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Series EE bonds, or Patriot Bonds, were initiated in 1980 as a low-risk way for Americans to save. The money invested is guaranteed to double in 20 years.

They build upon the tradition of Series E bonds, or war bonds, which were introduced by the federal government in 1941. Learn more about this savings vehicle here.

What Is a Series EE Bond?

A series EE bond is a U.S. Treasury bond. It’s considered to be a very safe investment, as it’s backed by the U.S. government. It is guaranteed to double in value in 20 years, even if the government has to add funds to it to meet that mark.

To provide some context, here’s a quick look at what bonds are and how bonds work. A bond is a debt instrument. Bonds are issued by corporations or governments in order to raise capital. The bond market is huge — much larger than the equity markets. (In 2023, the market cap of the global bond market was about $133 trillion, versus $111 trillion for the stock market.) Investors provide capital to companies and governments when they buy the bonds, effectively loaning their money to that institution.

Meanwhile, the bond issuer agrees to pay investors the capital back, along with interest, after a certain period.

There are different kinds of bonds investors can purchase, including municipal, corporate, high-yield bonds, and U.S. Treasuries. A savings bond is a type of U.S. Treasury bond, issued with the full faith and credit of the U.S. government, meaning there’s virtually no chance of losing money. Savings bonds allow the government to borrow money for various purposes while giving investors a reliable and predictable stream of interest income.

Series E bonds, which were created in 1941 to help fund the WWII effort, were replaced in 1980 with Series EE bonds, or Patriot Bonds.

How Do Series EE Bonds Work?

If you’re interested in buying bonds, here are details on how a Series EE bond works:

•   Series EE bonds are electronic and can only be purchased and managed online with a TreasuryDirect account. They are available in any denomination starting at $25, up to $10,000 per person named on the bond, per calendar year.

•   These bonds are guaranteed to double in value in 20 years, even if the government needs to kick in extra cash. You can hold the bond for up to 10 additional years to continue to earn interest.

•   When you purchase a Series EE bond, the interest rate will be stated. Through October 31, 2025, the interest rate is 2.70%.

•   Interest is earned monthly, compounding semi-annually, for up to 30 years, unless you cash it sooner.

•   Series EE bonds can be cashed in (or redeemed) after 12 months, but early withdrawal can trigger a penalty of partial interest loss.

•   Electronic Series EE bonds can be cashed in via the TreasuryDirect site.

•   Interest earned on Series EE bonds is taxable at the federal level. Federal estate, gift, and excise taxes, as well as state estate or inheritance taxes, may also apply. If the money is used for qualified education expenses, however, you may not be subject to taxes.

•   The TreasuryDirect site also makes 1099-INT statements of interest earnings available annually.

Recommended: Understanding the Yield to Maturity (YTM) Formula

Understanding Series E Bonds

The popularity of Series E bonds may have hinged largely on the patriotic call to purchase them as part of the war effort. Buying bonds served two purposes: It helped the government to raise money for the war and it also helped to keep inflation at bay as shortages threatened to push consumer prices up. Apart from that, there were other qualities that might have made a Series E saving bond attractive.

These bonds were issued at 75% of their face value and returned 2.9% interest, compounded semiannually if held to 10-year maturity. So investors were able to earn a decent rate of return on their investment.

Series E bonds were also affordable, with initial denominations ranging from $25 to $1,000. Larger denominations of $5,000 and $10,000 were added later, along with two smaller memorial denominations of $75 and $200 to commemorate the deaths of President Kennedy and President Roosevelt, respectively.

Series E bonds were redeemable at any time after two months following the date of issue. Bond purchasers could redeem them for the full face value, along with any interest earned.

Interest from Series E bonds was taxable at the federal level but exempt from state and local taxes, adding to their appeal. And because they were issued by the federal government, they were considered a safe investment.

Recommended: Understanding the Yield to Maturity (YTM) Formula

Series EE Bond Maturity Rate

The maturity rate for EE bonds depends on when they were first issued.

Here’s a table showing the maturity dates for Series EE bonds over time:

Are Series EE Bonds Right for Me?

Series EE bonds can be a convenient, low-risk way to help your money grow over time. Plus, many people like the idea of investing in America and having their investment backed by the U.S. government. However, the rate of return may not be optimal, and the bonds are typically held for quite a long time versus a short-term investment.

Here are two popular alternatives you might consider to grow your money:

Savings Accounts

A savings account is a deposit account that’s designed to hold the money you don’t plan to spend right away. You can find various types of savings accounts at traditional banks, credit unions, and online banks. Savings accounts can pay interest, though not all at the same rate.

High-yield savings accounts at online banks, for example, tend to pay much higher rates than basic savings accounts at brick-and-mortar banks. Currently, they may offer around 3.00% APY (annual percentage yield) versus a national average of 0.42% APY as of December 16, 2024 for savings accounts.

Stocks

If you’re unclear about how stocks work, they effectively represent an ownership share in a company. When you buy shares of stock, you’re buying an ownership stake in a publicly traded company. The way you make money with stock investing is by buying low and selling high. In other words, you want to purchase stocks at one price then sell them for a higher price.

Stock trading can be a more powerful way to build wealth over time versus keeping money in a savings account or buying bonds. But there’s a tradeoff since stocks tend to be much riskier than bonds or savings accounts. Buying shares of mutual funds or exchange-traded funds (ETFs), which hold a collection of different stocks as well as bonds, is one strategy for managing that risk.

Recommended: Bonds vs. CDs: What’s Smart for Your Money?

Banking With SoFi

Series EE savings bonds can be a safe way to earn a steady rate of return. However, they aren’t the only way to grow your 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.

FAQ

When should I cash in EE savings bonds?

Series EE savings bonds are optimally held for 20 years, at which point the money invested will have doubled. If you’d like to keep earning interest, you may hold the bonds for up to an additional 10 years.

How long does it take for a Series EE savings bond to mature?

Series EE savings bonds mature in 20 years. At the end of that period, the initial investment’s value will have doubled. You may hold them an additional 10 years and continue to earn interest, if you like.

Do Series EE savings bonds double after 20 years? 30 years?

Series EE savings bonds double after 20 years. If you don’t redeem them, you may continue to earn interest on them for another 10 years, for a total of 30 years.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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.

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.

*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.

SOBK-Q224-1895800-V1

The high seas, sun, 24/7 dining, and stops at exotic ports of call: What’s not to love about a cruise? Sometimes, the answer is the price. A cruise can be a big-ticket vacation item that’s a challenge to afford.

But for the people who crave an all-inclusive travel experience, there are smart ways to snag a deal. Whether your fantasy is navigating the dramatic Alaskan coastline or floating through the Caribbean’s crystal waters, there are hacks that can help make it a reality.

Read on to learn insider strategies for finding the cheapest ways to cruise.

Buyer Beware

First, a word to the wise: As just about every frugal traveler knows, sometimes deals really are too good to be true…or at least not all they’re cracked up to be. It’s important to read the fine print and be sure of what’s included and not included in cruise deals you may find.

When considering the cheapest way to cruise, you’ll want to think about airfare, meals, excursions, room type and location, and other amenities that can lead to upcharges. That way, you can budget appropriately and make sure you have enough money in your travel fund to ensure you can afford your trip.

You’ll also want to pay close attention to cancellation policies. Many people plan trips far in advance, and situations can change between the time you book and the time you are supposed to board the ship. It can be wise to consider the costs and benefits of trip insurance. Note: Some credit card travel insurance may have you covered; check with your card issuer for details.

Next, the money-saving tips.

1. Read Cruise News

There are countless sites and blogs devoted to the cruise industry, staffed by both insiders and frequent cruise passengers. These sites cover both industry trends as well as specific deals and offers from particular cruise lines. In addition to finding cruise deals, they are great for learning about unique cruise offerings and locales. Some noteworthy sites include CruiseFever, CruiseHive, and CruiseCritic.

2. Search the Travel Sites

CruiseDirect.com, CruisesOnly.com, Cruise.com, and others are searchable databases of cruise offers. They are similar to Expedia, Travelocity, and other general interest travel websites, except they are devoted to cruises. These sites typically have sections focused on cruise deals and may at times have exclusive offers that aren’t available elsewhere.

Cruise lines, like Carnival, Princess, and Royal Caribbean, also typically have their own deals section, which can be worth checking out.

3. Scan Social Media

To find cruise deals on social media, it’s a good idea to follow your favorite cruise lines’ official accounts on platforms like Facebook, X (formerly Twitter), and TikTok. You might also search for the hashtag #cruisedeals and related terms to discover promotions, giveaways, and last-minute sales.

4. Look for Bundles

Both travel websites and cruise lines themselves often encourage passengers to bundle a variety of services and amenities when booking. These cruise bundles can offer real savings. Some of the options that are typically bundled include airfare, meal and drink packages, transport to and from the ship, free WiFi, and more. (About that WiFi: While some cruise lines have free WiFi, others can charge around $20 or more per person per day for this.)

When evaluating these packages, it’s worth taking the time to review each item, what it includes (there are various levels of perks available on ships, after all), whether you really want everything in the bundle, and what it would cost if you were to purchase the items separately.

5. Travel With Friends

If you have a big family and/or lots of friends, or if the idea of going on a cruise with your coworkers isn’t terribly off-putting, you might be able to score a group rate on a cruise. For example, Norwegian Cruise Lines features a group deal that offers bonuses for every five cabins booked. People traveling on group deals may qualify for bonus packages that include food and drinks, excursions, free WiFi, and more.

Recommended: Creating a Travel Fund

6. Book Well in Advance…Or Last Minute

Popular cruises, particularly the more luxurious ones, tend to fill up quickly. And the best rates are usually available when tickets first go on sale, which can be as much as a year or more advance. After tickets begin to sell (often between November and March, when promotions kick in) and the sail date nears, prices typically start to rise. The other benefit of booking early is that you’re more likely to get your choice of cabin and dining options. Early bookers may also get access to other special perks, like free airfare, upgrades, and free drinks.

That said, there are also plenty of stories of people scoring incredible last-minute deals on cruises. As the departure date grows closer, if a ship hasn’t sold out, the cruise line may offer serious incentives in order to fill up those empty rooms.

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

7. Sail During Shoulder Season

Determining peak cruising season, when demand is the highest, can be tricky because of all the variables involved. First and foremost (and perhaps most obviously), different parts of the world experience the seasons and corresponding vacations at different times. So peak season in one part of the world may be very different from peak season in another.

Many think that off-peak season, when demand is the lowest, is the best time to find a cruise deal, though that may not always be the case. If a cruise line cuts back on the supply of cruises too much because of seasonal drops in demand, there may not be many deals or even much availability to be found.

That’s why many point to “shoulder season,” the period between the peak and off-peak seasons, as the best time to find deals on cruises. Keep in mind that the weather might not be as great as it is during peak season, but you’re also more likely to avoid crowds both on the boat and on shore excursions. You’ll also want to consider seasonality when looking for the cheapest days to fly to and from your cruise’s point of departure and return.

8. Check for Special Discounts

Factors such as what organizations you’re a member of and where you live can help you save money on your dream cruise, whether that means exploring the Mediterranean or waters around Mexico.

You may find that belonging to a group like AARP can score you a cruise discount. In addition, some credit card issuers offer cruise benefits. There may also be general discounts for seniors, military families, teachers, and even frequent cruisers.

You might also be able to take advantage of resident cruise deals if you live in a particular area. Celebrity Cruises, for example, offers exclusive deals to residents of certain states, while Disney offers Florida residents up to 25% on select Caribbean cruises.

9. Pay in Full

Even if you’ve found a fantastic deal on a cruise, vacations are expensive, so it’s important to consider your financial options. If you don’t have the funds to cover the entire cost of the trip, then you may want to consider waiting until you’ve saved up enough cash to pay in full up front.

Keep in mind that if you put the trip on a credit card and carry that balance over from month to month, you’ll be paying relatively high interest rates, perhaps 20% or higher. That adds to the cost of the trip significantly, even if you’re using a cash back rewards credit card.

Some people opt to use personal loans for vacations, which typically come with lower interest rates than credit cards. But personal loans, though often more affordable than credit cards, aren’t free, and they’ll add to your vacation budget as well.

10. Maintain a Budget

When planning your cruise, it’s important to drill down and really think through the budget. If you don’t have a truly all-inclusive deal, you’ll want to to itemize everything, such as:

•   Cruise tickets

•   Flights

•   Ground transportation

•   Food and drinks

•   Excursions

•   Souvenirs

•   On-ship entertainment

•   Gambling

•   Pictures

•   Travel insurance

•   Gratuities

•   WiFi

•   International calls

•   Fees for any travel visas

•   Currency exchange

There are plenty of great budgeting trackers that can help you monitor spending on vacation and more. But when it comes to vacation planning, it’s best to earmark the money before you’ve spent it, add a cushion of 10% or 20% to cover the unexpected, and then stick to it. You’ll enjoy the vacation more knowing that you’ve got it covered and won’t stress out when it’s over because you’ve spent more than you can afford.

Also don’t forget to see how you might apply your credit card rewards for travel; you might be able to apply cash back or otherwise lower costs this way.

The Takeaway

Taking a cruise doesn’t have to be expensive. If you’re wondering how to get cheap cruise tickets, there are luckily myriad ways you can get cruise discounts, ranging from going during the off or shoulder seasons to bundling your vacation expenses.

The cheapest way to cruise may be to avoid paying with credit cards, personal loans, or other methods that will end up costing you in interest. Instead, consider setting a savings goal based on the expected cost of the cruise then opening a savings account earmarked for the trip. Choosing a bank that pays a competitive rate, and setting up a monthly automated transfer into the account, can help you reach your goal sooner.

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.

FAQ

How do you get the cheapest prices on cruises?

To get the cheapest prices on cruises, book during the off-season or “shoulder” season (the period between the peak and off-peak seasons). Look for last-minute deals, but also consider booking well in advance to lock in lower rates. Other tips for finding cheap cruises include: using cruise comparison websites, following your favorite cruise lines on social media, being flexible with your travel dates, and considering less popular destinations.

Do cruises go cheaper closer to departure?

Cruises can go cheaper closer to departure, especially if the ship isn’t fully booked, since many cruise lines will offer last-minute deals to fill remaining cabins. However, prices can also rise if the ship is nearly full. It’s a good idea to monitor prices and be ready to book quickly if you find a good deal. Always check for any restrictions or blackout dates.

How can I pay less for a cruise?

To pay less for a cruise, book early — cruise lines often offer big discounts when you book a year or more in advance. If you are flexible on dates, on the other hand, you may be able to get deals within 30 days of your departure. Cruise lines will often offer deep discounts if a ship hasn’t sold out. Also consider using credit card points or rewards to cover some of the cost, and booking through a travel agent that specializes in cruises (they often have access to lower bulk fares not available to the general public).

Photo credit: iStock/nantonov

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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.

SOBNK-Q225-057

Does living on a budget sound like a bummer, all about scrimping and saving? It shouldn’t! A budget is really just a way to evaluate and keep better track of what money you have coming in and going out each month.

Having insight into the big picture of your personal finances can make it much easier to figure out where you may need to make tweaks so you can reach your personal and financial goals.

Rather than feeling restrictive, living with a budget can actually make your life easier and less stressful, while also helping you prepare for the future.

Here are some ideas to help get you going.

1. Determining What’s Coming In

The first step for creating a budget is to figure out how much money you are earning after taxes every month.

This might be easy for salaried W2 workers who automatically get their taxes taken out of every paycheck. You can simply look at what is coming into your bank account each month. It can be a bit trickier for 1099 freelancers who only see how much they are taxed at the end of the year.

For freelancers, there is a simple solution though: Using how much you made the previous year and what taxes you paid, you can then pay estimated quarterly taxes to the IRS. This can help give you a more accurate picture of how much you are earning on a monthly basis.

2. Listing Spending Categories

Next, you’ll want to figure out how much you’re spending each month.

This involves going through one month’s worth of expenses and dividing everything up into categories, then figuring how much you spend on each. You can do this by hand, make a budget in Excel, or use a budgeting app (your financial institution may even offer a free one).

Spending categories typically include necessities, such as rent/mortgage, transportation (like car expenses or public transportation costs), food, cell phone, healthcare/insurance, life insurance, childcare, and any debts (credit cards/ loans).

You’ll also need to list nonessential spending, such as cable television, streaming services, concert and movie tickets, restaurants, clothing, etc.

It’s also important to include monthly contributions to a retirement plan and personal savings in your list of expense categories.

If you don’t currently have an emergency fund in place (that could cover at least three to six months of living expenses just in case), consider putting it on the spending list, so you can start putting some money towards it each month. (Putting it in a high-yield savings account can be a wise move to help it grow. You might even automate your finances and have a small sum deducted right after payday and put into the account)

3. Seeing Where You Stand

Once you have a sense of your monthly earnings and spending, it’s time to see how your numbers line up with general budgeting guidelines. One budgeting method to consider is the 50/30/20 model, which looks like this:

•   50% of money goes towards necessities such as a home, car, cell phone, and utility bills.

•   30% goes towards your wants, such as entertainment and dining out.

•   20% goes towards your savings goals, such as a retirement plan, a downpayment on a home, emergency fund, or investments.

By looking at your income versus your expenses, it will be easy to see what, if any, changes need to be made.

4. Making Adjustments

There are many ways to adjust how much you’re spending in order to reach certain personal finance goals.

The easiest way to change your spending habits is to trim some of your nonessential expenditures. For example, perhaps internet and cable television costs $120 a month, and if cable is cut out, it would result in a savings of $130 a month.

Sticking to a budget may also require looking at the bigger picture and finding places for more significant savings. “Along with reducing small indulgences, cutting your rent can be an effective way to free up more cash in your budget,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. This is especially true if your rent is eating up 50% or more of your monthly income. Or, you might want to consider trading in an expensive car lease for an older, pre-owned vehicle.

5. Negotiating With Credit Card Companies and Service Providers

If debt and bills are too high, then it’s going to be much harder to budget and save up money for the future.

One way to cut back is to negotiate with credit card companies and service providers. Credit card companies want their money back, so when cardholders call and say they can pay if some adjustments are made, they may be willing to help. You might ask if you can get your monthly payment or interest rate reduced, or if it’s possible to remove late fees.

Cardholders can ask for their monthly payment to be lowered, see if their interest rate can be lowered, and/or ask if it’s possible to remove late fees.

It may also be possible to lower monthly bills for internet, cable, streaming services, medical bills, and car insurance. For instance, if you see a promotion going on for cable and internet, you can always ask your cable company if they can apply that promotional rate to your account.

You can also use a car insurance quote comparison tool to find a lower car insurance rate, or call up a hospital to negotiate a medical bill.

6. Taking on a Side Gig

Once you set up a living budget, it may seem clear that additional income could be a big help. If you have the time and energy, you might take on a low-cost side hustle to bring in more money. Some ideas include:

•   Selling things on eBay, Craigslist, or Facebook Marketplace

•   Having a garage sale

•   Creating an Etsy store and selling homemade goods

•   Driving for a rideshare or food delivery service

•   Giving music lessons

•   Renting out a room on Airbnb

•   Walking dogs

•   Cleaning houses

•   Babysitting

•   Handling social media for small businesses

•   Selling writing, photography, or videography services to clients

Setting aside additional income for necessary expenses and future goals, and not spending all of the money on immediate wants, can be a big help when it comes to living on a budget.

Recommended: How to Make Money From Home

7. Using Cash Whenever You Can

It’s easy to spend money when only using credit cards and debit cards. Whenever possible, consider using cash, as it makes it easier to see the impact of your spending. You might be less likely to go into debt since money doesn’t seem invisible anymore. Taking out enough cash at the beginning of the week to cover your daily expenses could help you stick with your budget.

The Takeaway

Living on a budget doesn’t have to feel onerous and restrictive. In fact, the process of setting up a budget and sticking to it every month, can eventually free you from financial burdens and help you reach your life goals.

Getting started involves listing everything that is coming in and everything that is going out each month. The next step involves figuring out where you stand, and what you can do to get closer to your personal and financial goals. This may involve cutting back in some areas and also finding some ways to boost your income.

Keep at it and soon you will be in control of your finances, rather than the other way around. The right banking partner can also help you track your income and spending and stay on top of your budget.

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.

FAQ

What is the 50-30-20 budget rule?

The 50-30-20 budget rule is a simple financial guideline that divides your income into three categories: 50% for essential expenses (like rent and groceries), 30% for discretionary spending (like entertainment and dining out), and 20% for savings and debt repayment. This rule helps maintain a balanced budget, ensuring you cover necessities, enjoy life, and save for the future, promoting financial stability and peace of mind.

What are the 4 A’s of budgeting?

The 4 A’s of budgeting are: Accounting, Analysis, Allocation, and Adjustment.

•   Accounting: Track your income and expenses to understand your financial inflows and outflows.

•   Analysis: Review your financial data to identify patterns and areas for improvement.

•   Allocation: Distribute your funds to different categories based on your priorities and financial goals.

•   Adjustment: Regularly update your budget to reflect changes in your financial situation and ensure you stay on track.

These steps help you create and maintain a practical, effective budget.

How to survive on $1,000 a month?

Surviving on $1,000 a month requires strict budgeting and prioritizing needs over wants. Start by covering essential expenses like rent, utilities, and groceries. If necessary, look for ways to lower some of these fixed costs, like taking on a roommate or moving to a cheaper area. You may also need to reduce nonessential spending (like dining out and subscriptions), use public transportation, and shop secondhand whenever possible. Consider side gigs or freelance work to supplement your income.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

A financial coach works with clients to help them better manage their money and to develop healthy, long-lasting, finance-related habits.

If you need help getting your finances organized or setting up a plan to effectively work towards your financial goals, you might benefit from the help of a financial coach. These professionals can help clients pay off debt, create an emergency savings fund, stabilize their finances, and develop an overall financial plan.

Unlike financial advisors, financial coaches generally spend more time helping their clients understand the fundamentals of finances, rather than recommending investments and managing their investment portfolios.

Read on to learn more about financial coaches, what they do, how much they cost, and how to find one.

What Does a Financial Coach Do?

According to the Consumer Financial Protection Bureau, a financial coach is a trained professional who collaborates with and guides their clients to reach their financial goals, including:

•   Better money management skills

•   Improved savings, debt levels, and credit

•   More financial confidence

Financial coaches typically individualize their approach based on the needs of each client, with the goal of helping them make progress in the area of their financial life that they identify as most important. For example, a financial coach might help you reach your financial goals by teaching you how to build savings, avoid overspending, or pay down debt.

Financial coaches also often assist their clients with the behavioral and emotional components of managing money. A coach can help you uncover what drives your financial decisions, so you can create a healthier attitude that leads to better money habits.

Coaches often work with their clients over the period of several weeks to several months and may meet weekly or biweekly to provide advice and check on progress. The full coaching process may include:

•   Building awareness around spending habits (usually by tracking daily, weekly, and monthly spending)

•   Defining the client’s financial goals

•   Developing a budget and a financial plan to achieve those goals

Accountability is also typically built into the process. So rather than managing a person’s finances, a financial coach gives clients the tools to help make informed and responsible financial decisions.

What a financial coach can’t do: offer investment recommendations or help clients manage their investment portfolios. While coaches can provide basic advice on the concept of investing, they are not licensed to provide financial advice like financial advisors are, and therefore cannot provide specific product recommendations.

💡 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.

How Much Does a Financial Coach Cost?

Coaching rates typically run between $100 to $300 an hour. But because of the wide range of fees charged by coaches, it’s a good idea to ask about costs upfront.

Unlike financial advisors, who typically charge their fees based on a percentage of the assets under management, financial coaches generally work on a fee-only basis. Some may charge a flat fee based on how long you plan to work together (such as three or six months), while others might charge per session.

How do I Find a Financial Coach?

While there is no required coursework or license, and there are no certifications to become a financial coach, there are training programs run by the Association for Financial Counseling and Planning Education (AFCPE).

You can begin looking for financial coaches in your area at AFCPE.org. It’s also a good idea to ask for personal referrals from friends and family, as well as other financial professionals you know or work with (such as an accountant or financial advisor).

Before selecting a coach, it can help to consider specifically what you are looking for in a financial mentor. This can involve thinking about your own financial strengths and weaknesses, and what your goals are. Are you, for example, struggling to save enough money for a down payment on a house? Or, do your credit card balances keep going up? Identifying your needs can help you suss out the best coach for your situation.

Once you’ve gathered a list of financial coaches, you may want to reach out to each candidate to get a sense of their personality, methods, and coaching style.

Some questions to consider asking:

•   How long have you been a coach?

•   What’s your business specialty?

•   How long do you typically work with clients?

•   What’s your plan to help me reach my goals?

•   What is your availability?

•   What are your fees?

💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

The Takeaway

Maybe you’ve tried to make a budget but just can’t stick to it. Or perhaps you’ve run up so much debt between credit cards and loans that you don’t know the best way to pay it off. A financial coach can help you structure your budget, build a financial plan, and hold you accountable throughout the process.

Financial coaches also help clients understand and work through deep-seated emotions around money that may be preventing them from being “good with money,” building up savings, and reaching their financial goals.

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.

FAQ

What Exactly Does a Financial Coach Do?

A financial coach helps you set and achieve financial goals by providing personalized guidance and support. They assist with budgeting, debt management, setting goals, saving, and investing. Coaches often work one-on-one, offering accountability and motivation to help you make informed financial decisions and improve your overall financial health.

What Is the Average Cost of a Financial Coach?

The average cost of a financial coach ranges from $100 to $300 per hour, depending on the coach’s experience and the services offered. Some coaches offer package deals or flat rates, which can be more cost-effective. Shop around and compare prices to find a coach that fits your budget.

What Is a Financial Coach Not Allowed to Do?

A financial coach is not allowed to manage your investments, provide legal advice, or act as a fiduciary. They cannot make financial transactions on your behalf or offer specific investment recommendations. Their role is to provide guidance and support, not to handle your money directly.

What is the Difference Between a Financial Coach and a Financial Advisor?

A financial coach focuses on behavior and mindset, helping you set and achieve personal financial goals through accountability and support. A financial advisor, on the other hand, provides professional advice on investments, retirement planning, and wealth management. Advisors often manage your investments and offer more technical financial planning services.

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

SOBNK-Q225-049

Renting out part, or all, of your home on a rental platform can be a lucrative sideline. Just keep in mind that it can take an investment of time, effort, and money to create and maintain a welcoming space for guests. And the plan could potentially backfire if you side-step some key legal and insurance steps.

To help ensure your venture is a success, here are some things you may want to consider before you start renting on Airbnb or a similar site.

1. Understanding Local Rental Laws

Before listing your home on a home-sharing site, it’s a good idea to research and make sure you fully understand local laws regarding renting out your home.

Laws that govern home shares vary around the country. In some cities, for instance, it’s illegal to rent a home as an Airbnb unless it’s your primary residence. In others, hosts can only rent out a portion of their home, and must be present during the guests’ stay. Laws about short-term rentals are also constantly changing.

If you own a condo or belong to a HOA, there may be other legal hoops to jump through, since you will likely need to get permission before opening your doors.

2. Checking With Your Landlord (if You’re Renting)

Looking to rent out a room in your home you rent? It can be wise to first carefully read through your own rental agreement.

Leases and agreements can contain language barring renters from subletting the home outright or without the express consent of the landlord. If you’re unsure even after reading the fine print, you may want to have a conversation about it with your landlord.


💡 Quick Tip: Help your money earn more money! Opening a high-yield bank account online often gets you higher-than-average rates.

3. Talking to Your Neighbors

While neighbors can’t tell you what you can and can’t do on your own property, they can make things difficult for you.

Prior to renting out your home, you may want to do the neighborly thing and pop in or give them a call to let them know what you are planning and do your best to ease any of their concerns. Who knows — they might even end up keeping an eye on the property for you while you’re away.

4. Being Prepared to Pay Taxes

Sure, renting your home on Airbnb may bring in a nice source of passive income. Like all income, however, this may be subject to state and federal taxes.

According to the IRS, third-party settlement organizations (like Airbnb and other vacation rental host sites) are required to issue a Form 1099-K when the amount of total transaction payments exceeds $2,500 in tax year 2025 and $600 in tax year 2026 and beyond.

5. Considering All the Expenses Involved in Renting

While it may be more fun to think about the extra income that could result from your home rental, it can also be important to think about all the expenses involved.

For example, you may have to purchase items to get the space ready, along with any amenities you will offer guests (like toiletries or coffee), and cleaning supplies (or, pay for a cleaning service), and more.

You may want to make a list of all your potential expenses and consider how it will affect your potential profits.


💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

6. Finding a House Manager if You’d Rather Not do all the Work

Does managing your listing, bookings, and maintaining your rental property sound like a lot? You might consider hiring a manager to do it for you.

There are a number of property management companies around the country. that specialize in managing short-term home rentals.

These agencies will handle everything from writing (or boosting the exposure of) your listing to communicating with guests to cleaning and taking care of repairs. Some charge a commission (i.e., a percentage of bookings), while others charge a flat monthly service fee.

7. Making Space for Guests

Prior to accepting your first guests, it’s a good idea to make sure you have room for them — and that typically means more than just a clean, freshly made bed.

You may also want to offer some empty drawers so that guests can unpack their clothing, and possibly also a free shelf in the bathroom for their toiletries.

8. Putting Away Valuables

While it’s nice to think that everyone is trustworthy, that may not always be the case. It can be a good idea to safely stow away any valuables when you are opening your home to people you don’t know.

You can do this by getting a heavy-duty safe. Or, you might want to lock off one room of the home as an “owner’s closet” that guests cannot access.

9. Checking With Your Insurance Company

Airbnb offers its hosts its own liability insurance. Though this covers a wide array of potential issues, including bodily injury to guests and any damage to the property, it may not cover everything. Plus, different home rental platforms may offer different levels of insurance coverage.

It can be a good idea to also check in with your own homeowners or renters insurance to see what type of coverage these policies offer.

10. Writing a Detailed Description

Ready to list? When it’s time to write a description of your home, it’s a good idea to make your listing as detailed as possible, and even include the flaws of your home. A home need not be perfect to list on Airbnb. However, the company suggests that honesty is the best policy.

It can be a good idea to tell guests exactly what they’ll find when they arrive, as well as highlight your home’s special features, such as the location or unique amenities of your space. For more ways to make your listing stand out, you may want to check out Airbnb’s “writing tips.”

11. Taking High Quality Photos

Before taking photos of your space, you may want to spend some time arranging everything as if you were getting ready to welcome your first guest. This can help showcase your space to its best advantage, and also help set your guests’ expectations before they book.

It’s also a good idea to shoot in landscape format (photos in search results are typically displayed in landscape, so vertical photos won’t showcase your space as well), shoot in the middle of the day when there is plenty of light, and to highlight any unique features or amenities.

12. Creating an Information Binder

It can be helpful to make a packet of information for your guests which includes key information, such as the Wi-Fi password, your contact number, and house rules (such as check-out time and anything that guests need to take care of before they leave).

You may also want to include instructions on how to work on anything quirky, such as the television or coffee maker, as well as local entertainment and restaurant options.

13. Offering A Few Extra Amenities

There are millions of listings on Airbnb. If you’re hoping that your rental will make financial freedom a reality, you’ll want it to stand out from the crowd.

Throwing in some extras can help encourage guests to choose your home over others. Are you near a popular beach? You may want to consider keeping some beach chairs and sand toys stored in the garage for guests to use.

Simple add-ons, like the use of your bicycles or a parking tag, may not cost you much (or anything) to offer, yet significantly increase the popularity of your listing — along with your earnings.

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

14. Making a Decision about Pets or No Pets

Before you list your property it’s a good idea to decide if you want your home to be a space for pets or not.

This is a personal decision, but you may want to consider whether or not your space is well-suited for pets (a light suede couch, for example, might not last very long). If you do decide to make your home pet-friendly, you could add in an additional fee for cleaning.

15. Learning How to Price a Property Right

You may think your home looks and feels like a million bucks, but that doesn’t mean travelers will pay a premium.

To understand how to price an Airbnb listing correctly, it’s a good idea to comb through comparable listings in your area to get a sense of what other people are charging.

You can also use a free online calculator like airDNA. You just need to input all your data, including home size, if it’s pet-friendly, location, etc., to get a recommended price for your listing.

Recommended: 33 Ways to Make Income From Home

16. Deciding How You Want to “Screen” Guests

It is against Airbnb’s nondiscrimination policy to decline a booking based on “race, color, ethnicity, national origin, religion, sexual orientation, gender identity, or marital status” or impose different standards for specific guests.

What hosts can screen for are people who may not be a good fit for their property by being as descriptive as possible in their listing. If your home is not a good fit for children, you may want to make that clear in your listing.

Do you want to limit the noise after specific hours to respect neighbors? You may want to be specific about that in your listing so you bring in the type of customer you are hoping to attract.

17. Learning About Enhanced Cleaning Standards

Airbnb, along with many other rental platforms, require hosts to use an enhanced five-step cleaning process between guests.

The protocol includes special measures, such as using disinfectants approved by your local regulatory agencies for use against Covid-19 on all high-touch surfaces (and letting them stand for the amount of time specified on the label) and washing all dishes and laundry at the highest heat setting possible.

18. Thinking About Turnover Time

Before you rent all or part of your home on a rental platform you will want to think about not only when you want to rent your home out, but also how long it will take you to get it properly cleaned (using the five-step protocol) and ready for the next guests.

Will you need 24 hours between guests or can you get the home ready in just a couple of hours? This will determine exactly what dates you are able to accept guests, as well as what check-in time you want to put in your listing.

19. Testing Your Rental With Friends

When you’re getting close to listing your space, you may want to try testing out the system with a few friends.

Inviting people you know and trust to rent your space (free of charge or for a low fee) won’t do much to get that extra income stream flowing, but it can help you work out the kinks, as well as garner you some (hopefully positive!) reviews.

Friends can also tell you honestly what you might do differently or change to improve the rental experience. This way, you’ll feel confident once people you don’t know arrive.

20. Being Ready for Bookings Right Away

With millions of users all over the world, it may be a good idea to go into listing your property believing you’ll receive guests right away.

While this may not happen, it’s better to be prepared for visitors, then wait to see how your listing performs before readying your space for guests.

21. Looking At Your Reviews

After guests depart they may leave you a review of their stay. It’s a good idea to not only look at the reviews but to take them to heart. Reviews can make or break Airbnb rentals.

While it can be tough to digest criticism of your home, if guests complain about something that can be easily fixed, it can be in your best interest to fix it.

Reading positive reviews can be a good way to see your rental from an outsider’s perspective and make changes to improve your listing.

22. Accepting the Fact You Can’t Please Everyone

Sometimes, people are just difficult, or nitpicky, or just aren’t the right match for your listing and will leave a nasty review that feels unwarranted.

If you see a review that falls into that camp, it can be wise to just forget it and move on. This can often be a better approach than starting a fight in the comment section, which may only end up making you look bad to potential future guests.

23. Working Toward Superhost Status

Becoming an Airbnb superhost can increase your earnings by giving your more visibility and letting guests know that they can expect the best when staying with you.

Superhosts are featured in search results and get a Superhost badge on their profiles and listings to help them stand out. After each year as a Superhost, they’ll get a $100 travel coupon.

To become a Superhost, hosts must complete at least 10 stays in the past year (or 100 nights over at least three completed stays), have a 4.8 or higher average overall rating, respond to 90% of new messages within 24 hours, and cancel bookings less than 1% of the time.

Recommended: Money Management Guide

24. Deciding If Airbnb Is the Only Platform for You

After deciding to list on Airbnb, it’s then time to decide if that’s enough. There are, after all, a number of other home rental platforms to choose from, including Vrbo, Booking.com, and Flipkey. It’s up to you how many different listings you’re willing to maintain.

25. Keeping Your Calendar Up to Date

Once you list your home on Airbnb (or any other rental platform), it can be wise to keep your rental calendar as up-to-date as possible. This way, guests don’t accidentally book a stay when you have your in-laws visiting or when you otherwise want to use your own space.

If a date looks to be free to a potential guest but you forgot to mark it as unavailable, it can become a frustrating experience for both parties.

The Takeaway

If you have an extra room, or your home is vacant for several months out of the year, you may be tempted to list it on a home rental site.

But before you start posting photos on Airbnb, there are several things you may want to think through — from legal and insurance issues to the time and expense involved in getting (and keeping) your space ready for guests.

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.

FAQ

What should you know before renting your home on Airbnb?

Before renting your home on Airbnb, it’s important to understand local laws and regulations, as some areas have restrictions on short-term rentals. It’s also a good idea to check your homeowner’s insurance to ensure it covers Airbnb rentals, and carefully read Airbnb’s host liability coverage. Finally, you’ll want to familiarize yourself with Airbnb’s host policies and prepare your home for guests by ensuring it’s clean, safe, and well-stocked with essentials.

Do I Need Permission to List My House on Airbnb?

Yes, you may need permission to list your house on Airbnb. Check your local laws and regulations, as some cities and neighborhoods have restrictions on short-term rentals. If you rent rather than own your home, you’ll want to review your lease agreement, as it may prohibit subletting or short-term rentals. Additionally, consult your homeowner’s association (HOA) if applicable, as they might have specific rules. Always ensure you have the necessary permits and approvals to avoid legal issues and fines.

Is Renting out an Airbnb Worth It?

Renting out an Airbnb can be worth it if you manage it effectively. It can provide a steady income stream, especially in high-demand areas. However, it requires significant effort, including maintaining the property, managing bookings, and dealing with guest issues. It also comes with costs, such as cleaning, utilities, and potential wear and tear. You’ll want to weigh the benefits against the time and financial investment. If you enjoy hosting and are willing to put in the work, however, it can be a rewarding venture.

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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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