SoFi

The countdown to summer is on.

The warmer weather can bring expenses like summer camps or family trips. In other words, summer can be expensive.

Vacation and budgeting mode activated

Track and set limits. If you don’t have a summer budget, it may be time to create one. Planning a trip? Adjust your spending accordingly. You may have already booked flights and a place to stay, but have you budgeted for everyday spending, activities, and excursions?

Hit pause. Look for spending you can cut back on. For instance, if you’re going to spend less time indoors this summer, do you really need all those streaming services?

Plan for the fall. For some, summer is the only time they can take a vacation. But if you have some flexibility in your schedule, traveling in the fall can be less expensive and just as enjoyable.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

College acceptance letters are beginning to roll in, and high school seniors — and their parents — are facing some big decisions.

There’s no hiding it: College can be expensive. The average tuition and fees at a public four-year in-state college was $11,260 for the 2023-24 academic year, according to the College Board. The sticker price at a private four-year college was $41,540.

Parents: It’s time for some homework

FAFSA. The Free Application for Federal Student Aid (FAFSA) can help students get financial aid, including loan, scholarships, grants and work-study programs, to help cover the cost. You’ll likely need your Social Security number and federal income tax returns to complete the application.

Loan options. There are federal and private loans that can help pay for college.

Keep track of deadlines. Many schools have a decision deadline for accepted students, along with a deadline for on-campus housing requests.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Spring is all about budding flowers, rising temperatures and “for sale” signs. It’s peak home buying season.

And this season has started strong: Existing home sales increased almost 10% in February — the largest monthly increase in a year, the National Association of Realtors reported in March. And home prices remain high: The median existing home price was $384,500, nearly 6% higher than a year ago.

Time to buy? Real talk: Just because the weather is nice, it doesn’t mean you’re ready to buy a home.

What can you afford? There’s a general rule of thumb to keep your monthly housing payments below 28% of your monthly gross income. This kind of math helps not to let your housing costs overwhelm you.

Manage expectations. What’s important to you in a home? Is it the school district, yard size, walkability or interior space? Research the local market, including prices and inventory levels.

Get pre-approved. If you’re intent on buying, you want to be able to act accordingly. Getting pre-approved for a mortgage will help with that.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

If you’ve been tracking your spending, know where your money has been going, but are wondering where your budget is lacking, this one’s for you.

Enter the 50/30/20 rule.

This budgeting guideline divides your take home pay into three categories with 50% going to your essential needs, 30% for discretionary spending, and 20% into savings.

Ready, set, budget

The needs category includes your necessities like housing, food, utilities, and health care, as well as payments on things such as student loans, car loans, and your credit card.

The wants category includes expenses like gym memberships, dining out, travel, and entertainment. It’s essentially the spending you could trim if you needed to free up some cash.

While the savings portion of this budget is the smallest, it’s still very important. Committing 20% of your income to things like your retirement account, emergency fund, or savings for a down payment for a home can make the difference in your financial security.

Keep in mind that this isn’t a hard rule, but rather a budgeting guideline. For instance, if you live in an expensive city, you might need a larger share of your income to cover your housing costs.

If you’re ready to amp up your money, a SoFi Checking and Savings account can help. We make it easy to open an online bank account and — if you sign up for direct deposit — you’ll earn a competitive APY on a qualifying account.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Made some money off your investments last year? That’s great. But Uncle Sam is going to want a cut.

Investment income can be taxed in different ways, so here’s a quick refresher on taxes investors could face.

Capital Gains Tax: If you sold assets (stocks, for instance) for more than the purchase price, the profit is called a capital gain. There are two types of capital gains: short-term and long-term.

Short-term capital gains are profits from selling assets held for less than a year. These are commonly taxed at your ordinary income tax rates. Long-term capital gains apply to assets held for (you guessed it) more than a year. These are typically taxed at capital gains tax rate.

Tax on Dividends: If you own stocks and received a dividend from a company, you’ll likely have to pay taxes on it. There are two types of dividends: “qualified’ and “ordinary”, and they are taxed differently.

Ordinary dividends are taxed as income, while qualified dividends are taxed at the capital gains rate.

Taxable Interest Income: If you earned interest, whether in a savings or brokerage account, or on certificates of deposit (CDs) or bonds, that’s typically taxed as ordinary income.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.