SoFi

When times are tight, it can feel as though putting even a few dollars away every month is next to impossible. How can you save money when you have a low salary and so many expenses?

There are ways to get that needle moving in the right direction — even for those who are new to working full time and living on their own. Here’s a look at three simple strategies that can help you save a little more from every paycheck.

Taking Advantage of the Employer Match

Concerning but true: A full 27% of people who are 59 or older have no retirement savings, according to a recent survey from Credit Karma. Thankfully, it’s never too late — or too early — to start putting money aside for retirement. Enrolling in your company’s 401(k) plan can be a great place to start, and they may even offer matching contributions.

Not every employer offers a match — or a 401(k), for that matter — but if it’s a perk that you can take advantage of, getting more information about how your plan works could open up an avenue for saving more from your salary.

Employers differ in their matching contributions. Some employers might contribute a dollar for every dollar or a percentage of every dollar an employee puts into their 401(k) plan, up to a designated percentage of the employee’s salary.

Plans are frequently set up so that employee contributions are taken directly from their paycheck, so the decision to contribute is automated instead of being something to think about each month.

Preparing a Budget and Following It

If the idea of a budget seems daunting — or past attempts have been less than successful — it might be because your approach to budgeting is too complicated. It’s not necessary to create a complex set of spreadsheets. In fact, when you’re new to budgeting, a simple approach often works better.

One easy budgeting framework you might consider is the 50/30/20 rule. This approach streamlines expenses into three categories so you don’t have to monitor every single expenditure to make it work. Instead, you divide your take-home pay (what you make after taxes are taken out) into three main categories: needs, wants, and savings. Here’s how it works.

•   Put 50% of your money toward needs: This includes housing, utilities, groceries, transportation, insurance, prescription medications, minimum payments on credit cards and other debt, and any other expense you have to cover. If you require a cell phone or other equipment for work, that might be a need, but if it’s the newest, most expensive model, you may be slipping into the wants category.

•   Put 30% toward wants: Here’s where everything from vacations to vending machine snacks can come in. If it isn’t essential, it goes into this chunk of your budget, so you’ll want to look at what you are currently spending on wants and see if you can find places to cut. Are you paying for streaming services you rarely watch? Are you a member of a gym you never go to? Could you cook one or two more nights per week and spend less on takeout? It’s all your call — but these costs all must fit into the allotted amount of money.

•   Put 20% toward savings or paying extra on your debt: This category allows you to siphon off some of each paycheck to build your emergency fund, save for other short-term goals (like buying a car or going on vacation), and fund your retirement account. If you’re carrying high-interest debt, you’ll want to use some of this money to pay it down by making payments beyond the minimum.

•   Feel free to tweak: The 50/30/20 guideline is just that — a guideline. You may want to adjust the breakdown if the cost of living is particularly high in your area, and you need to spend more than 50% of your take-home pay on needs. On the other hand, if you’re in a hurry to pay down debt, you might want to cut back on your wants spending to make it work. The key to budget success, however, is to stick with it. So you don’t want to come up with a spending plan that is so austere you can’t maintain it.

Automating Your Savings and Payments

Once you come up with a framework for how much you will spend and save each month, it’s a good idea to put as much of the plan on autopilot as possible.

Setting up autopay for your regular monthly bills, for example, eliminates the risk of missing payments and racking up late fees. In addition, you may want to consider automating your savings — this way, you won’t have to remember (and, quite possibly, forget) to transfer some money from your salary to savings each month, or be tempted to spend that money.

There are two different ways to automate savings. One is to split your direct deposit into two accounts. For example, you might have the majority of your paycheck go into your checking account and a smaller percentage into a high-yield savings account. If a payroll split isn’t an option, you can set up an automatic transfer from your checking to your savings on the day your paycheck clears. This way, the money gets whisked away before you have a chance to spend it.

The Takeaway

A savings plan doesn’t have to be complicated — or painful. In fact, you can start saving more from your salary by making just a few simple changes. These include: making sure you are putting some of your paycheck into your retirement plan at work (at least up to any employer match), coming up with a basic spending plan (such as the 50/30/20 breakdown), and putting your savings on autopilot. Before long, budgeting and saving will likely become a habit you don’t even have to think about.

If you’re looking for more ways to simplify your finances, you might consider opening a checking and savings account where you can spend, save, and earn all-in-one product. With a SoFi Checking and Savings account, you’ll earn a competitive annual percentage yield (APY) and pay no account fees, both of which can help your money grow faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

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Ready for some good news? If you want to check your credit score, you can do so without worrying about lowering it.

So why is it so common to think that will happen?

It’s easy to see where the confusion stems from, so let’s look at what a credit score is, why checking a credit score isn’t a bad thing, and where credit damage can actually come from.

Credit Scores: A Refresher

First things first: A credit score is a number based on a credit report that helps creditors determine how risky it would be to lend money to a borrower.

The risk level influences if an applicant is given credit, and if so, the terms and interest rate. Having a high credit score can make it much easier to take out a loan and get more favorable interest rates, or be approved to rent an apartment.

The information in a credit report determines a credit score. The following factors influence a credit score:

•   Payment history

•   Outstanding balances

•   Length of credit history

•   Applications for new credit accounts

•   Types of credit accounts (such as mortgages or credit cards)

Consumers don’t actually have just one credit score; they have multiple ones. Scores are calculated by credit reporting agencies that maintain credit reports. Lenders can use their own internal credit scoring systems as well.

Recommended: What Is Considered a Bad Credit Score?

Does Checking Your Credit Score Lower It?

Nope. There are many misconceptions surrounding credit scores, and one of the biggest ones is that checking one’s credit score will lower it. This is simply, and happily, not true.

Checking your credit score once, or even multiple times, will not damage it. Requesting a copy of a credit report will also not damage a credit score.

In fact, it’s good to keep a close eye on your credit report and score. It can be especially helpful to review a credit report on occasion to make sure there are no errors that may cause the score to drop.

Online tools like a spending tracker app can allow you to track your credit score regularly and get important insights into your spending habits.

Recommended: What Is The Difference Between Transunion and Equifax?

What Can Lower a Credit Score?

Certain credit inquiries made by outside parties like lenders and credit card issuers affect a credit score.

You’ve probably heard of soft and hard “pulls,” or, formally, soft and hard inquiries. Only hard inquiries — a full check of credit history — affect a credit score.

Examples of Soft Inquiries

•   You check your own credit report.

•   An insurer pulls credit for a quote.

•   A company views a credit report during a background check.

•   You seek to be prequalified for a personal loan or mortgage.

•   A credit card or insurance issuer sends a prescreened offer — sometimes called a “preapproved” offer.

Examples of Hard Inquiries

You apply for a:

•   Mortgage

•   Auto loan

•   Credit card

•   Student loan

•   Personal loan

•   Rental

Hard inquiries may stay on a credit report for two years, although they usually only affect credit scores for one year.

Multiple hard inquiries in a short time frame could make a customer look higher risk because it could suggest an intention to rack up debt. Then again, if you’re shopping for an auto loan or mortgage, multiple inquiries are generally counted as one for a period of time, typically 14 to 45 days. The exception generally does not apply to credit card inquiries.

Consumers can see these inquiries on their credit report.

When to Check a Credit Report

Consumers should consider checking their credit report at least once a year to make sure there are no errors that are hurting their credit score and that their report is fully up to date. Regular checks can also alert consumers to fraud and identity theft.

It can also be smart to check a credit report before making a big purchase that requires a loan.

Doing so can even be helpful when job searching, as some employers review credit histories when hiring.

Are Free Credit Reports Safe?

Consumers are entitled to a free (and completely safe!) credit report once a year from the three major credit reporting bureaus:

•   Equifax

•   Experian

•   TransUnion

There are a few ways to gain access to these free reports.

•   Online at AnnualCreditReport.com.

•   By phone at (877) 322-8228.

•   By mail. After downloading and completing the Annual Credit Report request form, consumers can mail the completed form to:

Annual Credit Report Request Service

P.O. Box 105281

Atlanta, GA 30348-5283

Note: These free annual credit reports do not include credit scores. They are meant to allow an individual to ensure accuracy and check for identity theft.

To monitor credit throughout the year, it can be a good idea to space out the requests for these free reports, but requesting them all at once is totally fine.

After you’ve received your free credit report for the year from a specific reporting company, you can request another report down the road, but you’ll have to pay for that one.

Additional free reports are available to those who experienced an “adverse action” because of their credit report, are unemployed, and certain other situations.

Recommended: Why Do I Have Different Credit Scores?

The Takeaway

Does checking your credit score lower it? Not at all, and in fact, it’s a good idea to keep an eye on your credit landscape. Your own inquiries are different from outside hard pulls, which can happen when you apply for a mortgage, credit card, student loan, auto loan, or something that requires a full check of credit history. A hard inquiry could stay on a credit report for two years, though it typically only affects a credit score for a year.

Checking your credit report at least once a year is a good way to ensure there are no errors that could damage your score. It’s also a good idea to keep tabs on your finances year-round, and a money tracker app can help you manage your spending and saving. The SoFi app connects all of your accounts in one convenient dashboard. From there, you can see all of your balances, spending breakdowns, and credit score monitoring, plus you can get other valuable financial insights.

Stay up to date on your finances by seeing exactly how your money comes and goes.

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*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

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Making it in life, in a financial sense, isn’t a matter of winning the lottery or saving pennies like a miser. Rather, like many goals, it can depend on developing good daily habits.

If you make small, incremental shifts in how you manage your money, you could grow your net worth significantly. Some of the moves to make can involve reviewing and trimming your recurring bills, bumping up your savings contributions a notch, and other simple changes.

While you may not see your savings double overnight, you can get on a path to growing your wealth. Here are some ideas that can help put you on the road to a better financial life.

1. Reviewing Monthly Expenses

One of the simplest ways to improve your financial health is to take a closer look at exactly where your money is going each month.

Consider tracking expenses for a month or so, and then making a list of how much you’re currently spending monthly on essential and non-essential items.

You may want to list them in order of priority, and then look for places where you could potentially pair back, or, in some cases, completely eliminate the expense.

This might involve canceling inactive memberships and unused subscriptions, and/or re-evaluating your cell, cable and car insurance plans (do you have more bells and whistles than you need? Could you get a better deal elsewhere?).

Or, you might decide to cook more, and get takeout less often, or make fewer trips to the mall.
Another way to knock down recurring bills is to do a little haggling. Sometimes all it takes is a phone call to get a provider to give you a better deal or to lower your rate.

For instance, if you see a promotion going on from a competitor, you can always ask your company if they can apply that rate to your account.

You can also call up a hospital to negotiate a medical bill.

Recommended: Are you financially healthy? Take this 2 minute quiz.💊

2. Trying a 30-Day Spending Freeze

One quick way to change your spending habits is to put yourself on a one-month spending freeze, during which you avoid buying anything that isn’t a must. You may identify some ways and reasons you are overspending and be able to scale back.

If that seems too challenging, you might want to pick a single category (such as clothing or shoes) or a specific store to stay away from for 30 days.

To help stay motivated, you might keep track of the money you didn’t spend during your freeze and then put it to use paying down debt, starting an emergency fund, or saving for a downpayment on a home or other short-term financial goal.

This can result in more money in the bank (or fewer bills) at the end of the month.

And once you start seeing the payoff of not giving in to impulse buying, you may find yourself spending less even after the freeze is over.

Recommended: How to Stop Compulsive and Impulsive Shopping

3. Automating Every Bill

Automating your finances not only makes your life easier, it can help boost your financial wellness.
Setting up automatic withdrawals from your bank account to pay all of your bills helps ensure those bills get paid on time. And, when it comes to improving your financial life, paying bills on time can have a pretty significant impact.

For one reason, it helps you avoid paying interest and late-payment fees.

It could also help maintain your credit score. That’s because a significant portion of your credit score is based on payment history. In fact, it’s weighted more than any other factor.

Having a good credit score is important because it can help you qualify for the best interest rates on credit cards and loans, including a home mortgage.

4. Putting an Extra 1% Towards Retirement

Even if you think you can always plan for retirement later, the sooner you start, the easier it is, and the more you’ll have when you do retire.

If you’re not yet maxing out your 401(k) contribution at work (which takes money out of your paycheck before taxes), you may want to increase it by just 1%.

You likely won’t notice the difference in your paycheck. But given the power of compounding interest (when your short- or long-term investments earn returns, those returns get reinvested and start to earn returns as well), that small increase can net more significant gains over time.

You may want to set up a timeline for when you want to bump it up another percentage point after you’ve gotten used to the 1%.

If you don’t have a 401(k) at work, you may want to look into opening an individual retirement account (IRA), keeping in mind that there are limits on how much you can put into retirement savings each year.

5. Paying in Cash

What is it about plastic that can make your brain think you’re not really spending money?

One way to curb unnecessary or mindless spending is to leave your credit cards at home and only carry the amount of cash you have budgeted to spend that day, or week.

When you can literally see your money going somewhere, you may find yourself becoming much more intentional in the way you spend it.

It can also be more difficult to get into debt when using cash, which could, in turn, pay off later by helping you avoid high interest credit card payments.

Recommended: Guide to Lowering Your Credit Card Interest Rate

6. Creating Multiple Income Streams

You may not be able to snap your fingers and get a raise at work, but it might be possible to increase your income in other ways. A low-cost side hustle could be the answer.

For example, is there a way to turn one of your hobbies, skills, or interests into some extra funds?

Maybe a favorite local business could use some help managing their social media account or designing or writing copy for their website.

Babysitting a neighbor’s kids, cleaning houses, walking dogs, or running errands for an older person are also options.

Or, you might consider taking up a gig with flexible hours, such as driving for Uber or another rideshare company, delivering food, helping people with small tasks, or personal shopping through one of the many on-demand service apps.

7. Saying “No” to Monthly Fees

Unless you’re looking very closely at your bank statements each month, you might not even be aware of the fees your bank may be charging every month for your checking or savings accounts.

These could include service fees, maintenance fees, ATM fees (if you go outside their network), minimum balance fees, overdraft/insufficient funds fees, and transaction fees. Over time, those little dinks can make a major dent in your account.

If you notice that you’re getting hit with one or more bank fees, you may want to consider shopping around for a less expensive bank or switching to an online-only financial institution.

Because online financial institutions typically don’t have the same overhead costs banks with physical branches do, they generally offer low or no fees.

8. Making Savings Automatic

To start a savings routine, consider opening up a high-yield savings account or checking and savings account, and then setting up automatic, monthly transfers from your checking account into this saving account.

By having a set amount automatically transferred every month, you won’t have to think about (or remember to manually make) this transaction — it’ll just happen.

It’s perfectly okay to start small. Even small deposits of $20 or so will add up.

Before long you may have enough for an emergency fund (i.e., three- to six-months worth of living expenses just-in-case), a down payment, or another savings goal.

9. Knocking Down Debt

Having too much debt can hurt your chances of achieving financial security.

That’s because when you’re spending a lot of money on interest each month, it can be harder to pay all of your other expenses on time, not to mention grow your savings.

Getting rid of debt can have long-range consequences as well.

If you can lower your credit utilization ratio, which shows the amount of available credit you have, you could help establish or maintain your credit scores. And that, in turn, could make it easier to qualify for lower-interest loans and credit cards in the future.

While knocking down debt may seem like a mountain to climb, choosing a simple debt reduction strategy may help.

•   Since credit card debt typically costs the most in interest, you might consider chipping away at these debts first, and then move on to the debt with the next-highest interest rate, and so on.

•   Another approach is to pay the minimum toward all your accounts and then pay any extra you can afford toward the debt with the smallest balance. When that debt is wiped out, you can move on to the next smallest balance, and so on.

If you can qualify for a lower interest rate, another option might be to take out a personal loan that consolidates all those high-interest debts into one more manageable payment.

The Takeaway

Making it financially doesn’t necessarily mean bringing in a huge paycheck or coming into a windfall (although those things don’t hurt).

Financial wellness is more about being able to live within your means while saving. Making a few incremental changes, such as putting just 1% more of your paycheck into your 401(k), or siphoning off an extra $100 into a savings or checking and savings account each month, can slowly but surely help you build your net worth.

Taking steps to improve your financial well-being can be simple with the right information and tools. With a SoFi Checking and Savings online bank account, you can track all your spending and saving with a single dashboard. It’s also easy to set up automatic transfers to savings accounts for different goals, all while earning competitive annual percentage yield (APY).

Not a fan of fees? SoFi Checking and Savings doesn’t have any account fees, plus withdrawing cash is fee-free at the Allpoint Network of 55,000+ ATMs worldwide.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

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Many people want to get better about budgeting but don’t know where to begin. Some people will like using apps, others the envelope method, but others may find that a basic online spreadsheet is the best way to keep track of the money coming in and going out.

Here, you’ll learn how to easily do that last option using Microsoft’s Excel spreadsheet program. It has some impressive features that can make it user-friendly and efficient as you budget. It can help you manage your money and hit those financial goals.

Step 1: Opening a Workbook and Creating the First Month

To begin creating a budget, the user will open a fresh Workbook in Excel by hitting File > New > Blank Workbook. Before diving into building the perfect budget, they need to save this file somewhere safe. After completing the first draft, it may be worth it to back it up on a USB drive or on a cloud-based platform. After saving the file, they’ll move on to building out the budget.

One way to keep track of this monthly budget, and review past months’ spending and saving progress is to create a tab for each month of the year. For extra convenience, the budgeter could consider beginning by creating a “template” tab to build the initial budget in and then copy it over each month and edit it as needed.

💡 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.

Step 2: Adding Income

Before creating a spending budget, the user will start by looking at expected income for the month. Doing so makes it easier to formulate a budget that is realistic, making them more likely to stick to it. To begin building the proper formulas to help calculate income, the user will take the following steps:

Select cells A3-A11 (if more space is necessary later on, expand this selection past A11) and hit “Merge and Center.” Then write the word “income” and center it.

Merge the cells B3 and C3. Label these cells as “Source” which will show where the income is coming from. Some may have consistent income sources such as “Paycheck 1” and “Paycheck 2.” Others may have more sources they need to track “Side Hustle Income” or “Unexpected Income.” After choosing income sources and properly labeling them, merge every row from B and C through row 11 or whatever the chosen stopping point is.

While not necessary, one can label cell D3 “Date” which is where the budgeter can track which day they received a type of income. If they have predictable sources of income, this option may not be worthwhile, but for those with flexible incomes (say, seasonal workers who earn an hourly rate or entrepreneurs), it can help them stick to a budget and follow up on missing payments.

For the final step of the income section of the budget, which is more of a benefit to those with varying monthly income, label section E3 as “Planned” to identify what the originally planned income is. Then label F3 as “Earned” to identify how much money was in fact earned from each labeled source of income. For G3, label it “Difference.” This cell will automatically calculate the difference between the expected income and the income actually earned after adding the proper formula.

To create the formula needed to automatically track the difference between expected and earned income, add the formula “=SUM(F4-E4)” after every row it should apply to. Then replace the F4 and E4 with the cells that correspond to the “Earned” and “Planned” income sections.

💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

Step 3: Adding Expenses

After wrapping up the income section of this project, the budgeter can start planning what their typical monthly expenses may look like. (Make sure to add those commonly forgotten expenses, too.) They can do this on the same tab that they calculated their income in or they can create a separate tab. How they organize their budget is totally their call!

They’ll use the same format for building out expenses as they did with their income (although if they choose to continue working in their original sheet, they’ll need to adjust the row letter and column number accordingly) and will name this section of the budget “Expenses.” Using the same labels from the income section is fine, as is creating new ones.

They’ll only have to make one major change to this process, which is to use a different formula for the “Difference” column. In order to best calculate expenses, they can use the following formula: “=SUM(Planned Number-Actual Number)” which will calculate how much they overspent.

When creating spending sources, instead of income sources, they can make as many or as few as they’d like. For example, someone may want to make one row that represents all utilities or they may want to designate a row for every single utility they pay. Another budgeter may want to budget for overarching categories such as living, automobile, entertainment, food, travel, and savings. It really depends how detailed someone wants to get about their budgeting.

For those drawn to a more detailed budget, they can create multiple sections for their expenses, they don’t have to be all lumped together. It’s fine to repeat this process again and again to create more detailed categories such as basic living expenses or business expenses.

Recommended: 15 Causes of Overspending

Step 4: Adding Some Goals

For those who want to expand their budgets past basic incomes and expenses, they can repeat the process used to create the income section of the budget and make some more specific savings goals.

One way would be to create a category that tracks how much they hope to save that month in general, another would be to break it down by savings category. Similar to expense sources, it’s possible to break goals down into separate sections, such as one that provides a more detailed look at saving for retirement or tracks a big expense they’re saving for, such as a down payment on a home or a wedding.

Using the same basic formulas for tracking expected income and how much income is actually earned in a month, the user can track what they hope to save and how much they actually do end up saving.

💡 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.

Step 5: Customizing a Premade Template

If someone’s not interested in learning how to create a budget in Excel from scratch, they can use a premade budgeting template provided by Excel or one of the many free or for-purchase options that are available online.

Even when using a premade template, it can be helpful to review the tips for creating an Excel budget from scratch shared above, as they may allow the budgeter to customize the template to their needs.

At the end of the day, creating a template from scratch will allow the user to truly customize it to their needs, especially if they follow a particular budgeting method. That being said, a template can save a lot of time, especially for those who aren’t comfortable using Excel.

Step 6: How to Track Spending and Stick to a Budget

For those who have been hard at work creating their Excel budgets, it’s time to take advantage of that budget. It seems unlikely that anyone wants their Excel efforts going to waste, so one might want to make a budgeting check-in plan that they can easily stick with.

At the end or beginning of every month, it is a good idea to sit down and review if one went over or under last month’s budget, as well as take some time to build out the new month’s budget. That may involve simply copying over the template created earlier or the user might need to make a few tweaks based on how much they earned and spent last month.

As tempting as it can be to set it and forget it, the budgeter should try to check in on their budget more than once a month. Setting a quick weekly check-in date with their budget will allow them to update how much they’ve earned and spent so far during the month. That way, they’ll know if they need to scale back on spending in a certain category or if they can relax in another category.

While it takes a decent amount of self discipline and motivation to stick to a budget, awareness can be the first step in staying on track. By checking in with their budget frequently, savvy planners will remember their short-term goals and longer-term ones and hopefully will be a little extra motivated to meet them.

The Takeaway

There are many effective budgeting tools, and using an Excel spreadsheet can be one of them. It can allow you to track your income and your spending and saving, while making updates in real time. This can help you manage your finances and contribute to meeting your financial goals.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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From hiring a video arcade on wheels to treating 10 little princesses to a spa day, today’s birthday parties have gone next level. You could easily drop $500-plus on your kid’s next shindig.

Fortunately, you don’t have to. It’s possible to host a fun and memorable birthday celebration for friends and family without breaking the bank.

Here are some inexpensive party ideas to consider when planning your next birthday bash.

1. Being Selective with the Guest List

As tempting as it might be to invite everyone in your child’s class or the whole soccer team, limiting the guest count is a simple way to save money on a birthday party.

Less people means less food, less party supplies, and fewer favors — but not necessarily less fun. It’s possible to have a close knit vibe at a birthday party that gets people talking to each other and enjoying themselves even more than they would have at a big event.

If your child is willing to invite only one or two friends, you might consider skipping a party altogether and opting for an experience. Going bowling or spending a couple of hours at a play space, zoo, or museum can suddenly become an affordable option.

2. Sharing the Party with a Friend

If your child’s birthday falls around the same time as one of their close friends, you might want to consider teaming up and having a dual birthday party.

This enables you to share the costs and responsibilities with another family and, if the kids have a similar friend group, it would not necessarily have to be a much larger party. It can be a good idea, however, to make sure each child gets their own cake and presents.

Recommended: 27 Cheap Date Night Ideas

3. Choosing a Cheap (or Free) Venue

While hosting a party at a local climbing gym or other entertainment venue can be appealing, you can end up dropping as much as $350 just for the space.

One way to throw a birthday party on a tight budget is to have the party at home. That said, the wear and tear on your floors and furnishings might not be worth the savings. In good weather, however, a backyard party can be a great, low-cost option. Or, you might consider having the party in a local park or garden.

If your child’s birthday lands in a cold weather season, you can save money on a venue by limiting the guest list and going with the most basic package (such as just food and drinks for each child), and providing your own cake and goody bags. You can also check deal websites for discounts and promotions or ask the venue about a discount for having the party at an off-peak time or day.

Recommended: 10 Tips for Spending Your Money Wisely

4. Sending Digital Invites

Skipping the paper and going with digital invitations can be kinder to the environment and also cut down on birthday party costs, since you won’t have to buy premade invites or stamps.

You can design your own digital invitation and send them via email or text, or you may want to take advantage of one of the many online (and free) e-invitation sites.

Recommended: 15 Creative Ways to Save Money

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

5. Getting Creative With Decorations

One of the best things about the internet is that somebody’s probably already created precisely what you need. Rather than drop a chunk of money at the party store on themed decor, you may want to check out Pinterest for free printables.

You can also find ideas for DIY decorations on Pinterest (along with many other sites) using low cost supplies, possibly even things you already have on hand. Dollar stores can also be great places to shop for decorations and supplies.

If you do hit the party store, you may want to consider going with just one or two premium themed items and keeping the rest of the decor colorful and fun.

Recommended: How to Have a Baby Shower on a Budget

6. Making a Semi-Homemade Birthday Cake

A custom bakery cake that serves just 15 to 25 people can run over $50, while a cake large enough for over 35 guests can easily run more than $70.

A cheaper option is to buy a cake mix, then make it look and taste homemade with a few simple baking hacks, such as swapping butter for oil and milk for water, adding an extra egg, and making your own buttercream frosting.

To make cupcakes that look like they came from a bakery, you can pipe icing on top using a ziplock bag with a tiny hole snipped in the corner.

7. Timing the Party Right

If the party takes place during lunch or dinner time, there’s a good chance people will expect to be fed a meal.

Choosing an off-time to celebrate — such as 10:30am or 2:30pm — means you can steer the party away from heartier, and costly, fare (like freshly delivered pizzas or a sandwich platter) and stick to serving finger foods and snacks instead.

Recommended: How to Save Money on a Disney World Vacation

8. Buying in Bulk for Gift Bags

If you’ll be giving each guest a swag bag, consider buying toys and trinkets in bulk sets and then dividing them up. This can be a real cost-saver when compared to purchasing items individually (even at the dollar store).

Fun items like paper airplanes, wooden yoyos, squishy toys, stampers, fidget spinners and Slinkys can often be purchased in packs at stores as well as online.

💡 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.

9. Playing Some Free Games

You don’t necessarily have to rent a bouncy house or hire live entertainment to keep a birthday party lively and fun. There are a number of inexpensive ways to make sure there is plenty of action, activity, and laughter. Here are a few fun, free games you might consider:

•   Duck Duck Goose

•   Charades

•   Musical Chairs

•   Red Rover

•   Rock Paper Scissor Tournaments

•   Three Legged Races

•   Marco Polo (you can even play on land)

•   Hot Potato

•   Simon Says

The Takeaway

It can be tempting — and easy — to spend a lot creating a memorable birthday party. But with just a few cost-cutting strategies, such as trimming your guestlist, shifting the time of the party, choosing an inexpensive venue, and organizing some free games, you can throw a festive birthday bash without breaking the bank.

You can also make birthday celebrations more affordable by setting a budget and saving up in advance.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

---

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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