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When you partner up, it’s likely that you are focused on building a home together and merging lifestyles: morning person vs. night owl, how to accommodate both of your vinyl and book collections, and so forth.

But there’s another important consideration: setting up a budget for two. You may choose to combine some, all, or none of your funds, But many people do want to mix at least some of their money and get on track for shared budgeting, spending, and saving.

This guide can help you explore your options and make the right decisions. You’ll learn such points as:

•   Why to budget as a couple

•   How to budget as a couple

•   Pros and cons of budgeting as a couple.

How to Budget as a Couple

Here are some steps to take when you budget as a couple.

Decide How Much You Want to Combine Your Money

Depending on how much you want to combine finances as a couple is a key part of budgeting as a couple. Each of you will have your own money style and potentially money issues, so a frank discussion on how comfortable you are merging your money and sharing, say, your spending habits is a wise first step.

Calculate Your Combined Income

If you have decided on merging at least some of your funds, take a look at your shared income to know what amount you are working with. Consider if you are on salary, freelance, have side hustle income, or dividends/passive income to come up with the right number.

Determine Shared Expenses

Next, look at where that income will go. You likely have shared housing, food, utilities, transportation, insurance, and healthcare expenses in terms of necessities. You may have varying debt payments to make as well.

Perhaps one of you has more in the way of student loans or credit card debt than the other. Discuss what feels fair in terms of paying that down.

You will also probably want to take a look at your usual discretionary spending, such as what you pay towards dining out, travel, entertainment, yoga classes, clothing, and the like.

You may decide you are more comfortable keeping some of your money separate rather than have full transparency regarding every dollar spent. It’s your call.

Figure out Future Goals

Then, turn your attention towards saving. Perhaps you two want to buy a home in a couple of years, start a family, begin a business, or pad out your retirement account. Or all of the above. You’ll want to factor in those savings for tomorrow.

Make Your Budget

With this information in hand, you’re ready to create a budget. It can be wise to review a few different types together, such as the popular 50/30/20 budget rule, the envelope budget system, and the zero-dollar method.

Recommended: Check out the 50/30/20 budget calculator to see the breakdown of your money.

Create Joint Accounts

At this point, if you have decided to merge some of your money, you may want to open shared accounts, such as a joint checking and savings.

💡 Quick Tip: Bank fees eat away at your hard-earned money. To protect your cash, open a checking account with no fees online — and earn up to 0.50% APY, too.

7 Reasons to Budget as a Couple

Budgeting as a couple vs. budgeting as two individuals can have its pros. Consider the following.

1. Controlling Your Spending as a Team

One of the basics of budgeting is to prioritize your spending. Once you, as a couple budgeting, have decided where your money must go every month — toward groceries, utility bills, car payments, rent, and other essential expenses — you’ll have a better idea of how much will be left for discretionary expenses.

And instead of being restrictive, your budget could give you some spending flexibility. You’ll know if you need to cut back and when you can loosen up a little, and you’ll be accountable to each other.

Sometimes, one person in a couple budgeting is better at finances or just enjoys it more. It might be a good fit for that person to be in charge of managing the bills. But it’s also a good plan to come together for regular budget reviews so both of you know where the money is going and there will be some balance in the financial decision making.

Leave room for some splurges, or the spender in the family probably won’t be too happy. And be proactive about big purchases: Identify a threshold for how much each of you can spend so there are no surprises. Or, of course, you can keep some discretionary spending separate if this feels too stressful for the two of you.

2. Being Honest About Money Problems

This can be the time to talk about any hidden debts, bad habits that cost money, or if you can’t trust yourself not to overspend when there’s a credit card in your wallet.

Then you can start tackling those issues by setting spending limits, cutting up some of those credit cards, perhaps getting financial therapy, and, of course, incorporating those looming debt payments into your budget.

3. Being Prepared for Emergencies

A common recommendation is to have three months’ worth of living expenses set aside in emergency savings in case you lose your job or are sick or injured and can’t work. An emergency fund can also be used for unexpected costs such as home or car repairs or a medical procedure.

Not only can a couple budgeting determine how much to set aside each month to build that emergency fund, you can also choose which expenses to put off or do without if you don’t have enough in your fund when a crisis strikes.

Some budget ideas for couples who need to cut back on spending are reducing the number of date nights you had planned or putting your tax refund toward a bill instead of taking a spring vacation.

Having a budget can help you replace panic with a plan, and having a financial tool like SoFi can help you keep tabs on your cash flow and spending habits.

Recommended: How Much Should You Keep in an Emergency Fund?

4. Creating Goals

If there’s a “fun” part of working together as a couple budgeting, this is it: deciding your priorities for the future.

Whether it’s saving for a home, having children, taking a cruise, starting your own business, or all of the above and more, your budget will help you focus on the things that are most meaningful to you as a couple.

Your strategy can help you set aside the money to reach those goals, aka turning the dreaming into doing. And you’re more likely to stay on track if you’re checking in on your spending each month.

5. Deciding How Much to Combine Finances

You will likely want to tackle the question of whether to have joint bank accounts vs. separate bank accounts or even a little of both. Making the right call can strengthen your bond financially and holistically.

You may decide to completely merge your bills and bank accounts, or you might want to keep your own accounts and divvy up the bills. There are pros and cons to each approach in budgeting for married couples or cohabiting couples.

Combining accounts can simplify your finances and build trust. But if you feel strongly about financial independence — or you’ve been burned in the past — you may feel more secure if you have your own money. Negotiating an agreement that’s comfortable for both parties can be a real win-win.

6. Reducing Financial Stress

Here’s a solid upside to merging your money: Once you get the numbers down on paper instead of just swirling around in your head, you may feel more in control of your finances. Even if the situation is shaky, you can take steps to do something about it. What’s more, you are likely on a path to making your money work harder for you.

7. Having Something to Talk About

Here’s another benefit: Once you create your couples budget, you’re going to want to revisit it on a regular basis. You can discuss how your various budget categories are holding up and if you need to make adjustments. Or how to tweak your budget so you can afford that destination wedding. You’ll be able to sync up as a team.

It’s a good idea to go over any upcoming expenses that aren’t in the budget or only come up occasionally. And you can talk about how you’re doing with your short-term financial goals as well as your long-term ones.

An example of longer-term money aspirations? You can take a closer look at how college expenses for your future kids are trending. Or what might be a good monthly retirement income for a couple.

Are There Any Downsides to Budgeting as a Couple?

Now that you know the positives, consider these potential negatives whether you are marking a married couple budget or budgeting as a couple living together:

•   A partner could feel as if they have less control over their money, which could be uncomfortable.

•   A person could feel as if their partner’s spending habits are challenging.

•   The full transparency of merging finances could be a problem for some people who don’t like sharing their financial life.

•   There could be more time and effort and potentially banking fees involved as you set up joint accounts and find a new way to operate as a team.

Budgeting and Saving with SoFi

The good news, especially for those who dig technology, is that there are plenty of online tools and apps that can help you put together a budget and manage your money as a couple.

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

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

FAQ

What is the best way to budget as a couple?

A key decision will be how much of your money to merge, looking at shared income and expenses, determining goals, and then finding a budget that works for both of you. Regular check-ins to see how you are managing your money are important too.

How do you split finances as a couple?

This will vary from couple to couple. Some will want to pool all of their resources and pay everything 50-50. Others may have circumstances (such as one partner having considerable credit card debt) that indicate a different arrangement may be necessary.

How much should a couple save per month?

How much a couple should save per month will depend on a variety of factors such as income, cost of living, and debt. However, many financial experts suggest saving 20% of one’s income is a good guideline.

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Selling things from around the house that you no longer need can be an easy way to make some extra money. If you have some valuable collectibles on hand, you might be able to turn them into more than just pocket change.

Some of the most valuable collectibles include vintage comic books, baseball cards, and toys. Taking a look through your attic, basement, garage, or closets might turn up some items that you could potentially sell for top dollar.

What Are the Most Valuable Types of Collectibles?

Some collectibles tend to be more valuable than others, and it’s helpful to know which ones might command the most (or least) money. As you’re sorting through your stuff, here are 10 of the highest-value collectibles to keep an eye out for.

1. Vintage Comic Books

Comic books are one of the most popular collectibles because of how much they can appreciate in value over time. Devoted comic book fans who want to grow their collections may be willing to drop hundreds or thousands of dollars on a single edition. Even if you’re not getting that much for old comics, you can still sell them to make a little money on the side.

What Makes Vintage Comic Books Valuable?

Rarity and condition usually determine how valuable a vintage comic book ends up being. First editions, limited runs, or editions that introduce a character for the first time are all examples of comic books that may sell for a lot of money. Comic books that are in mint or near-mint condition are usually priced higher, which makes sense as collectors may be willing to pay more for a book that has limited wear and tear.

What Is the Most Valuable Comic Book?

The most expensive private sale of a comic book on record involved an edition of Superman No. 1. The comic reportedly sold for $5.3 million in January 2022, making it the most valuable comic book in recent years.

2. Baseball Cards

Baseball cards are in-demand collectibles that you might be able to sell online, at sports memorabilia conventions, or at local hobby shops. Along with baseball cards, you might be able to sell other sports memorabilia, such as baseball bats, gloves, jerseys, pennants, miniature helmets, or figurines.

What Makes Baseball Cards Valuable?

How much are my baseball cards worth? The answer can depend on the age, rarity, and condition of the card. Of those factors, scarcity can have the biggest influence on what a baseball card will sell for. The fewer there are of a particular card, the more money you might be able to get for it if there are collectors actively seeking it out.

What Is the Most Valuable Baseball Card?

The most valuable baseball card of all time is a Honus Wagner card. Specifically, it’s the 1911 American Tobacco Company T206 card, which sold for $6.6 million at auction in 2021. Nicknamed “The Flying Dutchman,” Wagner is also among the first inductees to the Baseball Hall of Fame.

3. Vintage Bakeware

You might not give much thought to your mother or grandmother’s collection of casserole dishes, but they could be worth a fortune, depending on which ones they have. Vintage CorningWare and Pyrex dishes in particular can have a decent resale value if you’re able to find buyers who are looking for missing pieces to add to their collections.

What Makes Vintage Bakeware Valuable?

The value of CorningWare and Pyrex pieces is usually tied to their age, condition, and rarity. The actual design can also make a difference, as some patterns are considered to be more desirable by collectors than others. Pieces that feature patterns with limited runs or that are several decades old may command higher prices than ones that are more widely available.

What Is the Most Valuable Vintage Bakeware?

One of the most noteworthy examples of high-value vintage bakeware is the Lucky in Love line from Pyrex. A single bowl featuring the hearts and shamrocks design that the line is known for sold on eBay in 2022 for a winning bid of $22,100.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

4. Rare Coins

If you have a collection of old coins gathering dust, you might be sitting on a literal goldmine without realizing it. Coins are one of the most popular and most valuable collectibles, with many of the rarest editions fetching thousands at auction. While their face value may be relatively low, their collectible value can sometimes be astonishing.

What Makes Rare Coins Valuable?

The value of coins is typically tied to three things: age, rarity, and condition. The older and rarer a coin is, the more it’s going to be worth in most cases. Its condition plays a part, however, as two coins from the same period may not have the same value if one is in better condition than the other.

What Is the Most Valuable Rare Coin?

One of the most valuable coins in the world is the Saint-Gaudens Double Eagle, which was minted between 1907 and 1933. These coins are highly valued for their beauty and rarity — the 1933 Double Eagle coin is estimated to be worth up to $20 million.

5. Vintage Toys

Hanging onto old toys is something people may do if they hold sentimental value. But certain toys may have monetary value if they’re deemed to be collectibles. Examples of collectible toys can include dolls, action figures, and board games. Trendy and retro toys can also grow in value over time if collectors are giving them special attention.

What Makes Vintage Toys Valuable?

Whether a vintage toy is considered to be valuable or not can depend on things like its rarity, uniqueness, and age. A toy that was manufactured as a special or limited edition, for example, may become sought after by collectors if there are only a few of them to be had. Versions of toys that include manufacturing flaws that distinguish them from other versions may also prove valuable.

What Is the Most Valuable Vintage Toy?

Excluding a 2010 special edition Barbie, which technically doesn’t qualify as vintage, the most expensive toy sold at auction is a 1963 G.I. Joe prototype. Featuring hand-sewn clothing and a hand-painted face, the figure sold for $200,000 in 2003, before being donated to the Library of Congress in 2018.

6. Stamps

Collecting stamps is a popular hobby, and if you happen to inherit a collection from a parent or grandparent, you might be wondering what it’s worth. The answer could be anywhere from a few dollars per stamp to more than seven figures.

What Makes Stamps Valuable?

Stamps are assigned value based on a few things, starting with their rarity. For example, some of the most valuable stamps are ones that are the result of a misprinting. Their value is tied not only to the printing error but the fact that only a handful of them exist.

As with other collectibles, the condition of the stamp also matters. The more pristine a stamp is, the higher its value is likely to be.

What Is the Most Valuable Stamp?

One of the most valuable — and notable — stamps is the Inverted Jenny, issued in 1918. The stamp features an image of an upside-down Curtiss JN-4 biplane, and it’s believed that most of them have been destroyed or lost over the years. In 2019, a set of four sold at auction for $1.74 million.

7. Vintage Magazines

Vintage editions of popular magazines could easily be worth a few hundred or a few thousand dollars, depending on which ones you have. At the lower end, old magazines might sell for $5 to $20 per copy, which isn’t bad if you’re hoping to clear out clutter in your home and make a few dollars while you’re at it.

What Makes Vintage Magazines Valuable?

The value of a vintage magazine usually hinges on its age, rarity, and condition. A magazine that’s in mint or near-mint condition, for example, is likely to be worth more than one that has a torn or wrinkled cover, or is missing some pages. Editions of a magazine that’s now out-of-print may also be worth more than editions of a publication that’s still in operation.

What Is the Most Valuable Vintage Magazine?

One of the most valuable vintage magazines might surprise you. In 2021, a rare first edition of The Shadow No. 1 sold to a bidder for $156,000, making it the most expensive pulp magazine ever sold.

8. Antique Furniture

Antique furniture tends to be valued for both its age and its craftsmanship. A bed frame that’s hand carved, for example, is typically viewed as being more valuable than one that’s mass produced in a factory. Some of the most valuable furniture is associated with a specific style, such as Chippendale or Rococo.

What Makes Antique Furniture Valuable?

There are several factors that can make antique furniture valuable, including its:

•   Age

•   Construction

•   Materials

•   Hardware

•   Finish

Furniture that’s associated with a particular designer or stylistic movement can also be collectible. Authentic Shaker furniture, for instance, can easily sell for several hundred or several thousand dollars per piece. A professional appraisal is usually the best way to tell whether a particular piece of furniture is valuable.

What Is the Most Valuable Antique Furniture?

If you’re going by auction prices, the most valuable piece of antique furniture sold in recent years is The Badminton Chest. The chest, constructed in Florence and once believed to have been owned by the third Duke of Beaufort, sold at a Christie’s auction in 2004 for $36.7 million.

9. Jewelry

Jewelry, and related items like watches, are valuable collectibles to have simply because of their staying power. When you buy jewelry that is well made and features a classic design, it stands a better chance of withstanding the test of time. Necklaces, bracelets, brooches, rings, earrings, and pendants all have the potential to be considered collectible.

What Makes Jewelry Valuable?

Jewelry’s value is based on several factors, including the materials used to create the piece, the maker or designer, and its age. The rarer the materials or the more renowned the designer, the more a piece might be worth. The same is true for jewelry that features diamonds or precious stones. The higher the stone’s grading and the larger it is, the more value it may hold.

What Is the Most Valuable Jewelry?

As anyone who has purchased an engagement ring knows, jewelry can be pricey. The most valuable jewelry pieces are the ones that are either exceptionally rare or have some type of historical importance. Some of the world’s most expensive jewels include the Hope Diamond, the Cullinan Diamond, and the Koh-i-Noor Diamond, all of which have associations with royalty, and all of which are estimated to have valuations surpassing $100 million.

10. Antique, Classic, and Vintage Cars

Antique, classic, and vintage cars and other vehicles can also prove to be highly valuable, as these items tend to see strong demand from serious collectors. How much is my car worth? That’s a question an appraiser would likely need to answer, though you might be able to do some preliminary research using online valuation tools for vintage, antique, and classic vehicles.

What Makes Old Cars Valuable?

Valuations for antique, classic, and vintage cars can depend on several factors, including the vehicle’s age, condition, and mileage. How much of the original parts remain can also be a factor for vehicles that have been rebuilt or restored.

What Is the Most Valuable Antique, Classic, or Vintage Car?

Based on recent auctions, the most expensive collectible car is a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe. The vehicle sold for $143 million at a 2022 auction held at the Mercedes-Benz Museum in Stuttgart, Germany.

What Types of Collectibles Gain the Most Value?

Collectibles that gain the most value are typically ones that are rare and in demand. In addition to the examples mentioned above, other valuable collectibles can include:

•   Vintage golf clubs

•   Vintage children’s books

•   Vinyl records

•   Retro gaming sets

•   Artworks

•   Fine wines and liquors

•   Shoes

•   Handbags

•   Clothing

•   Perfumes

•   Old photographs

•   Vintage electronics

•   Antique firearms

•   Antique or vintage kitchen appliances

•   Vintage tools

•   Musical instruments

Keep in mind that there are distinctions between items that are antique, vintage, and retro. Something is usually considered to be antique if it’s 100 years old or older. For vintage items, the threshold is typically 40 years, while retro items are 20 years old. The time frames may be different for vehicle valuations, as collectors may assign an additional category of “classic.”

As a general rule, the older an item is the more valuable it tends to be.

Recommended: What Is a Financial Asset?

How to Sell Valuable Collectibles

Selling valuable collectibles begins with understanding what your items are worth. Getting them appraised by someone who’s knowledgeable about the type of item you have can give you an approximation of its fair market value. For example, if you have a collection of antique watches, then you might take them to a jewelry appraiser for a professional valuation.

Following an appraisal, you may want to take the additional step of getting your items certified as collectible. Having a certificate of authenticity or collectibility can prove to interested buyers that your item is the real deal.

When you’re ready to sell your items, you can research different outlets for doing so. Where you decide to sell can depend largely on what you have to sell. Some of the options for selling collectibles include:

•   eBay

•   Etsy (for vintage items)

•   Local antique buyers

•   Consignment stores

•   Craigslist

•   Facebook Marketplace

•   Local comic book stores (for vintage comic books and other pop culture collectibles)

•   Sports memorabilia dealers

•   Flea markets

•   Auction houses

Pawn shops are another option for selling collectibles if you need money in a pinch. Keep in mind, however, that you likely won’t get the full value of your item if you’re selling to a pawn shop.

Recommended: 27 Weird Ways to Make Money

What Might Be Considered a Collectible in the Future?

It’s difficult to say what may or may not become a collectible, as it can depend largely on trends and how value is assigned to different types of items. Collectibility can depend on several things, including:

•   An item’s novelty or rarity

•   Demand for that item

•   Whether the item has any special historical or social significance attached to it

Applying those tests can help to identify collectible items that have the best odds of growing in value. Examples of items that may be considered collectible in years to come include:

•   Funko Pops

•   Gaming consoles

•   First editions of books that are being published now

•   Trending toys

•   Autographed memorabilia, which may increase in value once the signer passes away

In general, the value of a collectible item largely rests on how many there are to collect and the condition of each one.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

If you’re looking for alternative types of investments to add to your portfolio, valuable collectibles are one option you might consider. It’s possible that you may have a treasure trove of collectibles that could be worth some serious cash sitting right under your nose at home. And while you’re looking for collectibles to sell, consider what else you can do to make the most of the money you already have.

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.

SoFi helps you stay on top of your finances.

FAQ

Are valuable collectibles considered a financial asset?

What is a financial asset? In simple terms, it’s something that has positive value; assets are things you own, like real estate, cars, or bank accounts. Since collectibles typically appreciate in value, they could be considered a type of financial asset.

How do I know if my old items are valuable?

Getting a professional appraisal is usually the best way to determine whether old items are valuable. An appraiser can look at the item to assess its age and condition and then use their knowledge and expertise to give you an estimation of its value.

What is the 100-year rule for antiques?

The 100-year rule for antiques assumes that in order for an item to be considered an antique, it must be 100 years old or older. Vintage items, meanwhile, typically earn that label if they’re at least 40 years old, while retro items are usually at least 20 years old.

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Photo credit: iStock/Kemal Yildirim

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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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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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Researching the most affordable places to live might be on your to-do list if you’re hoping to move to an area with a lower cost of living. Reducing household expenses can be one of the best ways to start building wealth, or at the very least, create some financial breathing room.

We’ve put together a list of the most affordable places to live in the U.S., based on things like housing costs and overall value for the money. Keep reading to learn which cities are rated as the most budget-friendly places to call home.

Most Affordable Cities in the US

If you’re considering how to move to another state and are interested in finding the most affordable places to live in the U.S., it helps to know what makes one city better than another. Things like housing costs, the cost of utilities, and what you’ll spend on food, transportation, and entertainment can all factor into your decision if you’re planning a move.

Keep in mind that the cost of living is not static, which can affect how affordable a city is at any given time. Additionally, the cost of living by state can vary dramatically based on factors like the size of the population, demand for housing, availability of jobs, tax laws, and average household incomes.

💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How We Found the Cheapest Places to Live

We compiled our list of the most affordable places to live in the U.S. based on the cost of living as it relates to housing. Specifically, we considered median rents for a one-bedroom apartment and median home sale prices for individual metro areas across the country. The cities that had the lowest cost of living in the U.S. overall, based on those criteria, are the ones that made the list.

What are some characteristics of the most affordable places to live? In general, the list includes:

•   An accessible housing market that isn’t pushing homeowners or renters to the limits of their budgets

•   Utility prices that are at or below the national average

•   Lower tax rates, including income tax, sales tax, and property tax

•   Pricing for groceries and fuel, as well as other goods and services, that align with the typical household income

Do the cheapest places to live always check all of these boxes? Not necessarily. But the most affordable places to live typically offer a cost of living that’s below the national average.

With that in mind, here are 10 of the cheapest places to live in the U.S.

1. Hickory, North Carolina

Median home price: $288,000

Median rent: $879

Hickory may be an ideal place to live if you love the outdoors. There’s plenty of access to hiking and biking trails and mild temperatures are perfect for kayaking or tubing down the Catawba River. In terms of affordability, Hickory offers housing and rental prices that are well below the national average. Plus, the city offers the additional advantage of being close to both Asheville and Charlotte.

2. Brownsville, Texas

Median home price: $225,500

Median rent: $700

Brownsville offers the dual advantages of moderately priced housing and being located in a state with no income tax. Home prices rise the closer you get to the Gulf of Mexico, but there are still plenty of budget-friendly options to choose from. Cold weather is a rarity here, which is a plus if you’re looking to move to a warmer climate. Keep in mind, however, that hurricanes and tropical storms occasionally pay visits to the Texas coastline.

3. Fort Wayne, Indiana

Median home price: $230,300

Median rent: $1,149

Fort Wayne could be ideal for home buyers looking for affordable housing. Renters don’t fare quite as well, as median rental prices are higher than some of the other cities included in our rankings. Overall, however, Fort Wayne has a low cost of living, and it offers a quiet place to call home while still having plenty of the amenities you’d expect to find in a bigger city.

4. Dayton, Ohio

Median home price: $207,600

Median rent: $736

Dayton is one of the most affordable places to live for both homeowners and renters alike, with home prices and rents that are well below the national average. The city of Dayton could be a good fit for families who are looking for access to a strong public school system, or for single people and childless couples who desire a relaxed pace. There are plenty of outdoor spaces to enjoy, as well as numerous options for dining and entertainment.

5. Sioux Falls, South Dakota

Median home price: $354,500

Median rent: $815

If you’re looking for an area with a low cost of living that experiences all four seasons of weather, Sioux Falls might be on your list. Housing is a little more expensive here compared to some of the other cities in our rankings, but rent prices may be appealing if you’re not quite ready to buy. There’s a thriving job market, and Sioux Falls offers plenty to do, including aquariums, museums, and parks.

6. Knoxville, Tennessee

Median home price: $395,000

Median rent: $1,256

The city of Knoxville attracts a diverse mix of people who are looking for an affordable place to live, including families, young professionals, college students, and retirees. Housing prices are on the higher side here, but the overall cost of living remains low. Knoxville offers plenty to do and see, which is great for people who are hoping to maintain a more active lifestyle. It’s also just over an hour away from the Great Smoky Mountains in case you want to get away from the bustle of city life for the weekend.

7. Erie, Pennsylvania

Median home price: $177,500

Median rent: $750

Erie boasts affordable housing for both renters and homeowners, along with lakefront views and access to good schools. Erie has low levels of crime and rates well for livability. Its population isn’t growing as quickly as other comparable cities, though whether that’s a pro or a con for you might depend on whether you prefer a larger city or a smaller one. Keep in mind that slower job growth can be a side effect of lower population growth, which is something to consider if you’re moving to Erie to explore career opportunities.

8. Huntsville, Alabama

Median home price: $350,000

Median rent: $975

Huntsville has a burgeoning economy, with plenty of opportunities for job-seekers. The cost of living is low overall, though a home may cost you a little more here compared to other cheapest cities on the list. Huntsville has a number of attractions to take in, including the U.S. Space and Rocket Center, along with some eye-catching natural scenery. One thing to note about the weather is that northern Alabama is often prone to seeing tornadic activity during the spring months.

9. Peoria, Illinois

Median home price: $120,000

Median rent: $695

Peoria might make your shortlist of possible candidates for a new place to live if you’re looking for affordability, good schools, and access to housing. There are plenty of young professionals and families living here, though the population isn’t so large that you’ll feel like you’re getting lost in the crowd. If there’s one potential downside to consider it’s crime. Property and violent crime rates are both above the national average.

10. Kalamazoo, Michigan

Median home price: $195,000

Median rent: $895

Kalamazoo is something of a cultural hotspot, with plenty of theaters, museums, and live music venues. The city hosts numerous community events year-round that always draw a crowd. From a cost perspective, Kalamazoo is highly affordable, and it attracts a lot of young people who are looking to start a career. There are a few downsides, however, including harsh winters and high poverty rates.

Recommended: 10 Most Affordable Cities Based on Cost Per Square Foot of Homes

Other Factors to Consider Before Deciding Where to Live

Cost can be a major concern when planning a move. For example, you might be debating the merits of renting vs. buying, or what you might pay for things like childcare if you’re a parent or health care if you don’t have insurance.

While the financial side of things is important, there are some other things to weigh when deciding where to move. That can include things like:

•   Job opportunities if you’re moving without a job lined up

•   Access to daycare and quality schools if you have kids

•   Crime rates and overall safety

•   Access to public transportation if you’re not taking a vehicle with you

•   Climate and whether the area is vulnerable to things like tornadoes, hurricanes, or wildfires

•   Population size and seasonality (for example, a beach town could get crowded once summer rolls around)

•   Recreation and entertainment

Last but not least, consider how much money you might need for the move itself. If you don’t have cash on hand to cover a moving van, security deposits, or other expenses, you might need to look into financing options. For example, getting a relocation loan for moving could make it easier to get settled in your new place.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Keeping your budget in check — whether you’re relocating across the country or across town — is important when a move is in the works. For example, if you’re planning to buy a home in your new city, using an online home affordability calculator can help you pinpoint what price range you should be looking in for properties.

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.

See exactly how your money comes and goes at a glance.

FAQ

What determines cost of living for a city?

Cost living is influenced by several factors, including how affordable housing is in a given location, what people pay for transportation and food, and the cost of entertainment and recreation. Areas that have a higher cost of living may also offer a higher median household income, though the two don’t always go hand in hand.

How can I lower my cost of living?

Cutting expenses is a good way to reduce your cost of living. That might include making smaller cuts to your budget, or larger ones, like downsizing your home or moving to a cheaper city. Making a move might seem impractical, but it could yield significant savings if your cost of living in your new city is much lower than it was in your previous location.

Can I borrow money to move?

Moving loans can put cash in your hands that you can use to cover the expenses of relocating. For example, you might use a moving loan to hire professional movers, rent a moving truck, pay for shipping costs, or fund deposits if you’re renting a new place. You could also use a moving loan to help cover your expenses as you get settled in until you find a job.

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Photo credit: iStock/Ridofranz

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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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If you use your credit card for everything, from paying bills to ordering takeout to booking trips, you put yourself at risk for fraudsters to steal your credit card information.

One way to protect your sensitive information is to put a freeze on your credit report. A credit freeze provides you with an extra layer of security because it prevents anyone from running a hard inquiry on your report or potentially opening a new line of credit without your permission.

But at some point you might want to open a new credit card or apply for a loan. So how do you unlock a credit freeze? In this guide, you’ll learn all about how to unfreeze credit.

What Does it Mean to Unfreeze Credit?

When you freeze your credit report, you can’t open a new line of credit, whether that’s a credit card, mortgage, auto loan, or something else. At the same time, no one can run a hard inquiry on your credit report — so lenders, landlords, even potential employers can’t access it. While there are limits on who can legally look at your credit report, a credit freeze can provide peace of mind that no one can open an account in your name.

When you unfreeze your credit, it’s like you’re turning back on the credit report. Once your credit is unfrozen, you can once again open a new line of credit, and lenders can run a hard pull on your report.

How a Credit Freeze Works

Also known as a security freeze, a credit freeze restricts access to your credit file. Credit freezes don’t happen automatically. You have to reach out to each of the three credit bureaus — Experian, Equifax and TransUnion — to ask for a credit freeze.
Thanks to the Fair Credit Reporting Act, if you request a credit freeze over the phone or online, the credit bureaus are required to freeze your report within 24 hours. If you send the request via mail, they have up to three business days.

When you make a credit freeze request, each bureau will give you a PIN (personal identification number) or password that you need when you decide to lift the freeze.

A credit freeze is often confused with a credit lock, but they’re two separate things. A credit lock is a service you sign up for, and there’s usually a subscription fee. It’s similar to a credit freeze as you block access from most lenders. However, you can freeze or unfreeze it at any time on your phone or computer, and you don’t have to wait for it to go into effect.

A credit freeze is free, and you have to go through the credit bureaus to thaw your credit, and it takes about an hour to go into effect.

Types of Credit Freeze Lifts

At some point you may think about unlocking your credit freeze. When the time comes, there are two main types of credit freeze lifts:

Temporary lift

A temporary lift will unfreeze your credit report for a designated time period. You can choose how long you’d like your credit to be thawed, but it’s typically anywhere from one to 30 days.

You can thaw your credit freeze temporarily to apply for new credit, take out a loan, or apply to rent an apartment. But once you’re done with that financial task, the freeze restarts.

Permanent lift

A permanent lift will thaw your credit freeze for an indefinite amount of time. You might want to go this route if you don’t want to go through the steps of freezing and unfreezing your credit and find that the trouble isn’t worth the benefits.

Recommended: How to Read and Understand Your Credit Report

Ways to Unfreeze Credit Using Bureaus

How do you unfreeze your credit? You just need to contact each of the credit bureaus. You can do it in one of three ways:

•   Phone: If you request a lift by phone, the credit bureaus are required to thaw your credit within an hour.

•   Online: If you make the request online, your credit freeze will also be lifted within the hour.

•   Mail: You can also request a credit thaw by mail. If you go this route, expect the lift to happen within three business days.

Recommended: How to Dispute a Credit Report and Win Your Case

When You Should Unfreeze Your Credit

Generally, you need to unfreeze your credit anytime someone needs to review your credit report, like if you’re opening a new line of credit or applying for a loan. Some common scenarios of when you’ll need to unfreeze your credit:

•   Applying for a credit card

•   Applying for a mortgage, personal loan, or car loan

•   Applying for a line of credit

•   Hunting for an apartment

Recommended: Common Credit Report Errors and How to Dispute Them

Credit Freeze vs. Fraud Alert

If you’re at high risk for fraud, or you suspect you’ve been a victim of a credit card scam, or you just want to take extra precautions, you can set up a fraud alert on your credit report. When you have a fraud alert in place, a lender or creditor needs to verify your identity before they can issue you a new line of credit or approve you for a loan.

To place a fraud alert, you only need to reach out to one of the three credit bureaus. By law, that credit bureau must let the other two credit bureaus know you placed a fraud alert. In turn, all three credit bureaus will place a fraud alert on your credit file.

Initial fraud alerts are free, and initial fraud alerts last one year. After one year, you can renew it. Extended fraud alerts last for seven years, but they are for victims of identity theft, and you must submit a police report to qualify.

A credit freeze, on the other hand, blocks any party, including lenders and creditors, from accessing your credit. You need to place a credit freeze separately with each of the three credit bureaus, which lasts indefinitely. They can only be lifted when you make a request.

💡 Quick Tip: On-time payments are key to building your credit score. To ensure that you make your payments in time, consider setting up automatic payments or set a calendar reminder of your due date.

The Takeaway

Unfreezing your credit report is relatively simple, and it’s easy to set up a temporary lift should you decide you want to apply for a new credit card or personal loan. There are a few different ways you can go about thawing your credit as needed, and the credit bureaus have to unfreeze your credit within an hour of you making the request by phone or online.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Can I unfreeze my credit?

You can unfreeze your credit anytime by going through each of the three credit bureaus — Experian, Equifax, and TransUnion — and requesting a lift on your credit freeze. You can ask for either a permanent or temporary lift. The thaw usually lasts anywhere from one to 30 days if it’s temporary.

Can you freeze your credit automatically?

Credit freezes don’t happen automatically. You will need to contact the three credit bureaus and make a proper request. You can do so online, by telephone, or via snail mail.

How soon can I unfreeze my credit after freezing?

You can unfreeze your credit as frequently as you like and request a credit lift as soon as you freeze it. If you made the request online or over the phone, it can take up to an hour to unfreeze your credit. If you send the request in the mail, it can take up to three business days.

How long does it take to unfreeze your credit?

It depends on the credit bureau and how you made your request. If you requested your credit to unfreeze or “thaw” over the phone or email, the credit bureaus must lift it within an hour. If you made the request by mail, the credit bureaus must unfreeze your credit within three business days.

Can I still use my credit card after freezing my credit?

Freezing your credit doesn’t impact your ability to use your credit card. You can freely make purchases on your card, book trips, redeem your cash-back points, and so forth. But if you want to do something that requires a hard pull of your credit — apply for new credit, loan, or submit a rental application for an apartment — you’ll need to unfreeze first.

Photo credit: iStock/nortonrsx

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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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It’s your turn at the supermarket checkout. You insert your card into the reader, chip-side first, like you always do. And you get a “card declined” message.

A credit card malfunction can be a small embarrassment and disruption in your day-to-day life. But if your credit card chip stops working, don’t panic. There are several reasons why it might be malfunctioning, including wear and tear, dirt buildup, or an issue with your account.

Let’s dig into the basics of credit card chips, the different reasons a credit card chip might stop working, and what to do if it malfunctions.


💡 Quick Tip: If you have a good credit score, you can apply for a credit card from SoFi without a security deposit.

What Is a Credit Card Chip?

A credit card chip is a microchip that’s embedded in your credit card. The chip protects your data when you make an in-person payment. It uses a process called tokenization that encrypts your information, and generates a one-time code for each transaction.

Thanks to this technology, your credit card information is never received or transmitted by the merchant. This lowers the instances of credit card fraud when you use your card in a store or restaurant.

How a credit card chip works

This technology is also known as “card-and-PIN,” “card-and-signature,” or EMV (aka Europay, MasterCard, and Visa). The microchip that’s embedded in your card uses a process called tokenization. This is the same technology used in contactless credit cards and payments. In short, tokenization takes your sensitive card information and converts it into a unique token. This token protects your card info and account details.

The credit card chip holds encrypted data and transaction codes. These transaction codes are unique, one-time use, and always changing. As a result, it’s hard for counterfeit thieves to duplicate the data that’s stored on the chip.

Credit card chip types

Within the realm of credit cards, there are three main chip types:

Standard “smart cards:” If you want to make an in-person purchase or take out cash at an ATM, many “smart cards” with the EMV chip technology simply require you to insert or “dip” your card into the card terminal.

Chip-and-PIN cards: This type of credit credit chip offers the most security. To make a purchase or make a withdrawal from an ATM with a chip-and-PIN card, you’ll need to first “dip” your card into the card reader, then punch in your credit card PIN code.

Chip-and-signature cards: This type of chip card provides a bit more security than if you simply swiped your card, but it’s not as secure as the chip-and-PIN type card. As the name implies, to use your card, you insert your card into the reader, then provide a signature for the transaction to go through.

Chip-and-signature cards aren’t as secure as their chip-and-PIN counterparts because it’s easier for fraudsters to forge a signature than to decipher your 4-digit PIN.

5 Things That Can Cause a Credit Card Chip to Stop Working

Here are some reasons why your credit card stopped working, and how to avoid these hiccups from happening:

Grime buildup

Your card encounters dirt each time you insert or swipe in a machine, and grime will build up over time. This grime buildup could mean the terminal can’t read your card. To avoid this from happening, wipe down your card periodically.

Wear and tear

Over time, the chip can get scratched or damaged. While scratches to the plastic on your card won’t cause any issues, scratches or dings to the chip might cause your chip to stop working and the transaction won’t go through.

To prevent wear and tear, consider protecting your physical card with a protective sleeve holder. These are usually made of a thin yet durable material, like synthetic fibers.

Heat or water damage

If you accidentally spill coffee and your credit card gets doused in the hot liquid, or you leave your card in the hot car in the middle of summer, the chip on your card might get warped and go on the fritz.

To avoid this from happening, keep your card in your wallet when not in use. And be mindful of exposing it to extreme heat.

Recommended: All You Need to Know About Credit Card Numbers

Issue with the card reader

Your card might not be the problem at all. Sometimes the issue might have to do with the card reader, also known as the terminal, which acts as the middle man between the retailer and the bank, and authorizes and processes your payment. If there’s a technical glitch with the terminal, your chip might not work.

In this case, try swiping your card instead of doing the chip-and-PIN route. Hopefully that will resolve the issue and your payment will go through.

Issue with your account

Sometimes when your chip stops working it’s because there’s an issue with your account. Common reasons include going over your credit limit, the billing info doesn’t match with your account, or you’re making purchases in locations where you don’t normally shop.

To steer clear of this potential issue, watch your credit limit. You can log on to your account or check your card balance on your card’s mobile app. If you’re using your card while on a business trip or vacation, set a vacation alert.


💡 Quick Tip: When using your credit card, make sure you’re spending within your means. Ideally, you won’t charge more to your card in any given month than you can afford to pay off that month.

What to Do if Your Credit Card Chip Stops Working

Here’s how to fix your credit card’s chip if it’s not working:

Clean the card

If your chip is malfunctioning because of dirt buildup, try to clean your card. Gently wipe it down with an antibacterial wipe, alcohol pad, or microfiber cloth. You can also gently wipe around the edges of your chip with a cotton swab.

Swipe instead

The magnetic stripe on your card also contains your account data. If the problem is with the checkout terminal, try swiping instead of dipping your card. There’s a chance that your transaction will go through without a hitch.

Get a replacement card

If the chip on your card regularly doesn’t work and no amount of cleaning fixes the problem, you might need to reach out to your credit card issuer and ask for a new one. You can do so by calling the number on the back of your card or on the issuer’s website or app. You can sometimes request a new card directly on the app or issuer’s website.

How long it will take for you to receive a replacement card depends on the credit card issuer, but you can expect it to take anywhere from one to seven business days. There might be a charge for a replacement card and a charge if you want shipment to be expedited.

The Takeaway

There are a handful of reasons why your credit card chip stopped working. By doing a bit of investigating, you can get to the root of the issue and troubleshoot accordingly. Most likely you’ll just need to wipe down the card, but sometimes you may need to request a new one.

Looking for a new credit card? Consider a rewards card that can make your money work for you. With the SoFi Credit Card, you earn cash-back rewards on all eligible purchases. You can then use those rewards for travel or to invest, save, or pay down eligible SoFi debt.

The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

What do you do if your credit card chip doesn’t work?

If your credit card chip isn’t working, don’t get frustrated. There’s usually a simple explanation why. It could be the result of normal wear-and-tear, heat or water damage, or grime buildup. Or it could be an issue with the card terminal or your account.

Try to clean your card to see if that helps. If you’re in the middle of a purchase, swipe your card instead of inserting it into the terminal. In some instances, you might need to replace your credit card.

What can ruin a chip in a credit card?

There are a few ways a credit card chip can get ruined: regular wear and tear, grime buildup, or extreme heat or water damage.

Can you still use your card if the chip is broken?

You can still use your card by swiping. However, swiping your card instead of going the “chip-and-PIN” or “chip-and-signature” route reduces its security.

Photo credit: iStock/Juanmonino

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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.

The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, a statement credit, or pay down eligible SoFi debt.

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