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Looking to save $5,000 in a year? Saving money is an important personal finance goal, but with increasing costs of living, it can be difficult to set aside a chunk of money at the end of each month.

It’s not impossible, however. Depending on your income and monthly expenses, you may be able to enact some changes in your lifestyle to build up your savings, whether it’s for an emergency fund, a vacation, the down payment on a house, or your wedding.

Read on to learn how to save $5,000 in a year, from selling your unwanted items to cutting your energy bill, plus the benefits of saving $5,000 a year.

Even if you can’t save that much, remember that any savings goal is admirable. You can pick and choose among these tips to come up with the right figure for your budget.

Is Saving $5,000 a Year Possible?

Saving $5,000 a year may sound daunting, but it is possible for some people. To save $5,000 a year, you’ll need to set aside just under $420 a month. That’s after paying for all your other necessary expenses, like food, transportation, housing, health care, and utilities.

If you earn a healthy salary and/or have low expenses, saving $5,000 in a year may only be a matter of reprioritizing your spending. In fact, you might even be able to save $10,000 in a year if you earn enough.

But if you’re living paycheck to paycheck, have a high cost of living, or considerable debt, you may want to set a lower goal for the first year and increase your goal over time.

Recommended: The Importance of Saving Money

Benefits of Saving $5,000 a Year

What are the advantages of saving $5,000 a year? Saving any amount of money can be beneficial, but $5,000 in your bank account can do a lot of good. Here are some of the benefits:

•   Cover emergencies. Almost 60% of Americans cannot cover a $1,000 emergency using savings. This means they may need to rely on a high-interest credit card or personal loan for things like a car repair and unexpected vet bills. With $5,000 in savings, your family could be prepared to tackle five $1,000 emergencies every year.

•   Fund your passions. With $5,000, you may be more willing to spend money on something you really want: a family vacation, gifts for family and friends, a continuing-ed class, or even a charitable donation. By saving money for a year, paying for things you love is more attainable.

•   Save for big purchases — or even retirement. f you’re hoping to buy a car or a house down the road, saving $5,000 a year could help get you there. Even more importantly, setting aside $5K a year means you can make strategic retirement contributions outside of your 401(k).

•   Earn interest. If you store your $5,000 in a high-yield savings account, you’ll earn additional money just for keeping your cash safe in an FDIC-insured account. It’s a good idea to shop around for a savings account with a high APY.

Note: If you have high-interest debt, it might be a good idea to pay that down before aiming for lofty savings goals. Having a base emergency fund is wise, but beyond that, the debt could be costing you more than you’re saving.

Recommended: Easy Ways to Save Money

How to Save $5,000 in a Year: 12 Helpful Tips

Wondering how to save $5K in a year? Here are 12 tips that could help you on your savings journey.

1. Knowing Your ‘Why’

Knowing what you are saving for could give you the motivation to keep stashing away cash. Whether it’s creating an emergency fund for your family or saving for a big vacation, keeping that long-term goal in mind might make it easier to resist the temptation to spend some of your savings or give up altogether.

2. Setting Your Goals

Hitting $5,000 a year can be daunting, but if you break it up into smaller, more attainable goals, you might realize that it’s not so bad. To save $5K a year, you’d need to hit $416.66 a month.

If you receive a paycheck every two weeks, that’s 26 paychecks a year. You’d need to set aside roughly $192.31 per paycheck, which sounds more manageable than $5,000.

If your pay is variable and you can predict when you might earn more (or if you have a dependable annual bonus that always hits at the same time), you can factor such irregularities into your money saving goals and plan accordingly.

3. Creating Your Budget

How to save $5,000 in a year can be helped along by a solid budget guiding your efforts. A monthly budget is a helpful tool for visualizing how much money you make (after taxes) and how you spend that money. If your goal is to save $420 a month, you can use the budget to look for ways to cut back expenses and make the savings possible.

How you create your budget is up to you. Some people swear by the 50/30/20 budget while others prefer the envelope budgeting method. Personal finance gurus may want to handle budgeting all on their own with spreadsheets or pen and paper while others might benefit from an app. Whatever method you choose, building flexibility into your budget can be helpful.

4. Tracking Your Spending

Budgets aren’t a set-it-and-forget-it resource. To stay within your budget, it’s important to monitor your purchases and spot spending habits that may be working against your savings goals. It’s OK to slip up — but learning from those mistakes can be the difference between living paycheck to paycheck and saving $5,000 a year (or more).

5. Reducing Entertainment Costs

One of the easiest costs to cut is entertainment because it’s not crucial to survival in the way that food and shelter are. This doesn’t mean you have to give up all entertainment spending; life would be very boring without it!

What it does mean is you can look for ways to reduce your entertainment spending, like:

•   Inviting friends over for a board game night instead of going to a bar

•   Saving money on streaming services and other subscriptions by canceling those you don’t use often

•   Learning to cook new recipes at home instead of ordering takeout

•   Taking advantage of group discounts on fun events like concerts or sports games.

6. Becoming Energy-Conscious

You can save money on your utility bills by adjusting your thermostat: Keeping it a little warmer in the summer and a little cooler in the winter can reduce electricity and natural gas usage. Taking shorter showers and running the laundry only when you have a full load are easy ways to shrink your electric and water bills.

The less you’re spending on utilities, the more you can afford to save. Every little bit helps.

7. Shopping Around for Better Deals

Buying in bulk is a great way to save on groceries and household supplies, and using coupons at the grocery store can make those savings even better. Beyond the grocery store, you can find other great deals to cut costs. For instance, you might be able to lower your car insurance premium by raising your deductible or simply switching to a different insurance provider. Bundling your car and homeowners or renters insurance can also deliver savings.

8. Getting a Side Hustle

Cutting costs can only go so far toward your savings goal if your biweekly paycheck just doesn’t have any wiggle room. If you have the time and energy, you can earn extra income with a side hustle.

You might be able to use your existing skills for a side hustle. Musicians can teach lessons online, coders could build websites for clients on the weekend, or you could even start a wedding photography business if you’re good with a camera.

But you don’t need special skills to start a side hustle. You might be able to land a side gig walking dogs, delivering food, or fulfilling online grocery orders.

9. Telling Friends and Family

Speaking with friends and family about your savings goals is important. Doing so can set the right expectations with them. If they know you’re serious about saving, they may be more likely to suggest staying in for a game night or skipping Christmas and birthday gift exchanges.

10. Selling Items That You No Longer Use

Online marketplaces like Amazon, eBay, Craigslist, and Facebook Marketplace make it easy to sell items you no longer want. Some items to consider offloading are clothing, jewelry, kitchenware, electronics and video games, and furniture.

Recommended: 37 Places to Sell Your Stuff

11. Opening a Separate Bank Account

Seeing the money you’ve saved in your online bank account every time you open your app may entice you to spend it. If you’re struggling with that temptation, it might be wise to open a separate savings account in which to store your savings each month.

Plus, if you find a bank account with a higher interest rate, you’ll grow your savings even faster. Typically, online banks offer better rates than traditional banks, since they don’t have the overhead of brick-and-mortar locations. They can then pass the savings on to their clients.

12. Rewarding Your Success and Milestones

Saving money can be hard work. If you’re sacrificing too much along the way, you might lose your motivation and give up altogether. It’s OK to celebrate your success and milestones with a special night out or a relatively big purchase on something you really want — every now and then. Everything in moderation, as the saying goes.

The Takeaway

With the right income and discipline, saving $5,000 in a year is possible. To be successful, it’s a good idea to define your goals, build a budget, cut unnecessary expenses, and even look for alternative sources of income. Having a high-interest bank account with automatic savings features can also be useful.

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

Is saving $5,000 a year good?

Saving $5,000 a year can be a good amount to have on reserve. With $5K in savings, you’ll be more prepared to tackle emergencies without needing to rely on a credit card or personal loan. Plus, by saving $5,000 a year, you can build a reserve of funds for financial goals, such as buying a house or to put toward your retirement.

Is $5,000 a lot to save in a year?

Saving $5,000 can be a lot, depending on your income. When setting an annual savings goal, it’s important to consider how much money you make, your current debt, and your monthly expenses. Remember, any money saved is an admirable thing.

What happens if I don’t reach saving $5,000 in a year?

If you don’t reach your $5K savings goal, don’t sweat it. You can always try again next year, and you’ll still have saved some money which is definitely better than nothing in the bank.

Does the envelope method help for saving $5,000 a year?

Some savers like using the envelope method (dividing their income up into envelopes labeled with their purpose) for their savings goals. There are several budgeting methods and resources available, such as the 50/30/20 method. Often, success is just a matter of finding the right method and resource for you.

Photo credit: iStock/Dmitriy Sidor

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 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.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

*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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q325-012

Maybe you are heading up the California coast to visit Yosemite, or perhaps there’s an out-of-town wedding coming up that you can’t miss. You may be wondering whether it makes more sense to drive to your destination or fly and which is kinder on your wallet. There are a variety of factors to consider, such as how quickly you need to get where you are going; how expensive airfare is vs. a rental car and hotel room; and more.
So before you start booking flights for a getaway or thinking about tuning up your car for a roadtrip, take a look at whether it’s cheaper to fly or drive. Here’s how to size up the cost.

Pros and Cons of Driving vs Flying

It can be easy to assume that the main benefit of flying is saving time and the main advantage of driving is saving money. However, it’s not quite so simple. In fact, the pros and cons of driving vs. flying depend on the type of trip you’re taking, your priorities, and your personal preferences. Here’s a look at some of the factors worth weighing.

Pros of Driving

As you’re thinking about driving vs. flying, there are plenty of good reasons to get behind the wheel rather than head to the airport.

•   When it comes to the “is driving cheaper than flying” question, the answer is often yes! It can be significantly cheaper to travel by car than by air, especially if you’re going with a large group of people. After all, six people flying to Vegas will each need their own ticket, but they can all pile into the same minivan.

•   Also, will you need a car when you get to your destination? If you’re going to, say, spend a week at a national park that’s a two-hour flight from home, it might be less costly to drive there. That way, you don’t need to rent a vehicle as well as buy plane tickets so the money you need to save in a travel fund could be a lower amount.

•   When considering the flying vs. driving conundrum, it’s worth noting that traveling by car can have other benefits beyond saving money. You can easily indulge in some sightseeing. Traveling by car offers flexibility so you can see the sights you want, whether that’s a quick detour through a national forest on your way across the country or planning a route that takes you from the Air and Space Museum in Washington, D.C., to the National Blues Museum in St. Louis, to the Buffalo Bill Museum in Colorado. You can have fun and create memories while saving money on family travel too.

•   Driving also means you can more easily access any type of food your heart desires, not just what’s available in the airport. Some people even plan their road trip routes to go through foodie cities — whether that means enchiladas and sopapillas in Santa Fe or pierogies in Pittsburgh — around dinner time to take advantage of local restaurants. (Of course, making smart choices about where to stop and what to order is one way to save money on a road trip.)

•   Driving is likely more comfortable than being constrained to an airplane seat. If you’re six foot six and aren’t interested in spending five hours with your knees touching your chin, you might be more inclined to ride out a trip in the car — where you can stop to stretch as often as you need.

•   If you’re traveling with a pet, such as a large dog, a car could be more comfortable for both of you as well.

One other benefit? Science shows us that the anticipation that builds in advance of a trip may lead to a happiness boost before the trip and could even help you enjoy the vacation more. That means that a long drive to get to your vacation destination might make the trip even sweeter when you finally do arrive.

Cons of Driving

Let’s be honest, though: When thinking about driving vs. flying, hitting the road has its downsides, too, however.

•   One of the more significant disadvantages, of course, is that you can’t just sit back and relax while you’re driving — you’re the one responsible for making sure the car gets there safely.

•   It also can take more work to plan a trip, as you have to choose what route you’ll take, where you’ll stay, and whether you’ll be hitting drive-throughs from California to New York or making reservations at noteworthy restaurants along your route. If you don’t do that prep work, you may end up piling into any motel you can find and grabbing food at any dingy rest stop. Nothing like driving for hours with greasy fast-food bags stinking up your car with stale french fry smell, right?

•   There’s also the consideration of the cost of gas and wear and tear to your car — though there are, of course, steps you can take to increase mileage and save money on gas. When you get on the road, you are risking a flat tire or worse, so it’s worth thinking about how you’d handle a roadside emergency. You also need to bring your A game and alertness for a long-haul trip.

•   And we can’t forget one of the main reasons many people choose to fly vs. drive: it takes a whole lot longer to drive than to fly. Think about cruising cross-country by car versus hopping a red-eye from Los Angeles to New York: One takes days, the other takes hours.

Pros of Flying

Booking a plane ticket is often the best option when deciding whether flying vs. driving is the best way to travel.

•   It’s faster — a whole lot faster! If you’re taking a business trip to attend a crucial half-day meeting in another city, your highest priority might be the speed of flying in and out. That time-saving advantage is one of the biggest pros when it comes to choosing to fly. A trip that could take days of driving might only take hours in the air.

•   Air travel can be more relaxing. You’re free to close your eyes and snooze away the hours until you arrive at your final destination. There’s no question of what route to take, where to stop, and when you’ll leave and arrive — the airline has that all figured out for you. You can take off from New York and wake up in L.A. ready to roll, without the exhaustion of a multi-day road trip holding you back.

•   Flying can be cheaper than driving. How, you ask? If your road trip involves an overnight stay at a hotel, it might tip the car travel into more expensive territory. Plus, you’ll save money on eating out. The driving vs. flying cost might wind up surprising you!

Cons of Flying

Of course, there are downsides to flying to consider.

•   You’ll pay a premium in exchange for a speedy arrival and the convenience of flying. It is often more expensive to fly than to drive — possibly a lot more expensive. And if you are traveling with your squad or family, that price differential will be magnified.

Sometimes, on short flights, the time differential between flying and driving isn’t that much. If you’re thinking of taking a 60-minute flight versus a five-hour drive, it might be a wash when you think about getting to the airport, going through security, waiting to board, retrieving your luggage…you might actually be better off driving in terms of time invested.

•   You might also have to sacrifice a little personal space and dignity when flying. Airplane seats can be a tight squeeze, and more and more people are packed onto flights. This means that you can pretty much count on being kind of uncomfortable while you engage in a silent but cutthroat battle with your seatmate over who gets to use the single armrest.

•   And if you’re a nervous flier, the anxiety of air travel might outweigh the benefit of getting to your destination sooner.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

Is It Cheaper to Fly or Drive?

For many people, the factor of whether it’s cheaper to fly or drive will determine how they travel. While you may be tempted to merely compare ticket prices to gas prices to decide which one is cheaper, don’t forget to take into account extra costs like eating out, luggage fees, and hotel rooms. These can wind up emptying out your checking account rather quickly! Let’s break this down for you in a bit more detail.

Calculating the Cost of Driving

Here are a few travel costs of driving to consider:

•   Gas

•   Hotel rooms

•   Eating out

•   Car maintenance

•   Possibility of having to rent a car if you don’t own one or yours isn’t available

•   Tolls

Hotel Rooms

There is of course a huge price spread in hotel rooms. If you are going to stay in a motel when driving, it will be much more affordable than pulling into a city and staying at a posh hotel where even parking your car can be a considerable expense.

Maybe, however, you could use points from your rewards credit card to book a room, or perhaps you are a frequent guest at a hotel chain and could bring the cost down. These are among the many ways to lower hotel costs.

Opportunity Cost of Time Spent Driving

Another thing to consider is what you lose if you spend more than, say, a day driving. Do you have to take unpaid time off from work? Do you need to hire childcare since your kids are in school while you’re away? Think through the implications before you opt for a long haul on the highway.

Calculating the Cost of Flying

Now, think about the costs associated with flying:

•   Ticket

•   Seating choice

•   Luggage fees

•   Eating out

•   Transportation to and from the airport

•   Airport parking

•   Car rental, if needed

Rental Cars

The cost and availability of a rental car can vary tremendously. If you are renting a car in a small suburb, it likely won’t cost as much as hopping into the driver’s seat over Memorial Day weekend at a major city’s airport. Your destination city, location of car pickup and dropoff, size and style of car, and timing will all matter.

You can scan what rental company or credit card rewards might lower the price if you need to rent a car after a flight.

Accessing Remote Areas

Another factor to consider is where you’re heading to. Not all locations are easily and affordably accessed by plane. For instance, if you are heading to a destination wedding in the Rockies over the summer, you may find that the direct flights that were plentiful and lower-priced during ski season have become sparse, booked-up, and pricier than you expected.

Or you might find that the closest airport is hours away from your destination, so you will be renting a car and driving anyway. That could tip the balance and lead you to decide to drive the whole way vs. flying.

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

A Rule of Thumb for Deciding Which Saves You More Money

As far as rules of thumb, some say for trips of around 600 miles or shorter, it’s wiser to drive.

For longer trips, the value of driving will decline as the distance increases, unless of course you want to experience the pleasures of a road trip and stop off at some other places en route.

Obviously, there are also such variables as whether you are traveling a common and readily available route, such as from New York, New York, to Orlando, Florida, or if you are covering ground between two Western US locations that have infrequent and expensive flights.

Luckily, in this day and age, you don’t need a map and a calculator to figure out which transportation method will be more cost-efficient. You can easily use an online calculator like this one from Travelmath or this
one from BeFrugal to get an idea of how travel costs may compare whether you are driving or flying. Technology is here to help you make the best choice for whatever trip you may be planning. Bon voyage!

SoFi: Better Banking at Home and on the Road

Technology isn’t just making travel-planning better; it’s improving banking too. And at SoFi we use it to bring you smart, seamless, and super-simple ways to manage your money.

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

Is driving cheaper than flying?

Driving typically costs less than flying, but if you wind up needing to pay for lodging en route, it might not be as good a deal. You can use online tools to compare driving and flying costs for different itineraries.

How much more expensive is flying than driving?

Flying is typically more expensive than driving, but it’s important to consider other factors. For instance, if you fly to your destination, will you then need to rent a car? How far are you traveling? Driving is typically more economical for shorter distances, while flying is often cheaper for longer trips. It can be helpful to use online tools to compare costs and find the best deal for the particular itinerary you have planned.

Is it more energy-efficient to fly or drive?

In recent years, studies have indicated that flying may be better than driving. However, the answer to this question depends on how many people are in your party. When multiple people share a road trip, the emissions per person are lowered. This, in turn, makes driving more environmentally friendly than taking to the skies. But if the choice is flying or driving cross-country solo, you’d be better off with the plane.

Should you drive 5 hours or fly?

If you drive five hours at 60 miles per hour, you will cover about 300 miles. That is considered a fairly short trip and so from a cost perspective, you may well be better off driving.

Is it better to drive 12 hours or fly?

If you drive 12 hours at 60 miles per hour, you will cover about 720 miles. That’s a significant distance, and it will deprive you of a day and a half of productive time, whether that means earning money or taking care of your family. Only you can assess which option makes more sense, based on cost, scheduling, and other factors.

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 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.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

*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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBNK-Q325-004

Single parents typically carry a lot of weight on their shoulders, paying for their child’s food, clothes, medical care, after-school programs, and more.
It can be challenging to make ends meet and avoid credit card debt. Saving for the future, including college, can be difficult.

Fortunately, there are smart strategies that help make it possible for single moms and dads and their kids to thrive. Establishing a basic budget, knowing how to handle taxes, and whittling down debt can all play a part in boosting your financial wealth.

Read on to learn some important financial moves for single parents.

9 Ways to Budget As a Single Parent

Setting up a simple budget can be a smart strategy for a single parent. It can help you take control of your cash and also make your money work harder for you. Here’s how to do it.

1. Crunching the Numbers and Creating a Single Parent Budget

A great way to get on a better financial path is to first figure out where you currently stand and come up with a monthly budget.

How to budget as a single mom or dad is similar to what anyone else would do. Get started by gathering your financial statements for the past several months, then using them to figure out your average monthly income (after taxes), including any child support or alimony you receive.

Next, you can tally up your fixed expenses (monthly bills) and variable expenses (clothing, food, entertainment) to see how much, on average, you are spending each month.

Ideally, you want your monthly inflow to be larger than the outflow — that way, you have money left over for savings and paying off debt. One helpful technique can be the 50/30/20 budget rule, which divides your income into three parts: 50% for needs, 30% for wants, and 20% for savings and paying off debt beyond the minimum amount due.

If your current income isn’t high enough to make that work, you can re-jigger the percentages and come up with a spending and saving plan that works for you.

2. Trimming Expenses in Your Single Mom Budget

Next, you need to figure out how to live on a budget.

If you find yourself breaking even or, worse, going backwards each month, you may want to look hard at your list of expenses and start searching for ways to save money.

A key single parent budgeting move is to hone in on your recurring bills to see if there are any ways to lower them. You may now be living on a single income, which can involve some lifestyle tweaks. You might be able to switch to a cheaper cell phone, for example. Or, maybe you can find a better deal on car insurance or ditch one of your streaming services.

You can also look for ways to cut everyday spending, such as breaking a morning coffee shop habit, cooking more often and getting less take-out, and using coupons (say, via RetailMeNot or Coupons.com) whenever you shop.

3. Opening an Interest-Bearing Account

Once you start freeing up some money each month, it can be a good idea to start siphoning it off into a high-yield savings account. This can help you create some financial security for your family, as well as help you reach short-term goals, like going on a vacation or putting a downpayment on a home.

Even if you can only afford to set aside $25 or $50 per month, it will begin to add up.

Some good places to stash cash you may need in the next two or three years include a high-yield savings account, an online savings account, or a checking and savings account. These accounts typically earn more interest than a standard savings account, yet allow you to have easy access to your money when you need it.

You may want to keep an eye out for fees, and shop around for financial institutions that won’t charge you monthly and other account fees (which can take a bite out of your hard-earned savings).

4. Prioritizing Emergency Savings

Expensive problems you can’t plan for often come up, like a car or home repair, taking a child to urgent care, or a sudden loss of income. Without a cushion, small money problems can quickly balloon into big ones if you are forced to run up high interest credit card debt to deal with them.

As you start building savings as part of your monthly single parent budget, it can be wise to prioritize emergency savings. Financial professionals often recommend having at least three- to six-months worth of living expenses stashed away in a separate savings account where you won’t be tempted to spend it. That way it’s there when you need it.

An emergency fund calculator can help you determine how much you should have on hand for a rainy day.

5. Paying Off Your Credit Cards

A debt elimination plan can make a significant change in your monthly cash flow. When creating a budget for a single mom or dad, it can be a good idea to leave room for credit card payments that are higher than the minimum.

You may want to start with the debt that has the highest interest first since borrowing from those creditors is costing you the most money. However, if you’re likely to get discouraged because it’s taking a long time to pay off that debt, you can start with the lowest balance debt. Getting some small debts paid off may motivate you to keep going.

Whatever debt you target, you can then pay more than the minimum payment on that debt while continuing to pay the minimum on others, with the goal to eliminate them one by one.

Another option: personal loans for single moms can help pay off the debt and substitute a lower-interest payment for what you were paying the credit card company. This might be an avenue to explore.

6. Planning for the Future

Once you’ve mastered your day-to-day finances, you may want to look toward your two big long-term financial security goals: retirement and your children’s college education.

If you can’t comfortably save for both at the same time, retirement may be the place to start. While your kids can likely get loans for college, there aren’t loans for retirement.

You may want to begin by contributing to any employer-sponsored 401(k) plan. If your employer is matching 401(k) contributions, it can be a good idea to chip in at least enough to get the match (otherwise you’re turning away free money!). Or you can set up an IRA; even $25 or $50 a month at first is a start.

When you’re in the habit of regularly contributing to a retirement savings account, you may want to turn your attention to saving for college: An ESA (education savings account) or 529 college savings fund can help you save towards college expenses while typically getting a tax break.

7. Automating Your Finances

As a single parent, you may be super busy, and end up paying bills late simply because you forgot. Automating your finances can simplify your budget (and your life) and help ensure you don’t get slapped with expensive fees or interest charges for being late with payments.

A good place to start is to set up autopay for all your recurring bills, either through your service providers or your bank. This way you don’t have to stay on top of due dates and remember to make every payment.

Automating can also be a great idea when it comes to saving. Often referred to as “paying yourself first,” you may want to set up an automatic transfer of money from your checking to your savings account on the same day each month, perhaps right after your paycheck gets deposited. This prevents you from spending those dollars or having to remember to transfer the funds to your savings at a later time.

8. Increasing Your Income

If your budget is super tight even after cutting expenses, then you may want to find ways to increase your income. This can help take a lot of the stress off budgeting as a single mom or dad.

There are many ways you can increase your income. For starters, if you’ve been at your job for a while and are performing well, you may want to consider asking for a raise. It can be helpful to research what the industry average pay is for your position with your experience to get an idea of how much you should ask for.

Another way to increase your income is to start a side hustle, like walking dogs, becoming a virtual assistant, taking on freelance work in your profession, selling your crafts, becoming a tutor, caring for other people’s kids, or offering music lessons.

9. Taking Advantage of Tax Breaks

Tax credits for single vs. married people can vary. When you’re budgeting as a single mom or dad, it can be smart to be aware of all the tax benefits you may be entitled to. A tax credit is directly subtracted from the amount you owe in taxes, while an exemption means that amount is deducted from your total income before your taxes are calculated.

Here are few tax benefits that may be worth investigating:

•   Filing as “Head of Household” instead of “Single.” If you meet the requirements, you may be able to get a higher standard deduction.

•   The child tax credit. Only the custodial parent can claim this. Even if you share equal custody of your child with your ex, the parent who has the child for more nights during the year (183 nights vs. 182 nights, for example) is able to claim the child tax credit. However, the custodial parent can use IRS Form 8332 to allow the other parent to claim the credit. In this case, you may want to consider alternating years.

•   The earned income tax credit. Single working parents with low to moderate incomes often qualify.

•   The child and dependent care credit. If you’ve been paying for childcare so that you can work (or look for work), you may be entitled to this. But only one parent can claim it each year.

The Takeaway

Budgeting as a single mom or dad can be challenging. With some simple financial planning, however, you can start to feel less stressed about money and get closer to both your short- and long-term goals.

Key steps for single moms and dads include taking a close look at your monthly cash flow, trimming expenses, paying off your credit cards, taking advantage of tax benefits for parents, and saving a little each month to create financial security. If you’re looking for a simple way to stay on top of your single parent budget, you may want to consider if you have the right banking partner.

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

How do single parents survive financially?

Single parents can survive financially by taking control of their money and budgeting, managing expenses, building up an emergency fund and savings, and minimizing debt. Budgeting for single moms and dads is important since you are likely the only income stream so every dollar counts.

How can a single parent afford everything?

To afford everything (meaning all the expenses related to raising a child), single parents can budget wisely, seek child support, bring in additional income with a side hustle, for example, and seek government assistance if needed.

How much should a single parent have in savings?

It’s important for single parents to have an emergency fund with a minimum of three to six months’ worth of living expenses set aside. This can help if there’s an unexpected medical or car repair bill or if you are laid off; since you don’t have another income in the family, this is a very important move. Beyond that, financial professionals recommend saving 20% of your salary if possible.

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SOBNK-Q325-003

If you’re working and want to continue school but aren’t sure how to fund it, your employer may offer assistance. This is called tuition reimbursement, and it’s how many companies help employees pay for continuing their education. Tuition reimbursement programs are growing in popularity as companies work to attract and retain employees.

What is tuition reimbursement? It’s when companies offer programs to help employees pay for a portion of their educational costs. These programs vary by company. Some may only cover course costs if your continuing education is related to your job. Others may require employees to remain with the company for a certain period of time after completing their degree.

If you’re wondering, how does tuition reimbursement work?, read on to learn about the process of tuition reimbursement and find out the requirements involved.

What Is Tuition Reimbursement?

Tuition reimbursement, or tuition assistance, is an arrangement where an employer pays for part or all of an employee’s continuing education whether an undergraduate degree or graduate school.

How does tuition reimbursement work? Your employment contract may lay out the terms of the tuition reimbursement, including how much of your tuition your company will cover, what courses qualify, any minimum GPA requirements, and the minimum time period you must be employed by the company.

Tuition reimbursement is often offered as an employee benefit on top of a salary package, along with other benefits like health insurance, a 401(k), or transportation expenses.

This is different from student loan repayment assistance, when your company provides some amount of money toward student loans you already have.

Not every company offers tuition reimbursement, but many large ones do provide reimbursement or financial support for continuing education. Some companies may stipulate that courses must relate to your current work.

Recommended: What Are College Tuition Payment Plans and How Do They Work?

Why Companies Offer Tuition Reimbursement

Tuition reimbursement is a perk that helps a company attract and retain employees, while also benefiting the company itself, since the courses you take may provide skills or knowledge you can put into practice at work.

Some companies are upping their educational benefits as a way to stay competitive. They may offer a range of benefits to their employees like programs for refinancing student loans and student loan contributions.

Not sure if your employer offers tuition reimbursement? Check with your HR representative to see what options are available.

Tuition Reimbursement Requirements

The specifics of each company’s tuition reimbursement policy are likely laid out in an employment contract, but it’s common for a company to offer a tuition reimbursement only in accordance with certain eligibility requirements.

You’ll probably have to sign up and pay for the courses yourself first, so you’ll want to budget appropriately. In most cases you’ll need to pay for your courses out of pocket and then provide proof of completion and your grades in order to be reimbursed.

Program requirements

Your employer may limit its reimbursement program to certain institutions. For example, they may provide a list of accredited institutions you can choose from. Or they require that you attend a four-year program.

Coursework Requirements

Your company may reimburse you only for classes pertaining to your current job description.

Other times, companies will approve courses focused on moving you into a management role or on gaining skills you can put toward other future roles or assignments. For example, if you work in project management for a large corporation and are interested in learning how to use data visualization, you might be able to take community college courses in data production and visual graphics.

After understanding what courses qualify for tuition reimbursement, you could then look over the other requirements. For example, there may be minimum GPA or attendance requirements.

Timeframe Requirements

Sometimes a company will also require you to continue working with them for a set amount of time, since they’ve invested in your education and don’t want you to take those new skills to a competitor.

Tuition Reimbursement and the FAFSA®

An employer’s tuition reimbursement program doesn’t preclude you from filling out the Free Application for Federal Student Aid (FAFSA®) application. In most scenarios, an employer is unlikely to cover 100% of tuition costs, and you may still qualify for aid in the form of federal loans and grants.

That said, you will be asked to note how much you are reimbursed for, which may have an effect on how much financial aid you’re offered.

Is Tuition Reimbursement Taxable?

While you should always consult with a licensed tax professional regarding the current tax law, and in no way should any of this information be considered tax advice, the IRS’ website currently states that employers can deduct the cost of tuition reimbursement (up to $5,250 per employee annually). It’s a business expense for them. The IRS website also states that the first $5,250 of tuition reimbursement isn’t considered taxable income for employees. However, anything above that counts as part of your taxable wages and salary. Again, talking to a tax professional is always recommended.

The IRS does have some requirements on tax-free educational assistance benefits — which are not necessarily the same requirements your employer has.

Typically, for the IRS to consider tuition assistance as tax-free, it should be used to pay for tuition, fees, textbooks, supplies, or equipment.

And typically, it can’t be used for meals, lodging, transportation, or any equipment you keep after the course. It’s also not applicable to sports, games, or hobbies — unless they’re a degree requirement or you can prove they’re related to your employer’s business.

Again, consult with an accountant or tax attorney to get the complete picture.

What Are Other Options to Lower Education Costs?

The average cost of attending a four-year public college as an in-state student during the 2022-23 school year was $10,950, and that price tag only goes up for private schools and out-of-state students.

Federal Student Aid

For those who do not qualify for employer offered tuition reimbursement, there are other options that could be worth considering. As mentioned above, students can fill out FAFSA annually. This allows them to apply for all types of federal student aid, including scholarships and grants, work-study, and federal student loans.

Private Student Loans

Beyond that, some individuals may consider private student loans.

While one of the basics of student loans is that they offer students the opportunity to finance their education, private student loans don’t have the same borrower protections, like income-driven repayment plans, that are afforded to federal student loans. For this reason, they are most often considered only after all other options.

Recommended: Private Student Loans Guide

Refinancing Existing Student Loans

If you already have student loans, when it comes time to repay, you could consider refinancing to a lower interest rate, if you qualify. One of the advantages of refinancing student loans is that it could help you reduce the amount of money paid in interest over the total life of the loan; refinancing at a lower monthly payment could help with budgeting in the short term. However, lowering monthly payments is frequently the result of extending the loan term, which will result in increased cost over the life of the loan.

It’s important to know that federal student loans come with benefits such as income-driven repayment plans and deferment or forbearance options. Refinancing federal loans makes them ineligible for these programs and protections.

The Takeaway

Employers who offer tuition reimbursement programs will typically cover a portion of tuition costs if the employee meets specific program eligibility requirements. These requirements vary by company, but may include things like maintaining a minimum GPA, doing certain coursework, and stipulations around the length of employment.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

Learn more about refinancing your student loans with SoFi.

FAQ

What does college tuition reimbursement mean?

With college tuition reimbursement, an employer pays for all or some of an employee’s continuing education. The employer typically has specific terms and conditions, such as the amount of tuition the company will cover, what courses qualify, minimum GPA requirements, and the amount of time you must be employed by the company in order to qualify.

Is tuition reimbursement a good idea?

For employees, tuition reimbursement is an employee benefit and is generally a good thing. It provides employees with financial assistance to attend school, which can save them a significant amount of money. It also allows them the opportunity to gain skills to help advance in their career. In return, the employee typically must remain with the company for a certain amount of time and meet certain other specific eligibility criteria, depending on the company.

Do I have to pay back tuition reimbursement?

As long as you meet the terms and conditions of the tuition reimbursement agreement, you should not have to pay back tuition reimbursement. However, if you leave the company voluntarily before the specified timeframe, you may be required to repay the money. Read the terms of the agreement carefully beforehand.

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Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

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