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Gas prices hit new highs in 2022. And while they’ve fallen since that spike, the government expects prices to drop even more in 2025 and 2026. Keep reading to learn more about historical gas prices, get a sense of how things have changed over time, and learn tips for finding cheap gas in your area.

Why Gas Prices Are Falling in 2025

As anyone who’s gone to the pump in the past couple of years knows, filling up isn’t as cheap as it used to be. Gas prices rose in the second half of 2023, due in large part to a drop in global oil production. And though they fell somewhat in 2024, they remained stubbornly higher than before the pandemic.

Thankfully for drivers, gas prices are expected to drop even more in 2025 and 2026, as crude oil prices are projected to fall. According to the U.S. Energy Information Administration (EIA), prices at the pump will average around $3.20 per gallon in 2025, a decrease of more than 11 cents per gallon from 2024. The annual average price of gas is expected to drop even more — to $3.00 per gallon — in 2026.

If fill-ups are putting a dent in your wallet, consider using a money tracker to monitor spending and create budgets.

Average Price by State for Regular Unleaded in October 2023

Data is courtesy of AAA .

Average Price by State for Premium in February 2025

Data is courtesy of AAA.

Average Price by State for Diesel Gas in February 2025

Data is courtesy of AAA.

Average US Gas Price 1978 to 2022

Historical data is courtesy of the EIA and the Bureau of Labor Statistics.

Tips for Finding Cheap Gas Stations in Your State

There are a few ways to find the cheapest gas in the nearby area and save money on your gas bill:

•   Use an app like GasBuddy to locate the lowest nearby price. The app lets drivers search by gas type, payment type, the brand of gas station, and other factors. The app also offers cashback deals, paid subscriptions, and more.

•   AAA has a gas price monitoring website that gets updated every day. Drivers can search by state and country to find the best prices.

•   Both Google Maps and Waze keep track of gas prices. When you search for gas stations within their maps, the price of gas at local stations will pop up. Although one can’t filter by price or automatically see the lowest price, it’s fairly easy to look around and find the cheapest option.

•   Another useful app is Upside. The app lets users compare gas prices near them, and also earn cash back every time they fill up their tank.

•   Besides the ability to buy in bulk, one of the perks of getting a Costco or Sam’s membership is getting discounts on gas. It’s often the cheapest option for club members.

•   Certain days of the week tend to have lower prices. Generally, Mondays are the cheapest, followed by Sunday, while Wednesday and Thursday are the most expensive days.

Recommended: What Credit Score Is Needed to Buy a Car

The Takeaway

Gas prices go up and down in response to a variety of global and domestic factors. But there are a few ways to source the best deals on gas and stay within your budget, including apps and membership-only retailers.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What was the price of gas in 1980?

In 1980, the average price of gas was $1.22. That is equivalent to $4.56 in 2025 dollars.

What year were gas prices the highest?

In June 2022, gas prices in the U.S. hit an all-time high of $5.00.

How much did gas cost in the 90s?

In the 1990s, gas cost between $1.11 and $1.15 per gallon.

Photo credit: iStock/skodonnell
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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

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.

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.
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.

SORL-Q125-067

YouTube is a lucrative platform for both marketers and content creators. YouTube had 2.5 billion unique monthly visitors and 30 billion visits per month in 2024 — more than Amazon, Facebook, Instagram, or Wikipedia — making it an advertiser’s nirvana. Talented influencers flock to YouTube to create video channels, and many earn around $60,000 per year on the platform from advertisers. However, they generally need at least 4,000 hours of unique content and at least 1,000 subscribers to do so.

Here’s a closer look at the average payouts for YouTubers and the heftier payouts for celebrity influencers with outstanding content.

How Much Do YouTubers Make on Average in 2025?

The salary and career website ZipRecruiter reports that the average YouTuber made around $62,052 per year as of January 2025. That’s competitive pay for an entry-level salary. The highest salaries for YouTubers are around $89,000, while the lowest are around $48,500. Interestingly, the range between higher- and lower-paid YouTubers is only around $8,000, implying that experience does not lead to significant advancement.

ZipRecruiter also finds 10 cities where the typical salary for a YouTube Channel job is above the national average. The leading city is Nome, Alaska (average salary $76,975), followed by Berkeley, California ($75,979), Sitka, Alaska ($74,753), and San Francisco ($73,108). Although YouTube salaries are higher in Alaska and California, the cost of living in both states is also high, which might cancel out any salary gains.

Top 10 YouTubers for 2025

The following is a list of the 10 most-subscribed YouTubers along with a brief overview of the reasons for their online appeal. The data were sourced from Search Engine Journal, an online news source for the SEO and marketing community.

1. MrBeast

Subscribers: 351 million

MrBeast, aka Jimmy Donaldson, is a young YouTuber and philanthropist originally from Greenville, North Carolina. He began posting videos in 2013, when he was just 13 years old. He went viral in 2017 with his “counting to 100,000” video. His videos include survival challenges, vlogs, and philanthropic content. Other than the MrBeast channel, Donaldson also runs Beast Reacts, MrBeast Gaming, MrBeast 2, and a philanthropy channel called Beast Philanthropy.

2. Like Nastya

Subscribers: 125 million

PewDiePie, or Felix Arvid Ulf Kjellberg, is a Swedish gaming YouTuber. He registered his channel “PewDiePie” in 2010 and primarily posted videos of himself playing horror and action video games. His channel was one of the fastest-growing channels in 2012 and 2013, and it soon diversified to include vlogs, comedy, shows, music videos, and fundraising. Some of Kiellberg’s content became controversial, and after 2019, Kjellberg semi-retired and uploaded less consistently. In 2016, he was named one of the world’s most influential people by Time magazine.

3. PewDiePie

Subscribers: 110 million

PewDiePie, or Felix Arvid Ulf Kjellberg, is a Swedish gaming YouTuber. He registered his channel “PewDiePie” in 2010 and primarily posted videos of himself playing horror and action video games. His channel was one of the fastest-growing channels in 2012 and 2013, and it soon diversified to include vlogs, comedy, shows, music videos, and fundraising. Some of Kiellberg’s content became controversial, and after 2019, Kjellberg semi-retired and uploaded less consistently. In 2016, he was named one of the world’s most influential people by Time magazine.

4. Alan Chikin Chow

Subscribers: 76.2 million

Alan Chikin Chow is an actor, influencer, and the most-watched YouTube Shorts creator. According to Variety, his content gets 1 billion views in any given month. Chow is also the creator of “Alan’s Universe,” a popular drama about love and friendship that routinely gets more than 500 million views. In 2024, his YouTube channel ranked among the platform’s 50 most-subscribed channels globally.

5. Justin Bieber

Subscribers: 74.7 million

Justin Bieber is known, first and foremost, as a Canadian musician. His original YouTube channel was called Kidrauhl — so named because his father called himself “Lordrauhl.” Bieber posted videos of his songs on Kidrauhl and became famous through the platform. Bieber’s channel Kidrauhl was renamed “Justin Bieber” in 2017.

6. EminemMusic

Subscribers: 64 million

Marshall Bruce Mathers III, known as Eminem, is an American rapper, songwriter, actor, and record producer. His debut album, “Infinite,” was released in 1996. Rolling Stone has included him in its lists of the 100 Greatest Artists of All Time and the 100 Greatest Songwriters of All Time. In November 2022, Eminem was inducted into the Rock and Roll Hall of Fame. His YouTube channel features his music videos and is called EminemMusic.

7. Mark Rober

Subscribers: 63.5 million

No stranger to stunts, Mark Rober has amassed a following on YouTube thanks in large part to a slew of attention-grabbing projects. Examples include building the world’s largest Nerf gun and Super Soaker, glitter bombing porch pirates, and creating an obstacle course for squirrels. That he’s able to pull off such impressive feats should come as no surprise to his millions of subscribers, who are likely already familiar with Rober’s background as a NASA engineer.

8. Fede Vigevani

Subscribers: 63.1 million

Fede Vigevani, also known as Fede, is a Uruguayan musician and YouTuber who’s now based in Medico City. He was part of the YouTube group Dosogas before going solo in 2018. In addition to music, his popular YouTube channel is filled with lighthearted content known for its humor, pranks, and challenges.

9. Taylor Swift

Subscribers: 60.6 million

Taylor Alison Swift is an American singer-songwriter. She was born in West Reading, Pennsylvania, but moved to Nashville at age 14. Her 2006 debut album “Taylor Swift” made her the first female country artist to write a U.S. platinum-certified debut album. Swift is one of the best-selling musicians in history and the only person to have seven albums open with over one million copies sold in the United States. Swift has been named in Rolling Stone’s 100 Greatest Songwriters of All Time. She has also been named Artist of the Decade and Woman of the Decade and is an advocate for artists’ rights and women’s empowerment.

10. Alejo Igoa

Subscribers: 58.7 million

Alejo Igoa is an Argentinian actor, model, and YouTuber whose channel features a heavy rotation of challenges, comedy skits, and vlogs that occasionally include his family and friends. He’s also popular on TikTok, where he often posts dance and lip-sync videos, and on Instagram, where he shares his modeling photos and updates on his life.

How Much Money Does a YouTuber Make Per View?

YouTubers make money from advertisers who place ads with their videos. YouTubers are paid based on how many of their viewers watch the ads that accompany their content. Even if a video gets thousands of views, if no one watches or clicks on the ads, the YouTuber won’t make any money. For a YouTuber to be compensated, a viewer must either click an ad or watch the video ad in full. According to data from Influencer Marketing Hub, the average YouTube channel receives around $0.018 per view.

Recommended: 25 Easy Jobs That Make a Lot of Money With Little Work Without College

How Much Do YouTubers Make Per 1,000 Views?

A YouTuber earns roughly $18 per 1,000 ad views. YouTuber earnings vary depending on whether a video is short- or long-form. YouTubers’ reported income per 1,000 views range between $1.61 and $29.30 for long-form videos. For short-form videos, the payouts were between $0.01 to $0.06 per 1,000 views.

How Much Does a YouTuber Make With 1 Million Subscribers?

The money made on YouTube may not be consistent, particularly for creators who don’t upload new content regularly to ensure a growing following. One YouTuber with 1 million subscribers made between $14,600 and $54,600 per month.

Recommended: 25 High-Paying Trade Jobs in Demand

How Much Ad Revenue Does YouTube Pay Content Creators?

According to Influencer Marketing Hub, creators earn about 55% of the revenue on their channels — for every $100 an advertiser pays, Google pays $55 to the creator. It’s unlikely that a creator will make much money until there is significant traffic to the site and viewers click on ads.

There are some ads that pay per thousand views, but for the view to be counted for payment, a viewer must watch an ad for at least 30 seconds (or half the ad for a very short video). If viewers do click on or view ads for long enough to earn income, the creator shares any advertising revenue with YouTube. Creators only get paid once their AdSense account reaches $100.

Whether you’re raking in millions of subscribers or just starting out, a spending app can help you create a budget, organize spending, and manage bill paying.

The Takeaway

With 2.5 billion unique monthly visitors and 30 billion visits per month, YouTube is a go-to platform for entertainment, education, and marketing. Many YouTubers and celebrities reap millions from ad revenue by posting music videos, gaming videos, entertainment, and educational content. However, for the less famous, it is possible to earn $60,000 to $80,000 a year, which is a competitive salary. YouTubers need traction and a significant following. Pay-outs are typically based on ad views and are made through Google AdSense.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

How much does a YouTuber make a year?

ZipRecruiter reports that the average YouTuber makes around $62,052 per year as of January 2025. The highest salaries are around $89,000, while the lowest are around $48,500.

How much does a YouTuber with 1 million subscribers make?

One YouTuber with about 1 million subscribers made between $14,600 and $54,600 per month. However, the money made on YouTube may not be consistent, particularly for creators who don’t upload new content regularly to ensure a growing following.

Do YouTubers get paid monthly?

YouTube uses an algorithm created in AdSense to decide when and how much to pay content creators. AdSense is owned by Google. Vloggers that gain enough traction to warrant earnings are paid monthly via direct deposit.

Photo credit: iStock/Youngoldman

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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.

SORL-Q125-066

On the popular credit score spectrum of 300 to 850, a credit score of 579 or lower is usually classified as poor, and a score between 580 and 669 is considered fair. Only when a score is 670 or higher does it typically count as good. That said, each lender makes its own determination of which credit scores are considered risky.

Here, you’ll learn more about the different credit score requirements and the factors that can build your score so you can work toward better financial habits.

What Is Considered a Bad Credit Score?

The definition of a bad credit score is having a history of late or nonpayment of bills or borrowing too much money. This past behavior can indicate that you are a poor credit risk.

To be more specific, a bad or poor credit score, as noted above, is one that is between 300 (the lowest possible score) and 579 on the popular FICO® Score system. The next highest category, fair, ranges from 580 to 669.

Scores are categorized somewhat differently depending on the credit-scoring model being used. Here’s a closer look at two popular systems, FICO and VantageScore®, so you can see how lower scores are ranked in terms of credit score ranges.

To complicate matters, lenders may choose from multiple scoring models and industry-specific scoring models. This can make it tricky to know which one you’re being evaluated on. And your credit scores vary — so, yes, you have multiple scores.

What’s the nationwide average? As of this writing, Americans had an average FICO Score of 715 and a VantageScore of 705. Both of these scores are in the good range of their respective scales.

It’s also worth noting that you might have a low credit score if you are new to credit. When you first start accessing credit, however, you don’t start at zero (or 300). Rather, once you have several months of credit usage in your history and have managed it fairly well, you are likely to have a score between 500 and 700.

Consequences of a Bad Credit Score

Having a bad credit score can impact you in several ways:

•   Difficulty in obtaining loans and credit: With a score in a lower range, you will likely look like a poor credit risk to lenders. You will therefore probably not have access to a full array of products, such as conventional mortgages and rewards credit cards, which are usually available to those with higher scores.

•   Higher interest rates and fees: For the forms of credit that you do qualify for, you will likely pay a higher interest rate and more in fees. For instance, as of this writing, those with excellent credit scores would pay an average of 17.71% in credit card interest, while those with fair credit would pay an average of 26.76%.

•   Impact on renting and employment: Some employers and landlords may check credit scores to see how responsible a candidate for a job or rental unit has been with their finances in the past. A poor score could indicate that an individual does not manage their money and deadlines well, which could be a negative mark on an application.
To look at it from a different angle, here are some of the things that take your credit history into consideration and can be negatively impacted by a bad score:

•   Credit cards

•   Car loans

•   Home loans

•   Personal loans

•   Private student loans

•   Federal PLUS loans

•   Car insurance premiums (in some states)

•   Homeowners insurance

•   Job or rental applications

How to Build Your Credit Score

If you currently have a credit score that is lower than you’d like, there are steps you can take to help build it and enjoy greater access to credit products with more favorable terms. Here are factors that affect your credit score and how to manage them better:

Pay Bills on Time and in Full

Paying your bills on time and in full is the single biggest contributing factor to your credit card, so take it seriously. If you have been late with any payments, consider getting caught up.

If you tend to forget bills, consider brushing up on how autopay works and set up payments through an app, an online bank account, or the entity billing you. Putting reminders on a paper or electronic calendar can help as well.

Reduce Credit Card Balances

Another important factor when it comes to building your credit is to be aware of your credit utilization ratio. Credit utilization involves credit card and other revolving debts, not installment loans like mortgages or student loans. The ratio expresses how your current balances relate to your overall credit limit. Most financial experts recommend that this should be no more than 30%, but under 10% is better still.

Here’s an example: If you have two credit cards, each with a credit limit of $5,000, you have a total credit limit of $10,000. You would want your combined balances to be no more than $3,000, or ideally no more than $1,000.

The Consumer Financial Protection Bureau (CFPB), says that paying off credit card balances in full each month helps to keep the ratio low and positively impact a credit score.

Closing and Opening Credit Cards Carefully

The average age of your accounts plays a role in your credit score, so you may want to keep some of your oldest cards open, even if you don’t use them often. Remember that closing cards also reduces your available credit, affecting your credit utilization ratio.

Opening credit cards affects your credit score as well. Every time you apply, the credit card company runs a hard inquiry on your credit, and your score takes a slight hit. Applying for a bunch of cards in quick succession can lower your score in this way and make it look like your financial situation has taken a turn for the worse.

Timeline to Build Your Credit Score

You’ve just learned about some key factors that can help you build your credit quickly. Here’s a little intel about how changes to your score happen: Three major credit reporting agencies — Equifax®, Experian®, and TransUnion® — compile the information on your history of borrowing, and then a company like FICO or VantageScore translates that data into a number.

It’s important to keep in mind that the data contributing to your credit score updates regularly, but you likely won’t see tremendous movement in just one month. You might start to see an uptick in 30 to 45 days, but it can take several months or even years for your good credit habits to pay off. For instance, if you have a credit score of 560, it’s unlikely to surge to a 760 in just a month or two.

There are some other strategies you might consider if you are eager to build your score:

•   Millions of Americans have no credit score because they don’t have enough of a history to calculate one. If this is your situation, you have a couple of options. You may want to consider taking out a secured credit card that will allow you to access a modest line of credit by putting down a deposit.

•   You can also ask a friend or family member to add you as an authorized user to their credit card account. An authorized user can use the account but does not have any liability for the debt. A positive payment history on the card you are added to can help build your score.

Recommended: Secured vs Unsecured Personal Loans

Maintaining a Good Credit Score

As you build your score into a range you’re happy with, you’ll want to maintain it to stay in good standing. Some tips:

•   Regularly check your credit report to look for errors. Report any that you find.

•   Avoid excessive credit applications. Each hard inquiry typically lowers your score by several points for a few months. Think twice before biting when various credit card offers come your way.

•   Use credit responsibly. Keep an eye on your credit utilization ratio and bill payment due dates. If your credit card balances are rising, prioritize paying them down with, say, the debt snowball or avalanche method. Or you might consider a personal loan known as a debt consolidation loan, that may offer a lower interest rate (and therefore more affordable payments) and the convenience of just paying one bill per month.

Recommended: What Credit Score Is Needed for a Personal Loan?

The Takeaway

A bad credit score is defined differently by individual lenders and credit bureaus. But a score below 580 on the FICO scale can be deemed bad and make it difficult to qualify for a conventional mortgage and other important financial products. Those forms of credit that you do qualify for will likely cost you money through higher interest rates. But with time and dedication, you can build your bad credit score and maintain a higher number.

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.

FAQ

Is 600 a bad credit score?

A credit score of 600 falls into the category that’s considered fair credit, which is less than good. As such, it could be considered bad by some lenders, though it is above the poor classification (300 to 579). A 600 credit score can make it harder to get approved for loans and credit cards, and, if you are approved, you will probably have to pay higher interest rates.

Is under 700 a bad credit score?

A 700 credit score usually falls in the good category, which typically runs from 670 to 739. A fair score is typically from 580 to 669, and a poor score ranges from 300 to 579.

Can you get approved with a 500 credit score?

Depending on what you are applying for, it is possible to get approved with a 500 credit score. For instance, you might qualify for certain government-backed mortgages, and you might get approved for, say, a personal loan, but likely at a higher interest rate than if you had a score in a higher range.

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SOPL-Q125-024

If you’ve ever exchanged foreign currency while traveling in another country, you likely know how expensive it can be. Often, the most convenient places to change your money (such as the airport or hotel) can be the most costly.

Though you often have to pay fees to access foreign currency, it’s worthwhile to learn how to exchange your money for as little extra cost as possible. Here’s a look at some of the best — and worst — places to exchange foreign currency, plus tips for how to get the best conversion rates and save on fees.

The Benefits of Exchanging Foreign Currency

Though many places will accept credit cards overseas, it can still be useful to convert your dollars to foreign currency. Here’s why:

•   There may be places that only accept cash, such as when you buy food at markets, haggle for souvenirs, or shop at stores that don’t accept plastic for payment.

•   Having some cash is a great backup form of payment in case you run across issues with your credit card.

•   Cash can be a helpful way to create a budget while traveling. Say, if you give yourself $75 a day for food, having that cash in your pocket can help you avoid going overboard vs. swiping too much with a credit card. That can help you keep your budget in balance.

•   Exchanging foreign currency also gives you the potential advantage of avoiding currency conversion fees and staying within your vacation budget. For instance, some international retailers give you the opportunity to pay in local or your own country’s currency. If you choose the latter, you may get a poor exchange rate.

Paying in local currency may help you save money. For instance, some international retailers give you the opportunity to pay in local or your own country’s currency. If you choose the latter, you may get a poor exchange rate.

By exchanging foreign currency ahead of time, you may be able to avoid paying more than necessary and take advantage of more favorable exchange rates.

Finding Places to Exchange Currency

Here’s a look at some of the best places to exchange foreign currency.

Banks and Credit Unions

Most major commercial banks will have foreign currency available for you to exchange. And depending on the currency you’re looking for, your bank may only charge you the exchange rate and no additional fees. In this case, you may nab the most cost-effective method to exchange currency.

Your financial institution may offer several ways to request foreign currency — online, over the phone, or at your local branch. Not all banks (or credit unions) keep every possible currency on hand, however, so you may need to do some advance planning. It could take several business days to complete a currency exchange.

Your bank can also be a good place to convert any leftover foreign currency back to U.S. dollars when you get home.

Online Currency Conversion

Another way to change your money before you leave town is to use an online currency exchange service. Services like Currency Exchange International and OFX allow you to buy currency online before you travel using your credit or debit card and will deliver the currency to your home or, in some cases, another location.

Some online currency services may have better rates than airport kiosks, and even banks, but that’s not always the case. Be sure to shop around and understand all the fees involved to make sure you’re getting a good deal.

Recommended: How to Deposit Foreign Currency in Your Bank Account

Overseas ATMs

If you don’t exchange any (or enough) cash before you go, another option is to withdraw cash at an ATM after you arrive. This can be especially cost-effective if your bank offers fee-free ATMs in international locations. If that’s the case, you may be able to withdraw cash in the local currency with competitive exchange rates and low fees. If you don’t have access to any in-network ATMs, however, you’ll want to find out what the out-of-network ATM fees will be to see if it’s worth converting currency this way.

Worst Ways to Exchange Foreign Currency

Now that you know where to exchange currency, let’s take a closer look at some places you may want to avoid. The following exchange locations can make converting currencies more expensive than necessary.

Airport Kiosks

Exchanging your cash at the airport usually results in some of the highest fees and least favorable exchange rates out of all your options. However, they can be a convenient fall-back, especially if you weren’t able to exchange any currency ahead of time.

Local Currency Conversion Kiosks

You may find currency exchange kiosks and bureaus at highly-trafficked tourist attractions, shopping areas, or even your hotel. Like airport kiosks, they’re a convenient place to exchange currency, but you could be paying high fees and facing lower-than-average exchange rates.

Alternatives to Exchanging Foreign Currency

Instead of exchanging cash and using it while traveling, you might use your credit or debit card to cover your travel expenses.

Using Your Credit Card On Trips

Paying for meals, purchases, and other travel expenses with your credit card can be a good deal, since many card issuers offer favorable exchange rates. What’s more, your card issuer may offer protection on your purchases, as well as cash back or reward points for every dollar you spend.

Before you go this route, however, you’ll want to check to make sure your card doesn’t charge foreign transaction fees. Cards that charge these fees typically add an extra 3% for every foreign purchase. If your card does instil these fees, it may be worth applying for one that doesn’t before you leave town.

Something else to keep in mind: When using a credit card overseas, it’s generally better to pay in local currency than in U.S. dollars (USD). This way, your bank will manage the currency conversion and likely give you a better rate than you would get from a local merchant or restaurant.

Before going on your trip, be sure to notify your credit card issuer of your plans. That way, they don’t accidentally deny your transaction believing it’s fraudulent.

Using Your Debit Card in a Foreign Country

Debit cards are typically backed by Mastercard or Visa, brands which are known around the world. You may find that you are able to use your debit card for transactions when traveling, especially where those brands are welcomed. Just keep in mind that, similar to the fees charged by some credit cards, your bank could charge a foreign transaction or foreign exchange fee on every debit card purchase you make overseas. It’s a good idea to ask your bank about their policies before you leave town.

The Takeaway

Exchanging foreign currency before you go on your trip is most likely your best option, as it tends to offer the lowest fees and best exchange rates. Using your credit card or debit card can also be great, especially if your bank or card issuer doesn’t charge foreign transaction fees.

Working with your bank is generally the best way to ensure you’re financially sound when you go on your trip. And having the right banking partner will also keep you in good shape every day when you’re home.

FAQ

Do banks exchange foreign currency?

Yes, most banks will exchange foreign currency. However, the types of foreign currency available will differ from one bank to another. Your financial institution may need a few days to get the currency you need.

Is it better to go to a bank or currency exchange?

In general, it’s better to exchange currency at a bank than a dedicated currency exchange. Banks tend to offer better exchange rates and charge lower fees, particularly if you’re already a customer. Currency exchange kiosks located in airports or tourist areas tend to charge higher fees and offer less favorable exchange rates compared to banks.

Where can I change currency for free?

One place where you may be able to exchange currency for free is at your bank. Some banks don’t charge exchange fees to existing customers. In some cases, your bank may charge a small fee if you exchange less than a certain minimum amount.

Photo credit: iStock/Anurak Tepkhamtai

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When summer rolls around, many college students decide to take a break from their academic courses and take on a summer job. Working isn’t just a way to earn some extra money. In some cases, it could also be a chance to gain valuable professional experience.

Of course, not all jobs are created equal. Let’s take a look at what to consider when seeking a summer gig and three job ideas that may be well suited for college students.

Summer Job Considerations

Ideally, a college student’s summer job will mesh with their skills, passions, and career goals. So when brainstorming jobs you might want to go after, think about the unique talents, goals, and experiences you bring to the table. For example, a student athlete can make money by offering personal training sessions, mentoring younger athletes, or working as a camp counselor.

Another strategy is to zero in on gigs that are available for professionals in your field of study. For example, if you’re on the education track, you may want to look into common side jobs for teachers. Which ones could you qualify for now? Possibilities may include being an online tutor or test scorer or doing freelance writing, editing, or proofreading.

You could also focus on side hustles with low startup costs, like building websites for people, making and selling handmade items, creating a fee-based online course, or delivering food and groceries.

When to Start Applying for Summer Jobs in College

 
In general, the sooner you apply for summer work, the better. This is especially true if you’re planning to live and work in fields or areas where the job market is more competitive. Some employers start posting summer job openings in the winter to give them time to find the best candidates. Even if an employer doesn’t start the process that early, they’ll still need time to collect and review applications, conduct interviews, hire employees, and get their staff ready to begin work by summer.

Pros and Cons of a Summer Job

While the idea of relaxing all summer may be appealing, having a job comes with its share of benefits. Working is an excellent opportunity to build a strong resume, because you can pick up hands-on, relevant experience and sharpen essential soft skills like communication and problem-solving. It’s also a chance to discover more about your working style, preferences, and strengths and find out if you like working in a particular industry or field before committing more fully to it.

A summer job is a good way to expand your professional network, which can come in handy when you graduate and start looking for full-time employment. Managers and co-workers from your seasonal gig can provide references or even keep you in mind if a permanent position opens up at their company.

Plus, the money you earn from a summer gig can help be put in savings or used to pay for school and living expenses. A spending app can help you to more effectively manage your finances.

Depending on your situation, there are some potential drawbacks to working in between school years. You’ll likely have less time for other activities, such as hanging out with your friends or relaxing. You may not also be able to take summer classes, which could help you graduate more quickly.

​​Recommended: Jobs That Pay for Your College Degree

Tips to Finding a Summer Job

If you want to work in the summer, there are plenty of jobs available — especially if you know where to look. Colleges often post listings of available jobs on or near campus, so be sure to check in with your school’s career services center.

It’s also a smart idea to tap into your network, including professors, parents, mentors, and former employers. They may know of an open role or suggest people you can contact.

Online job sites are another good source of job leads. Many allow you to search for openings by industry, location, employment type, and experience level.

Top 3 Summer Jobs Ideas for College Students

Some summer jobs are especially well suited for college students. They can be done in the short term, provide an opportunity for students to apply what they’ve learned in school, or offer some control over schedule and pay rate. Three jobs to consider: online tutoring, freelance web designer, and retail sales associate. Here’s what to know about each.

Online Tutoring

An online tutor typically helps individual students understand their lessons, assists them with homework assignments, and provides extra work as needed. Some tutors prefer to rely on word of mouth for clients, while others offer their services through an online tutoring website.

In general, online tutors set their own hours and rate. The average starting rate is around $18-$21 per hour, according to Care.com, but that amount can increase significantly based on experience, grade level, subject matter, and other factors.

If you apply with an online tutoring site, you will likely need to provide information about your educational and work history. Educational requirements can vary widely by platform, so be sure to research what’s needed. Background checks are typically part of the process, and the company may also want to know the type of computer you plan on using and whether you have high-speed internet access.

Pros

•   Flexibility — you will likely be able to control when and where you work.

•   The money can be good for a side gig.

•   You can make a real difference in students’ lives.

Cons

•   Internet issues and technical glitches can disrupt your tutoring.

•   Working with students in different time zones may be challenging.

•   Many online platforms have strict policies against canceling tutoring times.

Freelance Web Designer

Developing and managing websites for clients can be a good fit for college students, especially those who prefer to work independently or are looking for jobs for introverts. You can find customers by listing your profile on websites for freelance designers or through recommendations from family, friends, and colleagues.

On average, a web designer can charge anywhere from $30 to $80 per hour, depending on the complexity of the project. Some technical skills are typically required — HTML, JavaScript, and CSS, for example — and it’s a good idea to stay up to date on the latest tools and technologies.

Pros

•   You’re your own boss, which means you can determine when and where you work.

•   The hourly rate is higher than other summer jobs.

•   You can work on a variety of interesting projects.

Cons

•   The work typically requires you to sit for long periods of time.

•   You’ll need to keep up on new developments, which may be easier if you’re already studying web design in school.

•   You may need to juggle multiple projects at once.

Retail Sales Associate

In many ways, a retail sales job can be an excellent summer gig. Often, the work is fairly straightforward, work hours are scheduled, on-the-job training is usually provided, and you usually don’t need a college degree. Students with a friendly, upbeat attitude and strong customer service skills may find a sales job particularly rewarding.

The average hourly rate of a salesperson is around $15, but this can vary based on your company, the store’s location, and how much experience you have. Some companies also offer extra perks, such as employee discounts.

Pros

•   Work is often indoors and may not be as physically demanding as other jobs.

•   Having a work schedule means you know when you’ll have free time.

•   You have opportunities to develop your people skills.

Cons

•   Your take-home pay can fluctuate if you earn a commission.

•   Dealing with difficult customers can be stressful.

•   Depending on where you work, you may need to be on your feet for several hours.

Recommended: 10 Money Management Tips for College Students

The Takeaway

Though there are ways to make money during winter break, the summer is typically when many students get a short-term job. A summer gig allows you to earn extra cash and potentially gain valuable professional experience, especially if you’ll be working in the field you’re studying. Your college career services center, professors, family, friends, and former employers may be able to provide you with potential leads.

Three types of jobs you may want to explore are online tutoring, web design, and retail sales. Online tutoring and retail sales typically allows you more chances to interact with people, but web design tends to command a higher hourly rate.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What should college students do with their summer?

As a college student, you can get a job or internship, go on a vacation with friends or family, volunteer at a non-profit agency of your choice, or go to summer school to potentially graduate more quickly.

Where do most college students work in the summer?

Whether you’re planning to work outdoors, in a store or restaurant, or for a company, there is no shortage of summer job opportunities for college students. To help you narrow down your options, look for roles that match your interests and skills.

How can college students make money over the summer?

Many summer jobs pay by the hour, and that rate might depend on factors such as location, the type of work, and your experience and skills.

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