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Bounced checks are sometimes referred to as rubber checks because, instead of going through, they “bounce” back to the payer’s bank unpaid. No money is transferred, and the person who was expecting to be paid doesn’t receive their funds. The payer will typically get hit with fees and could also face other negative consequences. The recipient of a bounced check may also get hit with a fee.

Understanding what happens when a check bounces, who gets charged, and how to manage the situation can help you navigate this common financial issue.

What Is a Bounced Check?

A bounced check, also known as a nonsufficient funds (NSF) check, is a check that cannot be processed typically because the payer’s checking account does not have enough funds to cover the payment. When a check is deposited, the recipient’s bank requests the funds from the payer’s bank. If the payer’s account lacks sufficient funds, the payer’s bank returns the check unpaid, causing it to bounce.

Here’s a look at some other reasons why a check might bounce.

•   Account closure: If the account has been closed before the check is deposited, it will bounce.

•   Incorrect information: Errors in writing the check, such as a mismatch between numbers and words for the check amount, can lead to a bounced check. That’s why it’s important to know how to properly fill out a check.

•   Stale date: A check can bounce if it’s not cashed or deposited within six months of the date the check was written.

•   Stop payment order: A stop payment order can be requested by the payer if they want to prevent it from being deposited. This might happen if they believe the check got lost or they no longer wish to pay for a service.

•   Fraudulent activity: Checks written on accounts that do not belong to the payer, or those involved in fraudulent activity, will also bounce.

What Fees Come With Bounced Checks?

Both the payer and the payee can incur fees when a check bounces. Here’s a look at the fees that can result and who gets charged.

Nonsufficient funds (NSF) fee: If you write a check you don’t have sufficient funds to cover, your bank will typically charge an NSF fee. The average NSF fee is around $20.

Merchant fee: If the bounced check was written to a business, that business may also add on some charges. Many states allow merchants to charge customers up to $40 for the work of handling a bad check.

Overdraft fee: In some cases, a bank covers the check amount despite insufficient funds. This is known as an overdraft. The check won’t bounce, but you’ll likely get hit with an overdraft fee, which can run around $27.

Late payment fees: If the bounced check was intended for a bill payment, such as a credit card bill, you may also get hit with a late payment fee from the biller.

Returned check fee: If you’re on the receiving end of a bounced check, your bank may charge you a returned check fee for processing a bounced check. In addition, you might assume the check cleared and end up spending money you don’t actually have. This can result in overdrafting your own account and fees.

What Happens if My Check Bounces?

You might accidentally end up bouncing a check if you write a check without looking into your account balance first, or if a check you wrote to someone doesn’t get cashed for a few months and you no longer have sufficient funds in your account to cover it.

When your check bounces, you will likely get hit with bank fees. But there are some other negative consequences that can follow as well. Here are some to keep in mind.

Outstanding Debt

When a check bounces, the payee doesn’t receive the promised funds. This means you still have an outstanding bill. For example, if your rent check bounces, the landlord doesn’t receive your payment. This means you have an outstanding debt to your landlord until you can pay the rent.

Potential Harm to Your Banking Reputation

Banks report consumer banking behavior to ChexSystems, an agency that collects and shares information about a person’s banking history with financial institutions. If you have a history of bounced checks (or other problems like unpaid fees and forced account closures), your ChexSystems report will reflect that. A blemished report could make it hard for you to open a new bank account in the future.

Risk of Account Closure

If you bounce enough checks, your bank could freeze or close your account. If you’re having trouble managing your checking account, it’s a good idea to reach out to a bank representative and explain your situation. The bank may be willing to work with you if they see you are actively trying to resolve the problem.

Recommended: 3 Reasons Why You Have a Frozen Bank Account

Legal Consequences

It’s illegal to knowingly write bad checks. If you write checks and you’re aware that you don’t have enough money to cover them, you could be charged with a misdemeanor or even a felony, depending on the amount and quantity of unpaid transactions.

What Should I Do if My Check Bounces?

If you discover that your check has bounced, it’s crucial to act quickly to mitigate the consequences. Here are key steps to follow.

1.    Contact the payee. You’ll want to reach out to the payee as quickly as possible, explain the situation, and express your intention to resolve the issue. This can help maintain goodwill and prevent further actions.

2.    Pay up quickly. Whether you add funds to your account and write a new check or find a different way to make the payment, making good on what you owe can help prevent the bounced check from turning into an outstanding debt. While a bounced check doesn’t get reported to the credit bureaus, if it leads to a missed or late payment, it could potentially impact your credit.

3.    Request a fee waiver. It can be worthwhile to ask your bank if they can waive the NSF fee, especially if it’s your first offense or due to an unexpected situation.

4.    Monitor your account. You’ll want to keep a close eye on your account balance and transactions to avoid future bounced checks.

What Should I Do if I Receive a Bounced Check?

If you receive a bounced check, you’ll want to contact the payer promptly. Inform them that the check has bounced and request immediate payment via an alternative method.

If the payer assures you that funds are now available, you can attempt to redeposit the check. If possible, you might opt to cash the check at the issuer’s bank so that if it bounces again, you won’t get hit with another NSF charge by your bank.

If you’re having trouble getting a response from the check issuer, you might next want to send them a “bad check” demand letter. This is a formal request for payment that you send to the issuer by certified mail. It’s a good idea to include as many details as possible in the letter.

If the payer continues to be unresponsive or unwilling to pay, you may need to take legal action. Typically this involves suing the check issuer for the money owed in small claims court.

Preventing a Check From Bouncing

Preventing bounced checks involves careful financial management and awareness. These safeguards can help.

•   Monitor your account. It’s important to regularly check your account balance and transactions to ensure you have sufficient funds. You can use your bank’s app or a budgeting app to keep track of exactly what’s going in and out of your account.

•   Set up alerts. Many banks offer account alerts via text or email for low balances or large transactions. Utilizing these alerts can automate the process of checking your balance and can help you stay informed.

•   Consider overdraft protection. This service can cover transactions when your account lacks sufficient funds, typically for a fee. Your bank might also allow you link your checking account to your savings account or line of credit at the same bank. When there’s not enough cash in your checking account to cover a transaction, money will automatically be transferred from the linked account. Before you use this option, though, you’ll want to check to see whether your bank charges a fee for the service.

•   Maintain a buffer balance. Though you might prefer to keep most of your cash in a high-yield savings account to benefit from the interest, it’s a good idea to keep a financial buffer in your checking account to cover unexpected expenses and avoid overdrafts.

•   Don’t accept payment by personal check. To avoid receiving a bad check, you may want to request payment by a cashier’s check, certified check, or money order, which come with more guarantees than a personal check.

Recommended: Avoiding Overdraft Fees: Top 10 Practical Tips

The Takeaway

Bounced checks can lead to expensive fees and even make it difficult to open new checking and savings accounts. However, you can avoid them with a little planning and attention to detail. Key measures include keeping a close eye on your account balance, setting up account alerts, and implementing safeguards like overdraft protection and linked accounts. If you’re in the market for a new checking account, you might also want to look for a bank that doesn’t charge overdraft fees.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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

Who gets charged for a bounced check?

Unfortunately, both the check writer and the recipient often have to pay a fee if a check bounces. The person who wrote the check may have to pay a nonsufficient funds (NSF) fee and potentially a merchant fee. The recipient of the bounced check may be charged a returned check fee.

Can you get in trouble for depositing a check that bounces?

Depositing a bounced check does not typically result in trouble for the depositor, but it can lead to inconvenience and fees. Your bank may charge a returned check fee for the failed deposit. If you repeatedly try to deposit known bad checks or are involved in fraudulent activities, however, you could face legal consequences.

How long does it take for a bad check to bounce?

The time it takes for a check to bounce can vary, but it generally takes a few days to a week. When a check is deposited, the payee’s bank will submit it to the payer’s bank for verification. If the payer’s bank identifies insufficient funds or other issues, the check will be returned unpaid. This process typically takes two to five business days, but it can take longer depending on the banks involved and the specific circumstances.

Do bounced checks affect my credit score?

Bounced checks do not directly impact your credit score, as they are not typically reported to credit bureaus. However, the consequences of a bounced check can indirectly affect your credit. If the bounced check leads to unpaid bills, collections, or legal action, these events can be reported to the consumer credit bureaus and negatively impact your credit.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. 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.
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.

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.

*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-Q224-1916900-V1

When you adopted your furry friend, you may have underestimated just how much you could love them. Another thing you may not have been ready for: their vet bills.

If you’ve ever worried, What happens if I can’t pay the vet bill, know that you have options. So you never have to choose between your emergency fund and your doggo, kitten, iguana, or fish.

Pets as Family Members

American households increasingly include one or more pets. Currently, 66% of U.S. households have pets. And an overwhelming majority of American pet owners consider them to be members of the family.

So it’s no surprise to learn that Americans are willing to shell out big bucks for their fur babies. Dog owners spend, on average, $912 per year on them, and cat owners spend, on average, $653.

Caring for the physical health of our pets is as important as making sure they’re happy in our homes. Among dog owners, 36% would pay $4,000 dollars or more out of pocket for life-saving care.

Be Prepared With Pet Insurance

The best defense is a good offense, and when it comes to healthcare, that often means having an insurance plan. Like humans, pets, too, can have their own health insurance that can help with vet bills in case things go awry with their health.

A number of companies offer pet insurance plans at different price points. Just like human insurance, the plans offer coverage in exchange for paying premiums each month along with copays and deductibles. Checking out sites like PetInsuranceReview.com may be helpful when comparing plans and pricing to find the offering that fits you and your pet’s needs.

Recommended: 19 Tips to Save Money on Pets

Negotiate an Installment Plan With Your Vet

You may be able to negotiate a payment plan with your veterinarian, so long as you’re a client in good standing at the practice. This payment plan could work out to weekly or monthly installments, depending on what you and your provider agree upon.

However, it should be noted that this is not a standard practice and your veterinarian has every right to refuse to offer a plan. But it’s always worth asking, especially if it’s the veterinarian who has cared for your pet over its lifetime and knows you well.

Seek Out a Second Opinion or a Nearby Veterinary School

It can be important to get a second opinion before your pet undergoes major surgery or procedures (just as you would for yourself or a human loved one).

If a second veterinarian gives you the same diagnosis and you’re still unable to pay for the treatment, you may want to consider reaching out to a local veterinary college. Some offer low-cost clinics run by veterinary students supervised by experienced veterinarians and vet techs. The American Veterinary Medical Association (AVMA.org) provides a list of accredited schools on its website.

Recommended: Dog-Friendly Vacation Ideas

Seek Help From a Charitable Organization

Charities like Paws4aCure.org provide financial assistance for pet owners who cannot afford non-routine veterinary care for cats and dogs of any breed or age, or for any diagnosis.

If your pet has a non-basic, non-urgent care situation, such as a chronic illness or cancer, organizations like ThePetFund.com may be able to help.

Recommended: Emergency Fund Calculator: Estimate How Much to Save

The Takeaway

According to AmericanPetProducts.org, pet owners spent more than $39.8 billion on veterinary care in 2024. While a typical routine visit costs between $50 and $250, emergency surgery for a dog can run up to $8,000 or more.

One option to cover the cost of expensive medical care for your pet is an unsecured personal loan, which could allow you to pay for your pet’s care upfront, then pay the loan off over time.

You can’t prevent unexpected vet bills, but you can prepare for other unplanned expenses by making sure you, your loved ones, and your belongings are properly insured.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

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.

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.

SOPRO-Q225-017

Saving money can be daunting. But what if you could make it seem less like a chore and more like a game? That’s the idea behind TikTok’s viral 100 Envelope Challenge. With this popular money-saving hack, you set aside a predetermined dollar amount in different envelopes each day for 100 days. By the end of the challenge, you’ll have saved over $5,000.

One of the appeals of the 100 Envelope Challenge is that you visually see your progress as you fill up each envelope, which can make the process of saving more tangible and fun. And like many savings challenges, this money game can help you save a sizable sum in a short period of time.

That said, the 100 Envelope Challenge may not be realistic for everyone. Here’s a closer look at how it works, its pros and cons, plus some other fun saving strategies to consider.

What Is the 100 Envelope Challenge?

The 100 Envelope Challenge, also known as the 100-Day Money Challenge, is a savings technique that involves setting aside a specific amount of money each day for 100 days. The goal is to accumulate $5,050 in just over three months.

The concept is simple: You start with 100 envelopes and number them from 1 to 100. On day 1 of the challenge, you put $1 into envelope #1. On day 2, you put $2 into envelope #2. On day 3, you put $3 in envelope #3. You continue this pattern, increasing the amount by $1 each day until you reach the 100th day, when you deposit $100.

There are also variations on the game. For example, instead of stuffing envelopes in chronological order, you can shuffle the envelopes, put them in a bucket or basket, and then randomly pick one each day. This allows you to alternate between low and high cash amounts throughout the challenge.

If your budget is tight, and saving $5,050 in 100 days isn’t feasible, you can do the 100 Envelope Challenge over 100 weeks, rather than 100 days. You’ll still get to $5,050 — it will just take longer.

And if you’re not a fan of cash, you can do the challenge digitally. Simply download a free “100 Envelope Challenge” printable (widely available online). You then check off the “envelopes” in order (or use an online number generator to pick a random number each day). Once you’ve selected your envelope number, you transfer that amount to your savings account. If you open a high-yield savings account, you’ll have the added advantage of earning competitive interest on your cash.

How to Do The 100 Envelope Challenge

Here’s a step-by-step guide to the original 100 Envelope Challenge.

1. Assemble Your Supplies

You’ll need 100 plain envelopes and a marker or pen to set up the challenge. If you don’t normally carry cash, you’ll also want to hit the ATM and withdraw some money to cover you for the first week. You’ll likely make multiple trips as you make your way through the challenge — and your paychecks get deposited.

Recommended: How to Avoid ATM Fees

2. Prep Your Envelopes

Label each envelope with number, starting with #1 and ending with #100. You’ll also want to find a safe place to keep your envelopes, such as a box, drawer, or safe. The idea is to keep them accessible but still secure.

3. Start Stuffing

Each day, pick out an envelope in chronological order (or, as an alternative, you can choose randomly) and place the corresponding amount of cash inside.

4. Stay Consistent

The key to any money-saving challenge is consistency, so do your best to stick to the rules as closely as you can. If you miss a few days, don’t give up — simply dust yourself off and get back on track. Or consider switching to a weekly or biweekly schedule to make the challenge more manageable.

5. Put Your Savings to Good Use

When you reach the finish line, it’s time to put your envelope cash to good use. For example, you might use your $5,050 to start your emergency fund (if you don’t already have one), pay off credit card debt, or fund something fun like a vacation. Or you might use the money to get started on a larger, long-term goal, like a home down payment, kid’s college fund, or retirement savings.

How Much Money Is Involved in the 100 Envelope Challenge?

By the end of the 100 Envelope Challenge, you will have saved a total of $5,050. You get to this amount by progressively increasing your daily (or, if you prefer, biweekly or weekly) deposit, starting with $1 and ending with $100. While the amounts may seem small at first, they add up over time, demonstrating the power of consistent saving.

Recommended: 15 Creative Ways to Save Money

Pros and Cons of the 100 Envelope Challenge

The 100 Envelope Challenge comes with both pros and cons. Here are some to consider before you decide to jump in on the trend.

Pros of the 100 Envelope Challenge

•   Easy to start: You don’t need to comb through bank statements and set up spreadsheets to start this savings plan. All you need to get going are envelopes and some cash.

•   Visual progress: The envelopes provide a visual representation of your progress. Watching them stack up can motivate you to keep going.

•   Builds discipline: The challenge encourages regular saving habits, helping to build discipline and financial responsibility.

•   Flexible: You can adjust the challenge to fit your budget, preferences, and savings goals.

Cons of the 100 Envelope Challenge

•   Cash-based: The default design relies on using cash, which may not be convenient for everyone.

•   Risk of loss: Keeping cash in envelopes can be risky, since they can potentially get lost or stolen.

•   It’s not all fun and games: Even though it’s a game, you’ll likely need to cut back on spending (and, yes, fun) to come up with the cash you need to stick with the program, especially near the end, when you’re stuffing large sums every day.

•   Not realistic for everyone: If your monthly essential expenses are already close to your monthly income, you might find it difficult to stick with a 100-day Envelope challenge.

Alternatives to the 100 Envelope Challenge

While the 100 Envelope Challenge is a popular savings method, it may not be the right approach for everyone. Here are some alternatives to consider.

•   The 30-Day Savings Challenge: Here, you start with just 30 envelopes, numbered 1 through 30. Each day, you’ll save the amount indicated on the envelope you choose. You could go in order or shuffle the envelopes and randomly select one. At the end, you’ll have saved $465.

•   The Spare Change Challenge: This involves saving the spare change from your everyday transactions. You can do it manually, by dropping your spare change into a jar each day and, once it’s filled, bringing it to the bank. Or you can do it digitally, using an app that automatically rounds up your purchases and transfers that money into savings. Either way, you’ll accumulate savings without much effort

•   No-Spend Challenge: In a no-spend challenge, you commit to not spending money on non-essential items for a set period of time, such as a week or a month. This can help you identify and eliminate unnecessary expenses, allowing you to save more money.

•   Savings Percentage Challenge: In this challenge, you commit to saving a specific percentage of your income each month, such as 10% or 20%. To make it easy, you can set up an automatic transfer from checking to savings for this amount for the same day each month (ideally right after you get paid). This can help you save consistently and build your savings over time.

Recommended: 52 Week Savings Challenge (2024 Edition)

The Takeaway

The 100 Envelope Challenge is a simple yet effective way to save money and build financial discipline. By following the steps and sticking with the program, you can reach your savings goal and have a tangible reminder of your progress along the way.

If socking away $5,050 in a little over three months feels too challenging, however, you might want to try one of the many other ways to gamify saving. The best approach to boosting the balance in your savings account is the one you’ll stick with.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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

Can I save $5,000 in 3 months with 100 envelopes?

Yes, it’s possible to save around $5,000 in three months with the 100 Envelope Challenge. The challenge is designed to be completed over 100 days, which is a little over three months.

How it works: You gather 100 envelopes and number them from 1 to 100. Each day you fill up one envelope with the amount of cash to match the number on the envelope.You can fill up the envelopes in order or pick them at random. After you’ve filled up all the envelopes, you’ll have a total of $5,050 saved.

How long does it take to complete the 100 envelope challenge?

The 100 Envelope Challenge is designed to be completed over 100 days. Each day, you deposit a specific amount of money into an envelope, starting with $1 on day #1, and increasing by $1 each day until you reach $100 on day #100. By then, you’ll have saved $5,050.

You can also choose to do the 100 Envelope Challenge over 100 weeks, filling each envelope according to the week number. In this version, you’ll save $5,050 in a little less than two years.

What are other money saving challenges besides the 100 envelope challenge?

There are several other money-saving challenges that you can try besides the 100 Envelope Challenge. Some popular alternatives include:

•   30-day Savings Challenge Here, you start with 30 envelopes, numbered 1 through 30. Each day, you put cash into an envelope, basing the amount on the number written on the envelope you choose. At the end, you’ll have saved $465.

•   No-Spend Challenge With this approach, you commit to not spending any money on non-essentials for a set time period, say a week or a month. This can boost your bank account and highlight how much you spend on unnecessary purchases.

•   Savings Percentage Challenge In this challenge, you commit to saving a specific percentage of your income each month, such as 10% or 20%. If you set up an automatic transfer, you can build your savings without even thinking about it.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. 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.
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.

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.

SOBK-Q224-1885031-V1

When babies start crawling, they can get into all sorts of trouble. Aside from creating messes, they can hurt themselves. That’s why it’s important to babyproof a home before a child begins to explore.

The process of babyproofing can take time, effort, as well as a financial investment. But the payoff is huge — you’ll be able to relax, knowing that your little one will be able to crawl — and eventually walk — around your home without getting hurt.

If tackling your entire home all at once seems daunting, don’t stress. What follows is a simple, step-by-step babyproofing checklist that will help you turn your home into a safe haven for your little one.

Put Up Gates

If you don’t have doors throughout your home, you’ll want to install baby gates.

Baby gates that can be screwed into a banister, wall, or door frame are the most secure. But pressure-mounted gates can be a good alternative if you live in a rental and don’t want to put holes in any walls.

Some gates allow parents to step through, while others swing open. When looking for baby gates, it’s a good idea to seek out the ones that are the top-rated for safety and the most convenient for your home. For instance, you might get frustrated if you have to constantly step over a gate, so a swinging gate could be a better fit.


💡 Quick Tip: Home improvement loans typically offer lower interest rates than credit cards. Consider a loan to fund your next renovation.

Buy a Hexagon Play Yard

When you can’t constantly watch your baby, you can put your little one in a hexagon “play yard” with toys and comfort items.

The panels can also be used to block off certain rooms or areas of a room.

However, keep in mind that as your child grows and develops, they may be able to move the play yard or climb over the panels.

Cover the Outlets

Another part of a babyproofing checklist is covering all the outlets in your home.

The easiest option is to push heavy furniture in front of outlets so your baby can’t get to them. But if that’s not possible, you can buy plug-in plastic covers, outlet shields, or sliding plate covers.

Remember to also get power strip covers and electrical cord covers so your baby can’t play with those either.

Babyproof the Doors

Babyproofing doors is important so that babies can’t get into certain rooms or get their fingers jammed in doors.

To babyproof doors, you can install door knob covers, which are rounded, plastic covers that are too hard for babies to squeeze in order to turn the knobs.

You can also use a door strap, which will keep babies out of a room but allow small pets in.

Recommended: Common Financial Mistakes First-Time Parents Make

Put Away Heavy Objects

If young children pick up a heavy object, they could drop it and break it or, worse, hurt themselves.

A major part of a babyproof checklist is putting away heavy objects that could injure your child. These objects could go in a closet or another room. It doesn’t matter where they go, as long as they are out of baby’s reach.

Install Latches on Drawers

One key part of babyproofing a home is to make sure that children can’t get into drawers and cabinets where dangerous objects like knives are stored.

Parents have a few options for babyproofing cabinets and drawers. You can use slide locks for double door cabinets, which tie adjacent knobs together. Or, you might opt for magnetic locks, which go in drawers and cabinets and require a key to unlock them.

Other options include: adhesive strap locks (which use heavy-duty, removable adhesive) and spring-action locks (which unlock when parents open a drawer and hold down on the lock at the same time).

Recommended: 20 Small-Kitchen Remodel Ideas & Designs

Remove Choking Hazards

If you have more than one child, there could be little toys around the house or other objects that are choking hazards for your baby.

You can store these objects in a safe spot and instruct your older kids to do the same. For instance, an older child could have a special trunk where they put all their toys when the baby is around.

Keep Chemicals Locked Up

Before having a baby, you may have kept household cleaners and bug spray underneath the sink.

Now, when babyproofing, you’ll need to put a lock on the cabinet where these chemicals are stored and/or install a gate to keep your baby far away from them.

A number of household substances must, by law, have child-resistant packaging. Still, one look around the average home shows potential dangers, including perhaps colorful single-load laundry detergent pods and dishwashing liquid.

Recommended: How Much Does it Cost to Raise a Child to 18?

Use Corner Guards

Installing corner guards is an essential babyproofing step. Corner guards, which may prevent a bad bruise or eye injury, can be used on sharp corners of wooden desks, glass tables, and metal fireplace hearths.

Some corner guards are made of high-density foam; others from silicone rubber. They come in different colors and may include double-stick tape for easy installation.

Babyproof Window Blinds

Cords attached to window coverings are a strangling hazard for babies. Ideally, you’ll want to switch any corded window treatments for cordless options. If that’s not possible, your next best option is to shorten the cords, attach plastic covers to the ends, and secure them to the wall with a tie-down device, or cleat. Cord cleats should be installed at least 5 feet above a floor, where a baby can’t reach.

Recommended: The Top Home Improvements to Increase Your Home’s Value

Secure Furniture to the Wall

Babies start to become very curious when they roam around the house. They may push furniture and try to move it. Every year children are injured in tip-overs of TVs, tables, dressers, and bookcases, some fatally. This is why all furniture they have access to should be secured to walls.

It’s important to secure furniture not only in the living and dining room but also in the nursery. Pay special attention to the baby’s bookshelf and dresser.

Secure Rugs

Once babies start to crawl and even walk, they could slip and fall on rugs. A good way to avoid mishaps is to make rugs immovable by placing nonskid rug pads underneath them.

Double-sided carpet tape can also be used to keep down any slight upturns on the edges and corners of the rugs.

Block or Babyproof Stairs

Babies tend to love stairs, but of course stairs can be dangerous. You can block stairs off with a baby gate and/or add carpeting, nonskid step pads, or a carpet runner to make stairs less slippery.

Paying for Babyproofing

Any way you slice it, raising kids is expensive, and that includes babyproofing your home.

The total cost of baby-proofing a home will depend on its size and specific baby-proofing needs. On average, babyproofing a home can cost between $500 and $2500, with most parents paying around $1,500 to make their homes safe and secure for their child.

Costs typically include essential items for each room like baby gates, outlet plugs, furniture anchors, electrical protection covers and materials, and locks for drawers and doors. Your outlay can run much higher than the average babyproofing cost if you install all new child-safe window treatments or make some structural changes to your home to make it safer for your little one.

If you aren’t able to pay for babyproofing out of pocket, you might consider using a low- or no-interest credit card or taking out a personal loan for home improvement.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

The Takeaway

A babyproof checklist is a must before babies start crawling, cruising, or otherwise getting around. Some key babyproofing steps include: using gates on stairs, locking or latching cupboards and drawers, containing dangerous items, placing outlet covers on all electrical outlets, and securing and mounting large unstable furniture to the walls.

Unfortunately, babyproofing typically isn’t a one-and-done home project. It’s a good idea to frequently reassess safety as your child ages and develops new skills (such as pulling up and walking) or you make any changes to your home.

Some babyproofing steps are free, while others can be costly. If you don’t have the cash on hand to cover safety-related home improvements, you might consider using a credit card with a 0% introductory interest rate or getting a low-interest personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

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.

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Thanksgiving is a great time to gather with loved ones, but it can certainly come with a steep price tag. Whether you’re hosting family at your place or flying home for the weekend, you may be concerned about costs — especially this year. Though inflation is slowing, many consumer’s budgets are already stretched, and costs for food and travel remain stubbornly high.

Fortunately, you don’t have to go into debt to have a memorable holiday and enjoy a delicious spread. We’ve got 23 ways to keep your Thanksgiving costs under control and still enjoy an incredible meal surrounded by your favorite people.

23 Ways to Save Money on Thanksgiving

Thanksgiving is often the kickoff to the holiday — a.k.a. spending — season. But don’t stress. Below are some simple strategies for doing Thanksgiving inexpensively this year. Bonus: These tips can also help you save time — and stress.

1. Making a Budget

Whatever your holiday plans, it can be a wise idea to make a simple budget. Come up with a total amount you can afford to spend on Thanksgiving. You can then make a list of expected expenses, and determine how much you can realistically spend on each item.

Recommended: Building a Line Item Budget

2. Stocking Up as Stuff Goes on Sale

Throughout November, stores typically have different Thanksgiving dinner items on sale. Grabbing nonperishables whenever you see them on discount can save a bundle, and also help spread out the cost of the meal.

3. Making It a Potluck

Whether you’re having family over or hosting your first friendsgiving, you can make Thanksgiving inexpensive by asking your guests to each contribute a dish. You can coordinate who is bringing what in advance to make sure there are no overlaps or gaps.

4. Collecting Coupons

Before heading out to the grocery store, you may want to check out coupon websites like Coupons.com , LOZO , and CouponMom to find deals on the items on your shopping list. It’s also worth checking manufacturer’s websites, such as Butterball and General Mills, for coupons and seasonal promos.

Many supermarkets also have apps that offer coupons and deals. Sometimes you can get a reward just for signing up.

5. Hitting More Than One Store

Going to just one supermarket is obviously more convenient. But if you check the circulars, you may see different items on sale at different stores. Going to a couple of different grocery stores could lead to significant savings.

Recommended: 31 Tips for Cutting Your Grocery Bill

6. Skimping on (or Skipping) Appetizers

When hosting, you may be tempted to wow your guests right off the bat with a beautiful charcuterie board and other special hors d’oeuvres. In a word: Don’t. It’s expensive, and it’ll just dampen appetites for the main event.

7. Buying a Store-Brand Frozen Turkey

Typically, a turkey makes up a big part of your budget for the Thanksgiving meal. Some good news: According to the American Farm Bureau Federation, the cost of purchasing a turkey may be lower this Thanksgiving, due to a drop in avian flu cases and a recovery of the turkey population in the U.S. To save even more on the centerpiece of your meal, consider going with a store-brand frozen bird, rather than a fresh one.

Recommended: 41 Budget-Friendly Ways to Celebrate the Holidays

8. Splitting the Costs

You may want to consider teaming up with your bff, a sibling, or another family member to co-host this year’s gathering, even if the festivities will take place at your place. That way you can split all of the costs, rather than foot the entire bill.

9. Buying Basics in Bulk

Buying staples like flour, potatoes, eggs, cream, and butter from a warehouse store like Costco or Sam’s Club can help you spend a lot less on food, as long as you’re not buying more than you need or will use up after Thanksgiving.

Recommended: How to Buy in Bulk: Beginners Guide

10. Asking Guests to BYOB

Wine, beer, and other alcohol can add up quickly. One easy way to save money is to ask your guests to bring their favorite beverage. That way, everyone will get to sip something they love, and you won’t have to shell out all that extra money.

11. Sticking With Seasonal Produce

Vegetables that are in season in November, such as sweet potatoes, squash, Brussels sprouts, and white potatoes, will typically cost a lot less than out-of-season picks, such as corn, asparagus, and green beans.

12. Opting For Frozen Veggies

If you want to use veggies that aren’t in season, you may want to choose the frozen versions, which are generally much cheaper than fresh but are still likely to work well in your holiday recipes.

13. Baking Your Own Bread

While it may sound like more trouble than it’s worth, baking bread can be fun, and it typically involves spending a lot less than buying rolls or loaves at a bakery. After all, many recipes require just flour, yeast, water, and maybe a dash of salt and/or sugar. You can also make bread ahead of time and stick it in the freezer until the big day.

14. Going Simple With Sides

It can be tempting to try a new gourmet recipe you saw online or in your favorite food magazine, but fancy recipes often require specialty ingredients — and can end up costing a lot to make.

Remember, too, that with everything on the plate, including cranberry sauce and gravy, chances are your guests won’t miss that “spicy stuffing with chorizo and chiles” you considered making, but wisely opted not to.

15. Getting a Bigger Turkey Than You Need

Yes, this sounds like a way to increase costs. Going with a larger bird, however, can pay off by giving you several additional meals, like turkey sandwiches and turkey pot pies, you can make later without going back to the store or spending another dime.

16. Considering Pre-Made Dishes

Sometimes store-made dishes and desserts can actually be cheaper than buying all of the ingredients and making these things yourself. It can be worth doing some quick math at the store. This move can also save you time as well as stress.

17. Going DIY with Decor

A fun way to save money on Thanksgiving is to recruit the kids in the family to create your decorations. They could collect and paint pine cones, create cut-out turkeys (tracing their hands as a template), or make a craft paper tablecloth where everyone can write or draw what they are thankful for.

18. Handing the Reins to Someone Else

Hosting can be fun and rewarding, but if you need a reprieve from the work — and expense — you may want to see if someone else wants to step up this year. You can offer to bring your famous balsamic roasted Brussels sprouts and smashed potatoes to make the host’s job easier.

19. Forgoing Flowers

Yes, stores are filled with pretty arrangements of flowers in shades of red, orange, and yellow. And yes, they make a table extra festive. But you’ll save a chunk of change if you don’t purchase them. After all, your table is likely to be packed with dishes to dig into; you don’t really need a bouquet to fill any empty space.

20. Volunteering for the Holiday

Helping out at a local soup kitchen can be a great way to get into the holiday spirit and have a chance to focus on giving back, rather than spending.

21. Using Up Airline Points

If you need to travel by plane over Thanksgiving, you may want to consider using any points you’ve racked up with the airlines or on your credit card to score a free or discounted ticket.

Recommended: Ways to Be a Frugal Traveler

22. Asking for Travel Discounts

Whether you’re renting a car or staying in a hotel over the holiday, it can be a good idea to ask if you are eligible for any discounts when you book. You may be able to score a lower price if you’re a AAA member, a student, a resident of the state, a member of the military, or over age 55.

23. Checking Warehouse Clubs for Travel Deals

Before you book any Thanksgiving travel, you may want to check for deals offered by your local warehouse club. If you are a member, you may be able to access discounts on hotels, rental cars, vacation packages, and more.

💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers online savings accounts with no account fees. Open your savings account today!

TheTakeaway

You can enjoy Thanksgiving (and the soon-to-follow December holidays) without running up expensive credit card debt that you may struggle to pay back.

One great way to keep your costs under control is to set up a simple holiday budget. This can help you determine how much you can spend on Thanksgiving and still have enough leftover to enjoy the rest of the holiday season.

Another smart move is to set up a high-yield savings account designated for the holidays and to start saving up in advance. (Note: Some banks actually allow you to subdivide one savings account into sub-accounts to help you save for different goals). Good news for savers: The Federal Reserve’s rate hikes throughout 2022 and 2023 have translated to higher rates on top-yielding savings accounts.

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.

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.

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.

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.

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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.

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