SoFi

If you have a thin credit profile or want to build your credit, you may come across secured credit cards when searching for a card you can qualify for. But what’s the difference between a secured vs. unsecured credit card? And how can you gauge which one is right for you?

Here, delve into how both types of credit cards work and the differences between secured cards and unsecured credit cards, so you can decide which to choose.

What Is a Secured Credit Card?

Like a traditional, or unsecured, credit card, an unsecured credit card is a type of revolving loan. This means that it offers a line of credit that you can borrow from as needed and then repay. However, with a secured credit card, you’ll need to put down a deposit, which “secures” the credit card.

The bank holds onto that money as a form of collateral if you default on payments, but it’s refundable if you close your account or upgrade to an unsecured credit card. Your secured credit card’s credit limit, an essential part of what a credit card is, usually is the same amount as your deposit. The deposit is typically at least $200 to $500, though it can range as high as $25,000 depending on the specific card and how much you can afford to put down.

A secured credit card is designed for building credit. So, if you’re working on rebuilding your credit or don’t have much in the way of a credit history because you’re young or new to the country, it could be a good option. The age requirement to get a credit card that’s secured is the same as for an unsecured credit card.

How Secured Credit Cards Work

As mentioned, you’ll need to put in a deposit to open a secured credit card. Your available line of credit is usually the same amount as your deposit. Just like how credit cards work when it’s an unsecured card, you’ll need to repay the balance, and your credit limit will get replenished as you make payments.

As with an unsecured credit card, there’s a minimum monthly payment you’re responsible for. If you carry a balance from month to month, you’ll incur interest charges. Your credit card activity, including your payment history, is generally reported to the three major credit bureaus, Experian®, Equifax®, and TransUnion®.

Your deposit on a secured credit card isn’t used to make payments should you fall behind or miss payments altogether. If you’re unable to make payments and your account goes to default, you’ll lose your deposit. Plus, it can hurt your credit. If the balance you owe is larger than the deposit, you might be on the hook for the difference owed.

Secured credit cards may offer a “graduation” option. In other words, if you make on-time payments and show a track record of responsible financial behavior, the credit card issuer might offer you an unsecured credit card.

Recommended: Tips for Using a Credit Card Responsibly

Pros and Cons of a Secured Credit Card

Let’s look at some of the advantages and downsides of a secured credit card:

Pros of a Secured Credit Card	Cons of a Secured Credit Card
May qualify with a low credit score or limited credit history	Need to provide a deposit
Could be easier to get approved for than an unsecured credit card	Credit limit is usually low
Can be a way to build or rebuild credit as activity is reported to credit bureaus	Can have higher interest rates and more fees than secured credit cards
Offers a revolving line of credit you can use as long as you make payments	Could lose your deposit if you’re late or miss payments

What Is an Unsecured Credit Card?

Also known as a traditional credit card, an unsecured credit card doesn’t require a deposit or collateral of any sort. Instead, you’re offered a credit limit based on your creditworthiness and other factors, such as your income and existing debt. The lender simply has your word that you’ll pay back what you borrow, which is why you’ll also generally need a higher credit score and a more robust credit history to qualify.

Just as with a secured credit card, the credit remaining on an unsecured credit card dwindles as you rack up a balance. Once you make a payment, your limit replenishes. For example, say your credit limit is $5,000. If your balance is $500, your credit limit goes down to $4,500. Once you pay off your balance, your credit limit goes back up to $5,000.

The annual percentage rate (APR) and terms associated with an unsecured credit card are usually better than they are for a secured credit card. Typically, the better your credit score, the better your rates and terms are for an unsecured credit card. The average credit card APR is currently 22.3%; meanwhile, many of the top secured credit cards have APRs that are close to 30%.

How Unsecured Credit Cards Work

Because an unsecured credit card is a form of revolving credit, you have access to that credit line as long as you remain in good standing and your account stays open. Unsecured credit cards also require you to make minimum monthly payments to avoid incurring late payment fees and harming your credit score. You’ll owe interest on any balance that carries over from month to month.

Sometimes, unsecured credit cards might offer perks, such as cash-back rewards and travel insurance.

Pros and Cons of an Unsecured Credit Card

Here are some of the pros and cons of traditional, or unsecured, credit cards:

Pros of an Unsecured Credit Card	Cons of an Unsecured Credit Card
Higher credit limits compared to secured credit cards	Can be harder to get approved for
Need at least a fair credit score to qualify (580+)	Can still incur interest and fees
Can help you build your credit	May entice you to spend more than you can afford due to higher credit limits
Opportunity to earn rewards and enjoy other benefits	Could damage your credit if not used responsibly

Recommended: Does Applying For a Credit Card Hurt Your Credit Score

Similarities Between a Secured Credit Card and an Unsecured Credit Card

When it comes to a secured credit card vs. an unsecured credit, there are a number of similarities:

•   Both are revolving lines of credit, so you’ll have access to those lines of credit as long as you keep the card open and your account in good standing.

•   Your payments are reported to credit bureaus. If you make on-time payments, your credit score will improve. Conversely, it can drop if you don’t use your credit card responsibly.

•   The process of how to apply for a credit card is usually similar with a secured vs. unsecured credit card. You can usually fill out an application online, in person, over the phone, via an app, or through the mail.

•   Both secured and unsecured credit cards come with interest rates and fees. Depending on the card, there might be an annual fee.

•   Both types of credit cards usually offer a grace period, which is the period between when your billing cycle ends and your payment due date. During this time, you may not be charged interest as long as you pay off your balance in full by the payment due date.

•   While it’s less common among unsecured credit cards, both types of credit cards might feature perks, such as cash-back rewards, car rental insurance, trip and travelers insurance, extended warranties, and price protection.

Recommended: What is a Charge Card

Differences Between a Secured Credit Card and an Unsecured Credit Card

There are a handful of features that set these types of credit cards apart:

•   For starters, secured credit cards require a security deposit, whereas unsecured credit cards do not.

•   The credit limit for a secured credit card usually matches the deposit amount. With unsecured credit cards, the credit limit usually depends on a handful of factors, such as your creditworthiness.

•   Secured credit cards generally carry higher interest rates and fees, whereas unsecured credit cards typically have lower interest rates and fees.

•   Unsecured credit cards usually have one variable interest rate, meaning the card’s interest rate fluctuates over time based on an index. Secured credit cards can have a fixed or variable rate.

Secured vs. Unsecured Credit Card: Which Is Right for You?

Now that you know the similarities and differences between a secured and unsecured credit card, you can start to assess which one might be right for you. Here’s a high-level overview to help you better compare what sets secured vs. unsecured credit cards apart:

Secured Credit Card	Unsecured Credit Card
Requires a deposit to open	Does not require a deposit
Usually available for those with thin credit histories or lower credit scores	Usually need at least fair to good credit to qualify
Lower credit limits, which are based on the amount of the deposit	Higher credit limits, which are based on creditworthiness
Fewer card options available	Variety of card options, such as cash-back cards, travel cards, business cards, and retail cards

Staying on Top of Your Credit After Choosing a Card

No matter if you decide on a secured credit card or an unsecured credit card, it’s important to stay on top of your payments. Ideally, you’ll pay the balance in full each billing cycle. Otherwise, you’ll owe interest.

At the very least, make sure to make the minimum payment each month. That way, your credit will stay intact and you’ll avoid late fees. If you’re struggling to make payments, reach out to the lender and see what they can do. They might be able to change the payment due date so it’s more in line with what’s feasible for you, or let you temporarily skip a payment to catch back up.

Recommended: When Are Credit Card Payments Due

The Takeaway

Whether you should apply for a secured credit card and an unsecured one may depend largely on your credit history and score. A secured card may be best if you have yet to establish credit or have a low credit score, while an unsecured card can be beneficial if your credit is more established and you want to earn rewards.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Is an unsecured or secured credit card better?

Whether a secured vs. unsecured credit card is better depends on your situation. An unsecured credit card might be better if you’re having trouble getting approved for a secured card and can afford to make the deposit. On the other hand, a secured credit card may be better if you have at least an average credit score, are looking for a higher credit limit, and would like more card options.

Should your first credit card be secured or unsecured?

It really depends. If you have a thin credit history, are looking to build credit, and can afford the security deposit, a secured credit card might be the best route to take as they’re generally easier to qualify for. Note, however, that you’ll probably need to stomach a higher interest rate and a lower credit limit. While an unsecured credit card doesn’t require a deposit, it might be harder to get approved for one if your credit is less-than-stellar or you don’t have much of a credit history yet.

---

Photo credit: iStock/cesar fernandez dominguez

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.

SOCC-Q224-1884787-V1

Read more

The median annual salary for pediatricians is $198,420, according to the most recent data from the Bureau of Labor Statistics. There are many different paths a doctor can take when it comes to choosing their medical specialty. Doctors who enjoy helping children feel their best and live healthy lives will likely find a lot of fulfillment in their jobs.

To learn more about how much a pediatrician makes a year, keep reading.

What Are Pediatricians?

A pediatrician is a type of doctor who provides medical care to children ranging from infancy to adolescence. They specialize in diagnosing and treating injuries, developmental issues, and illnesses children commonly experience. From routine exams to issuing vaccines to providing medicine to sick children, pediatricians can help.

The path to becoming a pediatrician can be a long and expensive one. Typically, that means college, medical school, a residency, and possibly a fellowship. Medical school can easily cost $250,000 in tuition. It’s wise to consider this investment when pursuing a career as a pediatrician. Many doctors have a high amount of medical school debt when starting out.

Also, keep in mind that being a pediatrician involves interacting with children and their families all day. This may not therefore be the best job for introverts.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

How Much Do Starting Pediatricians Make a Year?

While pediatricians can eventually earn very competitive salaries, like any job, they tend to earn less when they are entry-level. The lowest 10% of earners in this role make just $75,670, which is significantly lower than the median annual salary for all physicians of $198,420.

What is the Average Salary for a Pediatrician?

On average, a pediatrician can make a salary that is considerably higher than the American average for all jobs. Where a pediatrician chooses to work can greatly impact how much a pediatrician earns. This is a quick glance at the annual mean wage for a variety of workplaces where a pediatrician may be employed:

•   Offices of physicians: $203,690

•   General medical and surgical hospitals: $180,790

•   Outpatient care centers: $232,420

•   Colleges, universities, and professional schools: $84,810

•   Specialty (except psychiatric and substance abuse) hospitals: $201,100.

Another factor that also affects pediatrician earning potential is the state the doctor works in. This table below highlights how average pediatrician salaries vary by state, with typical pay arranged from highest to lowest by location.

In addition, it shares how much a pediatrician’s hourly pay vs, salary is.

What is the Average Pediatrician Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
Oregon	$222,171	$18,514	$4,272	$106.81
Alaska	$221,079	$18,423	$4,251	$106.29
North Dakota	$221,044	$18,420	$4,250	$106.27
Massachusetts	$218,405	$18,200	$4,200	$105.00
Hawaii	$216,375	$18,031	$4,161	$104.03
Washington	$211,404	$17,617	$4,065	$101.64
Nevada	$209,030	$17,419	$4,019	$100.50
South Dakota	$208,910	$17,409	$4,017	$100.44
Colorado	$206,290	$17,190	$3,967	$99.18
Rhode Island	$205,782	$17,148	$3,957	$98.93
New York	$196,083	$16,340	$3,770	$94.27
Delaware	$193,921	$16,160	$3,729	$93.23
Vermont	$191,477	$15,956	$3,682	$92.06
Virginia	$191,115	$15,926	$3,675	$91.88
Illinois	$191,057	$15,921	$3,674	$91.85
Maryland	$187,806	$15,650	$3,611	$90.29
Nebraska	$183,797	$15,316	$3,534	$88.36
Missouri	$182,659	$15,221	$3,512	$87.82
California	$182,152	$15,179	$3,502	$87.57
South Carolina	$181,082	$15,090	$3,482	$87.06
Pennsylvania	$179,627	$14,968	$3,454	$86.36
New Jersey	$179,258	$14,938	$3,447	$86.18
Oklahoma	$177,994	$14,832	$3,422	$85.57
Maine	$177,900	$14,825	$3,421	$85.53
Wisconsin	$177,526	$14,793	$3,413	$85.35
North Carolina	$177,345	$14,778	$3,410	$85.26
New Hampshire	$174,681	$14,556	$3,359	$83.98
Idaho	$174,250	$14,520	$3,350	$83.77
Texas	$173,077	$14,423	$3,328	$83.21
Kentucky	$172,518	$14,376	$3,317	$82.94
Wyoming	$171,910	$14,325	$3,305	$82.65
Minnesota	$171,467	$14,288	$3,297	$82.44
Michigan	$170,777	$14,231	$3,284	$82.10
New Mexico	$170,501	$14,208	$3,278	$81.97
Indiana	$169,638	$14,136	$3,262	$81.56
Ohio	$166,670	$13,889	$3,205	$80.13
Arizona	$166,130	$13,844	$3,194	$79.87
Connecticut	$165,286	$13,773	$3,178	$79.46
Mississippi	$164,126	$13,677	$3,156	$78.91
Iowa	$163,921	$13,660	$3,152	$78.81
Montana	$163,627	$13,635	$3,146	$78.67
Arkansas	$163,030	$13,585	$3,135	$78.38
Alabama	$161,584	$13,465	$3,107	$77.68
Utah	$159,236	$13,269	$3,062	$76.56
Tennessee	$159,121	$13,260	$3,060	$76.50
Kansas	$154,538	$12,878	$2,971	$74.30
Georgia	$150,529	$12,544	$2,894	$72.37
Louisiana	$149,706	$12,475	$2,878	$71.97
West Virginia	$138,728	$11,560	$2,667	$66.70
Florida	$133,219	$11,101	$2,561	$64.05

Source: ZipRecruiter

Pediatrician Job Considerations for Pay & Benefits

Alongside earning a $100,000 salary or more, most pediatricians also receive superior employee benefits. If a pediatrician runs their own practice, they will need to supply themselves and their employees with these benefits.

Those who are employed by employers like hospitals or medical groups can expect to gain access to benefits like paid time off, health insurance, and retirement accounts. They may also have unique benefits like continuing education allowances and malpractice insurance coverage.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Pediatrician Salary

The main advantage associated with competitive pay for pediatricians is that they are quite high. With a median salary of $198,420, pediatricians are greatly rewarded for their hard work.

However, they must pursue many years of higher education to earn that salary. Many young doctors struggle under the weight of their student loan payments. So, while this salary may seem high at first glance, much of it can go towards student loan debt initially.

It’s also worthwhile to consider work-life balance. Being a pediatrician and improving the health of children can be a very rewarding career, but it can also involve long, tiring hours and being on call for patients on nights and weekends. Medical problems and emergencies crop up all the time, so this is a factor to acknowledge.

Recommended: How Much House Can I Afford?

The Takeaway

Pediatricians can earn very high pay while making a big difference in the lives of their patients and their families. They do have to commit to many years of schooling and education to become a pediatrician, but once they do, they can earn a great living.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a pediatrician?

Most pediatricians make $100,000 a year or more, especially after gaining a few years of work experience. The median annual salary for a pediatrician is $198,420.

Do people like being a pediatrician?

Pursuing a career in pediatric medicine is a major commitment and those who are passionate about this field and patient care are likely to really enjoy their work. However, this role requires many hours of patient interaction a day, so even if someone finds the work fascinating, it won’t be a good fit for them if they are antisocial.

Is it hard to get hired as a pediatrician?

The main challenge in getting hired as a pediatrician surrounds not having the right credentials. Potential pediatricians must pursue medical school and any required medical licenses in order to find a job in this field, which is no easy feat.

---

Photo credit: iStock/alvarez

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.

*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.

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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SORL0124039

Read more

The median annual pay for a sonographer is $78,210 annually for the most recent year studied, according to the Bureau of Labor Statistics. Working as a sonographer is a great way to enter the medical field without having to pursue an expensive advanced degree. Typically, only an associate’s degree is needed to work as a sonographer, which can be obtained quickly and affordably.

Read on to learn more about how much a sonographer can earn and what it’s like to work as this kind of professional.

What Are Sonographers?

A sonographer — also known as a diagnostic medical sonographer — uses sonography technology and tools to create images typically known as ultrasounds or sonograms. These images can give us a detailed look at organs and tissues within the body or of embryos and fetuses. There are many different types of sonographers who specialize in distinct areas of medicine, such as:

•   Abdominal sonographers

•   Breast sonographers

•   Cardiac sonographers (echocardiographers)

•   Musculoskeletal sonographers

•   Pediatric sonographers

•   Obstetric and gynecologic sonographers

•   Vascular technologists (vascular sonographers).

As briefly mentioned above, training for this career usually doesn’t involve medical school and its cost. Instead, diagnostic medical sonographers may obtain a bachelor’s degree, an associate’s degree, or perhaps a vocational school degree or hospital training program certificate. Some may be trained in the Armed Forces.

It’s also worth noting that working as a sonographer will likely involve a high degree of patient interaction. For this reason, it may not be a good job for introverts.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Sonographers Make a Year?

Entry-level sonographers should expect their salary to be on the lower side until they gain more experience. The lowest 10% of earners make less than $61,430 per year.

However, the top 10% of earners working as sonographers make more than $107,730, meaning this is a career path that can lead to a job that pays $100,000 a year.

In addition to experience level, other aspects that can lead to competitive pay is your geographical location (big city vs. rural community) and whether the employer is a major hospital network, say, or a small, independent medical office.

Recommended: What Trade Earns the Most Money?

What is the Average Salary for a Sonographer?

Those who work full-time as a sonographer can expect to earn a median annual salary of $78,210. However, some sonographers choose to work part-time and are paid by the hour. In terms of how much a sonographer makes an hour, the median hourly pay for sonography work is $37.60 per hour.

Many factors can influence how much a sonographer earns and the state they work in is a major one. The following table illustrates how average sonographer salaries can vary significantly by state, with earnings shown from highest to lowest.

What is the Average Sonographer Salary by State for 2023

State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
New York	$130,753	$10,896	$2,514	$62.86
Pennsylvania	$119,728	$9,977	$2,302	$57.56
New Hampshire	$117,077	$9,756	$2,251	$56.29
New Jersey	$115,302	$9,608	$2,217	$55.43
Wyoming	$114,058	$9,504	$2,193	$54.84
Washington	$113,902	$9,491	$2,190	$54.76
Wisconsin	$113,086	$9,423	$2,174	$54.37
Massachusetts	$113,082	$9,423	$2,174	$54.37
Alaska	$112,787	$9,398	$2,168	$54.22
Oregon	$111,873	$9,322	$2,151	$53.79
Indiana	$111,695	$9,307	$2,147	$53.70
North Dakota	$111,668	$9,305	$2,147	$53.69
Hawaii	$109,499	$9,124	$2,105	$52.64
Arizona	$109,385	$9,115	$2,103	$52.59
New Mexico	$108,705	$9,058	$2,090	$52.26
Colorado	$107,986	$8,998	$2,076	$51.92
Minnesota	$107,959	$8,996	$2,076	$51.90
Montana	$107,737	$8,978	$2,071	$51.80
Nevada	$106,643	$8,886	$2,050	$51.27
Alabama	$106,391	$8,865	$2,045	$51.15
South Dakota	$105,538	$8,794	$2,029	$50.74
Vermont	$105,369	$8,780	$2,026	$50.66
Ohio	$105,308	$8,775	$2,025	$50.63
Rhode Island	$103,621	$8,635	$1,992	$49.82
Iowa	$102,378	$8,531	$1,968	$49.22
Delaware	$102,241	$8,520	$1,966	$49.15
Connecticut	$102,051	$8,504	$1,962	$49.06
Virginia	$101,059	$8,421	$1,943	$48.59
Mississippi	$100,644	$8,387	$1,935	$48.39
Tennessee	$100,545	$8,378	$1,933	$48.34
Utah	$100,028	$8,335	$1,923	$48.09
Illinois	$99,727	$8,310	$1,917	$47.95
Georgia	$99,110	$8,259	$1,905	$47.65
Maryland	$99,089	$8,257	$1,905	$47.64
California	$98,791	$8,232	$1,899	$47.50
Nebraska	$97,188	$8,099	$1,869	$46.73
Maine	$96,740	$8,061	$1,860	$46.51
Missouri	$96,025	$8,002	$1,846	$46.17
South Carolina	$95,081	$7,923	$1,828	$45.71
Kansas	$94,735	$7,894	$1,821	$45.55
Idaho	$94,316	$7,859	$1,813	$45.34
Louisiana	$94,256	$7,854	$1,812	$45.32
Oklahoma	$94,119	$7,843	$1,809	$45.25
Texas	$93,511	$7,792	$1,798	$44.96
North Carolina	$93,119	$7,759	$1,790	$44.77
West Virginia	$92,468	$7,705	$1,778	$44.46
Kentucky	$89,668	$7,472	$1,724	$43.11
Michigan	$89,461	$7,455	$1,720	$43.01
Florida	$87,711	$7,309	$1,686	$42.17
Arkansas	$85,099	$7,091	$1,636	$40.91

Source: ZipRecruiter

Sonographer Job Considerations for Pay & Benefits

If a sonographer chooses to work part-time, they may not gain access to the same suite of valuable employee benefits that full-time sonographers typically earn. While employee benefits can vary by employer, full-time sonographers can generally expect to receive healthcare coverage, paid time off, and retirement plans as a part of their overall compensation package.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Sonographer Salary

One of the biggest pros associated with a sonographer’s salary is that they don’t have to take on expensive medical school debt — which can really eat into a worker’s monthly budget. An associate’s degree or a postsecondary certificate may be required but will cost less than pursuing other degree requirements commonly found in the medical field.

Regarding cons, some may find the salary doesn’t outweigh the hardships of the job. Many sonographers work nights and weekends and are on their feet for long periods of time.

Recommended: Pros and Cons of Minimum Wage

The Takeaway

Sonographers currently earn an average of $78,210 per year. They have a very valuable medical-service skill set, and demand for that skill is growing. It’s anticipated that job openings for this role will grow by 10% from 2022 to 2032, which is above the national average rate. As they navigate their careers, sonographers will likely want to make progress in their financial lives, with smart budgeting and saving.

SoFi helps you stay on top of your finances.

FAQ

Can you make 100k a year as a sonographer?

It is possible to earn $100,000 or more each year as a sonographer. On average, sonographers in the state of New York earn $130,753 per year. Where someone lives, how many years of experience they have, and their specialty can all impact how much they earn.

Do people like being a sonographer?

Working as a sonographer is a great fit for anyone who finds the work interesting and who enjoys patient interaction. Because this role requires so much patient care throughout the day, it’s not the best fit for those who are antisocial.

Is it hard to get hired as a sonographer?

Around 9,600 openings for diagnostic medical sonographers are anticipated to be available each year. Because of this high demand, if someone has the right education and qualifications, they should be able to find work as a sonographer.

---

Photo credit: iStock/dusanpetkovic

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.

*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.

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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SORL0124038

Read more

Groceries are one of the biggest budget items on most families’ lists. Of course, how much you spend will depend on where you live, what you eat, and what your spending habits are. As food costs increase, so may the grocery budget for a family of three.

As you create or revise a monthly budget, it can help to look at how your food spending compares to other families.

American Average Grocery Budget for Family of 3

Each month, the USDA publishes a report showing the average costs of groceries at three price levels: budget, moderate, and liberal. Here’s a look at the middle-of-the-road spending for a family of three in 2023. Notice how the average cost of groceries rose more than $87 over the course of the year.

Month (in 2023)	Average Cost of Groceries
January	$975.00
February	$975.00
March	$967.50
April	$970.90
May	$976.70
June	$977.80
July	$981.30
August	$981.00
September	$980.10
October	$983.20
November	$977.00
December	$975.70

💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much to Budget for Groceries Per Person

No matter the size of your family, your grocery budget can depend largely on the cost of food where you live. For instance, according to data from the Missouri Economic Research and Information Center, people in Hawaii, Alaska, and New York tend to pay more for food than residents of Texas, Wyoming, and Michigan. This means $700 per month for groceries may be more reasonable in Texas than in, say, Hawaii.

Creating a household budget and aren’t sure how much to allocate for food? A good rule of thumb is to set aside 10% of your income for groceries and other food costs. So if you take home around $5,000 a month, plan on budgeting $500 for food.

However, you may need to adjust that percentage, especially if you have a larger family or live in an area with a higher cost of living. It may be wise to track how much you spend in any given month on food and see what a reasonable budget would look like for you and your family.

How to Prioritize Your Grocery Spending

What does it mean to prioritize your grocery spending? It’s simply a way to ensure you’re making the most every dollar when you’re grocery shopping on a budget.

One strategy to consider is to set aside money each month automatically so you have enough to spend on food. Another option is to put groceries as one of the top line items in your monthly budget so you don’t forget to set aside money for it first.

It’s also important to scrutinize how much you spend on food and the choices you make in the grocery store aisles. It could be that your grocery budget is fine, but you may need to reel in how much you spend on certain ingredients or find cheaper alternatives.

Above all, though, make sure you settle on a budget that works for you and your family. Be sure it’s enough to cover what’s important to you all while still sticking to your larger spending plan.

How to Stay Within Your Grocery Budget

It’s easy to give in to temptation at the grocery store, but rest assured, staying within budget is possible. These tips can help:

Shop at discount retailers

Buying your groceries at lower-priced retailers can add up to significant savings, even better if you’re able to purchase ingredients you need on sale. Some retailers may have rewards programs, helping you earn free or heavily discounted groceries.

•   Make pricey purchases go the distance: Meat or related products like eggs tend to cost more than other ingredients. Look into recipes that help you stretch a pack of meat or carton of eggs over several meals.

•   Use what you have: Before heading to the grocery store, go through your refrigerator, freezer, and pantry to see what you already have. Besides preventing food waste, this also helps you avoid purchasing items you don’t need.

•   Buy store brands: In many cases, store-brand items cost much less than brand-name items. The quality for generic items may also be similar.

•   Use coupons: Though it may not seem like it’ll make a huge difference, using coupons or grocery store rebates can help make every cent count. Be sure to do some comparison shopping before you hit the checkout counter. Even with discounts, you may still come out ahead with generic or store-brand versions.

•   Embrace meal planning: Making plans can help you estimate your food costs for the week and ensure you only purchase items you need.

•   Do a spending audit regularly: Tally up how much you’ve spent and what you’ve spent it on. Look for places to cut back on spending, such as purchasing pricey ingredients that can only be used once.

Recommended: Does Buying in Bulk Save Money?

How to Budget for Restaurants and Dining Out

Eating out is a luxury, but it can also be done on a budget. Consider the following tips the next time you’re considering a night out on the town:

•   Decide how many times a month you want to eat out: Knowing approximately where and how many times you go out in a given month will help you make a realistic budget.

•   Consider drinking only water: While it’s tempting to order fancy drinks when you’re out, sticking with water can help you and your family save money.

•   Look for weekly specials or discounts: In an attempt to earn your business, many restaurants will offer specials, such as free kids meals or discounted menu items. These deals usually happen on a weekday, though on occasion you may find discounts during restaurants’ busier times as well.

•   Budget for tipping: Paying for your meal isn’t the only cost involved in dining out. Make sure to leave enough room so you can tip your server or bartender.

Recommended: Examining the Price of Eating at Home vs Eating Out

Tips for Getting Help if You Can’t Afford to Buy Groceries

Sometimes, budgeting will only get you so far. If you need help with food and other necessities, there are some organizations and agencies you may be able to turn to for temporary help:

•   Supplemental Nutrition Assistance Program (SNAP): If you can meet the program’s eligibility requirements, the government-run program will give you a monthly stipend to spend on food for you and your family.

•   Special Supplemental Nutrition Program for Women, Infants, and Children (WIC): The WIC program is for eligible pregnant women or mothers who have infants up to age 5 who are at risk of not receiving enough nutrients. Note that you’ll need to apply for this government-funded program.

•   USDA National Hunger Hotline: If you’re facing food insecurity, you can call the hotline daily from 7am to 10pm ET to find resources like local meal sites or food banks.

•   Local food pantries: Many religious organizations, colleges, and other local nonprofits may have food pantries. Call ahead to see when you can receive assistance.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Budgeting for grocery costs isn’t always easy, but it’s worth the effort. It may be worth considering looking at average costs in your area as a guideline for how much to budget and looking at ways to save on food to ensure you’re not spending more than you can afford to. You may also want to consider using online tools like a money tracker app so you can maximize every dollar you make.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

What is a reasonable grocery budget?

Most experts recommend budgeting around 10% of your income to food costs.

How much should a family of four spend on groceries?

Depending on where you live, the average cost of groceries for a family of four can average from $1,044.70 to $1,568.10, according to data from USDA.

How much does an average family spend on groceries?

The average family spends about 11.3% on groceries, according to USDA data.

---

Photo credit: iStock/Prostock-Studio

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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

SORL0324003

Read more

Consumers may not know it, but financial institutions often rely on “bundled” credit reports to make more fully informed decisions before lending an individual money.

That process is known as a tri-merge credit report (also known as a three-in-one credit report.) The merged report can give the lender a more complete picture of an applicant’s financial situation, since each credit report may contain slightly different information.

You can’t request a merged credit report on your own but you can ask a lender to share their tri-merged report with you. Read on to learn more about what tri-merged credit reports are and how they can impact your chances of getting a loan.

What Is a Tri-Merge Credit Report?

A tri-merge credit report simply combines three credit reports from the three largest credit reporting bureaus — Experian, Equifax, and Transunion — and consolidates them into one credit report for creditors and lenders. They are most commonly used in the mortgage lending sector where more information is required to properly assess larger loans.

Creditors often rely on three-in-one credit reports because they want a thorough review of an applicant’s credit history, an outcome a lender may not get with input from just one credit reporting agency.


💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

How Do Merged Credit Scores Work?

A tri-merge credit report gives those lenders what they need – a comprehensive overview of a credit applicant using information from three credit reports, instead of one or two credit reports.

By combining all three credit scoring formulas and outcomes into a single credit report, creditors can get an expanded and more complete look at a credit applicant’s financial history (including payments and credit usage), based on the information included in the tri-merge credit report.

Recommended: Common Credit Report Errors and How to Dispute Them

Why Do You Have More Than One Credit Score?

Each credit scoring company has its own formula for calculating credit scores and one model may place more importance on one factor, such as payment history, while another may not. Also, different types of loans have different scoring methods.

The most commonly used credit scoring model is the FICO® Score, a base score that has a range of 300 (lowest score) to 850 (highest score). But within the FICO models, there are industry-specific ranges.

•   FICO® Auto Score Range is 250 to 900

•   FICO® Bankcard Score Range is 250 to 900

•   FICO® Mortgage Score Range is 300 to 850

VantageScore is another credit scoring model used by all three major credit reporting bureaus.

FICO Score and VantageScore base their calculations on different aspects of a person’s financial history.

•   FICO uses factors that are in a credit report, such as payment history of credit accounts, how much debt a person has, how long credit accounts have been open, how often new credit inquiries happen and how often new credit accounts are opened, and the mix of credit account types.

•   Vantage uses the same criteria as FICO, but places different levels of importance on each. Vantage also looks at additional factors that might not appear on a person’s credit report, such as rent and utility payments. Using factors such as these makes it possible for people who don’t have much of a credit history to have a credit score and be able to access consumer credit.

Lenders use credit scores and other information in the loan approval process.

What Does a Tri-Merge Credit Report Look Like?

Tri-merge credit reports offer creditors the same look and feel as a standard consumer credit report, with a few differences.

For starters, the third-party provider creating the three-in-one credit report culls the credit reports from each of the three primary credit-reporting firms (Experian, Equifax, and TransUnion) and pulls the most pertinent information for use in the tri-merge credit report.

In its final form, the tri-merge credit report includes the following sections.

•   An upfront summary that provides information on the credit applicant in capsule form.

•   A full section on the credit applicant’s financial accounts, focusing on larger accounts like mortgages, credit cards, auto loans, and any types of personal loans.

•   Data on the applicant’s credit payments history, any open accounts, any history of late or no credit payments, any tax liens or bankruptcies, and the applicant’s credit utilization ratio (i.e., the applicant’s outstanding credit balance divided by the total amount of revolving credit the applicant has available).

A tri-merge credit report may also include a specific credit report from any of the three major credit reporting agencies, based on the specific credit analysis needs of the mortgage lender who uses the three-in-one report.

Why Do Personal Loan Lenders Look at Your Tri-Merge Credit Report?

Tri-merge credit reports are more commonly used in mortgage lending than personal loan lending. But if you’re applying for a large personal loan — some lenders offer personal loans up to $100,000 — the lender may look at a tri-merge credit report to get a comprehensive picture of your creditworthiness. The tri-merge credit report will include any current or past personal loans and your payment history on those. The lender will use that information to determine approval for the loan you’re applying for.


💡 Quick Tip: Choosing a personal loan with a fixed interest rate makes payments easy to track and gives you a target payoff date to work toward.

How Does a Tri-Merge Credit Report Affect Your Loan Application?

Different lenders approach the risk of lending money with different tolerance levels, just as they each have different credit score requirements. A loan applicant whose credit reports don’t include late payments and unmanageable debt loads will likely be approved for a loan with favorable terms and lower interest rates.

Alternatively, a loan applicant whose credit report shows a large amount of existing debt and a history of late or missed payments may be offered a high interest rate and less favorable terms.

Because lenders that use a tri-merge credit report to assess an applicant’s creditworthiness are looking at a comprehensive picture, it’s in the best interest of the applicant to clean up their credit reports from each of the three major credit bureaus before they begin applying for a loan.

Recommended: Typical Personal Loan Requirements Needed for Approval

Is a Tri-Merge Credit Report a Hard Inquiry?

Any official lender review of a tri-merge credit report will be a hard inquiry and will temporarily impact your credit score. In general, each hard credit inquiry can decrease a credit score by five points.

The severity of any credit score decline due to a hard pull largely depends on the applicant.

A consumer with a strong credit report may see less of a credit scoring decline than one with a weak credit report. Multiple credit report hard inquiries can be a reason why a consumer with a weak credit history may see their credit scores decline moderately.

Recommended: Soft vs Hard Credit Inquiry: What You Need to Know

Can I Order My Own Tri-Merge Credit Report?

Tri-merge credit reports are available to lenders, but not generally to individuals. A lender may be willing to share with you the tri-merge credit report they pulled in your application process. A credit counselor who offers first-time homebuyer programs may also be able to pull a tri-merge credit report for you in a credit review process, but there may be a fee for that service.

However, you can — and it’s a good idea to do this — request a free copy of your credit report from AnnualCreditReport.com.

You can request a free copy of your credit report once a week from each of the three major credit bureaus. Reviewing all three of your credit reports will give you much of the same information as is included in a tri-merge credit report.

The Takeaway

Tri-merge credit reports can prove highly useful to mortgage and other lenders looking for a comprehensive review of an applicant’s credit history.

By merging the credit report analysis of the three major credit reporting agencies, creditors and lenders are getting a fully-formed outlook they likely wouldn’t get by relying on a single credit reporting agency.

For consumers, the key takeaway on three-in-one credit reports is simple – take a disciplined and diligent stance on your credit, review your credit reports on a regular basis, and ensure key issues like on-time payments and credit utilization rates are in good standing.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

What is a tri-merge credit report?

A tri-merge credit report is a credit report combining information from the three major credit bureaus, Equifax, Experian, and TransUnion.

Is a tri-merge credit report a hard inquiry?

When a tri-merge credit report is pulled during the formal loan application process, it will be a hard inquiry on the applicant’s credit report.

Can I pull my own tri-merge credit report?

No. Tri-merge credit reports are available to lenders, not individuals, and they’re mainly used in the mortgage loan process. If you’re working with a credit counselor, you may be able to have a tri-merge credit report pulled during a credit review process.

---

Photo credit: iStock/Irina Ivanova

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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.

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

SOPL0324004

Read more