, such as the 50/30/20 rule, which divides your budget into different categories: 50% for essential expenses, such as rent, utilities, food, car payments, and debt payments; 30% for discretionary expenditures, such as eating out, travel, and shopping; and 20% for goals such as saving for a home, your child’s education, or retirement. There’s also the envelope budgeting system, where you put cash monthly into envelopes for each spending category, such as housing and food. Once the money in an envelope is gone, you’ll need to wait until the next month to spend in that category again or take money from another envelope. Explore the different methods and choose the one that works best for your lifestyle.

•   Review your budget regularly and update it as needed. Make adjustments as your situation changes. For instance, maybe your car breaks down, and you need extra money for emergency repairs. Or perhaps you get a raise that increases your income. Tweak your budget accordingly.

Common Financial Challenges for Nurses

As a nurse, you’ll face some unique money-related challenges. For example, you may have work expenses, such as purchasing a uniform, comfortable shoes, and certain tools to do your job. Many hospitals and clinics require you to buy your own stethoscope, for instance. And working long shifts or irregular hours may leave you with less time for cooking, so you end up spending more money on takeout.

In addition, as a nurse, you may decide to pursue an advanced degree, such as a master’s, to move up the ladder and earn more money. That could mean taking out graduate student loans to cover the cost of your continuing education, in addition to the loans you already have.

These financial challenges are all things to factor into your nurse budget so that you have a plan for paying them off.

Watch Your Spending

Even when you’re on a budget, it can be easy to fall into the habit of overspending because there are various ways to supplement your income as a nurse. “When I was doing travel assignments, I just kept working,” Jennifer says. “At the time, I didn’t realize it would stop, so I didn’t think to save as much as I could have.”

Lifestyle creep can be a common pitfall, especially when you start earning more money, says Brian Walsh, CFP, senior manager, financial planning for SoFi. Spending more on nonessentials as your income rises can potentially wreak havoc on your savings goals and financial health. That’s why budgeting for nurses is so important.

While you’re starting to establish your spending habits, Walsh recommends using cash or a debit card for purchases. Automate your finances whenever possible by doing things such as pre-scheduling bill payments.

Develop Your Savings Strategy

A sound savings plan can help you make progress toward your short- and long-term goals and provide a sense of security. Walsh suggests nurses set aside 20% of their income for retirement and other savings goals, such as building an emergency fund that can cover three to six months’ worth of your total living expenses. He recommends placing it in an easy-to-access vehicle, such as money market funds, short-term bonds, certificates of deposit (CDs), or a high-yield savings account.

The remaining 80% of your income can go toward current living expenses, including monthly student loan payments.

Jennifer found success by adopting a set-it-and-forget-it approach to saving. “Whenever I worked a per diem shift, I got in the habit of putting $100 or $200 of every check into a savings account,” she says. Before long, she had a decent-sized nest egg and peace of mind.

Explore Different Investments

One simple way to build up savings is to contribute to your 401(k) or 403(b) retirement plan, if one is available to you, and tap into a matching funds program. There’s a limit to how much you can contribute annually to one of these plans. In 2026, you can contribute up to $24,500, and if you’re 50 or older, you can contribute an extra $8,000, for a total contribution of $32,500.

If you don’t have access to an employer-sponsored retirement plan, there are other ways to save for the future. “Start by figuring out what your targeted savings goal is,” Walsh says. If you’re going to save a few thousand dollars, you might consider a traditional IRA or a Roth IRA. Both can offer tax advantages.

Contributions made to a traditional IRA may be tax-deductible, and no taxes are due until you withdraw the money. Contributions to a Roth IRA are made with after-tax dollars, and you don’t pay taxes when you withdraw the funds as qualified distributions in retirement. However, there are limits on how much you can contribute each year and on your income. In 2026, you can contribute up to $7,500 to an IRA annually, with an additional $1,100 allowance for individuals aged 50 and over.

Ideally, Walsh says, you’re saving more than a few thousand dollars for retirement. If that’s the case, then a Simplified Employee Pension IRA (SEP IRA) may be worth considering. “Depending on how your employment status is set up, a SEP IRA could be a very good vehicle because the total contributions can be just like they are with an employer-sponsored plan, but you control how much to contribute, up to a limit,” he says. What’s more, contributions are tax-deductible (up to a limit), and you won’t pay taxes on growth until you withdraw the money when you retire.

Another option is a health savings account (HSA), which may be available if you have a high-deductible health plan. HSAs provide a triple tax benefit: Contributions reduce taxable income, earnings are tax-free, and money withdrawn for qualifying medical expenses is also tax-free.

Depending on your financial goals, you may also want to consider after-tax brokerage accounts. They offer no tax benefits but give you the flexibility to withdraw money at any time without being taxed or penalized.

Take Control of Your Student Loans

You have different priorities competing for a piece of your paycheck, and nursing school loans are one of them. You may need to start repaying loans six months after graduation, and options vary based on the type of loan you have.

If you have federal loans and need extra help making payments, you might look into a loan forgiveness program or an income-driven repayment (IDR) plan, which can lower monthly payments for eligible borrowers based on their income and household size.

If you’re struggling to make payments, you may qualify for student loan deferment or forbearance. Both options temporarily suspend your payments, but interest will continue to accrue and add to your total balance.

You could also explore the option of student loan forgiveness. There are a number of student loan forgiveness programs for nurses, such as the NURSE Corps Loan Repayment Program. If you work for a government or nonprofit organization, you could look into the Public Service Loan Forgiveness Program to see if you qualify.

Chipping away at student loan debt can feel overwhelming. And while there’s no one-size-fits-all solution, there are a couple of different debt pay-off approaches you may want to consider. With the avalanche approach, you prioritize debt repayment based on interest rate, working from highest to lowest. With the snowball approach, you pay off the smallest balance first and then work your way up to the largest balance.

While both have their benefits, Walsh says he often sees greater success with the snowball approach. “Most people should start with paying off the smallest balance first because then they’ll see progress, and progress leads to persistence,” he explains. But, he adds, the right approach is the one you can stick with.

Consider Whether Student Loan Refinancing Is Right for You

When you choose refinancing, including medical professional refinancing, a private lender pays off your existing loans and issues you a new loan. This combines all of your loans into a single monthly bill, potentially reduces your monthly payments, and may give you a chance to lock in a lower interest rate than you’re currently paying. A quarter of a percentage point difference in an interest rate could translate into meaningful savings if you have a big loan balance, Walsh points out. However, keep in mind that you may pay more interest over the life of the loan if you refinance with an extended term.

A student loan refinancing calculator can help you determine how much refinancing might save you.

Still, refinancing your student loans may not be right for everyone. By choosing to refinance federal student loans, you could lose access to benefits and protections, such as federal loan forgiveness plans. Be sure to weigh all the options and decide what makes sense for you.

Recommended: Student Loan Refinancing Guide

The Takeaway

Nursing can be a rewarding career, with flexibility and opportunities to add to your income. However, as a new nurse, you’re likely trying to stretch your paycheck to cover student loan debt and everyday expenses. Fortunately, by using a few smart strategies, such as budgeting and saving, and exploring options such as refinancing, you can start to pay down your loans and reach your financial goals.

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

How can you effectively budget as a nurse?

You can effectively budget as a nurse by setting financial goals, calculating your income, determining your expenses, and finding a budgeting method that works for you. You should review your budget regularly and update it as needed.

How much of your income should you save?

As a nurse, you should consider setting aside 20% of your income for retirement and other savings, such as building an emergency fund that can cover three to six months’ worth of your total living expenses. You can place it in an easy-to-access vehicle, such as money market funds, a high-yield savings account, short-term bonds, or CDs.

What are the options to repay your student loans?

If you have federal loans and need extra help making payments, you could look into a loan forgiveness program or an income-driven repayment plan. If you’re struggling to make payments, you may qualify for student loan deferment or forbearance. You could also consider refinancing your federal student loans with a private lender, but that may mean losing access to certain benefits and protections that federal student loans provide.

Photo credit: iStock/FatCamera

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Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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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.