University of Chicago Tuition and Fees
University of Chicago Tuition and Fees
(Last Updated – 06/2025)
The University of Chicago (UChicago) is a private research university that’s considered one of the best in the country. Ranked #11 in national universities (in a tie with Cornell University) by U.S. News & World Report, the university is affiliated with 101 Nobel Prize winners and 27 Pulitzer Prize winners. It has highly regarded schools in law, medicine, and public policy, among others.
In this guide, we’ll detail the university’s admission process, the UChicago acceptance rate, tuition, financial aid, popular majors, and more.
Total Cost of Attendance
University of Chicago is a private school, so the cost of attendance will be the same for both in-state and out-of-state students.
In 2024-25, costs at the University of Chicago were:
|
Tuition & Fees |
$70,662 |
|
Books & Supplies |
$1,800 |
|
Food & Housing |
$20,109 |
|
Other Expenses |
$2,400 |
|
Total Cost of Attendance |
$94,971 |
Financial Aid
The admissions process at UChicago is “need-blind,” which means the school admits students without consideration of financial resources through a student-first admissions process. Plus, those who apply for financial aid do not need to pay an application fee. These policies can help aspiring students from lower- to middle-income families who otherwise wouldn’t have the financial resources to attend.
In 2022-23, 53% of students received some kind of financial aid, including student loans. More specifically:
• Grant or scholarship aid: 46% received this kind of aid with the average award being $58,877.
• Federal grants: 17% received this kind of aid with an average award of $9,481.
• Pell grants: 17% received this kind of aid with the average award being $5,600.
• Other federal grants: 17% received this kind of aid with an average award of $3,990.
• State/local: 3% received this kind of aid and the average award was $7,200.
• Institutional: 45% received this kind of aid with the average award being $55,101.
• Student loan aid: 7% received this kind of aid with an average award of $13,890.
• Federal student loans: 6% received this kind of aid and the average award was $5,213.
• Other student loans: 1% received this kind of aid with the average award being $43,247.
Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: Scholarships can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Grants are generally based on financial need. These can come from federal, state, private, or nonprofit organizations.
• Work-study: Federal Work-Study provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: Federal student loans are money borrowed directly from the U.S. Department of Education. They come with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA®) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• U.S. Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
Recommended: The Differences Between Grants, Scholarships, and Loans
Private Student Loans
In 2022-23, 1% of UChicago students received private student loan funding with an average award of $43,247.
Private student loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations, so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Recommended: Guide to Private Student Loans
Projected 4-Year-Degree Price
Over four years, a degree at UChicago will cost (based on 2024-25 numbers) approximately $379,884. This is higher than the average four-year cost of attendance at private universities in the U.S., which is $241,680.
Here’s some Illinois Student Loan & Scholarship Information.
Undergraduate Tuition and Fees
UChicago undergraduate tuition and fees for 2024-25 were $70,662, with books and supplies being $1,800.
Total costs were as follows:
| Expenses | |
|---|---|
|
Tuition & Fees |
$70,662 |
|
Books & Supplies |
$1,800 |
|
Total |
$72,462 |
Graduate Tuition and Fees
Graduation tuition at the university in 2024-25 was $67,200, with fees of $1,452, for a total of $68,652 per year. This is significantly higher than the average cost of graduate school in the United States, which is $21,730 per year.
Graduate loans can help with this cost.
Campus Housing Expenses
All entering first-year students are required to live in on-campus housing for their first two academic years. Transfer students are required to live in on-campus housing for their first academic year at the school.
In 2024-25, room and board at the University of Chicago was $20,109, a 4.6% increase from the previous year.
University of Chicago Acceptance Rate
In fall 2023, 38,631 people applied to the university. The UChicago acceptance rate was 5%, making the school challenging to get into.
Admission Requirements
As part of the application process, students need to submit:
• Application for admission and supplemental essays
• Secondary school report and transcript
• Two teacher evaluations
• Mid-year report
• SAT/ACT scores (optional)
• Video profile (optional but recommended)
• Supplemental materials (optional)
Application Deadlines
• Early Action/Early Decision I: November 1
• Early Decision II/Regular Decision: January 6
• Admission Decision Release Date: Mid-December (Early Action/Early Decision I); mid-February (Early Decision II); late March (Regular Decision)
SAT and ACT Scores
The University of Chicago is a test optional school. In fall 2023, 46% of applicants submitted SAT scores and 30% submitted ACT scores. The 25th and 75th percentile scores were:
|
Subject |
25th Percentile |
75th Percentile |
|
SAT Evidence-Based |
740 |
770 |
|
SAT Math |
770 |
800 |
|
ACT Composite |
34 |
35 |
|
ACT English |
34 |
36 |
|
ACT Math |
32 |
35 |
Popular Majors at University of Chicago
Complementing the university’s “Core” curriculum are 65 majors and 63 minors, as well as dozens of areas of specialized study. Here are some of the most popular majors at UChicago.
1. Econometrics
This curriculum prepares students to understand today’s economy (pricing, markets, income, employment, and more). Econometrics integrates the disciplines of mathematics and statistics.
Undergraduate degrees in 2023-24: 522
2. Mathematics
Undergraduates can choose between a BA and a BS program, each offering comprehensive instruction. BS degrees can have an applied mathematics specialization or one with a focus on economics.
Undergraduate degrees in 2023-24: 136
3. Computer Science
This degree is also available as a BA or BS, and each can be combined with an MS program. Students in the BA program who don’t go to grad school are prepared for a career in the computer science industry. Those in the BS program can add another field of study for a broader education.
Undergraduate degrees in 2023-24: 128
4. Biology
Students can choose between a BA or BS with optional specializations that include cancer biology, cellular/molecular, developmental, endocrinology, genetics, immunology, microbiology, and quantitative biology.
Undergraduate degrees in 2023-24: 121
5. Political Science
This program prepares students for a wide range of careers — in government, business, nonprofit organizations, education, and journalism — and serves as a basis for a law degree, among other options.
Undergraduate degrees in 2023-24: 83
6. Neuroscience
Students can choose between a BA and a BS with the latter having access to an honors program and providing intensive individual research. Undergraduates learn about neural function from molecule to species level.
Undergraduate degrees in 2023-24: 53
7. History
Students can choose from tracks that allow them to gain expertise in a specific historical time, place, or theme, and complete a research project.
Undergraduate degrees in 2023-24: 49
8. Experimental Psychology
In this program, undergrads learn about psychology in broad ways, integrating knowledge in methodologies that connect the discipline with other areas of study. They also participate in research projects.
Undergraduate degrees in 2023-24: 46
9. Public Policy Analysis
Students learn how to analyze policy, use economic and quantitative methods, conduct policy research, enhance communication skills, and focus on one or more policy areas.
Undergraduate degrees in 2023-24: 44
10. Physics
Undergraduates study the fundamentals of physics in a way that grounds them in foundational knowledge. This prepares the students who want to earn additional degrees in the field.
Undergraduate degrees in 2023-24: 40
UChicago Graduation Rate
Graduation rates at UChicago are high. These are the rates for students who started their studies in fall 2017:
• 4 years: 86%
• 6 years: 95%
Post-Graduation Median Earnings
The median annual income for University of Chicago graduates is $91,885. That’s significantly higher than the median income for all graduates of four-year institutions in the U.S., which is $68,680.
Bottom Line
The University of Chicago is one of the best schools in the nation with top-rated academic programs. Although the tuition is higher than average, the admissions process is need-blind, and the university is generous with institutional grants and scholarships. The toughest part is getting in: The university’s acceptance rate is just 5%.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
SOISL-Q225-068
University of California, Berkeley – Tuition and Fees
University of California, Berkeley – Tuition and Fees
(Last Updated – 06/2025)
Located in Berkeley, California, the University of California, Berkeley (UC Berkeley) is a public research university and flagship campus of the University of California system. UC Berkeley offers undergraduate, graduate, and professional degrees and operates on a semester calendar. This guide will provide detailed information on UC Berkeley tuition and fees, financial aid opportunities, acceptance rates, admission requirements, and more.
Total Cost of Attendance
UC Berkeley tuition for the 2024-25 school year was $16,347 for in-state students and $50,547 for out-of-state students. This is higher than the national average public college tuition of $11,260 for in-state students and $29,150 for out-of-state students.
|
Expenses |
In-State |
Out-of-State |
|
Tuition & Fees |
$16,347 |
$50,547 |
|
Books & Supplies |
$1,131 |
$1,131 |
|
Living Expenses (On Campus) |
$23,750 |
$23,750 |
|
Other Expenses (On Campus) |
$7,031 |
$7,031 |
|
Total Cost of Attendance |
$48,259 |
$82,459 |
Financial Aid
More than half of the students (61%) have some sort of financial aid to help cover UC Berkeley tuition. That includes scholarships, grants, and loans.
Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: Scholarships can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Grants are generally based on financial need. These can come from federal, state, private, or nonprofit organizations.
• Work-study: Federal Work-Study provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: Federal student loans are money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA®) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• U.S. Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
Recommended: The Differences Between Grants, Scholarships, and Loans
Private Student Loans
When it comes to student loans, there are both federal and private student loans available. At Berkeley, 20% of students take out federal student loans and 7% take out private loans. The average private student loan per year is $6,790.
Private student loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations, so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Recommended: Guide to Private Student Loans
Projected 4-Year-Degree Price
Over four years, a degree at Berkeley will cost (based on 2024-25 numbers) approximately $193,036 for in-state students. This is higher than the average four-year program at public universities in the U.S. of $115,360.
Recommended: California Student Loan & Scholarship Information
Undergraduate Tuition and Fees
Estimated Costs for 2024-25
UC Berkeley undergraduate tuition and fees for 2024-25 are $16,347 for in-state students and $50,547 for out-of-state students, with living expenses being $23,750.
Graduate Tuition and Fees
|
Expenses |
In-State |
Out-of-State |
|
Tuition |
$12,762 |
$27,864 |
|
Fees |
$3,104 |
$3,104 |
|
Total |
$15,866 |
$30,968 |
Berkeley offers several highly respected graduate programs. For 2024-25, graduate tuition (including fees) is $15,866 for in-state students and $30,968 for out-of-state students. There are graduate loans available to help with these costs.
Campus Housing Expenses
Estimated Costs for 2025-26
In addition to UC Berkeley tuition, students must pay for housing, either on campus or off. While freshmen aren’t required to live on campus, 96% of first-year students choose to, enjoying amenities in one of the eight residence halls.
The estimated cost of room and board if you live in an on-campus residence hall ranges from $11,780 to $18,710 for the 2025-26 school year.
Those opting to live off-campus have plenty of options, and Berkeley offers many resources to help you find the right apartment, duplex, or house for your needs. This guide can help with off-campus living.
UC Berkeley Acceptance Rate
|
Number of applications |
124,242 |
|
Number accepted |
13,701 |
|
Percentage Accepted |
11% |
At just 11%, the Berkeley acceptance rate is low, making the university quite competitive.
Admission Requirements
Berkeley has high standards for admissions. Here are the things that are required or recommended with your application.
Required:
• Meet the A-G subject course requirements (find out more here )
• Have a 3.0 GPA in A-G courses taken in the 10th and 11th grade years (3.4 GPA for non-residents)
Recommended:
• Letters of recommendation
Profile of a First-Year Student in 2024:
• Unweighted GPA: 3.89-4.00
• Weighted GPA: 4.31-4.65
Important Dates:
• Application available: August 1
• Application deadline: December 2
• Financial aid (FAFSA or CA Dream Act) applications open: December 1
• FAFSA and CA Dream Act deadline: April 2
• First-year decisions posted: End of March
• First-year deadline to accept offer of admission: May 1
Note: UC Berkeley does not offer early admission or early decision.
SAT and ACT Scores
UC Berkeley is test-free, meaning you are not required to submit SAT or ACT scores with your application. If you choose to submit them, your scores may be used for placement or credit purposes.
Since the university is test-free, they no longer report test score percentiles.
Popular Majors at UC Berkeley
Berkeley has more than 130 academic departments and 80 interdisciplinary research units. Here are some of the most popular majors at Berkeley.
1. Computer Science
Berkeley’s computer science program was ranked #2 (in a tie with three other schools) in the US News 2025 rankings for Computer Science. The program offers classes in multiple programming languages, as well as courses in theory of computation, the architecture and logic design of computers, and artificial intelligence.
Undergraduate degrees in 2022-23: 866
2. Economics
Berkeley’s economics program is ranked one of the best in the world. Economics students learn about labor, land, investments, taxes, and governments.
Undergraduate degrees in 2022-23: 753
3. Molecular & Cellular Biology
With state-of-the-art research facilities, the molecular and cell biology program teaches students about molecular structures and processes of cellular life and their roles in the function, reproduction, and development of living organisms.
Undergraduate degrees in 2022-23: 692
4. Electrical & Electronics Engineering
Combining fundamentals of both computer science and electrical engineering, this program offers both a Bachelor of Science and a Bachelor of Arts degree. It includes math and science courses as well as non-technical courses.
Undergraduate degrees in 2022-23: 456
5. Business Administration
The highly-competitive Haas Undergraduate Program offers a Bachelor of Science in Business Administration. Students can choose one of the following pathways: Spieker Undergraduate Business Program; Global Management Program; Management, Entrepreneurship & Technology; and the Robinson Life Sciences, Business, and Entrepreneurship (LBSE) Program.
Undergraduate degrees in 2022-23: 428
6. Political Science & Government
Students of political science will learn about political ideas, the U.S. and international political systems, and ethical problems of power.
Undergraduate degrees in 2022-23: 395
7. Psychology
Students in psychology learn about behavior neuroscience, developmental, clinical science, cognition, cognitive neuroscience, and social-personality psychology. They also learn to use critical thinking and research, and have the opportunity to aid in research studies.
Undergraduate degrees in 2022-23: 322
8. Sociology
UC Berkeley’s Sociology Department is consistently ranked among the world’s best. The undergraduate degree program includes training in research methods and sociological theory. It also offers opportunities to explore the broad range of sociological research and dive deeper into specific subjects.
Undergraduate degrees in 2022-23: 261
9. Mass Communication/Media Studies
Students majoring in media studies look at communications and media technologies, industries, policies, and culture in the U.S. and globally.
Undergraduate degrees in 2022-23: 226
10. Environmental Studies
Berkeley offers several majors in environmental studies, including environmental earth science, environmental design and urbanism in developing countries, environmental economics and policy, environmental engineering, environmental engineering science, and environmental sciences.
Undergraduate degrees in 2022-23: 215
Click here to learn more about all the majors Berkeley offers.
Graduation Rate
Students who started their studies at Berkeley in 2017 had the following rate of graduation:
• 4 years: 81%
• 6 years: 93%
Post-Graduation Median Earnings
Berkeley graduates go on to do great things, and get paid well to do them! The median annual salary of graduates is $92,446, whereas the median for all college graduates in the U.S. is $68,680.
Bottom Line
Berkeley is an affordable and excellent option for students who live in California. For those who don’t, the price tag can be steep. However, the university notes that roughly two-thirds of students receive some form of financial aid, and that a full 38% of students pay nothing out of pocket for tuition due to grants and scholarships. Graduates also typically earn a significantly higher salary than the average.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
SOISL-Q225-064
5 Things to Do If You Don’t Have a Steady Paycheck
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
Navigating life with an income that fluctuates is tricky — even if it ebbs and flows with some predictability during certain times of year or when the tourists come to town.
You teach and have to cobble together odd jobs during the summer. Or you work in a field with peak seasons, like landscaping in the spring or retail during the holidays. Maybe you’re a freelancer dependent on your clients’ fortunes or a realtor who works on commission. Perhaps you’ve lost a job — or two or three — since the pandemic upended so much of what we took for granted.
No matter the reason for it, it’s quite common to lack a steady paycheck. In 2024, 29% of U.S. adults had income that varied at least occasionally from month to month, including 59% of the self-employed and 41% of those doing gig work, according to the Federal Reserve’s latest Survey of Household Economics and Decisionmaking.
An irregular income requires extra discipline and planning. But there are ways to make it work. Here are five things to do to maximize the ups and downs.
1. Establish a buffer account to smooth out your income. Estimate the total cost of your basic monthly living — rent or mortgage, utilities, food, car payment, gas, etc. — with a free budgeting app (we prefer SoFi Relay). Whenever you earn more than you need to cover that baseline amount, set the extra aside in a buffer account to help cover leaner months.
(Note: Don’t try to predict an unpredictable income — by definition, there’s a good chance you’ll be wrong. Instead, once you’ve been able to maintain a decent buffer for several months, consider increasing the baseline number to include a fixed contribution toward college, retirement or other financial goals as well as a realistic budget for nice-to-haves.)
2. Scale your spending. Spending less when you’re earning less may sound obvious, but what about spending more when you’re earning more? Scaling your budget up and down isn’t just about lifestyle decisions like whether to eat out. It can be more extensive – if you plan properly.
• Make a list of expenses you can hold off on when your income is low, like home maintenance, non-urgent doctor’s appointments, or car repairs. Leave them for when you have a higher-earning month.
• Buy non-perishable supplies in bulk amounts during higher-earning months. You can take advantage of bulk prices and have enough to last you through the leaner months.
• Put a bonus or big commission into your retirement account so you won’t worry about not contributing when money is tighter.
3. Revisit your W-4 and automatic contributions frequently. Automation can be useful in many situations, but not when your income is changing a lot.
• If you have at least one job where taxes are withheld from your paycheck, make sure to keep your W-4 updated by using the IRS’s Tax Withholding Estimator. Adding or losing a job can skew the amount that’s withheld, reducing your paychecks unnecessarily or setting you up for a big tax bill.
• Adjust any automatic contributions up or down as needed (or make them manually instead.) This would include contributions to retirement accounts, college savings accounts, investment apps, high-yield savings accounts, Health Savings Accounts or Flexible Spending Accounts.
4. Consider government assistance. You don’t have to have a chronically low income to qualify for financial assistance. Eligibility is often based on your recent income, so an employment gap or dry spell could qualify you. The key is not to assume anything. Even if you’re still employed, own a home or have a retirement account, check the rules in your state for:
• Unemployment insurance
• SNAP (groceries)
• Fuel assistance
• Medicaid (insurance)
• Other forms of financial aid (like IRS Free File, YMCA memberships, or Amazon Prime subscriptions.)
Extra help could be a lifeline — even if it’s just for a few months or on and off when you’re having a rough patch.
5. Hit ‘pause.’ You probably have memberships or subscriptions that are not essential – especially when money is tight. But you don’t have to get rid of them altogether. Whether it’s news, a streaming service, or a meditation app, avoid the hassle of cancelling and signing up again by pausing or freezing your subscription. If the pause is temporary, make sure to mark the resumption date down on your calendar.
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.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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.
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Motivational Math for the Saver Within You
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Let’s face it, saving for the future can be hard. It’s often tough to prioritize it over more immediate needs. Or it can’t be a priority, given your job status, family situation, or extenuating circumstance.
Perhaps it seems futile, considering how much you’ll need in the end. Or, you want to start that 401(k), but you’re daunted by the prospect of losing money in an unpredictable stock market. Maybe you are saving, but it’s taking immense self-control not to spend the money instead.
No matter the circumstance, it can be challenging to build up the savings you’re going to need for retirement, your kids’ college education, or an unexpected emergency. So here’s some math to motivate you.
First, the earlier you get started, the better. And not only because you’ll have more time to invest, but because the longer you’re in the market, the more compound returns can work in your favor.
Making regular contributions through your employer’s 401(k) plan or to an individual retirement account (IRA) demonstrates the power we’re talking about. As this chart shows, starting at age 20 rather than 35 could mean hundreds of thousands of additional dollars by age 65 — even if the 20-year-old contributes half as much each month.
Second, the U.S. stock market tends to appreciate over time. The S&P 500 Index, the broadest measure of the market, has delivered an average return of roughly 10% over the long term (or 6%-7% when adjusted for inflation).
And, despite the market swings in the first quarter of this year, U.S. workers contributed an unprecedented share of their paychecks to their 401(k)s — an average of 9.5%, according to Fidelity Investments, which has over 24 million plan participants.
Third, consider this stark divide: The number of 401(k)-created millionaires with Fidelity jumped 27% to 537,000 in 2024. And yet, 40% of U.S. adults don’t have any money invested in a retirement savings plan, according to an April Gallup poll.
So what? Your bills, fears, and countless other priorities can interfere with your long-term financial goals. But the cliches are true: Even a little goes a long way when you use a high-yield savings account, 529 college savings plan, or retirement account. And the longer you’re invested, the more likely you are to earn a return. Like they say, the best day to start investing was yesterday; the second best day is today.
Related Reading
• When It Comes to Saving, Gen Z Asks: ‘What’s the Point?’ That’s Dangerous, Expert Says (CNBC)
• How Much Do You Need to Retire? Here’s the Truth (SoFi)
• How Parents Can Balance Both Retirement and College Saving (InvestmentNews video)
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.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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.
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Week Ahead on Wall Street: What The Fed
All eyes are on the Federal Reserve’s June meeting this week. While no change in interest rates is expected, the tone and tenor of this gathering will still go a long way in determining market direction this summer.
Economic growth has been weaker than expected (bad) while inflation, a key focus for the central bank, has shown a welcome deceleration (good). This combination suggests that the disinflationary trend may be gaining traction, despite the specter of tariff-related price hikes. It remains to be seen how and when tariffs will appear in the data, which creates a delicate balance for policymakers.
Ongoing uncertainty means that investors will pay extra attention to the Fed’s quarterly Summary of Economic Projections (SEP). Released alongside the policy statement, the SEP provides a look into where individual (anonymous) Fed officials see growth, unemployment, and inflation heading.
Most importantly for markets, it includes the “dot plot,” which maps out their respective expectations for the future path of interest rates.
Given the crosscurrents of slowing growth and uncertainty about inflation, the Fed’s updated forecasts and Chair Jerome Powell’s commentary will be scrutinized for any shift in outlook. How they message their confidence—or concerns—about the path forward will go a long way in determining if stocks can continue rallying or if the music is about to stop.
Economic and Earnings Calendar
Monday
• June Empire State Manufacturing Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• Earnings: Lennar (LEN)
Tuesday
• May Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand.
• May Import/Export Price Indexes: These indexes track the changes in the prices of nonmilitary goods and services traded between the U.S. and the rest of the world.
• June New York Services Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• May Industrial Production and Capacity Utilization: The industrial sector accounts for much of the cyclical swings in economic activity.
• June NAHB Housing Market Index: This index tracks how homebuilders feel about the current and future state of the single-family housing market.
• Earnings: Jabil (JBL)
Wednesday
• May Building Permits and Housing Starts: Construction data is a leading indicator of economic activity.
• FOMC Interest Rate Decision: The Federal Reserve will announce any changes to monetary policy after the conclusion of its two-day FOMC meeting, in addition to providing commentary on the economy. It’s one of eight regularly scheduled meetings per year.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.
Thursday
• Markets are closed on Juneteenth.
Friday
• June Philadelphia Fed Manufacturing Activity: The Philadelphia Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• May Leading Economic Index: This is an index composed of various economic indicators that have historically led changes in the broader economy.
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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.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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.
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