SoFi Blog

There’s an old rumor floating around out there about how much to spend on an engagement ring, and it goes like this: When you’re ready to propose, you should spend the equivalent of two months’ gross salary on the engagement ring.

Two months? That’s a lot of money.

Well, we have good news: it’s simply not true. The two-month “standard” holds no weight or authority from any expert. In fact, it’s nothing more than an old marketing campaign that fed its way into the lexicon via catchy slogans and peer pressure. What’s more, the digital age has allowed us to grow into savvy shoppers who understand that making a large purchase based on hearsay isn’t the way to go.

New York Fashion Week (NYFW) always brings this dreaded thought to mind: “I have absolutely nothing to wear, and I hate all my clothes.” Take heart, though: while those models are working that runway, you’re working your career.
Some of those models won’t get out of bed for less than $10,000 a day, but you may not have that option—yet. If so, we offer some tips on how to build an amazing new work wardrobe on a budget.

Just keep this in mind before you star in that clothes-shopping/dressing-room montage: don’t expect to buy a complete wardrobe all at once. It’s going to take some time, planning, and smarts. You already have the smarts, but let’s work on the time and the planning.

You’ve probably heard the stats about the gender pay gap in America: Women today earn $0.81 for every dollar that men do—which, over the course of a career, can means hundreds of thousands of lost wages.

Here at SoFi, we want to do everything we can to help you attain everything you’re entitled to. Sometimes, that means researching your market value and asking your employer for more. Other times, it might mean looking for a new role, with higher pay and more opportunity for advancement.

But there’s something else you can do to close the gender wage gap—something that might be even more powerful.

Think about your best memories of your parents while you were growing up for a moment. Maybe it’s the year they finally bought that bike you wanted for your birthday, or all the times you opened the freezer to see it stocked with mint chocolate chip ice cream, because mom knew it was your favorite.

It’s worth pondering as you take in your parents now, as they grow older. You might be wondering when you’ll be returning the favor of taking care of them, and more importantly, how.

Living as an engineering student for years, on a student budget, requires a very special set of financial survival skills. Ingrained habits like living frugally, postponing major expenses, and maybe not looking too hard at your debt balances while your loans are in deferment are necessary for getting through when money is tight.

As a newly-minted engineer, you should enjoy the rewards of completing this stage of your education, because you’ve certainly earned it. But don’t let the frugal mindset that propelled you during your college years start to withdraw as those first hefty engineering salary paychecks roll in. Even if you don’t see yourself becoming a big spender, when the transition from student to full-time employment happens, it’s easy to just tear up your student budget without creating a new one.