Creating a Financial Vision Board

A financial or money vision board can serve as a regular visual reminder of what you’re hoping to achieve. Creating a money vision board can help you stay motivated if you have some big (or small) financial milestones you’re working toward. That might mean culling images and quotes about owning your first home to inspire you, or it could be pictures of the trip to Hawaii you’re saving for.

Visualization can help you develop the mindset and focus you need to crush your money goals. Here’s advice on how to create a financial vision board.

Key Points

•   To create a money vision board, start by defining specific financial goals such as debt repayment, home savings, or retirement planning.

•   Choose between a digital or physical board, using appropriate platforms or materials.

•   Select images and words that align with your financial aspirations and organize them inspirationally.

•   Regularly review and update the board to reflect achieved goals or financial changes.

•   Place the money vision board in a visible location to stay motivated and focused on financial goals.

Understanding Money Vision Boards and Their Purpose


A vision board is a collection of images, quotes, phrases, and words that reflect what you want your ideal life to look like. A money or financial vision board (sometimes called a wealth vision board) is specifically related to what you’d like to achieve financially.

In theory, visualization is meant to help you harness the mental power to reach savings goals. The idea is that if you can visualize yourself doing something in your head, that can help you to do it in real life.1

Using a vision board for money goals could help you overcome mental roadblocks that may have prevented you from achieving them. For example, say you’ve always struggled to save money. You might use a savings vision board to picture what your life would look like when you’re in the habit of setting aside money regularly.

Steps to Create Your Financial Vision Board


Creating a money vision board is a fairly simple process. You first decide what goals to include in your board and then find images that reflect the lifestyle you’re working toward.

Defining Your Financial Goals


The first step in this process is creating your vision board financial goals. When it comes to setting financial goals, the more detailed you can be, the better.

Ask yourself what you want to achieve with your money. If nothing is coming to you, here are some money vision board ideas to get your creativity flowing.

I want to…

•  Pay off $10,000 in credit card debt in the next 12 months

•  Save $25,000 toward a down payment on a home

•  Establish a savings account to serve as an emergency fund and contribute to it regularly

•  Start an online business so I can quit my job

•  Max out my 401(k) every year

•  Retire at age 50 and travel full-time

The beauty of a financial vision board is that you can shape it around whatever goals speak to you the most. Your vision board can include small and big goals (say, buying a new phone or buying a house) or long and short-term financial goals. It’s entirely up to you to decide what your ideal financial future looks like.

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Gathering Materials and Images


Once you have some ideas for your financial vision board, it’s time to start curating your images. How you complete this step will depend on whether you’re creating a physical or digital vision board.

If you’re creating a digital money vision board, then you might draw your images from:

•  Pinterest

•  Instagram and other social media platforms

•  Digital magazines

•  Free stock photography websites

•  Search engines

Choose a spot to organize your image files in one place. You may download them to a specific folder on your computer or phone, or upload them to an online vision board platform.

If you prefer a physical vision board, you’ll need something to attach your images to. That could be a piece of cardstock, poster board, cardboard; anything that’s firm enough and large enough to hold your collage will do. You’ll also need scissors and glue.

Where can you look for images? Magazines are an excellent resource but you may also thumb through books or use personal photos you’ve taken. You could also print out images you find online.

What should you be looking for? Consider using these tips to decide which images to collect.

•  Pick anything that speaks to you, even if you’re unsure whether the image will make it to your final collage.

•  Be open to different image sizes, colors, and content. Words and phrases can work well, too.

•  Once you’ve collected all your images, look at each one and ask yourself how it connects to your goals.

•  Choose the images that resonate most with your overall vision.

Now, how should you arrange your images and words? It’s entirely up to you. You might group images according to whether they relate to a short-, mid-, or long-term goal. Or you might group them by color to create a harmonious aesthetic. Whatever appeals you and makes your financial goals visible will do.

If you need some financial vision board examples, a simple online search can turn up plenty of results that you can use as inspiration.

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Key Elements to Include in Your Money Vision Board


Every vision board is different, but they share some things in common. The basic elements of a money vision board include:

•  One or more clearly defined money goals that are personal and meaningful to you

•  Images that are relevant to each of your financial goals

•  Quotes, phrases, words, or affirmations that reinforce your goals and motivate you to pursue them

•  A timeline or deadlines for realizing each goal that you’ve included

Some people like to include a photo of themselves and/or their family at the center of their money vision boards. This is just another way to reinforce the goals that you’ve set and remind yourself of the lifestyle or achievement that you’re dreaming of.

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Digital vs. Physical Financial Vision Boards


Is a digital or physical wealth vision board better? It’s a matter of preference.

•  A digital board is portable and you can access it on the go. It’s also relatively easy to edit since you can add and remove images as you achieve older goals and set new ones.

•  Physical vision boards may not be as easy to update but they can be more visible if you’re placing yours in a conspicuous spot. For example, you might hang your vision board above your desk if you have a home office or tack it to the front of the refrigerator.

With a digital vision board, you run the risk of it becoming an out-of-sight, out-of-mind situation if you’re not looking at it regularly. One fix for that could be to download your vision board as an image file and use it as a wallpaper for your devices.

Using Your Vision Board for Financial Motivation


Vision boards are meant to drive you to action and get you started on your goals. Here are some helpful tips for using your vision board to keep your eyes on the financial prize.

•  Keep your vision board in a place that’s easily accessible and take time to look at it daily.

•  Consider choosing one image each day to meditate on.

•  Develop a mantra that you can associate with your vision board and goals and incorporate it into your meditation routine.

These types of activities keep the images you’ve chosen front and center in your mind.

What if you aren’t hitting your goals as quickly as you’d like? You can use your vision board to re-center and regain focus if you’re feeling unmotivated. And when you do reach a milestone that you’ve included on your vision board, be sure to celebrate it. (Within reason, that is. You don’t want to deplete your checking account.)

Updating and Evolving Your Money Vision Board


A money vision board isn’t meant to be static; it should reflect your goals and motivations as you move through different life stages and seasons. Updating your financial vision board can help you keep sight of your goals, even if what you’re working toward now is different from where you started. Some pointers:

•  You may want to review your money vision board each time you achieve one of the goals you’ve included on it. Perhaps you hit the goal amount for the savings account that holds your emergency fund. It could be the right time for a reset.

•  Another time to review your financial vision board could be when there’s a major change in your life that could impact your goals. For instance, if you get married, switch jobs, or have a baby, you may want to revisit your money vision board and update it. Or perhaps you received a major refund into your online bank account and are thinking about how to allocate it: That could be a time to rethink your financial vision board to encourage you as you get closer to your goal.

•  At a minimum, it’s helpful to sit down with your board at least a couple or a few times a year to see how far you’ve come and gauge whether your goals have changed.

•  The beginning of the year is a great time for a check-in if you use January as a jumping-off point for goal planning.

But any time of year can be the right time to review your vision board and make any changes that might be needed. If you feel motivated, it’s probably a sign that it’s time to dive in.

Recommended: Budgeting Guide

The Takeaway


Most of us have goals that money will enable, from buying a home to retiring comfortably. A money or financial vision board is a visual representation of those goals that can help inspire you to actualize your aspirations. Whether you make a digital or physical one, it can help you contemplate and actualize your dreams.

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FAQ

How often should I update my financial vision board?

It’s helpful to review your vision board at least a couple of times a year, though you may schedule reviews more often if you’re making steady progress toward your goals. Reviewing your money vision board is a chance to make sure your goals still fit where you are now and where you’d like to be. If your goals no longer align or you’ve been able to cross some of them off your list, you can update your vision board to reflect that.

Can I create a money vision board with my partner or family?

You might create a money vision board with your partner or family if you have shared financial goals. For example, you might work with your partner or spouse to create a vision board centering around your joint goal of buying a home. Or you might help your kids create money vision boards of their own if they have goals they’d like to achieve.

Are there apps for creating digital money vision boards?

Digital vision board apps and graphic design platforms are great for creating vision boards online. Canva, for example, offers vision board templates that you can customize. You could also use Photoshop or ProCreate to whip up a visually appealing money mood board.


Photo credit: iStock/Barbara Lorena Vergara

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SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

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

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What Is Values-Based Budgeting?

Values-based budgeting involves managing your money mindfully and allocating it toward the things that matter most to you. For some people, that might mean keeping sustainability in mind when designing their budget. For another, it might translate into earning and spending with the goal of securing their loved ones’ future.

Values-based budgeting can have you thinking at a deeper level than just what you need or want in the moment. It can help you manage your money effectively while reflecting your core beliefs and higher-order goals. Here’s a closer look at how this practice can bring balance and deeper meaning to your money management.

Key Points

•   Values-based budgeting involves aligning one’s spending with core values to ensure financial decisions reflect personal beliefs and priorities.

•   A key step is to identify core values before setting budget categories to guide spending decisions.

•   Core values can include priorities such as sustainability, educational achievement, and sharing time with extended family, among others.

•   Connecting financial management with long-term goals and values can enhance satisfaction.

•   Reducing impulse spending can allow an individual to focus more on meaningful financial commitments.

Understanding Values-Based Budgeting

While there are many budgeting methods out there, they are all similar in the fact that they help you manage your income and expenses and reach your goals. Living within your means (or living within your budget) is one of the most important things you can do to help improve your financial future. With values-based budgeting, however, you are typically taking additional steps to align your money with your core beliefs.

Definition and Core Concepts

A values-based budget is one where your budget categories tie back to your core values. To create a values-based budget, you must first determine your core values — the things that are most important to you. For some, that might mean charitable giving plays a key role in their money management, or for another, it might involve prioritizing family “together time” across the generations.

Only then do you set up your budget categories and determine how much to spend where and how much of your paycheck to save.

Comparison to Traditional Budgeting Methods

There are many strategies for saving money, and values-based budgeting shares a lot of similarities with other traditional budgeting methods. The big difference is determining your unique and individual core values before starting the budgeting process. This can help guide your budgeting decisions and inform how much money you spend in various areas.

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Benefits of Values-Based Budgeting

Here are a few of the top benefits of values-based budgeting:

•  Increased satisfaction — When your budget is tied to your core values, it can often lead to increased personal satisfaction.

•  Better long-term planning — Values-based budgeting ties into the things that are most important to you. That helps make it not only a weekly or monthly thing, but something that ties into your long-term planning.

•  Reduced impulse spending — You may be less likely to, say, go on a holiday spending spree and break your budget when you know that the categories tie back to the things that are most important to you.

Identifying Your Personal Values

The first step in values-based financial planning is identifying your personal values. While this process is likely to be different for everyone, here are a few questions that might help you clarify your personal values:

•  What is your perfect life?

•  Finish the sentence — “More than anything, before I die, I want to ___ ”

•  If you could spend today doing whatever you desire, what would it be?

•  What causes are important to you?

•  If you could be paid in something other than money, what would it be?

•  What are the things in your life that you would like to get rid of?

Try to not just answer these questions superficially — instead, try to drill down to find the “whys” behind each question. For instance, if the way you would like to spend every day revolves around hanging with your high-school BFFs, you might learn that spending time with old friends is a core value. If the way you’d like to be paid involves college tuition credits for your kids, that could reveal that higher education is a priority for your family.

This process can put you on the path to finding your personal values and goals.

Steps to Implement Values-Based Budgeting

When you’ve identified your core values, you can then move ahead and start practicing money management in a way that embraces those beliefs.

Assessing Current Spending Patterns

The first step to implementing values-based budgeting is to figure out what your current spending patterns are. One way to do this is to look through your checking account and credit card statements.

It’s important to understand where you are spending money before starting a new budget. You might find a few simple ways to save money, while other money-saving strategies may require deeper cuts and more dedication.

Aligning Expenses With Values

Once you’ve identified your current spending habits, you can start aligning your expenses with the values you identified previously. For each spending category, ask yourself whether spending in this category is consistent with your values.

For instance, if you’re budgeting for a kitchen remodel and sustainability is a core goal of yours, you might begin to see how you can uphold your values and save money by seeing what’s available on Facebook Marketplace or from a freecycle site.

Creating Your Values-Based Budget

As you make your budget and go through each of your spending categories, it’s now time to adjust your spending based on your values.

•  In some cases, you might find that you are spending a high amount of money for something that is not that important to you. Perhaps it’s a case of FOMO (fear of missing out) spending, which amounts to “keeping up with the Joneses.” In those cases, you might reduce or eliminate spending in that category.

•  You might also find that you have things that are very important to you where you aren’t spending much (or any) money. If that’s the case, you should increase your spending in that category to align with your long-term goals and values.

Challenges and Solutions

Here are a few of the common obstacles in values-based budgeting plus ideas for resolving them:

•  Running out of money: If you have too many spending categories that align with your core values, you may run out of money. One of the risks of not saving money is that you may not have enough money in retirement to fulfill all your aspirations.

•  Conflicting values: If you are budgeting with a spouse or partner, you may not always agree on values. In that case, you’ll need to compromise and work together to form a shared budget.

•  Staying motivated: Finally, staying motivated to stick to your values-based budget may be just as hard as with traditional budgeting. Budgeting well does involve paying attention to how your income and expenses are tracking, which requires a time investment. However, you may find it easier to engage with this process if your budget is tied to your long-term goals.

Tools and Resources for Values-Based Budgeting

The tools for values-based budgeting are similar to those used for traditional budgeting. The exact tools that you use will depend on your own style and personality, and there is no one “right” tool that is best for everyone.

•  You might start by seeing what tools your financial institution offers with your accounts, whether that’s a traditional or online bank. They often have a variety of helpful trackers and alerts available.

•  You might use a budgeting and spending app, an online spreadsheet, or simple pencil and paper spreadsheet method to follow your income and expenditures.

•  You may want to open savings accounts that allow you to save money toward different meaningful goals, whether that’s a new electric car or an intergenerational vacation.

Again, there isn’t a set tool that is best for everyone — instead, experiment with different tools to find one that you feel comfortable with.

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The Takeaway

Making and sticking to a budget is one of the most important things that you can do to improve your financial outlook. Values-based budgeting takes traditional budgeting to the next level by making sure that your budgeting decisions tie into your long-term goals and values. This can help you stick to your budget since you know that it’s leading you on a path that aligns with your beliefs.

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


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

FAQ

How does values-based budgeting differ from traditional budgeting?

Values-based budgeting shares a lot of similarities with traditional budgeting. Where it differs is in determining how to allocate your money across various spending categories. In values-based budgeting, you try to make sure that your spending categories are in line with your core personal and financial values. It asks you to see your financial management through the lens of whether or not you are supporting your big-picture beliefs.

Can values-based budgeting help in achieving long-term financial goals?

Yes, values-based budgeting can help you to achieve your long-term financial goals. In fact, you might argue that it is a superior way to achieve your long-term goals. Making sure that your everyday spending is in line with your core values is the definition of values-based budgeting.

How do you identify your core values for this budgeting method?

Identifying your core values is one of the most important parts of values-based budgeting. After all, if you aren’t crystal clear on the things that are most important to you, you won’t be able to make sure that your spending lines up with those values. While the process will vary depending on each individual, you’ll want to ask yourself long-term questions like where you see yourself in 30 years or what things are most important to you. Try to not only answer these questions superficially and drill down to get the answers behind the answers.


Photo credit: iStock/zamrznutitonovi

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

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

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

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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Questions to Ask a Financial Advisor

When it comes to managing your finances, hiring a financial advisor can be a wise decision. But with all the different types of financial pros out there, how do you find one that will work for your specific needs?

Asking questions is a good way to learn more about what an advisor does, understand their approach, and determine if they are the best fit for your situation and goals. In fact, it’s a good idea to interview at least two or three different advisors before choosing one you want to work with. These essential questions to ask an advisor can help you find the right fit.

Key Points

•   Check a financial advisor’s qualifications by asking about certifications, years in the field, and areas of expertise.

•   Ensure that the services offered align with your financial needs, including investment philosophy and client focus.

•   Gain clarity on how an advisor will be paid, such as whether they are fee-only, fee-based, or commission-based, plus any extra costs.

•   To understand any potential conflicts of interest and ensure unbiased advice, ask about fiduciary status.

•   Make sure you’re comfortable with an advisor’s communication style and methods for tracking performance.

Qualifications and Experience


If you plan to trust your finances to an advisor, selecting someone with the right qualifications and relevant experience is important. Here’s what to ask a financial advisor about their professional background.

What Certifications Do You Hold?


Two meaningful credentials are Certified Financial Planner (CFP®) and chartered financial consultant (ChFC). To earn either designation, an advisor must pass a certification exam, complete coursework, and have a certain level of experience in the field. They must also submit to a background check and adhere to a set of ethical standards. An advisor with tax expertise will typically be a certified public accountant (CPA) or personal financial specialists (PFS), which are CPAs who also offer more comprehensive planning.

Do You Have Any Disclosures on Your Record?


It’s important to know if an advisor has faced any regulatory, criminal, or disciplinary actions in the past. You can also verify this information by typing the advisor’s or firm’s name into the Securities and Exchange Commission’s (SEC’s) Investment Adviser Public Disclosure search tool. There, you can find out about the professional’s licenses and any disciplinary history they may have.

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Services and Approach


Financial advisors vary in terms of the services they offer, the type of clients they work with, and their approach to financial planning. These questions can help you choose a financial advisor who will be a good match for your needs.

What Are Your Areas of Expertise?


Some advisors specialize in retirement planning, tax strategies, or estate planning. Others will help you create a comprehensive financial plan that could cover general money management, the types of accounts you need, the kinds of insurance you should have, and estate and tax planning. You’ll want to make sure that their expertise aligns with your needs and goals.

What Types of Clients Do You Typically Serve?


Certain financial advisors work exclusively with high-net-worth individuals, while others focus on small business owners, pre-retirees, or people in certain professions like physicians or artists. Choosing someone who has experience serving clients similar to you can help ensure they’ll be able to offer the guidance and financial advice you need.

What Is Your Investment Philosophy?


You’ll want to make sure how your money is invested aligns with your preferences, risk tolerance, needs, and financial goals. So when speaking with a potential advisor, you’ll want to get a sense of how they typically balance risk and return, if they concentrate on specific industries or types of investments, whether they prefer active or passive investment strategies, and how they tailor portfolios to client goals.

Fees and Compensation Structure


Financial advisors are compensated in different ways, and it’s important to understand their fee structure to avoid surprises.

How Do You Make Money?


Fee-only advisors charge a flat rate, hourly rate, and/or a percentage of assets managed for their services. Fee-based advisors, on the other hand, charge fees to clients directly for financial planning or portfolio management, while also earning commissions by selling financial products. Commission-based advisors primarily earn income by selling financial products. Fee-only advisors tend to have fewer conflicts of interest (more on that below). Ensure you understand how you will be charged.

Are There Any Extra Costs I Should Be Aware of?


A financial advisor’s fees may not cover all of your expenses. They might, for example, charge one fee for creating a financial plan, but charge more for putting that plan into action. Once your financial plan is in place, you may also have to pay trading, fund, and brokerage fees. Make sure you understand what your all-in costs are going to look like.

Do You Have a Minimum Account Size?


Some advisors work only with clients who have a certain level of assets. This might be a relatively low threshold, like $25,000, but it could be significantly more, such as $500,000 or $1 million, and possibly more. You’ll want to confirm whether this aligns with your financial situation.

Recommended: Who Are Wealth Management Advisors?

Potential Conflicts of Interest


Conflicts of interest can be problematic as it can cloud the advice you receive. These questions for financial advisors can help you suss out whether their goals could potentially clash with your goals.

Do You Receive Any Compensation From Third Parties?


As mentioned above, fee-based and commission-based advisors receive payments from sales of specific investment and financial products, such as mutual funds or insurance policies, which could potentially cause a conflict of interest. It’s important to know if their recommendations could potentially be influenced by outside compensation.

Are You a Fiduciary?


Certain professional designations, such as a CFP®, are legally held to the fiduciary standard. As a fiduciary, an advisor is legally and ethically bound to put their clients’ interests ahead of their own (or their firm’s) interests and have a duty to preserve good faith and trust. If an advisor is not a fiduciary, ask how they address potential conflicts.

faith and trust. If an advisor is not a fiduciary, ask how they address potential conflicts.

Performance and Benchmarks


If you’re working with an advisor to grow wealth, you’ll want to have some way to measure your progress. Consider asking these questions about performance tracking and benchmarking.

What Investment Benchmarks Do You Use?


A financial advisor should be able to speak to the benchmarks that they will be reporting to you, as well as how they will measure your progress and determine whether adjustments need to be made in your portfolio. It’s also a good idea to find out if you will be able to track your portfolio’s performance and view financial reports online. Tools like client portals and mobile apps can improve your experience and provide transparency.

How Will You Consider Assets You Aren’t Directly Managing?


Your net worth may include assets that are not managed by a particular finance firm or advisor, such as an employee-sponsored 401(k) or any rental properties you may own. It’s important that a financial advisor look at your full financial picture when advising you on how to diversify, manage risk, and reach your goals.

💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

Communication and Availability


Advisors can approach communication differently and it helps to have realistic expectations going in. Poor communication or misaligned expectations can put a damper on your experience in working with an advisor.

How Often Will We Meet or Communicate?


At the minimum, you’ll want to speak with your financial advisor once a year to review your financial strategies as your life and circumstances change. Some advisors offer quarterly or semiannual meetings, however, which you might prefer. Find out how often you’ll meet, whether it will be virtually or in-person, and if the advisor will be available for phone calls or emails outside of scheduled appointments. Consider if their communication frequency and style meets your expectations.

Will I Work Directly With You or Someone on Your Team?


Some firms assign a primary advisor, while others use a team-based approach. When deciding which financial advisor you want to work with, you’ll want to clarify who your main point of contact will be.

The Takeaway


Choosing a financial advisor is a significant decision that can impact your financial future. By asking the right questions, you can get a good sense of their qualifications, approach, and ability to meet your needs.

Don’t hesitate to interview multiple advisors and compare their answers to ensure you find the best match for your financial goals. A well-chosen advisor can provide valuable guidance, helping you navigate the complexities of financial planning and achieve long-term success.

One smart money move you can take right away (and on your own) is to make sure your bank account offers minimal or no account fees and a competitive interest rate.

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


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

FAQ


What should I look for in a financial advisor’s credentials and experience?


When choosing a financial advisor, you might look for credentials such as Certified Financial Planner (CFP®) or chartered financial consultant (ChFC). These designations mean that the advisor has passed a certification exam, has a certain level of experience in the field, and is legally required to adhere to a set of ethical standards. If you’re looking for an advisor with tax expertise, consider a certified public accountant (CPA) or personal financial specialists (PFS), which are CPAs who also offer more comprehensive planning.

What are the different types of financial advisors?


The term “financial advisor” is broad and can refer to any professional who offers financial advice. Common certifications include Certified Financial Planner (CFP®), chartered financial consultant (ChFC), certified public accountant (CPA), and personal financial specialist (PFSs). There are also specialized advisors, such as investment advisors (who focus on portfolio management), retirement planners (who help with retirement strategies), and wealth management advisors (who offer comprehensive services for high-net-worth clients). Robo-advisors provide automated investment solutions at a lower cost.

How can I evaluate the fees and services provided by a financial advisor?


Start by understanding the advisor’s fee structure — whether it’s fee-only, fee-based, or commission-based. Fee-only advisors charge flat fees or percentages and don’t earn commissions. Fee-based advisors charge fees but may also earn commissions on products they recommend. Commission-based advisors primarily earn income by selling financial products. Also ask about the scope of services they provide, such as retirement planning, tax strategies, or investment management, to ensure they align with your needs.


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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

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

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

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

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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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Financial Planning Tips for LGBTQ+ Couples

While enjoying more protections in recent years, LGBTQ+ couples may face unique legal situations and other scenarios that can leave them financially vulnerable. Taking a proactive approach can help ensure that you and your partner are prepared for the future.

Here are essential financial tips to help LGBTQ+ couples make informed decisions and develop a plan that supports their personal and financial goals.

Key Points

•   LGBTQ+ couples can have unique financial planning challenges that can be addressed with thoughtful planning.

•   Legal protections, including wills, trusts, and health care directives, are important for asset distribution and medical decision-making.

•   Adequate health and life insurance coverage is vital for financial security, especially for LGBTQ+-specific health care needs.

•   Family planning for LGBTQ+ couples may involve significant costs for adoption, surrogacy, or fertility treatments.

•   Estate planning is crucial for LGBTQ+ couples to ensure their wishes are honored and to avoid situations that lack clarity or could lead to disputes.

Unique Financial Challenges

Due to discrimination, legal limitations, and varying access to financial benefits, LGBTQ+ couples (which encompasses those who are lesbian, gay, bisexual, transgender, and queer or questioning) can encounter a number of financial hurdles. These issues may impact savings, career advancement, and even financial security, making proactive financial planning particularly crucial.

Legal Considerations

Legally speaking, LGBTQ+ couples have reasons to celebrate as well as causes for concern. Amid the legal landscape for LGBTQ+ rights, the Supreme Court’s legalization of same-sex marriage in 2015 is often noted as a highlight. This ruling gave LGBTQ+ couples access to legal protections and financial benefits that are only available for legally married couples.

Other key milestones include:

•   In 2020, the high court barred discrimination in employment decisions in relation to a person’s sexual orientation or gender identity. A 2021 executive order from President Biden further expanded these protections.

•   In 2021, the Consumer Financial Protection Bureau (CFPB) clarified that the Equal Credit Opportunity Act (ECOA) includes protections for LGBTQ+ people, making it illegal for lenders to discriminate on the basis of gender identity or sexual orientation.

Despite progress, there is still a lot of work to be done to safeguard LGBTQ+ couples’ economic security. Many states have not put antidiscrimination laws in place that affect health care, housing, and access to credit, according to the Movement Advance Project (MAP), an independent, nonprofit think tank. And some fear that existing protections might be rolled back in the future.

Discrimination and Financial Impact

Because certain LGBTQ+ rights, like marriage and workplace protections, have only been granted in recent years, many members of the community have likely been disadvantaged from decades of living without them. LGBTQ+ individuals may also face barriers to career advancement, which can limit their earning potential.

Indeed, LGBTQ+ workers earn, on average, 90 cents for every dollar a non-queer worker earns, according to a recent analysis by the Human Rights Campaign. The gap widens further for LGBTQ+ people of color, transgender women and men, and non-binary individuals, who earn even less when compared to the typical worker.

Data also indicates that LGBTQ+ people generally carry more student loan debt and have saved less for retirement compared to their cisgender/heterosexual peers.

At the same time, LGBTQ+ couples often face higher living expenses, due to a desire to live in welcoming communities (often cities with a high cost of living). They also tend to face higher health care costs, particularly if they or someone in their family seeks gender-affirming medical care.

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Creating a Solid Financial Foundation

Establishing a strong, shared financial base can be the first step toward long-term security. This process involves open communication, assessing your bank accounts, setting goals, and establishing a budget that can help you achieve your shared objectives.

Setting Joint Financial Goals

As with any partnership, it’s important to sit down as a couple and consider goals that reflect your values and aspirations. These could include saving for a home, planning for retirement, starting a family (and a college fund), or preparing for potential health care costs.

Once you have a list of goals, you’ll want to discuss how much money you will need, a timeline, and steps you’ll take to achieve your goals. Strategies might include cutting back on nonessential expenses and/or transferring a set amount into a joint savings account each month.

Since your goals, as well as your income and expenses, will likely change over time, it’s a smart move to have regular check-ins. This allows you to assess your savings, budget, and cash flow and make any necessary adjustments in how you manage your money to help stay on track. Find a cadence that suits you: Monthly or quarterly might work well, but no less than annually. It’s a good idea to reassess your situation when there are any big life changes, such as a new job, a new baby, or buying a home, as all of these can impact your budgeting.

Legal Protections and Documentation

Securing proper legal protections and documentation can be essential for LGBTQ+ couples, as laws around partnership rights can vary. The documents listed below can protect both partners.

•   Wills: A will ensures that your assets are distributed according to your wishes. If you die without one, your assets will likely be distributed according to the state’s default plan, which usually directs the assets to a legal spouse or, if none exists, to your blood heirs.

•   Financial power of attorney: This document enables your partner to make financial decisions on your behalf if you’re incapacitated. Without it, they would need to obtain a court order in order to take over your financial accounts in an emergency. This is the case even if you are married — without a power of attorney, spouses can only control joint bank accounts and joint brokerage accounts.

•   Health care directives: A health care directive (also known as a medical power of attorney) specifies your wishes regarding medical treatment if you cannot communicate them. It ensures your partner can make decisions aligned with your preferences. This document is particularly important for unmarried LGBTQ+ couples. Should one of you experience a medical emergency, your partner could be bypassed at the hospital and a relative would be contacted instead about what could potentially be life-or-death decisions.

Marriage and Domestic Partnership Considerations

While LGBTQ+ couples are now legally able to get married, some may choose not to. This is a personal decision that also has implications on financial planning. Here’s a look at how marriage vs. domestic partnership impact your finances.

Marriage: Getting married can provide access to numerous financial, tax, and legal benefits, including spousal benefits through Social Security, pensions, and work. Marriage also allows partners to pass money and assets back and forth without worrying about gifting limits, and it gives each partner inheritance rights. One downside, however, is the so-called “marriage penalty.” This is the tax increase that many couples face once they combine their incomes and file as married filing jointly. (However, as noted above, there are tax benefits to marriage, such as additional deductions, which may offset this.)

Domestic partnership: A domestic partnership is an alternative to marriage and may provide you with some of the benefits that married couples receive. For example, your employer may allow your partner to receive benefits like health insurance. However, domestic partners are not considered “family” by law and are not recognized by most states. Also, while married couples automatically inherit each other’s assets upon death (and without incurring taxes), this is not the case for domestic partners. You can inherit your partner’s assets through a will, but you’ll be subject to taxes.

Retirement Planning for LGBTQ+ Couples

Members of LGBTQ+ community often have unique needs in retirement. Many look to retire in more accepting parts of the country, which tend to be cities with high housing and other costs, making retirement generally more expensive. Here are some factors to keep in mind as you plan for retirement.

•   Social Security benefits: Married couples in which one spouse earned significantly more than the other may be able to use spousal benefits to maximize their combined Social Security income. Married or not, it’s important for LGBTQ+ couples to understand how Social Security benefits work and consider the timing of their claims. You can get an estimate of your monthly payout and how it’s impacted by the age you start to claim your benefits at SSA.gov.

•   Pension plans: A pension plan is a retirement account provided by an employer that pays out a fixed amount of money to the employee after they retire, providing a steady stream of passive income for life. Certain pensions provide spousal benefits upon death, but these may only be accessible to married couples. Check with your employer to understand the details and consider how this might impact your retirement savings strategy.

•   IRAs and 401(k)s: Individual retirement accounts and employer-sponsored retirement plans are critical components of retirement planning. Both partners will want to contribute as much as possible to their retirement accounts, and at least enough to get the full employer match (if offered). Once you’ve maxed out your 401(k), you might each consider contributing to a Roth IRA, if you’re eligible.

Recommended: Savings Goal Calculator

Family Planning and Financial Preparation

For LGBTQ+ couples, family planning may involve additional costs, especially if it includes adoption, surrogacy, or fertility treatments. For example, adoption can run anywhere from $20,000 to $70,000, depending on whether it’s done domestically or internationally. IVF can cost $13,500 to $21,000 or more, while surrogacy can range between $60,000 to $250,000-plus.

Since insurance often does not cover most of these costs, creating a financial plan that accounts for these expenses can be crucial. This plan should include saving for baby costs, as well as the ongoing expenses related to raising children.

Insurance Needs for LGBTQ+ Couples

Insurance provides an essential financial safety net for couples. Below are three kinds of insurance that can help protect your family.

•   Health insurance: Health insurance is vital for all couples, so you’ll want to make sure you are both covered either through employer plans, the Affordable Care Act marketplace, Medicare, Medicaid, or private options. When choosing a health care plan, carefully review coverage details, including any potential limits for LGBTQ+-specific health care needs. Though most health insurers cover medically necessary gender-affirming care, some states allow private health plans to deny coverage to transgender people for certain health care services.

•   Life insurance: Life insurance protects your partner in case of your untimely death by replacing lost income. This can be particularly important if you have children. Life insurance offers a safety net by ensuring the loss of income doesn’t disrupt your children’s daily life, education, and future opportunities. Keep in mind that you don’t have to be married to get life insurance — you can each purchase an individual policy and name the other as the beneficiary.

•   Long-term care insurance: This type of insurance helps cover expenses for long-term care that aren’t typically covered by health insurance or Medicare. LGBTQ+ seniors may face added costs if they lack family support (as can be the case for any couple that doesn’t have children). Long-term care insurance can be a worthwhile investment in this scenario. An alternative option is to self-fund your future needs.

Estate Planning Strategies

Estate planning is essential for LGBTQ+ couples to ensure assets are transferred to the right individuals and that financial protections are in place for the surviving partner. This is particularly important if you are not married, as your assets would not likely go to your partner without a well-defined estate plan. The following protections can help.

•   Trusts: Unlike wills (which can be successfully challenged), trusts cannot be contested by others. Putting some assets into a trust can be especially helpful for LGBTQ+ couples, as it can help you to avoid potential legal disputes with non-supportive family members. Assets in a trust may also be able to pass outside of probate, which can save time, court fees, and (potentially) estate taxes.

•   Beneficiary designations: Certain assets, like savings accounts and life insurance policies, can pass to the beneficiary on file without the need for a will and without going through probate. Whoever is listed as beneficiary will get those assets regardless of what a will might state. For this reason, it’s important to regularly review and update beneficiary designations on your accounts, especially if you set these accounts up years ago.

•   Titling: Another way to protect your estate is to make sure the title to your assets, particularly property, is coordinated with your will. For example, if your shared home is titled “joint tenants with rights of survivorship,” it will pass directly to the surviving owner when an owner dies, rather than through your will. Assets titled in an individual’s name (absent a beneficiary designation) or as “tenants in common,” on the other hand, will pass according to your will. You may want to discuss asset protection options with an estate planning attorney who understands the specific needs of LGBTQ+ couples to ensure you are both protected.

Recommended: Financial Planning for Young Adults

Building a Support Network

A strong support network can be invaluable for LGBTQ+ couples navigating unique financial and personal challenges. Community support can provide resources and guidance, along with a sense of belonging.

Community Resources and Support Groups

Many LGBTQ+ organizations and support groups offer financial assistance programs, legal resources, and planning guidance. Consider seeking out organizations or LGBTQ+-friendly financial advisors who understand the needs and challenges faced by LGBTQ+ couples.

A sampling of resources you might tap:

•   The Center for LGBTQ Economic Advancement & Research provides access to financial workshops, counseling, and self-help resources targeted to LGBTQ+ individuals and couples.

•   CenterLink focuses on strengthening, supporting, and connecting LGBTQ+ community centers nationwide.

•   Rainbow Families offers education, resources, and peer support groups for LGBTQ+ parents, families, and parents-to-be.

•   SAGE offers supportive services and consumer resources to older LGBTQ+ people and their caregivers.

The Takeaway

Financial planning is essential for everyone, but LGBTQ+ couples often face unique challenges and considerations. From navigating legal protections to managing potentially higher family-planning costs, these complexities can make proactive financial planning even more critical. By delving into these issues, LGBTQ+ couples can create a plan that protects their rights, and helps them build wealth over time.

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FAQ

How does marriage equality affect financial planning for LGBTQ+ couples?

Marriage equality gives LGBTQ+ couples access to financial benefits that are limited to legally married couples, which can simplify and enhance financial planning. This access can include spousal Social Security benefits, joint tax filing, inheritance rights, and health insurance coverage through a partner’s employer. These benefits can help reduce taxes, provide more retirement benefits, and offer financial security if one partner passes away. However, marriage can also come with new tax considerations, so couples might want to consult a financial advisor to optimize financial planning.

Are there specific estate planning considerations for LGBTQ+ couples?

Yes, estate planning is particularly important for LGBTQ+ couples to ensure their wishes are honored and to avoid potential family disputes. This may involve creating or updating wills, establishing durable powers of attorney, and designating health care directives to protect each partner’s wishes. In addition, they may want to establish trusts (for added control over asset distribution and to protect their estate from taxes) and update beneficiary designations on financial accounts.

What financial resources are available specifically for LGBTQ+ individuals and couples?

LGBTQ+ individuals and couples can access a number of specialized financial resources, including LGBTQ+-friendly financial advisors, legal services, and community-based support organizations. Organizations like the Center for LGBTQ Economic Advancement & Research provide access to financial workshops, counseling, and self-help resources targeted to LGBTQ+ individuals and couples, while SAGE offers resources for LGBTQ+ seniors. There are also a number of nonprofit groups and community centers that offer financial assistance to LGBTQ+ individuals and families facing financial challenges.


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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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.

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.

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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Saving Money With a Zero-Waste Lifestyle

A zero-waste lifestyle is based on the principle of reduce, reuse, and recycle. The goal is to buy only what you need and minimize the amount of waste you create. The more people who practice a zero-waste lifestyle, the less junk there should be winding up in landfill.

Being conscious about one’s impact on the environment is something that is becoming increasingly prevalent: 87% of Americans support recycling, according to a recent survey by The Harris Poll on behalf of Keep America Beautiful®, and this can be especially important to younger generations. Adopting a zero-waste lifestyle can often save you money in the long term, as you reduce and reuse rather than continually buying new or additional products.

Key Points

•   A zero-waste lifestyle emphasizes reducing, reusing, and recycling to minimize waste and environmental impact, leading to financial savings.

•   Adopting zero-waste practices, like buying only necessary items and choosing reusable products, saves money over time.

•   Simple changes, such as meal planning and bulk buying, reduce food waste and lower grocery bills.

•   Transitioning to zero-waste may involve initial costs, but long-term savings and environmental benefits outweigh these expenses.

•   Gradual implementation of zero-waste strategies, like using second-hand items and eco-friendly products, makes the lifestyle affordable and sustainable.

Understanding the Zero-Waste Concept

At its core, the concept of a zero-waste lifestyle is minimizing or eliminating the amount of waste that you create. Some dimensions of this include:

•  Conserving resources

•  Avoiding burning products and packaging or discharging hazardous materials into the land, air or water

•  Optimizing reuse of items through repairing or repurposing them
Expanding recycling

•  Different people, communities and municipalities define zero-waste in different ways, so you will need to decide what a zero-waste home and lifestyle means for you and how to go zero-waste in your specific situation.

Aside from being an eco-friendly move, reducing the amount of waste you produce and reusing items instead of purchasing new ones can be one of the top tips for saving money. For instance, refurbishing cast-off dining chairs could save you hundreds of dollars vs. buying them new and also keeps them out of landfill.

Living a zero-waste life can actually be a way to help the planet and hold onto more of the money in your checking account.

Recommended: 50/30/20 Budget Calculator

Earn up to 3.80% APY with a high-yield savings account from SoFi.

No account or monthly fees. No minimum balance.

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Financial Benefits of Going Zero-Waste

Going zero-waste can have some positive effects on your checking and savings account, as noted above.

As an example, consider a situation where you need to buy a new pair of sneakers:

•  You could buy the cheapest pair of sneakers that cost $30 but will wear out and need to be replaced in one year, if not sooner. They’ll likely be tossed into landfill, along with many other inexpensive fast-fashion items.

•  If you buy a better-made pair of sneakers, they may cost $80 but last at least a few years. They’ll stay out of landfill for longer and cost less when you divide the price by years of use.

If you take a short-term perspective, buying the more inexpensive pair of sneakers is the better financial choice, since $30 is less than $80. But if you take a longer perspective, the better choice may very well be the more expensive shoes.

Or perhaps you buy a set of reusable glass and aluminum containers and then buy many staples (coffee, cereal, beans, pasta) in bulk at a lower price than the prepackaged variety. In this way, you are not only saving money, but reducing your usage of plastic and other forms of single-use packaging. These examples can give you the idea of some of the financial benefits of a zero-waste life. While it may not be among the usual types of budgeting methods, zero-waste living can help you save money.

Getting Started: Easy Zero-Waste Swaps

One important thing to consider if you’re considering starting a zero-waste life is that the best changes are often small and sustainable. Rather than selling your car and committing to walking or taking the bus forever, it’s better to take smaller steps, gradually reducing your waste over time. Here are a few ideas:

Kitchen and Grocery Shopping

One of the biggest generators of waste is food that gets tossed out. The USDA estimates that Americans waste between 30% to 40% of the total food supply each year. If you are trying to purchase groceries on a budget, you might be excited to potentially save 30% to 40% on your total grocery bill by only buying the food that you’re actually going to use.

If saving money on food is on your mind, you can move towards zero-waste status in the kitchen by taking a new approach to how you buy groceries. Planning out your meals and preparing them at home can help you cut down on the waste you produce. If you have a meal plan, you are less likely to buy ingredients that wind up sitting and going bad in the fridge.

Another strategy is considering the types of foods that you buy and the packaging that they come in. Buying more fruits, vegetables and other foods that are often sold without packaging can be a great way to cut down on the waste that you produce. So too can buying staples in bulk, using containers made of glass or aluminum vs. plastic.

Bathroom and Personal Care

Bathroom and personal care items are another area where you can move towards a zero-waste lifestyle. A few switches that you can consider making include:

•  Use a bamboo toothbrush vs. one with a plastic handle.

•  Use soap or shampoo bars rather than using bottled-in-plastic products.

•  Opt for biodegradable dental floss.

•  Switch to compostable toilet paper.

•  Try a stainless steel razor instead of a disposable razor.

Recommended: How to Manage Passive Income Streams

Reducing Waste in Home and Energy Consumption

Lowering your energy consumption not only is good for the environment, it can save you money. Since most utilities charge based on how much you use, lowering your consumption can help you lower your utility bills. Another way to reduce waste in the home is by recycling items for money.

Selling unneeded items can help repurpose them as well as add a little extra into their budget. You might also look into ideas for reducing energy usage in your home, whether that means installing smart thermostats or saving to switch to, say, a heat pump from your current system. (You might get a rebate or tax break on the latter, too.)

Going Zero-Waste on a Budget: Affordable Strategies

Here are three affordable strategies to help you live a zero-waste life on a budget:

•  Start with what you have: Focus on implementing DIY solutions, refinishing furniture vs. throwing it out.

•  Opt for second-hand: When you do need “new” items, think about what you might get from freecycle sites and places like Facebook Marketplace.

•  Reduce vs. remove at first: Embrace minimalism and lower consumption instead of trying to completely give up, say, every speck of plastic in your home. Going zero-waste is a process, and it can take patience.

•  Invest in eco-friendly solutions over time: Gradually replace disposable items with reusable ones one at a time as your budget allows. Swapping single-use plastic bottles for a reusable water bottle can be a simple first step.

As you work to become zero-waste and save money that way, you might want to take a closer look at what spending and saving trackers reveal about your habits. Many traditional and online banks offer these, or you could evaluate third-party options.

Long-Term Savings and Environmental Impact

There may be an initial expense triggered by moving toward a zero-waste lifestyle, such as buying a set of glass and aluminum refillable canisters for groceries. But these moves can save money in the long term. And if you decide to refinish a dining table vs. buying a new one, that too can require an initial investment in supplies but wind up being both planet-friendly and economical.

One of our best frugal living tips is to consider the total cost of ownership when making financial decisions. And even if you spend more money, it may be offset over time and also minimize your total environmental impact.

Recommended: Ways to Make Money From Home

The Takeaway

While the term zero-waste may mean different things to different people, the general idea involves minimizing or eliminating the amount of waste that you create. A zero-waste home is one that reduces consumption and maximizes items that are reused or recycled. What’s more, following the principles of a zero-waste living may save you money.

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


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

FAQ

How do I handle zero-waste as a family with children?

One of the best strategies for having a zero-waste lifestyle with children is to include your kids in the planning process. Explaining the reasoning behind a zero-waste lifestyle and involving your kids in decisions can help them to get excited about the process. It can also be a good idea to focus on small, manageable changes at first rather than drastically altering your family’s lifestyle. Any steps that you’re able to take to reduce your waste may benefit your budget as well as the environment.

Can a zero-waste lifestyle work in urban areas?

It is possible to have a zero-waste lifestyle in an urban area, but it may take some creativity. City dwellers may have a busier lifestyle or space constraints, but they may also be able to take advantage of easier access to resources or community initiatives.

Are there any potential challenges in maintaining a zero-waste lifestyle?

Like just about everything worth doing, there are some potential challenges that come with living a zero-waste life.You may not have easy access to zero-waste resources like composting or recycling facilities. It may also be challenging to spend the additional time and effort to go zero-waste, and living a zero-waste life may come with higher initial expenses.


Photo credit: iStock/JulPo

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

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

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

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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