moving boxes

The Ultimate Moving Checklist

So, you’ve decided to move. Be it for a new job, a fresh start, or just for an adventure in an exciting new locale, moving can be a great way to kick off change in your life.

But before you start assembling boxes, folding clothes, and bubble wrapping your most prized possessions, there are a few key steps — some financial and some practical — you might want to take to ensure a seamless transition. Here’s a moving checklist that can help you get from your old home to your new place with relative ease.

3 Months Before the Move

Pick a Date and Make a Moving Budget

Pick a Day to Move

Assuming your new place is ready to go and you’ve already discussed the move with your current landlord (or have sold your current home), a good first step is to decide on a moving day.

The least expensive times to move are typically during the week. Moving companies will often offer better rates on a Monday, Tuesday, Wednesday, or Thursday because they aren’t typically as busy as on weekends.

You might also want to try to schedule your move in the morning. This is helpful during the summer, since temperatures aren’t as hot. Also, if you aren’t moving far, an early move will give you a good portion of the day to start getting settled in your new home.

Choose a Moving Company

Once you’ve picked the day, it’s time to pick the mover. You might start your search by asking people you know who have recently moved for recommendations. You can also check out the reviews online and send out a few quote requests to local movers. It can be a good idea to interview and get estimates from at least three movers before making a choice.

Create a Budget

Moving can be costly, and movers may be one of your biggest expenses. The average per-hour cost for a local move is $25 to $50 per mover, per hour. So if you use a two-person team for four hours, it can run at least $200 to $400, just for labor. You may also have to pay for transportation fees, materials, and gas.

For a long-distance move, costs go up considerably. You may need to factor gas, tolls, and lodging if the trip is more than one day, along with additional fees for drivers. All told, a long-distance move can run anywhere from $600 to $10,000 (or more), depending on the moving company you choose, the distance, and the size and amount of your belongings.

When you create your moving budget, you’ll want to factor in other moving costs, which may include:

•  Any penalties you might incur for leaving a lease early

•  Ending a phone, cable, or internet package early

•  Any and all repairs you need to make for your new home

•  Transportation cost to get to your new place

•  Any additional items you need to buy for your new place

Recommended: Things to Budget for After Buying a Home

Inform the Important People in Your Life

Now might be the time to share the news of your move. Your friends and family may already know, but don’t forget to tell other important people about your departure schedule, such as your children’s school and your employer. That way they have plenty of time to make any necessary arrangements.

You may also want to contact a few government agencies. For example, the U.S. Postal Service recommends setting up mail forwarding about two weeks in advance of a move. The service may be in place in as few as three days, but it’s smart to have some wiggle room.

If you’re moving to a new state, you may also want to set up an appointment at your new state’s department of motor vehicles, as you may be required to get a new driver’s license or register your vehicle in that state. And, if you’re moving during election season, reach out to your new area’s voter registration office to ensure you’re all set up to cast your ballot.

Need help financing your move?
Check out SoFi’s relocation loans.

1 Month Before the Move

Evaluate Your Belongings and Declutter


You might want to do a walkthrough of your current home and look at each and every item you own. Then grab two sticky note pads with different colors, one to represent the things you want to keep and one to represent the things that must go. Every single item should get a sticky note.

Start Selling

Instead of simply throwing away the things you no longer want, you could try to sell them online. After all, your trash could certainly be another person’s treasure. And this way you could have a few dollars in your pocket to spend on buying new things for your new home.

Donate Unwanted, but Still Usable, Items

If you’d prefer to donate some or all of your gently used but no-longer-needed possessions, you may want to reach out to The Salvation Army, Goodwill, Habitat for Humanity, a local thrift store, or a nearby homeless shelter to arrange for a pickup or delivery.

Recommended: 23 Easy Ideas to Pay It Forward

Call Your Cable, Internet, and Utility Providers

Now might be a good time to call your current cable, internet, and utility providers to let them know when you will be cutting off service. You’ll also want to reach out to providers that service your new home to set up services. That way, you’ll have electricity, WiFi, and everything you need up and running as soon as you get there.

Cancel Other Subscription Services

If you belong to a gym, community supported agriculture (CSA), or any other local group or subscription service, you’ll want to be sure to cancel your membership so you don’t continue to get charged after you move.

Three Weeks to One Week Before the Move

Collect Boxes and Start Packing

Collect Boxes

As the moving date gets closer, it’s time to acquire boxes. You can buy them or, to save money, start hunting down free boxes. Good sources include local restaurants, liquor stores, coffee shops, and supermarkets. Simply call or stop in and ask what days they typically get deliveries and if you can come to take the used boxes off their hands. Then, over the week or so, stop in and collect as many boxes as you can.

Buy the Moving Supplies You Need

You’ll also need to pick up some other items for packing, including heavy-duty packing tape, a marker for labeling things, and bubble wrap for fragile items. If you’re not hiring a moving company, you might consider renting a dolly, which can make moving heavy items much easier, plus furniture pads to protect your belongings from scratches and dings. Sheets and towels can also be used to protect furniture and as padding inside of boxes.

Start Packing

At this point, it’s probably safe to start packing the things you aren’t currently using — out of season clothes, most of your dishes, extra blankets, towels, framed photos, and decorations. You’ll want to leave out the essentials so you’re not looking through boxes to find things you use on a daily basis.

Recommended: How to Move Across the Country

1 Week Before the Move

Tie Up Any Loose Ends

Finalize Important Details

By now, you’ve likely already canceled your local services, subscriptions and memberships, but there will likely still be a few loose ends to tie up. Think about how you can make the transition into your new life as seamless as possible. For example, do you need to switch banks? If you have a pet, you may want to select a vet in your new neighborhood in case your pet needs care soon after you move.

Confirm Bookings

You’ll have a lot of things to do before moving, but it’s important to take some time to double check all of your bookings. Confirm when your movers are coming, what time your flights are booked (if applicable), and that you’ve arranged for your new utilities to turn on. There are a lot of moving parts that come with a move, so it’s easy to get booking details mixed up or to let things fall through the cracks.

1 Day Before the Move

Pack Your Final Belongings and Say Goodbye

Pack Up

Pack up any of the remaining items you’ve left out for day-to-day living and make sure all your boxes and suitcases are ready to go for the move.

Create a Folder of Important Documents

Have a folder ready for the move that includes your old lease (if you’re renting), along with the new signed lease, the contract for the movers, and all receipts from the move.

Say Goodbye — Your Way

Consider ordering your favorite local takeout, having friends over for a farewell drink, and giving thanks to everything this home has provided for you. It deserves it.

Move-In Day Checklist

Embrace a Blank Slate

Make Sure Everything Arrived

On move-in day, you’ll want to focus on finalizing your move. There will be plenty of time later to rearrange furniture and to organize your new walk-in closet. Instead, you may want to concentrate on making sure all of your belongings made it from your old home to your new one, so you can start fresh tomorrow without making a trip back to grab that last box you forgot.

Clean Up

As tempting as it can be to start unpacking right away, this can be a great time to give your new home a deep clean. Once you unpack, it won’t be so easy to clean the inside of every cabinet and to vacuum every inch of carpet. This may not be one of the most fun things to do when moving, but it can be a good way to make your new house more homey.

Recommended: 32 Inexpensive Ways to Refresh Your Home Room by Room

Unpacking Checklist

Unpack and Get To Know Your New Home


Now that the hustle and bustle of the move is over, you can focus on unpacking and taking your time to find the right spots for all of your belongings. Unpacking in the reverse order of how you packed allows you to access your most-needed belongings first.

Think Ahead

While you’re unpacking, you’ll get a lot more familiar with your new home and all of its needs. Keep a pen and paper at hand so you can create a post-moving to-do list. Take note of any repairs you want to make now and create a maintenance checklist you can refer back to in the future.

The Takeaway

Moving can be stressful, but you avoid ever feeling completely overwhelmed by making a moving checklist well ahead of your move date, then tackling each project one at a time.

Moving can also be costly, so you may also want to make a plan for how you’ll pay for your move well in advance. This gives you time to save up what you’ll need or, if necessary, explore financing options. You may be able to get an unsecured personal loan to cover the cost of a move. Sometimes referred to a moving or relocation loan, this type of financing typically comes with fixed rates and set repayment terms, and rates tend to be much lower than credit cards.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.

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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 Equal Housing Lender.

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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Am I Eligible for Work-Study?

Whether you are eligible for the federal work-study program, which provides jobs for students with financial need, depends on if you meet base eligibility requirements to receive financial aid. It also depends on if your school participates in the program (not all schools do). Read on for more information about the program and how to qualify.

What Is Work-Study?

The federal work-study program allows students with financial need to secure part-time employment to help them to earn extra money to pay for education expenses. Work-study encourages community service work and work related to the student’s course of academic study. The program is administered by participating schools, so you can check with your school’s financial aid office to find out if the school participates.

Jobs are available both on and off campus. If you work on campus, you will likely work for your school. If you work off campus, your job might be with a private nonprofit organization or a public agency and the work will likely be focused on the public interest. Or, you might work with a private, for-profit business in a job that is relevant to your course of study.

💡 Quick Tip: When shopping for a private student loan lender, look for benefits that help lower your monthly payment.

Who Is Eligible for Work-Study?

Several factors determine a student’s work-study program eligibility, including their family’s income and their enrollment status. The school’s financial aid budget will also factor into a student’s overall financial aid award.

Not all schools participate in the federal work-study program. There are about 3,400 schools participating in the program.

Recommended: 3 Summer Jobs Ideas for College Students

How Do Students Apply for Work-Study?

To apply for work-study, you must fill out the Free Application for Federal Student Aid (FAFSA). As you fill out the FAFSA, you’ll need to indicate that you would like to be considered for work-study. Selecting this option, however, doesn’t automatically mean that you will receive work-study as part of your financial aid package. A student’s work-study allotment will depend on a few factors, including when they apply, their level of financial need, and the school’s funding level.

If you’re interested in receiving work-study, you may want to file your FAFSA as early as possible, since aid is often determined on a first-come, first-served basis.

If you receive work-study, your allocation will be included as a part of your financial aid award. You’re not obligated to accept it. For many students, however, it makes sense to participate in the work-study program, especially if it means lessening the financial burden of attending school and taking out fewer student loans.

After being awarded work-study, you may still have to apply for and secure your own employment — not every school will assign a job at the same time as they offer the financial aid award.

While an aid award may list a specific amount for work-study, that doesn’t mean the student will receive the entire amount, either. Students may still need to find a job that allows them to work enough hours to earn that much money.

If you receive a work-study allocation as part of your financial aid package and are able to secure a job that meets the program requirements, you will earn at least the federal minimum wage (if not more, depending on the state’s minimum wage). Money will generally be earned in a standard paycheck — and universities must pay students monthly at the very least.

Since tuition bills are usually due at the beginning of the semester, work-study funds typically aren’t applied directly to tuition bills. Students can use their own discretion to decide what to use their work-study funds for — some may want to pay for things like living expenses, books, or transportation costs.

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Is Work-Study Income Taxed?

The money earned through the work-study program will be subject to state and federal income taxes. However, if you are concerned that earning money through the work-study program will affect your eligibility for other types of financial aid in future years, you can cross that stressor off your list.

One perk of the work-study program is that earnings won’t count toward income totals when filling out the FAFSA form. Earnings through the program are backed off the FAFSA, so they shouldn’t jeopardize any future financial aid awards.

When filing the FAFSA every year, you’ll want to clearly indicate continued interest in receiving work-study as part of the financial aid package. Students are not guaranteed work-study each year.

How Do I Find a Work-Study Job?

Some schools may match work-study students with a job. In other cases, students may have to apply for and secure employment on their own. Many work-study jobs can be found on campus, and a lot of schools have online portals where students can look for and apply to work-study jobs.

Jobs that may qualify for the work-study program include research assistantships, teaching assistant positions, and administrative duties in a campus office. Off-campus work-study jobs, such as community service jobs or tutoring, may be available through nonprofit organizations and businesses located in the area.

What Can I Do If I Don’t Qualify for Work-Study?

Students who don’t qualify for work-study may want to consider other options to earn some extra money.

One option could be to get a part-time job that isn’t part of the work-study program. College towns usually have plenty of coffee shops and restaurants that are looking for part-time or seasonal employees. Managers or owners may be willing to work with student-employees to build their work schedule around classes.

Those who aren’t interested in formal employment could try something more flexible, like babysitting. The work is often in the evening, and you might have a bit of time to do some homework or assigned reading after you’ve put the kids to bed.

Another idea is to pick up a side hustle, perhaps related to your major. For example someone studying journalism or writing could try sending out a few pitches for freelance writing assignments. A graphic designer could take on a few side projects.

A side hustle allows students to pick something that fits with their skills and time. This way, there’s still plenty of time to focus on schoolwork.

Just keep in mind that any money earned outside of the work-study program will be reflected as income when filing the FAFSA the following year and could affect eligibility for aid.

Managing Finances After Graduation

After graduating, you will, ideally, be in a better financial position than you were as a student taking out loans. Depending on your earning potential and credit history, it may be possible to lower your interest rate by refinancing your student loans with a private lender. Just keep in mind that when you refinance federal loans, they lose eligibility for federal repayment programs and protections like deferment and forbearance.

Some private lenders, however, may offer some protections to their borrowers, such as unemployment protection, which allows borrowers to temporarily pause payments if they lose their jobs.

If refinancing doesn’t make sense right when you graduate, you might consider it once you’re on more solid financial footing.

The Takeaway

The federal work-study program offers part-time employment to students who qualify. Eligibility for the program is determined by a variety of factors, including your family’s income and your enrollment status. When you apply for aid may also impact whether or not you are awarded work-study, as it is often given out on a first-come, first-served basis.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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

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Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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

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

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.


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How to Start Saving for Your Child's College Tuition

How to Start Saving for Your Child’s College Tuition

Saving for kids’ college expenses can be a massive undertaking, but a critically important one. If you’re a parent, you’ve probably heard the mantra that education is the key to a successful future for your child. You’re also likely aware that college isn’t cheap, and it isn’t getting cheaper.

The escalating costs of college may have you worried about how to pay for higher education. You’re smart to think about how to start saving for college, even if your kids are still young. If you truly want to give your child the gift of a college education and free them from overwhelming student debt, the time to plan is now.

When to Start Saving for Your Kids’ College Tuition

Generally speaking, the sooner you can start saving for your kids’ college fund or overall education, the better. Tuition, even at in-state public schools (which tend to be the least-expensive options for many people) are already in the four and five-figures territory, depending on where you live. And, as noted, it’s unlikely that costs are going to decrease in any meaningful way in the near future.

For parents who paid for college using student loans, emphasizing saving for their children’s college expenses may be a no-brainer. Those parents may benefit from looking through a student loan refinancing guide, too, to see if they can free up space in their budget to increase their capacity for saving – more on that in a minute.

Yes, there are schools that offer free tuition, but it’s probably best to plan on paying for attendance – you never know what could happen going forward.

With that in mind, it’s never too early to start socking away money for your children’s education. Getting a head start gives your money more time to grow over the long term and to rebound after any dips.

It also means you can recalibrate if your child seems to be on track for scholarships related to sports or academic achievements, or if your child decides to forgo college. Keep in mind that the money you save will generally affect the financial aid package your child qualifies for.

Before you launch a college savings plan for your kids, it’s best to have your other financial ducks in a row. You might first focus on paying off any credit card balances or other high-interest debt. Then you might want to make sure you’ve paid off your own student loans (or looked at student loan refinancing, at least) and saved an emergency fund (generally three to six months’ worth of living expenses), and are on track in terms of saving for retirement.

After all, your child always has the option to take out student loans, but you can’t rely on that to pay for a crisis or retirement. You wouldn’t want to have saved for your kids’ college only to burden them with your living expenses after you retire because you haven’t built a nest egg.

Again, if you’re still grappling with your own student loan debts, you can experiment with a student loan refinance calculator to see if refinancing can make it easier to pay it off, and put you in a better position to start saving for your child’s education.

The Best Ways to Save for Child’s College

If you’re ready to start saving for higher education, you may be tempted to keep that cash reserve in a savings account. While it might seem like that would protect your funds from market ups and downs, you might actually be losing money.

That’s because even accounts with the best interest rates aren’t keeping up with the pace of inflation. Especially if your child won’t be going to college for a while, investing your savings is a way you might see your money grow. Keep in mind that investments can lose money.

It’s also worth mentioning, again, that many parents may still be struggling with their own student loan debts. As such, it’s worth asking: should you refinance your student loans? It’s worth considering, at the very least, or speaking with a financial professional about if you think it may help you save for your child’s college expenses.

Here are some of the best ways to save for a child’s college:

529 Plans

A 529 plan, also known as a “qualified tuition plan,” allows you to save for education costs while taking advantage of tax benefits (the plan is named after the section of the Internal Revenue Code that governs it). 529 plans break down into two categories: educational savings plans and prepaid tuition plans.

Educational savings plans, which are sponsored by states, allow you to open an investment account for your child, who can use the money for tuition, fees, room and board, and other qualifying expenses at any college or university. You can also use up to $10,000 a year to pay for schooling costs before college.

You can invest the money in a variety of assets, including mutual funds or target-date funds based on when you expect your child to go to college. The specific tax benefit depends on your state and plan. Generally, you contribute after-tax money, your earnings grow tax-free, and you can withdraw the money for qualified expenses without paying taxes or penalties. If you withdraw money for anything else, you’ll pay a 10% tax penalty on earnings.

Not all states offer tax benefits, so be sure to look into this when choosing your plan.

💡 Quick Tip: All investments come with some degree of risk — and some are riskier than others. Before investing online, decide on your investment goals and how much risk you want to take.

Prepaid tuition plans, as you may expect, allow you to prepay tuition and fees at a college at current prices. These plans are only available at certain universities, usually public institutions, and often require you to live in the same state. A prepaid tuition plan can save you a lot of money, given how much college costs are increasing each year.

Depending on the state and the 529 plan, you may be able to deduct contributions from state income tax. However, if your prepaid tuition plan isn’t guaranteed by the state, you might lose money if the institution runs into financial trouble. You also run the risk that your child will choose to go to a school that’s outside the area covered by the plan.

Coverdell Education Savings Account

Like a 529 educational savings plan, a Coverdell ESA allows you to set up a savings account for someone under age 18 to pay for qualified education expenses. The money can be invested in a variety of stocks, bonds, or other assets, and grows tax-free.

Your contributions are not tax-deductible, and the plan is only available to people who earn under a certain income threshold.

When your child withdraws the funds for qualified educational expenses, they won’t pay taxes on it. The money can also pay for elementary or secondary education. But note that you can only contribute $2,000 per year to a Coverdell ESA per beneficiary.

UGMA and UTMA Accounts

You can open a Uniform Gifts to Minors Act or Uniform Transfers to Minors Act account on behalf of a beneficiary under 18, and all the assets in it will transfer to the minor when he or she becomes an adult (at age 18 to 25, depending on the state).

Young adults are able to use the funds for anything they want. That means they won’t be limited to qualified education expenses. Another plus is that you can contribute as much as you want. The downside is that there are no tax benefits when contributions are made. Earnings are taxable.

A custodial account is an irrevocable gift to the minor named as the beneficiary, who receives legal control of the account at the age of majority.

The Takeaway

Given the increasing costs of higher education, parents are smart to save for a child’s college early and often. But rather than keep the money in a savings account, they’d likely benefit by choosing an option that lets their money grow.

The more popular routes for doing so often involve 529 Plans, Coverdell Education Savings Accounts, and UGMA and UTMA accounts. But you’ll need to do some thinking and research before deciding on the right strategy and accounts for you and your child. Just remember: The sooner you start saving, the better — generally speaking.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

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

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How to Finance a Divorce

Divorce can be emotionally and financially challenging, and one of the biggest concerns people have is how to finance the process. From filing and attorney fees to establishing separate households, the costs can quickly add up.

Knowing how to pay for divorce is particularly tricky because most people don’t necessarily plan for a divorce and, as result, likely don’t have a special bank account where they’ve been saving up for a divorce. This can leave you feeling stuck in a tight corner.

For anyone scratching their head and wondering how to pay for a divorce, we have some answers. Here’s a look at how you can cover the cost of divorce while still keeping an eye on your long-term (post-divorce) financial health.

How Much Does Divorce Cost?

We’ll start with the crummy news — getting a divorce, already a difficult experience, is also expensive. While the cost varies depending on where you live and the complexity of the divorce, the average cost of a divorce in the U.S ranges between $15,000 and $20,000. That said, a simple DIY divorce could run a lot less (as little as $200). A complicated divorce (with disagreements around child custody or dividing up property), on the other hand, could run well over $100,000. Gulp.

Factors that can affect the cost of a divorce include:

•   The state where the divorce takes place

•   Whether the couple lives in an urban or rural area

•   Whether it is contested or uncontested

•   Whether or not you hire professional legal help

•   The complexity of the couple’s finances

•   Whether or not there are child custody issues involved

How Do I Pay for My Divorce?

Ideally, every individual, couple, and family would have some emergency money set aside to cover unforeseen events. While many aren’t thinking the money would be for a divorce, that could qualify as an unexpected expense.

If you don’t have much, or any, rainy day savings, here are some steps that can help you manage the cost of your divorce.

•   Create a budget A good place to start is to assess your financial situation and create a realistic budget for your divorce. Take a look at your income, expenses, and any debts you may have. This will help you determine how much you can allocate towards your divorce costs, find areas where you may be able to cut costs, and develop a strategy to finance your divorce.

•   Negotiate with your spouse If possible, see if you can reach an amicable agreement with your spouse regarding the division of assets and paying expenses. This can help reduce legal fees and minimize the overall cost of the divorce process.

•   Explore mediation Mediation is a cost-effective alternative to traditional divorce litigation. A neutral mediator helps facilitate discussions between you and your spouse, allowing you to work together to reach mutually agreeable solutions. Mediation can often be less expensive and less time-consuming than going to court.

Borrow From Friends and Family

If you need some financial assistance to cover the costs of your divorce, reaching out to friends and family is one option to consider. Loved ones who understand your situation may be willing to lend you money to help you through this challenging time.

You’ll want to approach borrowing from friends and family with caution, however. You want to be sure that you’ll be able to pay the money back and clearly communicate that you intend to repay the money. Also be sure to discuss any expectations or terms, and ensure that the arrangement is legally documented to avoid misunderstandings or strain on personal relationships.

Recommended: Am I Responsible for My Spouse’s Debt?

Is a Personal Loan a Good Option to Pay for Divorce?

Another option to finance your divorce is to consider a personal loan.

Personal loans are often unsecured (meaning you don’t have to put up an asset as collateral) and can be used for a variety of purposes, including legal costs. They can provide you with the necessary funds to cover divorce-related expenses while allowing you to make manageable monthly payments over a fixed period, typically three to five years.

If you have good to excellent credit, a personal loan can be a better choice than using a credit card for your divorce costs, since rates are typically lower. A personal loan may also allow you to borrow a larger amount than your current credit card limit allows. Personal loans also come with fixed monthly payments, which can be easier to budget for.

Before applying for a personal loan for your divorce however, you’ll want to consider the annual percentage rates (APRs) and repayment terms offered by different lenders. Be sure to carefully assess your ability to repay the loan to avoid adding further financial stress during and after the divorce process.

Putting Your Financial Health First

While it’s crucial to address the immediate financial challenges of a divorce, it’s equally important to prioritize your long-term financial health. Here are some tips to help you navigate this process.

•   Protect your credit Divorce can have a significant impact on your credit score. To minimize the impact, you’ll want to be sure to close joint accounts and establish individual accounts. Be sure to also monitor your credit report regularly to ensure accuracy and address any issues promptly.

•   Update legal and financial documents It’s a wise idea to review and update your will, insurance policies, retirement accounts, and other legal and financial documents to reflect your new circumstances. You’ll also want to update beneficiaries and ensure your assets are distributed according to your wishes.

•   Focus on rebuilding After the divorce, take steps to rebuild your financial stability. Set financial goals, create a savings plan, and consider ways to increase your income or reduce expenses. Building a solid financial foundation will help you regain control of your life and prepare for the future.

Recommended: Budgeting Tips for Life After Divorce

The Takeaway

Financing a divorce can be a challenging task, but with careful planning and consideration, it is possible to navigate this process successfully. Key steps include assessing your financial situation, exploring various options such as negotiation and mediation, and, if needed, borrowing from friends and family or getting a personal loan to help cover the costs of the divorce.

If you are thinking about taking out a loan to finance a divorce, a SoFi unsecured personal loan could be a good option. SoFi personal loans offer competitive, fixed rates and a variety of terms. Checking your rate won’t affect your credit score, and it takes just one minute.

See if a personal loan from SoFi is right for you

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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 Equal Housing Lender.

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.


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3 ways to support your employees during times of uncertainty

3 Ways to Support Your Employees During Times of Uncertainty

Human resources and benefits managers have perhaps never been more put to the test than during the height of the Covid-19 pandemic.

The pandemic forced employers to quickly learn how to manage a remote workforce while trying to fill immediate needs for short-term benefits, such as emergency savings and child and elderly care support. At the same time, economic instability and the racial justice crisis added to employees’ concerns and stresses.

Now, you may still be in the sorting-out stage, trying to figure out how best to take what you learned in the crisis and apply it to long-term policies and tactics that will continue to support employees moving forward.

Here’s a look at three key strategies HR pros may want to consider, as workers continue to face uncertainties in the economy and the world, and in the event of any future crises.

1. Make Sure Communications Are Honest and Accurate — and That They Reach Everyone

You’ve likely hit some obstacles as you tried to communicate Covid-oriented policies and protocols among your far-flung workers. In the process, you may have found strategies that work for you and others that don’t. Add to those lessons the following tips to help you move forward.

Be Honest

Research shows employees engage more if they think company communications are honest. That means it’s OK to tell employees management is still looking into a change or isn’t sure exactly when a new policy will be implemented. In uncertain times, it’s better to keep in touch. Employees are looking to you for leadership, but they also want to be in on the process when changes are taking place. What’s more, giving employees honest updates can avoid the need for damage control later.

Be the Voice of Reason and Compassion

Your employees are likely overloaded with news and information, some of which may be contradictory and confusing. It’s important that your communications stay on top of breaking news and add a clear, helpful, and understanding voice to the discussion when events impact the company, the employees, and benefits.

Recommended: How Financial and Mental Health Can Collide With Work

Take a Multi-Channel Approach

While email is generally still the most common way to communicate with employees, you also want to use mobile and social media to help ensure that all employees see vital communications no matter where they are or what their work situation may be. This will be, literally, reaching out to your employees where they are.

Recommended: Benefits of Working From Home for Employees

2. Review Your Voluntary Benefits

In times of uncertainty, employees may look to their employer for a shoulder to lean on. Many HR professionals have recognized this through the Covid-19 crisis by offering a variety of flexible benefits that can help employees solve their short-term financial challenges today and assist them in building a stronger future.

Research shows that more employers are offering voluntary benefits across a wide spectrum of needs. According to a 2022 survey by the professional services firm Aon, the number of employers offering new or additional voluntary benefits increased 41% from 2021 through 2022.

The fastest-growing benefits employees are offering include supplemental health insurance policies (e.g., critical illness, accident, and hospital indemnity), life insurance, student loan assistance programs, identity theft protection, legal benefits, pet care, and auto/home protections.

Whatever combination of flexible or voluntary benefits you may be considering, you’ll want to be sure it fits your workers’ demographics and pressing needs. A variety of well-chosen benefits can help your employees face their specific challenges while also reducing stress and calming nerves during any period of uncertainty.

Recommended: 4 Ways HR Pros Can Better Support Financial Wellness

3. Help Employees Balance Short-Term and Long-Term Financial Well-Being

In uncertain times a flexible financial well-being approach that includes the short-term benefits employees need to make it through is more important than ever. That’s why so many employers have introduced the types of benefits that employees feel are most relevant to their current financial concerns. Those may include emergency savings programs, homeownership benefits, and student loan repayment programs, to name just a few.

But this doesn’t mean that the importance of retirement savings and other long-term benefits should be diminished. Far from it. The security of knowing long-term retirement savings is in place can help add to employees’ overall financial well-being, especially during tumultuous times. Through effective communication and education programs, HR professionals can help employees balance short-term and long-term financial needs and goals.

It’s essential in times like these to try to help employees feel — and be — secure. These strategies may help you and your company continue to improve financial well-being during both calm and more tumultuous times.

Products available from SoFi on the Dashboard may vary depending on your employer preferences.

SoFi’s tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.

SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), ( ). The Student Debt Navigator Tool and 529 Savings and Selection Tool are provided by SoFi Wealth LLC, an SEC-registered investment adviser. For additional product-specific legal and licensing information, see 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2023 Social Finance, Inc. All rights reserved. Information as of November 2023 and is subject to change.

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.


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