SoFi Blog

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

Editor’s note: this article has been updated from its original publish date of July 29, to include new information.

In July 2019, The Federal Reserve cut rates for the first time since the financial crisis. Now, it has cut rates again—for the fifth time in eight months. This time, it is directly tied to the spread of COVID-19—more widely known as the coronavirus.

“The coronavirus poses evolving risks to economic activity,” the Fed said in a statement. “In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate.”

Americans may want to prepare now for some changes to their finances—especially given the macroeconomics around this particular cut. This action has the potential to affect savings, credit cards, student loans, mortgages, and investment portfolios.

Curious about how the process of cutting and hiking rates works? Wondering how the rate announcement by the Federal Reserve may affect you? Read on for a high-level overview of information that may be helpful as you plan for the near future and beyond.

It can often start out innocently enough. One partner, who may be better with handling money and finances (or more willing to take on the responsibilities) offers to pay the bills and balance the checkbook every month.

However, with time, the spouse not paying the bills may begin to wonder how things are going: are the credit cards paid on time? How about the mortgage and car payments?

If you’re experiencing financial cheating or are dealing with an overspending spouse, first remember that what doesn’t kill you makes you stronger. A financial challenge like this one can have a positive outcome and set you on an even better path than the one you were on before.

It can be the one incident that may draw you closer as a couple (once the problem is confronted and on its way to being resolved).

Sometimes it feels like the more you learn about money and investing, the more you need to know. And that’s why we’re also sharing a few downloadable or streamed podcasts that we feel do a good job of talking money.

We’re all about simplifying finances and making investing easy. Often, the people featured on these highlighted podcasts may offer tips and tricks that may complement any other guidance you’re absorbing.

Hey, it’s hard to discount free tips and tricks, especially when your financial journey may not always be free of stress. It’s good to feel like you’re not alone in this. We’re here for you, of course, and these podcasts can make good company when you’re feeling the pressure.

You might want to give a listen to some or all of the following money podcasts.

Who We Are

If you’ve landed on this page, you’re probably wondering, “What is SoFi?” We’re a company committed to helping our members achieve financial independence to realize their ambitions. In short, we want to help our over 900,000 members get on a path to have the money to do what they want.

At a time when it can feel like there’s a Walmart, Dollar General, Walgreens or other national chain around every corner, what does it mean to shop small?

It means checking out the new boutique store that carries hand-crafted wooden toys. Or buying a birthday cake from the corner bakery, helmed by a chef who lives on the second floor. It’s the choice to patronize the community’s independent storefronts, as well as local artisans who sell online through sites like Etsy . (Find them via a location search.)

The phrase “shop small” has become something of a rallying cry, synonymous with the weekend after Thanksgiving ever since the inaugural Small Business Saturday took place in 2010. This year’s holiday is set for Saturday, Nov. 30.

And while shoppers may be drawn in by the promise of huge deals available from mass-market retailers on the day before—Black Friday—here are a few reasons why it could be good to keep some of that holiday shopping budget for the little guys.