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Sure, there are lots of ways to get rid of your unwanted but still usable stuff. You could sell it online, haul it to a consignment shop…or maybe you’d just rather hold a garage or stoop sale and let people pay on the spot and walk away with their purchases.

No shipping, no schlepping, just a good old-fashioned transaction. You pick what you want to sell, you spruce it up, price it, publicize it, and then set up for your sale and staff it.

Whether you call it a “garage sale,” “yard sale,” “tag sale,” or “stoop sale,” you can boost the odds of success at an outdoor sale by following these tips and tactics.

1. Planning Your Garage Sale In Advance

Is it possible to pull together everything you need in a couple of days and hold a decent garage sale? Maybe. But your chances of success are likely to improve substantially if you put in some time planning your event.

Here are some things to consider ahead of time:

Knowing Your Goals

You’re probably hoping to make some quick cash while also clearing out some clutter. But knowing your top priority could help as you choose which items in your home you’re willing to part with and how you’ll price those goods.

Researching the Rules

Before you organize a sale, it’s a wise idea to check out how they’re handled in your community.

Some cities and counties require residents who want to hold a garage sale to obtain a permit online or in person. There may or may not be a fee involved, but, either way, you could face a fine if a permit is required and you fail to get one.

There also may be limits on how early the sale can start, how late it can go, how many days it can last, the number of signs you can post, as well as the type of merchandise you can sell.

If you belong to a homeowners association (HOA), you might have to seek permission there as well. Some HOAs may allow only one or two neighborhood-wide sales a year (especially if you live in a community with a gate that would have to remain open all day).

2. Setting Your Garage Sale Date

Once you know you’re able to have a sale, you can set a date and get the necessary permits.

Even if your schedule is pretty flexible, you may want to keep a few things in mind when you’re looking at your calendar:

•   Consider choosing a day that falls just after a common payday (the first or the 15th of the month).

•   You may want to avoid holding a sale on a holiday weekend, when many people will be away or have other plans.

•   The most popular sale days are Fridays, Saturdays, and Sundays because most people are off from work. Keep in mind, though, that many families have activities or church on those days, so you may want to start early and end in the late afternoon to attract the most shoppers. Or you could choose a weekday to avoid the weekend competition.

•   You may want to hold a two-day sale and use the second day as an “everything must go” event.

•   Mother Nature might not cooperate no matter when you hold your sale. Still, you can improve your chances of having better weather if you consider the season (not too hot, not too cold, not too rainy, not too windy) in your planning.

Recommended: Ways to Make Money From Home

3. Stockpiling Garage Sale Items

A good strategy is to move through each room of your house (the attic, basement, garage, and sheds, too), and start boxing up items you might want to sell. You might make a list of larger items you don’t want to move until you’re closer to the actual sale date, such as old furniture, artwork, or exercise equipment.

Kids who are reluctant to part with old toys, bikes, or sports equipment might be more willing if you offer to cut them in on the action. Consider negotiating a percentage of the profits, or offering to replace all the gently used toys they sell with one new one.

If you aren’t sure you have enough to grab shoppers’ interest on your own, you can ask friends and neighbors if they want to join in, or offer to sell their items on consignment.

4. Going All-In With Publicity

It’s probably not the best idea to count on word of mouth to bring bargain hunters to your door. Consider advertising your garage sale at least a week in advance — and tempting shoppers with a list of desirable items.

Some places to consider publicizing your sale:

Newspapers

You may want to list your garage sale in your local newspaper. You could see if the paper charges a reasonable rate (and get a digital ad while you’re at it). For a print ad, consider keeping the wording tight — you’ll likely pay more if you go over a pre-set maximum word count.

Online

You can typically advertise your sale for free on a growing number of websites, such as Facebook Marketplace , Garage Sale Finder, or Yard Sale Search. Many of these sites allow you to post a photo or photos with your ad, so it can help to have that ready, along with the wording you want to use.

Community Bulletin Boards

Some grocery stores, gyms, community centers, and schools have bulletin boards where you can post a flyer. Consider making yours stand out with bold lettering; be sure to include the sale date, hours, and address.

Signs for the Neighborhood

If signs are allowed in your area, consider putting out at least five or six on the day before the sale. Make them easy to read from the road, with the address in bold print and an arrow pointing the way.

Also consider tying balloons and a big sign to your mailbox on sale day to make your home more visible.


💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

5. Preparing What You’ll Need for the Sale

A week before the sale, it’s a good idea to start considering, and gathering, everything you’ll need. This may include:

Sale Day Supplies

You’ll want to make sure you have as many folding tables as you’ll need to properly display your sale items, and enough chairs so you and your “staff” can sit comfortably. (It could be a long day.)

A Payment Station

Consider setting up a main payment station that’s easy for shoppers to get to when they’re ready to buy. You could make or buy a box to hold the money you collect and for change. (It’s wise to start out with plenty of ones, fives, and quarters in case early shoppers show up with bigger bills.)

Or you can wear a vendor apron with pockets for the money. You also may want to give family, friends, and neighbors you know the option of using a payment app to make their purchases.

Keeping some old boxes and plastic grocery store bags near the checkout table can be useful for customers who have a lot to carry home.

6. Setting Your Prices

One option is to set up a color-coded sticker system, with items grouped by cost. If you go that route, keep in mind that you’ll want to let those who are assisting at the sale know the code, as well as put up a sign for customers.

A simpler option is to just tag most of the items individually with a roll of painter’s tape (which is typically easier to remove than masking tape). Larger signs can point out bundled prices, such as “5 CDs for $2” or “3 paperbacks for $1.”

Remember your main goal when setting prices — if you want to get rid of everything, you may want to keep prices reasonably low.

To avoid cheating yourself, however, you might do some research ahead of time so you can get the best price for special items (such as antiques, collectibles, or anything that might be in high demand with garage sale regulars).

If possible, it’s wise to keep sentimentality from getting in the way of a solid sale.

Also, if several people will be working the sale, you may want to set ground rules for how low prices on certain items should go — and on haggling in general.

If someone offers a low price at the start of the day, and you think you can do better, you may want to exchange contact info, and agree to connect again later when the sale is over.


💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

7. Making Your Garage Sale Appealing to Shoppers

You’ll likely want to give some thought to the presentation of your items. Organization can make the day go better for you and your customers. And a little extra effort could make a difference in how much you can get for your goods. Some ideas:

Cleaning Old Items

You can start washing, dusting, and polishing things as soon as you decide they’ll be included in your sale. This might include inflating balls and bicycle tires, putting light bulbs in lamps, and trying to have batteries and a power source available for customers who want to test an item before purchasing. (If something doesn’t work, it’s a good idea to mark it clearly.)

Arranging Things in a Way that Makes Sense

Consider making it as easy as possible for customers to find things using signs and a system. For example, books, CDs, DVDs, and videogames could be grouped together. Toys, board games, and puzzles might be another section.

You might place the biggest sale items out in front of the yard, if you can — both to attract attention, and so customers can get them to their cars without disturbing others.

If possible, hang clothing on a garment rack near hats, shoes, and purses, and set up a mirror close by.

If your sale goes well, you may have to rearrange your display several times during the day.

8. Being a Good Host

One way to keep garage sale shoppers from walking away without really looking is to make it fun to stick around. Consider playing some energetic music and greeting customers as they arrive. You might also sell water, lemonade, and maybe even baked goods. (It can be nice to have snacks and beverages ready for helpers, too.)

You might also want to have some bottles of hand sanitizer available for customers to use.

If you know your neighbors, they may pop by for a chat. While you may want to be polite and chat, it’s important to remind them that you need to pay attention to your customers — and the money box.

9. Remembering Sale Day Safety

Early birds sometimes show up long before a garage sale is scheduled to start. The more you have ready ahead of time, the more you’ll be able to stay focused on keeping everything and everyone (people, pets, breakables, and the money you make) safe.

Here are some security tips:

Locking Your Doors

It’s wise to keep the doors to your home and your car locked, and to avoid letting strangers use your bathroom.

Getting a Sitter

A sitter can keep an eye on young children and pets so you don’t have to.

Stashing Excess Cash

As profits start to pile up, it’s a good idea to have a method for how you’ll transfer excess cash to a safe spot in your home. It’s also wise to avoid talking about how much you’ve made.

10. Having a Plan for Unsold Items

When your sale ends, you’ll likely have at least a few unsold items to deal with.

If your primary goal was to clear the clutter, you may want to donate those leftovers to Goodwill, the Salvation Army, or some other nonprofit group that takes used goods. (If you itemize deductions, you may be able to include your donation on your tax return. Just be sure to keep a list of everything you gave and an estimate of the value.)

If the charitable organization you choose offers a pickup service, you may want to schedule the truck for the first available day after your sale. If not, you can arrange to drop off your items as soon as possible. (It’s a good idea to understand beforehand what the charity will and won’t accept.)

If you want to try to squeeze a little more money out of what’s left over — or there are some high-ticket items you aren’t willing to give away — you might post them on an online marketplace like OfferUp, Facebook Marketplace, VarageSale, or Poshmark.

Consider taking the time to include a photo with anything you list online. At the very least, it could save you from having to answer a lot of questions about your item.

11. Making the Most of Your Garage Sale Profits

One of the perks of holding a garage sale vs. a virtual sale is that you’ll be holding your profits in your hands (mostly in cash) when you’re finished. That also could be a problem, though, because it might be tempting to spend it. (And maybe even buy more stuff!)

Instead, consider what you’d like to do with your profits seven before you make your first sale. This may also help keep you motivated while you’re putting in the work to plan and host your sale. If you don’t have something specific you’re saving for, you might put the money you earn towards an emergency fund.

The Takeaway

Hosting a garage sale can be a great way to clear the clutter in your home and sell a large number of unwanted items all in one fell swoop.

A successful sale, however, requires some upfront work, as well a day (or two) or working the sale.

The process typically requires gathering and preparing your items, getting a permit, picking up sale supplies, advertising your event, and then setting everything up in an organized and appealing way early on the day of the sale.

While a profitable garage sale takes some time and effort to pull off, the rewards can be well worth it: You’ll not only free up space in your home but also earn some extra income you put towards your current savings goal.

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

What Sells Best at a Garage Sale?

Items that typically sell well at garage sales include small appliances, tools, children’s toys, books, and seasonal decor. Clean, functional items in good condition generally attract more buyers. Electronics (especially if they work), as well as gently used kids’ and adult clothing, are also popular at garage sales. Pricing items reasonably and clearly labeling them helps boost sales.

What is the 50/30/10 Rule for Selling?

The 50/30/10 rule for garage sales suggests pricing almost-new items at 50% of retail price, slightly used items at around 30% of their retail cost, and well-used items at 10% of retail. This strategy helps move items quickly.

How Do You Succeed in a Garage Sale?

To succeed in a garage sale, you’ll want to organize items neatly and clearly label prices. Other tips for having a successful garage sale include: advertising locally and online (to attract more buyers), starting early and ending late (to maximize foot traffic), being friendly and willing to negotiate, offering bundles for multiple items, and having change ready as soon as you open.

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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.
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SOBNK-Q225-046

Renters insurance protects your possessions if they’re stolen or damaged while you’re renting. In addition to burglaries and vandalism, renters insurance protects you against unfortunate events, such as electrical surges, floods, and fires.

While many tenants assume they have ample coverage under their landlord’s property insurance, this is actually not typically true. Without renters insurance, you could take a major financial hit in the event of a burglary or fire by having to pay out of pocket for everything you own that is lost or ruined.

Renters insurance also offers other financial protections, such as covering personal injuries to others and temporary accommodation if you ever need to move out due to home damage.

Whether you rent an apartment, condo, or house, here’s what you need to know about renters insurance.

What Is Renters Insurance?

Renters insurance provides a number of protections, which typically include:

Personal Possessions

Renters insurance protects against losses to your personal property (think furniture, clothing, luggage, jewelry, electronics), or items that aren’t built into the property unit.

Even if you don’t own much, it may add up to more than you realize. Losing all or many of your personal belongings could threaten your financial security.

Liability

In the event that someone other than you is injured on your rental property, renters insurance can cover expenses related to personal injuries, such as medical bills and legal expenses should that person sue you.

Most policies provide at least $100,000 of liability coverage. You can purchase higher coverage limits for a fee.

Temporary Living Expense

If your home becomes uninhabitable as a result of one of the covered perils, your renters insurance policy may reimburse you for the cost of temporary housing while you’re unable to reside in the rental property.

Your Belongings When You Travel

Personal belongings and stolen cash are not only covered when you’re at home, but also when you are away from home. Your possessions are typically covered from loss due to theft and other covered losses wherever you may travel.

What Catastrophes Does Renters Insurance Cover?

Renters policies protect against a long list of unfortunate events. While each policy’s level of coverage will vary, a standard rental policy may cover losses to property from perils including:

•   Fire

•   Smoke

•   Theft

•   Vandalism or malicious mischief

•   Lightning

•   Windstorms

•   Explosions

•   Water from internal sources (such as water leaks)

•   Windstorm or hail

•   Falling objects

Typically, renters insurance doesn’t cover damage caused by earthquakes or floods from external sources. You may need to purchase a separate policy or rider to get coverage for these events. A separate rider might also be necessary to cover wind damage in areas that are prone to hurricanes.

Recommended: What Does Flood Insurance Cover?

Rental policies also do not typically cover losses due to your own negligence or intentional acts.

Why Is Renters Insurance Important?

One of the main benefits of renting versus owning is that there is less responsibility involved. If there is a leak in the kitchen or a noisy neighbor causing problems, in theory, the landlord should handle those issues.

When renting, it’s easy to fall under the impression that your landlord will handle everything that goes wrong. Unfortunately, that isn’t always the case. Your landlord’s property insurance policy covers losses to the building itself, whether it’s an apartment, a house, or a duplex.

Renters insurance provides financial protection for many of the things that landlords aren’t insured for, or would likely be willing to cover out of their own pocket.

Is Renters Insurance Mandatory?

In some cases, yes. While renters insurance isn’t a requirement by law, landlords are legally allowed to require it in their rental agreements. Basically, if a landlord says a tenant needs it, they have to get it. If the landlord doesn’t require it in the lease agreement, the choice is up to the renter.

If a landlord requires renters insurance, it’s probably because they are looking after their own best interests. If a tenant has renters insurance, the landlord will be less likely to get hit with a lawsuit regarding injury or theft.

Even in cases where a landlord doesn’t require renters insurance, they may still favor applicants who have it over those who don’t. So if you’re looking to rent a home in a competitive area, having renters insurance may help you stand out amongst a sea of applicants.

Renters Insurance Policy Options

Exactly what renters insurance covers depends on the policy type. There are two main types of renters insurance policies that renters will likely come across:

•   Actual cash value: This type of policy pays to replace possessions minus an amount for depreciation up to the limit of the policy. In other words, they reduce the value of the possession based on its age and use.

•   Replacement cost: This policy pays for the actual cost of replacing the possessions, and doesn’t deduct for depreciation, up to the limit of the policy. Generally, a replacement cost policy costs around 10% to 20% more than an actual cash value coverage policy, but this higher cost may be worthwhile.

How Much Does Renters Insurance Cost?

The price will depend on what type of policy you choose, how much coverage you need, and what state you live in. The average cost of renters insurance in the U.S. is $148 per year, or roughly $12 per month.

To determine how much coverage is necessary, it helps to know the value of all your personal possessions.

Let’s say the worst happens and the rental property burns down to the ground. How much would all of the furniture, electronics, art, jewelry, clothing, appliances, and everyday items like towels cost to replace? Ideally, the policy will be enough to replace all possessions.

Creating a home inventory of all of your personal possessions and their estimated value can help determine this number. Keeping this inventory up-to-date can make it easier and faster to file an insurance claim down the road.

Recommended: Cheapest Renters Insurance: Find Affordable Coverage

How to Buy Renters Insurance

If you decide you want to purchase renters insurance, here are some ways to get started.

Comparison Shopping

Renters insurance policy prices can vary greatly depending on the provider, so it can be worthwhile to shop around. It’s a good idea to get at least three price quotes, but the more the merrier.

You can call the company directly or submit an online form if available to get a quote, and then compare the different offers to see which one provides the best coverage for the best price.

Recommended: How Much is Renters Insurance?

Varying the Search

You may want to get quotes from different types of insurance companies, including those that sell policies through their own agents, and those that sell directly to the consumer without using agents.

You can also consult independent agents who offer policies from multiple insurance companies.

Looking Past Price

While getting the best deal possible sounds great, price shouldn’t be a renter’s only concern. An insurance provider’s customer service, claim process, and customer reviews are all important factors to take into account.

Asking for Referrals

Alongside looking at customer reviews, you may also want to ask friends or relatives for their recommendations. This is especially helpful if they have dealt with processing a renters insurance claim before.

The Takeaway

Renters insurance can provide coverage for your personal belongings, whether they are in your home, your car, or with you on vacation. In addition, renters insurance can provide liability coverage in case someone is injured in your home or if you accidentally cause injury to someone.

To determine if buying renters insurance is worth it for you, you may want to consider whether it would be financially devastating for you to have to replace all, or even some, of your personal possessions if they were stolen or damaged. If the answer is yes, then a renters insurance policy may be a wise investment.

Keep in mind that even if you buy renters insurance, it’s important to have a back-up fund that can cover your deductible and any costs your policy doesn’t cover. In fact, financial advisors generally recommend keeping at least three to six months’ worth of living expenses in a separate savings account earmarked for emergencies (even if you have renters insurance). It’s a good idea to keep these funds in an account that pays a competitive rate but still allows easy access to your money, such as a high-yield savings account or money market account.

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

FAQ

What Is a Good Amount of Coverage for Renters Insurance?

A good amount of coverage for renters insurance will cover the value of all your personal belongings. Consider the cost to replace all your items, including electronics, furniture, and clothing. It’s also wise to include liability coverage, at least $100,000, to protect you from financial losses if someone gets hurt on your rental property and decides to take legal action.

What is the Rule of Thumb for Renters Insurance?

The rule of thumb for renters insurance is to cover the full replacement cost of your belongings. Estimate the value of your personal items at today’s prices and aim for a policy that covers at least that amount. Additionally, you’ll want to opt for liability coverage of at least $100,000 to protect against potential lawsuits should someone get injured in your rented space.

What Are the Three Major Parts of a Renters Insurance Policy?

The three major parts of a renters insurance policy are: 1) Personal property coverage, which reimburses you for lost or damaged belongings; 2) Liability coverage, which protects you from legal claims if someone is injured in your rental; and 3) Loss of use coverage, which provides financial support if you need to temporarily relocate due to a covered event.

About the author

Jacqueline DeMarco

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

SOBNK-Q225-052

Coupons have been around for a while and for good reason: They can help you save significant cash on groceries, household items, clothing, and many other products. These days, you can find coupons in the newspaper, inside stores, online, and via retailer and coupon apps. Staying organized and regularly checking these sources can help ensure a steady supply of coupons, and enable consistent savings on purchases.

If you’re ready to save some dough, here are simple tips on finding, using, and maximizing your money with coupons.

Where to Find Coupons

A great way to begin couponing is to scan your kitchen pantry and bathroom cabinet and make a list of the products and brands that you purchase regularly. You can then start looking specifically for coupons for as many of those items as you can. Here are some key places to look.

Newspapers

Even in today’s digital world, it’s still worthwhile to go old-school and check out the Sunday newspaper coupon inserts.

What makes Sunday newspapers such a rich source of savings is the fact that they offer a wide variety of different types of coupons, including store coupons (which are issued by the store and can only be used at that particular retailer) and manufacturers’ coupons (which are issued by the company that makes the product, and can be used at any retailer that carries the product and accepts coupons).

If this week’s paper has a lot of good coupons, consider buying extra copies. Dollar stores often sell papers at a discount and can be a good place to stock up. But even if you have to pay full price, it could still be worth it.

Also keep in mind that some towns and cities publish free local newspapers that carry coupon inserts. Often, these publications get delivered or mailed right to your home.

Magazines

Magazines are still around, and can be a great source of coupons, particularly manufacturer coupons. You may want to flip through some of the magazines stocked at the checkout aisle next time you’re waiting in line at the supermarket.

Some women’s magazines even put together an index of all the coupons that each issue includes.

To up the odds of finding coupons for products you enjoy, consider browsing magazines that reflect your lifestyle.

Based on what you find, you might decide that getting a subscription (which is usually low cost, and a better deal than buying single issues) could be worthwhile.

Websites

If clipping isn’t your cup of tea, you can print coupons from websites that aggregate coupons, such as coupons.com , retailmenot , and valpak. These sites make it easy to search for and find deals.

Another online resource is P&G Everyday . This site offers printable coupons exclusively for Procter & Gamble brands (e.g., Crest, Pampers, Tide). You will need to create an account before you can print coupons.

You may also want to look at the list of items you typically stock in your home and head to the manufacturers’ websites.

Many companies have coupons you can print from their site. Some also reward you with coupons if you sign up for their e-newsletter.

Store sites are also worth checking out. Many grocery and drug store websites offer both manufacturer and store-specific coupons.

You may even be able to download these coupons directly to your store loyalty card, and redeem them simply by presenting your store card at checkout or possibly when ordering online.

Some department store sites also offer printable coupons and savings passes you can use that same day in store, and you may also be able to sign up to have coupons emailed to you directly.

Inside Stores

Many grocery stores, drug stores and supercenters provide coupons in circulars and flyers available inside the store. These can be a great place to find coupons that you’ll actually use.

You can also often find printable coupons in kiosks situated inside stores, often near the entrance. In some cases, after you’ve paid for your items, you may receive coupons (printed separately or at the bottom of your receipt) for items that you purchased that you can use for a future visit.

Recommended: Savings Calculator

Coupon Apps

Some stores, such as Target, have their own app that you can download to your phone and then show at checkout for discounts on items you are buying that day. These offers can often be combined with manufacturer and store coupons to create really good deals.

There are also cashback apps, such as Ibotta and Checkout51, which allow you to earn cash back on many of the products you buy. All you have to do is link your loyalty card to the app or snap a picture of your receipts. Once you earn a certain amount (such as $20), you can redeem your cash back.

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

Keeping Coupons Organized

Coupons aren’t worth anything if you don’t have them on you or you can’t find them when you need them.

If you use paper coupons, a good first step is to find a way to contain the chaos, such as using zip-lock bags, a binder, a coupon wallet, a recipe box, or any other storage container. The idea is to have a single landing spot for all coupons. If possible, it’s wise to file them away as you get them, so you don’t have a big mess to deal with all at once.

You may also want to come up with a filing system, such as grouping coupons by grocery category (e..g, dairy, produce, frozen foods), aisle, or expiration date.

It’s also a good idea to go through and edit your collection periodically. Stores typically don’t take expired coupons, so it’s best not to let them eat up space in your filing system. Consider setting a certain day each week or month to go through and purge.

If you use coupons via an app or other electronic means, it’s wise to have the app downloaded and open when you are ready to shop to make the experience as smooth as possible.

Recommended: How to Make Money From Home

Maximizing Your Coupon Savings

Shaving off just a little here and a little there can be nice, but may not make a major change in your spending habits. The real savings that comes with couponing is when you combine coupons with other coupons, as well as other sales offers.

Here are some tricks:

Matching Coupons to Sales

In order to really save money with coupons, you ideally only want to use them on sale items that you typically buy won’t blow your budget.

You can hold onto a coupon until the item goes on sale, or if you see that a store is having a sale on something you buy regularly, you can then check the store circular, manufacturer’s websites, or your app to see if you can find a manufacturer’s coupon for it.


💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Stacking Coupons

This means using more than one coupon for the same item. For example, you can significantly increase your savings by combining a manufacturer coupon with a store coupon for the same item. You might be able to then amp up savings even more by using a cashback app.

Keep in mind that not all stores allow coupon stacking. You may want to review each store’s coupon policy to see where you can employ this trick.

Using Competitor’s Coupons

Lots of stores accept competitor coupons. It’s a good idea to find out which ones in your area do, and then work those coupons and sales to your advantage. When in doubt, it never hurts to ask.

The Takeaway

Using coupons can be a great way to save money on the products you love, and help keep your everyday spending in line with your budget. You can often find useful coupons in Sunday newspaper circulars, coupon websites, retailer apps, as well as store and manufacturers’ websites. Coupon apps can also help you find coupons for your favorite products quickly.

To really rack up savings with couponing, it pays to go beyond just using a coupon here and there. Consider combining a manufacturer’s coupon with a store coupon, a sale, and a cashback or coupon app.

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 Beginners Start Couponing?

It’s relatively easy to start couponing. The first step is to gather coupons from Sunday newspaper inserts, store flyers, and online sources like retail and couponing sites. It’s also a good idea to download store apps, where you can often find digital coupons.

Next, choose a few stores with good coupon policies and start small by matching coupons to sale items. As you get more comfortable, you can expand your sources and strategies. You might even consider joining a couponing community for more tips and support.

What Is the Trick to Extreme Couponing?

Extreme couponing involves maximizing savings through planning and resourcefulness. The key is to combine multiple coupons with sales, rebates, and store promotions — a practice known as “stacking” — to maximize discounts. Extreme couponers also tend to stockpile essentials when they are at their lowest prices. Being flexible and patient is crucial, as the best deals generally don’t come every week.

How Do Couponers Get So Many Coupons?

Couponers accumulate a large number of coupons through various sources. They often subscribe to Sunday newspapers for inserts, sign up for store loyalty programs, and follow brands on social media for exclusive offers. Many also join couponing websites and apps that provide printable and digital coupons. In addition, some couponers participate in coupon swaps and trade with others to diversify their collection. Consistency and dedication are key to building a substantial coupon stash.

About the author

Kylie Ora Lobell

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

SOBNK-Q225-045

Conventional loans are the most popular kind of mortgage, but a government-backed mortgage like an FHA loan is easier to qualify for and may have a lower interest rate. FHA home loans have attractive qualities, but borrowers should know that mortgage insurance usually tags along for the life of the loan.

As of March 2023, new FHA borrowers pay less for insurance. The Biden-Harris Administration announced it was reducing premiums by .30 percentage points, lowering annual homeowner costs by $800 on average. The cuts were intended to help offset rising interest rates.

What Is an FHA Loan?

The Federal Housing Administration has been insuring mortgages originated by approved private lenders for single-family and multifamily properties, as well as residential care facilities, since 1934.

The FHA backs a variety of loans that cater to the specific needs of a borrower, such as FHA reverse mortgages for people 62 and older, and FHA Energy Efficient Mortgages for those looking to finance home improvements that will increase energy efficiency (and therefore lower housing costs).

But FHA loans are most popular among first-time homebuyers, in large part because of the relaxed credit requirements.

Recommended: Tips to Qualify for a Mortgage

FHA Loan Requirements

If you’re interested in an FHA home loan to buy a single-family home or an owner-occupied property with up to four units, here are the details on qualifying.

FHA Loan Credit Scores and Down Payments

Borrowers with FICO® credit scores of 580 or more may qualify for a down payment of 3.5% of the sales price or the appraised value, whichever is less.

Those with a poor credit score range of 500 to 579 are required to put 10% down.

The FHA allows your entire down payment to be a gift, from a family member, close friend, employer or labor union, charity, or government homebuyer program. The money will need to be documented with a mortgage gift letter.

FHA Loan DTI

Besides your credit score, lenders will look at your debt-to-income ratio, or monthly debt payments compared with your monthly gross income.

FHA loans allow a DTI ratio of up to 50% in some cases, vs. a typical 43% maximum for a conventional loan.

FHA Mortgage Insurance

FHA loans require an upfront mortgage insurance premium (MIP) of 1.75% of the base loan amount, which can be rolled into the loan. As of 2025, monthly MIP for new homebuyers is 0.15% to 0.75%.

For a $300,000 mortgage balance, that’s upfront MIP of $5,250 and monthly MIP of $137.50 at a 0.55% rate.

That reality can be painful, but MIP becomes less expensive each year as the loan balance is paid off.

There’s no getting around mortgage insurance with an FHA home loan, no matter the down payment. And it’s usually only shed by refinancing to a conventional loan or selling the house.

FHA Loan Limits

In 2026, FHA loan limits in most of the country are as follows:

•   Single unit: $541,288

•   Duplex: $693,063

•   Three-unit property: $837,720

•   Four-unit property: $1,041,138

The range in high-cost areas is $1,249,125 (for single unit) to $2,402,625 (four-unit property); for Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the range is $1,873,688 (for single unit) to $3,603,938 (for four-unit property).

FHA Interest Rates

FHA loans usually have lower rates than comparable conventional loans.

The annual percentage rate (APR) — the annual cost of a loan to a borrower, including fees — may look higher on paper than the APR for a conventional loan because FHA rate estimates include MIP, whereas conventional rate estimates assume 20% down and no private mortgage insurance.

The APR will be similar, though, for an FHA loan with 3.5% down and a 3% down conventional loan.

FHA Income Requirements

There are none. High and low earners may apply for an FHA loan, but they must have at least two established credit accounts.

Recommended: How to Afford a Down Payment on Your First Home

Types of FHA Home Loans

Purchase

That’s the kind of loan that has been described.

FHA Simple Refinance

By refinancing, FHA loan borrowers can get out of an adjustable-rate mortgage or lower their interest rate.

They must qualify by credit score and income, and have an appraisal of the property. Closing costs and prepaids can usually be rolled into the new loan.

FHA Streamline Refinance

Homeowners who have an FHA loan also may lower their interest rate or opt for a fixed-rate FHA loan with an FHA Streamline Refinance. Living up to the name, this program does not require a home appraisal or verification of income or credit.

The new loan may carry an MIP discount, but you’ll pay the upfront MIP in addition to monthly premiums. An exception: The upfront MIP fee of 1.75% is refundable if you refinance into an FHA Streamline Refinance or FHA Cash-out Refinance within three years of closing on your FHA home loan.

Closing costs are involved with almost any refinance, and the FHA doesn’t allow lenders to roll them into a Streamline Refinance loan. If you see a no closing cost refinance for an FHA loan, that means that instead of closing costs, a lender will charge a higher interest rate on the new loan.

You’ll continue to pay MIP after refinancing unless you convert your FHA loan to a conventional mortgage.

FHA Cash-Out Refinance

You don’t need to have an FHA loan to apply for an FHA Cash-Out Refinance. Whatever kind of loan the current mortgage is, if the eligible borrower has 20% equity in the home, the refinanced loan, with cash back, becomes an FHA loan.

The good news: Homeowners with lower credit scores may be approved. The not-great news: They will have to pay mortgage insurance for 11 years.

Any cash-out refi can trigger mortgage insurance until a borrower is back below the 80% equity threshold.

FHA 203(k) Loan

In addition to its straightforward home loan program, the FHA offers FHA 203(k) loans, which help buyers of older residences finance both the home purchase and repairs with one mortgage.

An FHA 203(k) loan can be a 15- or 30-year fixed-rate or adjustable-rate mortgage.

Some homeowners take out an additional home improvement loan when the need arises.

Note: SoFi does not offer FHA 203(k) loans at this time. However, SoFi does offer FHA Streamline Refinance, FHA Cash-Out, and FHA purchase loan options.

FHA vs Conventional Loans

Is an FHA loan right for you? If your credit score is between 500 and 620, an FHA home loan could be your only option. But if your credit score is 620 or above, you might look into a conventional loan with a low down payment.

You can also buy more house with a conventional conforming loan than with an FHA loan. Conforming loan limits in 2026 are $832,750 for a one-unit property and $1,249,125 in high-cost areas.

Borrowers who put less than 20% down on a conventional loan may have to pay private mortgage insurance (PMI) until they reach 20% loan-to-value. But borrowers with at least very good credit scores may be able to avoid PMI by using a piggyback mortgage; others, by opting for lender-paid mortgage insurance.

One perk of an FHA loan is that it’s an assumable mortgage. That can be a draw to a buyer in a market with rising rates.

The Takeaway

An FHA home loan can secure housing when it otherwise could be out of reach, and FHA loans are available for refinancing and special purposes. But mortgage insurance often endures for the life of an FHA loan. The last administration reduced monthly MIP for new homebuyers to help offset higher interest rates.

Some mortgage hunters might be surprised to learn that they qualify for a conventional purchase loan with finite mortgage insurance instead. And some FHA loan holders who have gained equity may want to convert to a conventional loan through mortgage refinancing.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

What credit score do you need for a government loan?

A borrower with a credit score of 580 or more may be able to qualify for an FHA loan with a 3% down payment. Someone with a score of 500 to 579 may still be able to take out a loan, but only with a down payment of at least 10%.

Is there an income limit for FHA loans?

There are no income minimums or maximums to receive an FHA loan. People of any income can apply.

Are FHA loans hard to get approved for?

For many borrowers, it may be easier to get approved for an FHA loan than for a conventional loan, since the credit score and DTI requirements are typically lower and FHA loans don’t require large down payments.

Photo credit: iStock/Ihor Lukianenko

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SOHL-Q225-031

When a trader issues a buy or sell order, that’s the trade date. The settlement date, which is when the security legally changes hands, is generally one day later.

The period of time between the trade date (designated as T) and the settlement date can vary, depending on the security in question. Starting in 2017, that window was two days, or T+2. But in 2024 the SEC made a new rule that most trades should settle within one day, or T+1. Different securities are subject to different rules.

That’s why investors need to know the timing of the actual settlement date, as that’s when they officially own the security, which may impact other trading decisions.

What Is a Settlement Date in Investing?

The settlement date in investing refers to the date that an investor takes legal ownership of a given security. It’s the day that a transaction or trade is final, in other words. It’s like buying a car or house — the transaction process may take some time, but it’s not really final until the keys are handed over.

Since 2017, the basic settlement date for a transaction was two business days after the trade date. That changed in May of 2024, when the SEC decided to accelerate the settlement process to one business day.^[1]

Types of Settlement Dates

Depending on the type of security involved in a trade or transaction, settlement dates may vary. That said, you can generally expect a settlement date to be one business day following the sale or purchase of a stock, bond, or exchange-traded fund (ETF). This is sometimes referred to as “T+1,” meaning “trade date, plus one day” to settle.

However, some types of securities, like bonds, may require between one and three business days (T+3).

Note that the time to settle is the same whether you’re investing online or through a traditional brokerage.

Trade and Settlement Dates Explained

To recap, the trade date is the day that an investor actually executes a trade from their brokerage account — they decide to buy or sell a security, and go through the necessary steps to make the transaction. That day, say it’s a Tuesday, is the trade date.

Again, if you’re buying stock, it’ll take one business day for everything to settle. So, if you made the trade on Tuesday, the settlement date will probably be on Wednesday (one business day later).

These delays between the trade date and settlement date are built in, and there’s not much you can do to speed it up — it’s more or less how stock exchanges work.

Why Is There a Delay Between Trade and Settlement Dates?

Given modern technology, it seems reasonable to assume that everything should happen instantaneously. But settlement rules go back decades, to the creation of the Securities and Exchange Commission (SEC) in 1934, when all trading happened in person, and on paper.

Back then, a piece of paper representing shares of a security had to be in the possession of traders in order to prove they actually owned the shares of stock. Paper transactions sometimes took as long as five business days after the trade date, or T+5.

Recommended: A Brief History of the Stock Market

What Is the T+1 Rule?

The T+1 rule refers to the fact that it now takes one day for a trade to settle. For example, if a trade is executed on Tuesday, the settlement date will be Wednesday.

Note that weekends and holidays are excluded from the T+1 rule. That’s because in the U.S., stock exchanges are open from 9:30am to 4:00pm Eastern time Monday through Friday.

Before the T+1 rule took effect in 2024, the general rule for settlement dates was T+2.

What Investors Need to Know About T+1

The T+1 rule in settling applies to trading of stocks, and some mutual funds. Some bonds settle at T+1, T+2, or T+3.

Investors who plan on engaging in cash-account trading need to know about trade vs. settlement dates. Cash accounts are those in which investors trade stocks and ETFs only with money they actually have today.

Meanwhile, margin trading accounts allow investors to trade using borrowed money, or trade “on margin.”

An investor may notice two different numbers describing the cash balance in his or her brokerage account: the “settled” balance, and the “unsettled” balance. Settled cash refers to cash that currently sits in an account. Unsettled refers to cash that an investor is owed but won’t be available for a few days.

Are T+0, or Real-Time Settlement Dates Possible?

Market observers have called for the T+1 rule to be reevaluated, as the settlement process could be accelerated in order to improve trading conditions.

Clearinghouses — which serve as middlemen in financial markets, and ensure the transfer of a security goes through — successfully lobbied for the settlement process to be changed from two days to one. Before that, market volatility prompted greater scrutiny of regulations surrounding clearing and settlement. That included a lot of trading during the meme stock frenzies in 2020 and 2021.

Moving to T+0 (or real-time settlement) would need the approval of the SEC and collaboration with dozens of Wall Street stakeholders. But the real-time transactions made possible in the cryptocurrency market by blockchain technology have escalated chatter about modernizing securities markets.

Potential Violations of the Trade Date vs Settlement Date

Knowing the difference between trade date vs. settlement date can allow investors to avoid potentially costly trading violations.

The consequences of these violations could differ according to which brokerage an investor uses, but the general concept still applies. Violations all have one thing in common: They involve the attempted use of cash or shares that have yet to come under ownership in an investor’s account.

Cash-Liquidation Violation

To buy a security, most brokerages require investors to have enough settled cash in an account to cover the cost. Trying to buy securities with unsettled cash can lead to a cash-liquidation violation, as liquidating a security to pay for another requires settlement of the first transaction before the other can happen.

Let’s look at a hypothetical example: Say Mira wants to buy $1,000 worth of ABC stock. Mira doesn’t have any settled cash in her account, so she raises more than enough by selling $1,200 worth of XYZ stock she has. The next day, she buys the $1,000 worth of ABC she had wanted.

But because the sale of XYZ stock hadn’t settled yet, and Mira didn’t have the cash to cover the buy of ABC stock, a cash-liquidation violation occurred. Investors who face this kind of violation three times in one year can have their accounts restricted for up to 90 days.

Freeriding Violation

Freeriding violations occur when an investor buys stock using funds from a sale of the same stock.

For example, say Jay buys $1,000 of ABC stock on Tuesday. Jay doesn’t pay his brokerage the required amount to cover this order within the one-day settlement period. But then, on Thursday, after the trade would have settled, he tries to sell his shares of ABC stock, since they are now worth $1,100.

This would be a freeriding violation — Jay can’t sell shares he doesn’t yet own.

Incurring just one freeriding violation in a 12-month period can lead to an investor’s account being restricted.

Good-Faith Violation

Good-faith violations happen when an investor buys a security and sells it before the initial purchase has been paid for with settled funds. Only cash or proceeds from the sale of fully paid-for securities can be called “settled funds.”

Selling a position before having paid for it is called a “good-faith violation” because no good-faith effort was made on the part of the investor to deposit funds into the account before the settlement date.

For example, if an investor sells $1,000 worth of ABC stock on Tuesday morning, then buys $1,000 worth of XYZ stock on Tuesday afternoon, they would incur a good-faith violation (unless they had an additional $1,000 in their account that did not come from the unsettled sale of ABC).

With these examples in mind, it’s not hard for active traders to run into problems if they don’t understand cash-account trading rules, all of which derive from trade date vs. settlement date. Having adequate settled cash in an account can help avoid issues like these.

Settlement Date Risks

Given that a lag exists between the trade date and settlement date, there are risks for traders and investors to be aware of — namely, settlement risk, and credit risk.

Settlement Risk

Settlement risk has to do with one of the two parties in a transaction failing to come through on their end of the deal. For example, if someone agrees to buy a stock, but then does not pay for it after ownership has been transferred. In this case, the seller assumes the risk of losing their property and not receiving payment.

This tends to happen when trading on foreign exchanges, where time zones and differing regulations can come into play.

Credit Risk

Credit risk involves potential losses suffered due to a buyer failing to hold up their end of a deal. If a transaction is executed and the buyer’s funds are not transferred before the settlement date, there could be an interruption in the transaction, or it could be canceled altogether.

History of Settlement Dates

The SEC makes the rules regarding how stock markets operate, including trades, and even what a broker does in regard to retail investing. As such, the SEC is tasked with creating the clearance and settlement system — a power it was granted back in the mid-1970s.

Prior to the SEC’s involvement, exchanges and transfers of security ownership were left up to participants, with sellers delivering stock certificates through the mail or even by hand in exchange for payment. That could take a long time, and prices could move a lot, so the SEC came in and set the settlement date at five business days following the trade date.

But as technology has progressed, transactions have been able to execute much faster. In 1993, the SEC changed the settlement date to three business days, and in 2017, it was changed to two days. In 2024, it was officially made T+1.

The Takeaway

The trade date is the day an investor or trader books an order to buy or sell a security, and the settlement date is when the legal exchange of ownership actually happens. For many securities in financial markets, the T+1 rule now applies, meaning the settlement date is usually one business day after the trade date — not including weekends or holidays. An investor therefore will not legally own the security until the settlement date.

While there’s been chatter that the settlement process needs to speed up to real-time settlement, it’s still important for investors and traders to know these rules so they don’t make violations that lead to restricted trading or other penalties.

Invest in what matters most to you with SoFi Active Invest. In a self-directed account provided by SoFi Securities, you can trade stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, options, and more — all while paying $0 commission on every trade. Other fees may apply. Whether you want to trade after-hours or manage your portfolio using real-time stock insights and analyst ratings, you can invest your way in SoFi's easy-to-use mobile app.

FAQ

What’s the difference between trade date and settlement date?

The trade date is when an investor initiates a buy or sell order, and the settlement date is when ownership of the underlying security is actually transferred. That now happens one business day after the trade date (also called T+1), owing to an SEC rule change in 2024.

Is the settlement date the issue date?

Typically, the settlement date and issue date are the same, as the settlement date is when a security actually exchanges hands. But there are times when the two can be different, concerning specific types of securities.

Why does it take one day to settle a trade?

The one-day lag between the trade date and settlement is designed to give a security’s seller time to gather and transfer documentation, and to give brokers time to clear funds needed for settlement.