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Snow, wind, sleet, rain, and more—a sturdy roof will help protect you from it all. But eventually, roofs wear out and need to be replaced or fixed. You may notice a small (or big) leak. It could be 15, 20, or even 25 years, but at some point, your roof will likely need to be repaired or replaced.

It doesn’t matter if the reason is a particularly nerve-racking storm, or deferred maintenance (as in “you-know-I-should-really-get-that-roof-fixed-soon”). It may even have a little something to do with how lucky you are.

Maybe it’s not leaking at the moment, and you just feel it’s time for a newer roof. Either way, if you are considering your roof replacement cost or paying for roof repairs, there are a number of things to keep in mind.

How Much Does a New Roof Cost?

When looking at new roof installation costs, there are a number of factors that will impact the overall price—including with what part of the country you live in and what time of year. Deciding to have the work done in the off-season could potentially save you extra money . If possible, try to avoid having repairs done in the late summer and fall, when roofers are typically at their busiest.

The size and style of the roof may contribute to the overall cost. The height and pitch of your roof are also important factors because there are additional safety and labor costs to consider.

Finally, the complexity of the roof design can drive the price higher as well. Does it have gables? Is it a mansard roof? Is it especially steep? The more complex your roof design is, the more labor and materials will be required.

The average cost to replace a roof is approximately from $4,900 to $14,100 , but can vary a great deal depending on where you live. It will also depend on the roofer you choose, the type of roof you have, and the type and quality of the materials. When creating an estimate , roofers sometimes define costs per roofing square.

One roofing square is equal to a 10-by-10-foot (100 square feet) area. So a 1,700-square-foot roof would be 17 squares. A 1,700-square-foot residential roof using standard asphalt shingles typically ranges from $6,000 to $8,500 including tear off of the old roof.

This is why it is doubly important to get several estimates from reputable contractors. When doing so, be sure to pay close attention to the quality of the materials specified in the estimate. It’s even better if you can get a recommendation from someone you know.

And while the price is important, it also matters how professional the work is. Will they complete the project in a timeframe they have proposed and will they take care with cleaning up? And most important, is the quality of the work up to standard? This is a big investment and you want to get it right.

Getting a New Roof

If you are replacing your roof as a part of general maintenance, you may have a little more time to prepare for the costs associated with the repairs. It allows you to be more methodical about pricing the project out and selecting a roofer. And having a bit of a runway will allow you to start saving and develop a workable budget for the project.

While replacing a roof is an expensive home improvement project, keeping your roof up to par could end up paying off. Not doing so could result in leaks that can drip down the inside of the walls. If the leaks continue, you could eventually be required to cut out drywall or even replace flooring. These repairs could end up costing you thousands extra in repairs.

Another reason for a roof replacement? Bringing the house up to date. Maybe you’re renovating the home for your own benefit, or are hoping to improve the value of your home for future sale. If you’re replacing your roof as a part of renovations, you’ll also likely have time to save money for the project and work within your budget. And if you plan on selling your house after the roof replacement, having a new roof can be a major selling point.

Paying for Roof Repairs

If your roof is damaged, then you are faced with an entirely different challenge other than figuring the roof replacement cost. It could be from a particularly nasty storm causing damage from water, high winds, or hail. Maybe it was a fallen tree.

In some situations, such as a natural disaster caused by an earthquake or hurricanes, you may even be eligible for help from the Federal Emergency Management Agency (FEMA). Whatever the cause, it could be helpful to take photographs sooner rather than later to document the damage.

Your homeowners’ policy or home warranty may include coverage that could possibly help defray some of the costs, depending on the cause of the damage and the age of the roof. If it’s determined that the damage is from normal wear and tear, then it will likely be considered regular maintenance and may not be covered.

Also, if your roof is older than 10 years, you may only be eligible for part of the cost determined to be a depreciated value of the roof . Whatever the circumstance, it could be worthwhile to call your insurance company and find out if you’re covered and to what extent.

And importantly, you’ll want to find a licensed roofing contractor who you can rely on. Multiple estimates can help you make an informed decision and ensure that you’re getting the most value for your investment.

Ways to Help Pay for Home Repairs

Whether you are replacing your entire roof or you are paying for roof repairs made to a damaged portion, you may want to consider financing all or part of the work. One option worth considering—a personal loan.

A personal loan allows you to borrow the money you need quickly, with little hassle and minimal fees. With a personal loan, you’ll usually get a lower interest rate than credit cards and the loan is unsecured in most cases, so there is no additional lien against your property.

Another financing option homeowners turn to for home improvements is a home equity loan or a home equity line of credit (HELOC). The application for a HELOC is akin to that of a mortgage and how much you’re able to borrow depends on several factors, including the value of your home. You may also have to arrange and pay for a home appraisal.

On the other hand, the application process for a personal loan is usually fairly straightforward. Lenders will review your financial situation, including your credit score and earning power, to determine how much they are willing to loan you and at what interest rate. Some personal loans, including SoFi loans, boast no origination fees.

When you take out a personal loan with SoFi you’ll fill out an easy online application that takes just minutes. You can get an idea on approximate costs for updating your roof using SoFi’s Home Improvement Cost Calculator.

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There are a lot of reasons you might need to build up a stash of cash fast, whether your car needs new brakes or you’re saving up for that much-needed vacation. Luckily, there are some creative ways to help you save money fast without feeling deprived. These tips could have you on the way to your next big purchase before you know it.

Getting Rid of Unnecessary Expenses

In an age of digital content and automated monthly charges, it is easy to lose track of what exactly you’re paying for each month. With internet bills, online media subscriptions, streaming services, and subscription boxes, it is entirely possible that you’re paying for something you’re not even using.

In order to pinpoint any potentially unwanted expenses, you may wish to review a full month’s worth of auto debits from your bank account. As you review your automated expenses, you could write down each service you’re paying for each month.

You may find that you’re still paying $5 a month for a digital magazine you no longer read, or that you really don’t use three different streaming services to the tune of $15 a month each. Once you determine which costs you’re willing to cut, you could cancel all of those services. Although canceling subscriptions can be tedious, just think of all the dough you might save.

Once you’ve canceled, you could reroute the money you would have spent directly into your savings account. While $20 or $30 a month saved on subscriptions might not seem like much, even small amounts can quickly add up over time. In combination with other savings techniques, this might help you build your savings fast.

Negotiating and Automate Your Bill Pay

Did you know that some companies offer discounts for setting up payments to be debited from your checking account automatically? This means connecting a bill directly to your bank account and allowing the company to automatically withdraw the amount of the bill on the due date.

Some companies offer a discount in these situations because automatically debiting your account gives the company assurance that the bill will be paid on time. The bonus for you is double: You might get a little discount on your bills and you won’t have to remember to manually pay the bill each month.

Auto pay might also help you avoid unexpected late fees, which in turn could help you build up savings faster. There might be some downsides to autopay though. If you set up an autopay agreement, but then don’t have enough money in your account to cover the charge, you might end up with a canceled subscription or overdraft fees from your bank.

According to a 2018 report from the Center for Responsible Lending , the 10 largest banks in the U.S. all charge more than $30 in overdraft fees. If you set up auto pay only to rack up overdraft fees, that might negate any money savings gained from setting up automatic payments.

Carefully Considering Big Decisions

Instead of buying something as soon as you want it, you might want to sleep on it overnight and see if you still want it the next morning. Why wait overnight? Giving yourself more time before pulling out your credit card could help you determine if you really need the item you want to buy, or if you were just caught up in the excitement of shopping.

This can be especially useful when making big purchases, not only because big purchases may set back your savings goals, but because they might require more research anyway.

For example, if you’re buying a couch and you fall in love with a blue sectional you see at a local boutique, waiting overnight before swooping in with your credit card might give you a chance to read manufacturer’s reviews, double-check the measurements of your space, and look to see if there are similar styles available online that might cost less.

Still in love with the first couch you saw? You can always return to buy it later, knowing you’ve done your due diligence and are sure that you’re making smart spending choices. Decide against the purchase? You could put that money directly toward your savings goals instead.

Considering a Spending “Fast”

Ready to give yourself a challenge in pursuit of your savings goals? Some savers find that they can save money fast by planning a day or two every week where they try to eliminate all unnecessary spending.

For example, if you decide to do a two-day spending fast, you might decide that on Tuesdays and Wednesdays you don’t spend any money other than what it costs to commute to work. That means that on those days you might choose to forgo your daily pitstop at the coffee shop, a lunch from the corner bodega, or ordering the brand new book you’ve been waiting to read.

Planning to not spend could help you reign in unintentional spending. Chances are that you barely think about that $4 you spend at the coffee shop, but if you give it up twice a week, that’s $8 that could be going into your savings.

If you save an average of $40 a week with a two-day fast, that could add more than $2,000 to your savings.

Putting Your Accounts to Work

Choosing the right account for your money can be a great way to save funds fast. Some checking accounts charge monthly or annual account maintenance fees, with little to no interest.

Savings accounts might offer higher interest rates than a checking account, but the reality is that the average interest rates on a savings account is still only a measly .1 percent, according to the FDIC . This means that putting your money in a standard savings account might not be the fastest way to grow the money you’re saving.

A checking and savings account with SoFi could be one way to help you save money. SoFi Checking and Savings have no account fees and allow you to withdraw money at any ATM around the world that accepts Mastercard and we’ll reimburse all of your ATM fees.

With that in mind, fees charged and ATM fee reimbursement policies are subject to change at any time.

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SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Getting married is a momentous occasion—you’re choosing to legally commit to your partner in sickness and in health. And that’s something to celebrate. But before you say “I do,” it is important to understand how your student loan obligations might change after your big day.

After all, you’re ready to share your life, but do you have to share your student loans? Here are five things to know about student loans and marriage.

Open and Honest Communication is Key

Let’s be real for a second: money is stressful. In fact, money is one of the most common topics of relationship stress. Whether you’re arguing about high student loan payments or how much you want to spend on eating out every month, money can cause relationship problems.

There is good news, though: couples who talk openly about money daily or weekly are more likely to have strong marriages. That means that learning how to talk about money before you get married is one great way to create a strong relationship from the get-go, especially if you’re marrying someone with student loan debt, or have student loan debt yourself.

In addition to figuring out your money and budgeting style, it can be helpful to hash out the basics before your marital bliss is interrupted by your next student loan bill. For starters, it may be helpful to discuss exactly how much each of you owe on your student loans. It is important that you both understand exactly how much is owed so you can plan for repayment together.

Once you’ve got the hard numbers down, it may also be helpful to share what type of current student loan repayment plan you are on, and what your repayment priorities are. After all, if your partner wants to pay off their law school debt right away but you’re happy on an income-driven repayment plan as a school teacher, it is important that you have a plan for navigating potential disagreements.

While every relationship is different, all relationships will require decision-making about money. Learning to talk about money now can help set you up for success down the road.

Who is Responsible For Repayment?

You’re not automatically on the hook for your spouse’s loans. If you or your spouse took our student loans prior to your marriage, you likely won’t be responsible for those loans if your spouse stops paying.

Of course, if you or your spouse takes on new loans while you’re married and you live in a community property state, you may end up responsible for a portion of that debt.

The law is complicated, so if you’re worried about dividing up your assets before you get married, it is always good to talk to a lawyer. Many young couples are even now considering pre-nups to protect themselves and set up expectations in advance.

Will My Monthly Payments Change?

So then when it comes to student loans, marriage doesn’t change anything? Not so fast. One often-overlooked aspect of marriage is that it can change your income—and this matters for many reasons, including determining your monthly income-driven loan payments.

For example, if you’re on a repayment plan that uses your household income to determine your monthly payment, and are married and filing jointly, your lender will take into account both you and your spouse’s income, which could lead to higher monthly payments.

Likewise, you may miss out on the student loan interest deduction when it comes time to file your taxes. P.S., talking to an accountant or tax attorney when when it comes to all things taxes and student loans could be a smart idea. When in doubt, definitely speak with a licensed professional.

Thinking About Refinancing Your Loans with Your Spouse

Just because your student debt doesn’t automatically become a joint obligation the moment you say “I do” doesn’t mean you can’t combine your debt and focus on paying it off together.

Many couples choose to combine their student loan debt through refinancing so they can pay off one bill together, rather than juggling multiple debt payments.

Student loan debt and marriage can be stressful, and student loan refinancing allows you to combine multiple loans into one (potentially with a lower interest rate).

Of course, refinancing isn’t for everyone. If you or your spouse is planning on taking advantage of income-driven repayment or other federal repayment programs, joint refinancing with a private company could make you ineligible.

It’s important to start your marriage off on a strong foot by making sure that you and your partner can talk honestly about money. Together, you can navigate anything—including student loan debt.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SoFi Student Loan Refinance
If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.

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Like getting a case of the Mondays—but with much higher stakes—the specter of looming student loan debt can be a real buzz kill. As a result, you may be wondering whether it makes sense to start paying off that debt while you’re still in school. Here’s a look at whether it’s possible to pay off loans early and the pros and cons of doing so.

Prepaying Student Loans

You can prepay federal loans and some private student loans without facing penalties. That means that you can direct money toward paying down the principal of your loan at any time, likely without facing extra fees.

Federal student loans typically become due when you graduate after a grace period of six months. This grace period can be extended to three and a half years for active duty military members.

The Parent Loan for Undergraduate Students doesn’t have a grace period and the Perkins loan grace period might vary from school to school.

Private loans might also have a grace period, though these vary depending on the terms and conditions of your loan. You may choose to get a head start on paying off your debt and start making loans payments before you graduate.

Beyond gaining some peace of mind, prepayment may have other benefits. As you pay down your principal you’ll be reducing the amount of money you owe in future interest payments, saving you money over the life of the loan.

Some loans may accrue interest while you’re in school, and these are worth targeting first. Prioritize paying down loans with the highest interest rates. As you pay these off, focus on the next highest rate.

Direct Subsidized Loans do not accrue interest while you’re in school at least half-time. If you pay down the balance while you’re in school, you’ll only be paying off the amount borrowed, essentially securing an interest-free loan for yourself.

Contact your lender when you want to make a prepayment. When you do, include a note that you want the prepayment to go toward paying off the principal of your loan. Otherwise, your lender may treat your payments as though you’re paying your first installment.

But here’s the good news: Federal student loans and private student loans don’t come with prepayment penalties . So you can proceed with paying off your student loans early without incurring prepayment penalty fees.

Other Ways to Manage Your Debt

If your cooktop ramen budget leaves you with little room to prepay your college loans, don’t despair. There are other ways you can make your loans more manageable.

If you carry federal student loans, one option is student loan consolidation, which allows you to bundle your loans through the Direct Consolidation program. This strategy may leave you with a lower rate on your new loan.

The government sets your new rate as a weighted average of all your current loans’ interest rates. So, in some cases, your new rate may actually be higher than your previous lowest rate.

Direct Consolidation loans may qualify you for student loan forgiveness or income-based repayment plans. This can be particularly useful if you plan on going into a field that qualifies for student loan forgiveness such as jobs in the government or some nonprofit sectors.

One note, however: Federal student loan consolidation lets you consolidate federal loans, but doesn’t allow you to consolidate your private loans.

Refinancing Through a Private Lender

If you have a mix of federal and private loans, you may consider refinancing your student loans through a private lender. If this sounds like an option for you, you’ll want to look into a lender that can help you lower your interest rate.

Paying a lower interest rate can save you money in the long term. And if you choose to keep your monthly payment the same, you may even pay off your loans earlier than you would with your original loan.

You can refinance your private loans and some lenders allow you to bundle both federal and private loans. However, be aware that once you’ve refinanced federal and private loans together, you can’t undo the consolidation.

Federal loans that are consolidated in this way are no longer eligible for consolidation under the Direct Consolidation Loan program and, therefore, may lose the potential for loan forgiveness and income base repayment options down the road.

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.

SoFi Student Loan Refinance
If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.

CLICK HERE for more information.

Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

In theory, the concept of “set it and forget it” feels pretty ideal with the rise of automated investing apps. But in reality, investment opportunities should come with a sidebar course in willpower and self-discipline. Especially if you have unfettered access to your accounts, your balance, and the ability to change your portfolio 24 hours a day.

The way it’s supposed to work is that you set up your account, then set a reminder to monitor investments (or check in with your financial advisor) in a few months. But we live in an on-demand society where apps send notifications to you in real time and FOMO is real.

Is there a happy medium between going too long without checking that you forget your password and obsessively checking your balance every day? Absolutely—but it’s not an exact science. Read on to find out how to monitor your investment portfolio wisely.

Embracing Your Rational Side

It’s generally not the best idea to stalk your investment accounts. The reason is simple: Investing, especially for retirement, is a long term, rational game, and we’re emotional beings.

Just think about it—401(k) and IRA plans are so committed to this philosophy that they’ll charge you up to a 10% penalty if you withdraw your money before you hit a certain age, and Social Security simply isn’t available until you’re 62.

It’s no secret that the market fluctuates by the day, and watching it roller coaster can be dangerous, since the natural human reaction to a loss is to take whatever money is left and run.

It’s a Nobel Prize-winning theory called loss aversion, and it says that as much as people love making money, they hate losing it more—so much more that the threat of a larger loss in the future overpowers the possibility of big gains. Simply put, a downward market trend can lead investors to the emotional mistake of selling low and buying high.

If this sounds like something you would do, one way to check yourself is to use an investment account, like SoFi Invest®, where you have access to a human who can guide you, help you optimize, and even talk you down if necessary. And if you do have losses that throw you out of balance, the robo-advisor half of the program monitors investments and handles optimization for you—no emotion required.

Another big reason to leave your investments alone is the effect that compounded interest can have on your portfolio over time. Here’s how it works: Your money earns interest (or dividends, in the case of stocks) for a designated time period, and then that growth becomes part of your principal balance.

The next period, you earn interest on that new balance. The gains may be on the small side at first, but after 10 to 20 years, compounding can pay off. But if you get spooked by the market and move your portfolio to cash, that momentum either slows down or stops completely.

Do Some Investments Require More Monitoring?

If you choose to invest in an index or Exchange Traded Fund, your portfolio is set up to represent a cross-section of the market. Often, these funds are rebalanced and optimized automatically by the firms who create them.

If an individual company stock is your preference, checking it less frequently is even more important. And if it’s a headline-grabbing company that’s likely to be analyzed by pundits, one way to avoid emotional mistakes is to leave it be.

If you do notice a drop in an individual stock, take a look at the other stocks in the category—is it just your company that’s down? Or is every company down?

Instead of over monitoring, one way to ensure that your money is working hard for you is to determine your short term and long term financial goals. If you need to build an emergency fund, you’ll want investments that give you access without penalty. If retirement is the end game, you’ll want funds that can benefit you most in the long run.

Does Age Matter?

As a general rule of thumb, younger investors are often advised to go for a more aggressive portfolio for the potential of higher gains. Then, as they age and get closer to retirement, they’ll begin to move their money into moderate-risk funds, and then finally to conservative funds.

Not sure where you fall on that timeline? With SoFi Invest we can help guide you through picking the right portfolio mix based not only on your age, but your targeted goals. And if you’re not sure what those goals should be, check out our generational guide to smart investment strategies.

Regardless of the age you begin to invest, though, it’s important to have a diverse portfolio.

So, How Often Should You Review Your Portfolio?

Experts don’t agree on the specifics, but the general consensus is that less is more. For investors who are saving for retirement over decades, once or twice a year may be sufficient. Some advisors even recommend only checking when you need to make a change to your account.

If you’re a solo investor, your portfolio review should be to ensure that your investments are still on track and appropriate for your age and goals. As you age, your goals are likely to change, so a rebalance will help you stay current.

Let SoFi Do the Heavy Lifting

Unless you’re an investment junkie, DIY rebalancing can be complicated and fraught with risk. A great thing about using auto-investing or a financial planner is that your portfolio is automatically reviewed and rebalanced by professionals.

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.
SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . The umbrella term “SoFi Invest” refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
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