Cost of Living in Texas
Cost of Living in Texas
(Last Updated – 03/2025)
If you’re looking to move to a state with gainful employment, look to Texas. Texas jobs are predicted to increase 1.6% in 2025, according to the Federal Reserve Bank of Dallas.
From Dallas to Austin, there are plenty of great cities to grow a career in. Alongside employment opportunities, the second-largest U.S. state offers a worldwide food scene that goes way beyond barbecue.
To learn more about what it will cost you to live in the Lone Star State, keep reading for a breakdown of the Texas cost of living.
What’s the Average Cost of Living in Texas?
Average Cost of Living in Texas: $52,299 per year
When it comes to expenses in this sprawling state, the 2024 data from MERIC found that Texans enjoy the 16th lowest cost of living in the country.
Other Southwestern states like Arizona (37th) and Utah (36th) have a much higher cost of living, while New Mexico is more similar to Texas as the state with the 19th lowest cost of living.
So how much does it cost to live in Texas? According to the latest data from the Bureau of Economic Analysis, the average total personal consumption cost in Texas is $52,299 per year. Here’s how that breaks down.
|
Category |
Average Annual Per-Capita Cost in Texas |
|
Housing and Utilities |
$9,428 |
|
Health Care |
$7,411 |
|
Food and Beverages (nonrestaurant) |
$4,123 |
|
Gas and Energy Goods |
$1,500 |
|
All Other Personal Expenditures |
$29,836 |
That’s $4,358 a month, per person, on average.
Housing Costs in Texas
Average Housing Costs in Texas: $1,252 to $2,219 per month
With more than 12 million housing units, according to U.S. census data, Texas offers plenty of places to live. The big question is, how much will it cost you to find your home sweet home? Texas’ typical home value was $299,982 in December 2024, according to Zillow.
Here’s what it looks like to rent or own on a monthly basis in Texas, per the latest data from the U.S. Census Bureau:
• Median monthly mortgage cost: $2,012
• Median studio rent: $1,252
• Median one-bedroom rent: $1,261
• Median two-bedroom rent: $1,396
• Median three-bedroom rent: $1,644
• Median four-bedroom rent: $2,129
• Median five-bedroom (or more) rent: $2,219
• Median gross rent: $1,413
Texas is a huge state. Let’s take a look at housing prices for just 20 cities, courtesy of Zillow data sourced in March 2025.
|
Texas City |
Average Home Value |
|
Beaumont |
$148,990 |
|
Waco |
$188,074 |
|
Brownsville |
$188,988 |
|
Abilene |
$190,065 |
|
Amarillo |
$196,062 |
|
Lubbock |
$199,764 |
|
Laredo |
$211,258 |
|
Corpus Christi |
$215,707 |
|
Killeen |
$217,566 |
|
McAllen |
$221,115 |
|
Longview |
$223,296 |
|
El Paso |
$224,689 |
|
Odessa |
$236,898 |
|
Tyler |
$246,618 |
|
San Antonio (San Antonio Housing Market Trends) |
$250,675 |
|
Houston (Houston Housing Market Trends) |
$265,434 |
|
Dallas (Dallas Housing Market Trends) |
$306,959 |
|
Midland |
$315,356 |
|
College Station |
$342,247 |
|
Austin (Austin Housing Market Trends) |
$517,589 |
Utility Costs in Texas
Average Utility Costs in Texas: $408 per month
Even though they aren’t the most fun bills to pay, we all need our utilities.
|
Utility |
Average Texas Bill |
|
Electricity |
$166 |
|
Natural Gas |
$61 |
|
Cable & Internet |
$118 |
|
Water |
$63 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Texas: $343.58 per person, per month
How much you spend on food depends on many things, including the state you live in. The Bureau of Economic Analysis estimates that the average Texan spends $4,123 a year on nonrestaurant sustenance, or about $344 per month.
The specific area of a state that you live in can also affect grocery spending. The Council for Community and Economic Research, which ranks food costs in major American cities, compared grocery spending among some Texas cities for 2024. Below, the cities are ranked from lowest costs to highest costs.
|
Texas City |
Grocery Items Index |
|
Harlingen |
92.7 |
|
McAllen |
93.3 |
|
Waco |
93.3 |
|
Temple |
93.6 |
|
Amarillo |
93.7 |
|
Corpus Christi |
94.3 |
|
Nacogdoches |
94.5 |
|
San Antonio |
94.5 |
|
Odessa |
95.7 |
|
Abilene |
95.8 |
|
Tyler |
96.0 |
|
Midland |
96.1 |
|
Lubbock |
96.4 |
|
Longview |
96.5 |
|
Austin |
96.6 |
|
El Paso |
96.7 |
|
Wichita Falls |
97.3 |
|
Conroe |
97.5 |
|
Plano |
97.7 |
|
Dallas |
98.8 |
|
Fort Worth |
99.3 |
|
Houston |
99.3 |
Transportation
Average Transportation Costs in Texas: $10,165 to $18,915 per year
You’ll need to hit the open road from time to time, and your family makeup can affect how much you need to spend to get everyone where they need to go. MIT’s Living Wage Calculator estimates what you can expect to spend on transportation, based on the most recent data available.
|
Family Makeup |
Average Annual Transportation Cost |
|
One adult, no children |
$10,165 |
|
Two working adults, no children |
$11,764 |
|
Two working adults, three children |
$18,915 |
Health Care
Average Health Care Costs in Texas: $7,411 per person, per year
Each Texan spends about $7,411 a year on health care, according to the most recent Bureau of Economic Analysis Personal Consumption Expenditures by State report.
Of course, factors like specific medical needs and coverage affect how much any one person spends on health care.
Child Care
Average Child Care Costs in Texas: $719 to $1,258 or more per child, per month
Child care is a large but necessary expense for most parents, though there is some wiggle room depending on what kind of care you’re seeking.
State resources can help make financing child care easier. For example, the Texas Workforce Commission has a program that subsidizes child care for low-income families so parents can work or pursue an education.
These are the average child care costs you can expect to encounter in Texas, according to the latest data from CostofChildCare.org.
|
Type of Child Care |
Average Cost Per Month, Per Child |
|
Infant Classroom |
$1,254 |
|
Toddler Classroom |
$816 |
|
Preschooler Classroom |
$719 |
|
Home-Based Family Child Care |
$1,258 |
Taxes
State Tax Rate: None
Texas doesn’t charge any state income tax, as noted by the Tax Foundation’s 2025 overview of state individual income tax rates and brackets. Florida, Tennessee, South Dakota, Wyoming, Nevada, New Hampshire, Washington, and Alaska also don’t charge state income tax.
If you’re moving from a state with high income taxes like New Jersey (top marginal rate, 10.75%) or California (top rate, 13.3%), then Texas might look like a pretty smart move.
Miscellaneous Costs
You’ve paid for the basics, and now it’s time to have a little fun. The Bureau of Economic Analysis estimates that every Texan spends $29,836 a year on personal expenditures.
These are a few examples of what it can cost to check out Texas pleasures (costs are as of March 2025).
• Tickets to the Space Center Houston: $0 to $44.95, depending on age of visitor
• Family membership to the Houston Zoo: $149 to $349, depending on pass type
• Dinner at Fort Worth fan favorite Goldee’s Bar-BQ: $16 for a half-pound brisket
And remember the Alamo, in San Antonio. Church entry is free; you can book a tour of the complex for $10 and up.
Recommended: What Are the Average Monthly Expenses for a Single Person?
How Much Money Do You Need to Live Comfortably in Texas?
Only you can decide what it truly means to live comfortably by your standards, but U.S. News & World Report’s Affordability Rankings can give you a pretty good idea of how affordable a state is to live in.
Texas lands 28th on that list of 50, so it’s neither one of the hardest nor easiest places in which to live comfortably. MERIC identified Texas as the 16th most affordable state to live in. Conclusion: Depending on your lifestyle choices, Texas can be easy to live in comfortably.
You’ll want to create a budget to make sure moving to Texas works out in your bank account’s favor.
What City Has the Lowest Cost of Living in Texas?
Digging through the latest Council for Community and Economic Research’s Cost of Living Index yielded the three most affordable major cities in Texas.
Harlingen
Per the latest census count, Harlingen has about 72,000 residents, yet it houses a convention center and plenty of dining and shopping options. The research council found Harlingen to be Texas’ most affordable major city, with a cost-of-living index of 82.1. Redfin listed a typical home value in this city near the Mexican border at about $193,000 at the end of 2024.
Amarillo
If you’re looking for cowboy vibes, Amarillo (cost-of-living index of 83.3) might just be the perfect place for you to call home. This historic city in the Texas panhandle’s high plains is full of both working Western ranches and modern businesses. As noted above, Zillow listed a typical home price in Amarillo of about $203,686 at the end of 2024.
McAllen
With a cost-of-living index of 85.1, McAllen is the third-most-affordable city in Texas. People travel from around the world to check out the roughly 360 species of birds and more than 300 butterfly species that can be seen in and around this border city. There are also plenty of art and nightlife opportunities. Zillow gave a typical home price of $187,270 in December 2024, as mentioned above.
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The Texas cost of living is lower than that of many other states. Good Tex-Mex eats, no state income tax, and moderate home prices beckon newcomers.
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FAQ
How much money do you need to live comfortably in Texas?
That likely depends on your lifestyle, family, and where you live. The Bureau of Economic Analysis estimates the expense of living in Texas to be just under $52,300 per person. But if you’re living in a bigger city, want to enjoy a few luxuries, and even save a bit, a 50/30/20 budget would call for about $65,000 or more. A budgeting app can help you stay on track.
Which city in Texas has the lowest cost of living?
Harlingen is a low-cost standout in the Lone Star State, with a cost of living 7% lower than the national average. But Amarillo, Abilene, and Nacogdoches are also budget-friendly. From housing to groceries and utilities, these cities can help you stretch your dollar.
What is the average house cost in Texas?
The average home value is $299,787, according to Zillow’s figures for March 2025. But prices vary widely. The table above showing average home values in 20 cities shows how big a difference location can make.
Photo credit: iStock/dszc
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Net Pay Calculator
Net Pay Calculator
By SoFi Editors | October 6, 2025
Curious about how your total pay translates into net pay? You’re in the right place. The difference between the amount you earn and what lands in your bank account each pay period can be surprisingly significant. Using an online calculator to figure out your net pay can help you understand your take-home pay and budget more effectively.
Key Points
• A net pay calculator can accurately estimate take-home pay, though not necessarily the exact amount.
• Gross income is your total annual salary, while net pay reflects money after taxes and other deductions are taken.
• Filing status impacts tax withholding and net pay.
• A net pay calculator can consider federal, state, and local taxes.
• Understanding net pay aids budgeting and financial planning.
Calculator Definitions
Before starting to use a net pay calculator, familiarize yourself with some of the key terms used to get the best results.
•Gross income: This is your total annual salary, such as $110,000.
•FICA taxes: These are the mandatory Social Security and Medicare deductions taken, equal to 7.65% of your salary.
•Federal effective tax rate: You may also hear the effective tax rate referred to as the blended tax rate that you pay on your income in the U.S.’s progressive tax system. It’s worth noting that heads of household may have a different withholding than what the calculator shows, as their tax rates can vary.
•State and local effective tax rate: The calculator’s effective state and local tax rate is the actual percentage of your income that’s paid in state and local taxes. Using this versus the marginal rates can reveal a more accurate picture of your tax burden. The effective rate takes into account the different tax brackets that apply to your income. You can look up your state income tax information on the Tax Foundation’s site.
•Annual pretax deductions: These paycheck deductions are made before taxes are withheld, reducing your taxable income and saving you about 30 cents on the dollar. This category can include health insurance, FSA or HSA, 401(k), and garnishments.
•Annual after-tax deductions: These deductions are subtracted from your pay after income, Social Security, and Medicare taxes have been taken out. Examples of after-tax deductions include ROTH accounts, charitable deductions, and disability and life insurance premiums. They are a convenient, automatic way to pay expenses, but they don’t save you money on taxes.
How to Use the Net Pay Calculator
Using the net pay calculator is quite simple. First, enter the following information:
Input Your Gross Income
Here, you’ll enter your annual total income, without any deductions.
Type in Your Federal Effective Tax Rate
As noted briefly above, the U.S. has a progressive tax system, meaning different portions of the money you earn are taxes at varying rates. This is expressed through a system of tax brackets, which change annually and can be found on the Internal Revenue Service (IRS) website. You’ll find that the effective tax rate, or percentage of your income that you pay in federal taxes, tends to be lower than the marginal tax rate, or the highest amount of tax you pay on a portion of your income.
Input Your State and Local Effective Tax Rate
As with federal taxes, you will want to research your state and local taxes and add the correct percentage to the net pay calculator. A simple way to find your state effective tax rate is to use the information available on the Tax Foundation’s website, as noted above. It provides a detailed downloadable chart that allows you to check your effective state tax rate.
Enter Annual Pretax Deductions
Some deductions are taken from your gross salary and thereby reduce your taxable income. These include such benefits as Traditional 401(k) and SEP IRA contributions; health, vision, and dental insurance premiums; commuter benefits; and FSA and HSA account contributions.
Remember to deduct the annual figure vs. how much is taken out per pay period.
Account for Annual After-Tax Deductions
The calculator will deduct 7.65% for FICA taxes (Social Security and Medicare). These are mandatory deductions. As with federal and state and local taxes, FICA is calculated on the amount of income you have after the pretax deductions are subtracted.
Once you enter this information, the calculator will tell you your annual net pay. You can divide that figure, depending on how often you are paid, to see how much you receive per pay period as take-home pay.
Worth noting: While very accurate and useful for scoping out various scenarios, a net pay calculator may not give the precise amount of your take-home pay. There may be deductions that are unique to your situation and not fully accounted for. Check your paystub if you need the exact figure.
Recommended: Navigating Needs vs Wants
Benefits of Using a Net Pay Calculator
Using a net take-home pay calculator can offer several benefits.
• Fast calculations: A net pay calculator does the math for you, saving you the trouble of doing the work by hand or punching numbers into your phone’s calculator app.
• Understanding your take-home pay: By knowing how much money you actually receive versus your total pay, you can make a budget effectively and stay in control of your finances.
• Optimizing your financial planning: When you know your net pay, you can see how, say, putting more money into a 529 account for your child could impact your financial status. You might also project how your take-home pay would increase if you got a raise or took a new, higher-paying job.
• Making wiser employee benefit choices: Once you understand your net pay, you might want to adjust your benefits. For example, perhaps you realize you have enough financial breathing room to put more money into your retirement savings. Or if money is tight, you might want to opt for a less costly health insurance plan next year.
How to Use Net Pay Calculator Data to Your Advantage
Once you use a net pay calculator, you can leverage your learning in a variety of ways. You can play out different budgeting techniques and financial planning scenarios to see what works best for your finances. For instance, you might take a fresh look at your spending categories and adjust them based on your current habits. Or maybe you realize that putting more money into a pretax retirement plan could help lower your taxable income.
Other possibilities: You can negotiate for a raise more knowledgeably after evaluating just how much a new salary would change your finances. And you can make more informed decisions about your tax withholding and benefit choices.
What Is an Effective Federal Tax Rate?
Your effective federal tax rate, or blended rate, reveals the actual percentage of your total income that you pay toward federal taxes. As mentioned above, the U.S. has a progressive tax system with tax brackets for different levels of income. The tax rate applied to your last dollar of taxable income is called your marginal rate.
Here are the brackets for individuals in the 2025 tax year:
• 10% for incomes from $0 to $11,925 ($0 to $23,850 for married couples filing jointly)
• 12% for incomes of $11,926 to $48,475 ($23,851 to $96,950 for married couples filing jointly)
• 22% for incomes of $48,476 to $103,350 ($96,951 to $206,700 for married couples filing jointly)
• 24% for incomes of $103,351 to $197,300 ($206,701 to $394,600 for married couples filing jointly).
• 32% for incomes of $197,301 to $250,525 ($394,601 to $501,050 for married couples filing jointly).
• 35% for incomes of $250,526 and higher ($501,051 and higher for married couples filing jointly).
Your effective tax rate is the weighted average of the different federal tax brackets. For anyone making more than $11,925 a year, their effective tax rate will be lower than their marginal tax rate. For example, for a single filer making $100,000, their effective tax rate is about 16.9%.
Effective Federal Tax Rates by Income
Here’s an example of how effective federal tax rates work. Say you earned $100,000 in the 2025 tax year.
• Because the 10% (or lowest) tax bracket includes earnings up to $11,925, the first $11,925 of your income is taxed at this rate, equaling $1,192.50.
• The next tax bracket covers earnings from $11,926 to $48,475, so that segment of your income is taxed at 12%, or $4,386.
• The next bracket runs from $48,476 to $103,350, and it is taxed at a rate of 22%. This segment of your income is taxed $11,335.28 at the federal level.
Your total federal income tax for the year would be $16,913,78, or an effective tax rate of 16.9%. While your marginal tax rate is 22%, your effective rate is, as you see, significantly lower than that.
Examples of Calculation Scenarios
When using a net take-home pay calculator, you can determine how much of your gross annual pay is actually deposited into your bank account every pay period. Here’s an example of how it might work:
Scenario 1: An individual is single and earns $100,000 per year. Their effective federal tax rate is 16.9%, and their effective state and local taxes are 5%. FICA tax is a standard 7.65%. Their pretax deductions are $3,000, and their after-tax deductions are $5,000.
Net pay: $75,845
Scenario 2: An individual is married, filing jointly, with an income of $100,000. Their effective federal tax rate is 11.45%, and their effective state and local income taxes are 3%. FICA tax comes to 7.65%. Their pretax deductions are $1,000, and their after-tax deductions are $2,000.
Net pay: $89,018
As you see, even with the same annual income, net pay can look very different, as revealed when using a net pay calculator. Knowing where you stand in terms of your take-home pay can be a valuable tool when tracking your money and avoiding common budgeting mistakes.
Net Pay Tips
Here are a few ways you might optimize your net pay.
• To positively impact your net pay, adjust your tax withholdings on your W-4 form.
• Consider maximizing pretax contributions to retirement accounts like a 401(k) and Flexible Spending Accounts (FSA). This lowers your taxable income and can save you money.
• When possible, sign up for other pretax benefits such as health insurance and commuter benefits.
• Think carefully about how working overtime or a part-time gig could raise your income and push you into a higher tax bracket, increasing your effective tax rate.
Recommended: Using an Online Budget Planner
The Takeaway
Using a net pay calculator can help you quickly and easily understand how much of your annual salary you actually take home. This can inform your salary negotiations, budgeting, benefit choices, and long-term financial planning as you work to manage your money better.
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FAQ
What is the difference between my gross pay and my net pay?
Your gross pay is the total amount you earn, while your net pay is what you take home after taxes, health insurance, retirement contributions, and other key deductions are subtracted.
How does the calculator determine my take-home pay after taxes and deductions?
The net pay calculator can help by doing the math for how much money is subtracted for taxes and other deductions. It shows you your annual take-home pay, which you can then divide by the number of pay periods per year. This reveals how much money you have to work with when spending, saving, and paying down debt.
How do different tax filing statuses and exemptions affect my net pay?
Filing status and exemption information, which you typically provide on your W-4 form, determines how much federal income tax is withheld from each paycheck. This in turn impacts your net pay. If you select a status with lower withholding, your take-home pay will increase, while higher withholding will lower your pay.
Does the calculator account for both federal and state income taxes?
Yes, the net pay calculator has places to account for both federal and state (as well as local) taxes when determining your net pay.
Can I use the calculator to see the impact of overtime pay or a bonus on my paycheck?
Yes, you can use the net pay calculator to play out different scenarios, such as how much overtime or a bonus would alter your take-home pay. (Note that employers are typically obligated to deduct taxes from bonuses, which are considered a form of supplemental pay.)
Is the estimated net pay from the calculator the exact amount I will receive on my paycheck?
Typically, a net pay calculator can provide a very good estimate of your take-home pay, but it is not 100% accurate. That is because a calculator may not account for every single deduction or garnishment of your pay. You can check your paystub for precise, detailed insights.
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A Surprisingly Easy Way to Take the Bite Out of Big Bills
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Let’s say you log into your bank account, and zap: You see that your home insurance or tuition has just taken a big chunk off your balance. It’s a legitimate bill, but you’ve been distracted by 10,000 other things and forgot that you’d put it on autopay. Now you’ll have to scramble to make sure you’ve got enough money to cover your other expenses.
Some bills — property taxes, college tuition, car or home insurance, HOA dues, club fees, or vehicle registrations — are more likely to wreak havoc on your finances because you may only pay them once or twice a year (or at least on a less-than-monthly basis.) For gig and freelance workers, it’s often a big income tax bill that catches you off guard.
But what if you took the automatic concept from auto-pay and used it to auto-save as well? Just as you might already be putting 10% or 20% of every paycheck straight into your 401(k) or IRA, you can plan in advance, funnelling set amounts of your income into accounts designated for other specific expenses. Smaller chunks can make big bills feel a lot more manageable.
Chris Colson, a payments expert at the Federal Reserve Bank of Atlanta, calls it good old-fashioned earmarking, just with a digital twist.
“As programmable payments become more common, an old-school budgeting idea is making a comeback: earmarking,” Colson wrote in a recent blog post. “It’s a simple concept, but when combined with automation, it could be the budgeting upgrade many people and businesses have been waiting for.”
(Pro tip: Even though monthly payments can be an option for things like car insurance or propane, consider the tradeoffs if you give up pay-in-full discounts.)
So what would you need to do? The key is to make technology do as much of the work as possible — and keep you disciplined.
• Make your list: It’s easy to forget all the bills you have, especially if it’s been 11 months. Comb back through your credit card and bank transactions to make a list of the less-frequent but significant bills you want to save up for.
• Do the math: For each bill on your list, divide the amount by the number of months before it’s due again. That’s how much you’ll need to set aside each month. For example, to pay your boat’s annual $1,200 marina slip fee, you’d need to set aside $100 per month. (You can also divide your bill by 52 to get a weekly amount.) And if you know your bill is likely to go up, maybe add in an extra month’s worth.
• Set up the rules: Use your bank or budgeting app to separate your paycheck and other income into buckets allocated for each bill. Set up recurring transfers so the fixed dollar amounts you determined in the previous step are automatically deducted each week or month. (With SoFi Savings Vaults, you can set up as many as 20 different customized buckets – and earn a competitive interest rate.)
• Consider this method for more than bills: You can use this savings approach for any large, infrequent expenses. Holiday gifts, back-to-school shopping, or anniversary trips. (Think of it as the envelope or cash-stuffing method, but in automated, digital form.)
Related Reading
• Automatic Savings Plan: What it Means, How it Works, Example (Investopedia)
• 5 Ways To Grow Your Savings With Automatic Transfers (Bankrate)
• AI Budgeting Tools: Personal Finance Management (SoFi)
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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Mortgage Loan Terms
5 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.125%, LTV 80% is $2200.00 for
full Principal and Interest Payments with $4695.14 due at closing. The Annual Percentage Rate is
6.335%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.
6 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.990%, LTV 80% is $2591.00 for
full Principal and Interest Payments with $4952.16 due at closing. The Annual Percentage Rate is
6.276%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.
7 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $2910.00 for
full Principal and Interest Payments with $5187.46 due at closing. The Annual Percentage Rate is
5.612%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.
8 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $3884.00 for
full Principal and Interest Payments with $5364.84 due at closing. The Annual Percentage Rate is
5.778%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.
Personal Loan Terms
Fixed rates from 8.74% APR
to 35.49% APR reflect the
0.25% autopay interest rate discount and a 0.25% direct
deposit interest rate discount. SoFi rate ranges are current as of 12/14/25 and are subject to change
without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for
the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the
range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a
variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your
interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown
include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will
depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range
of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all
applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at
SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice,
changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates
range from 8.74% APR to
35.49% APR (with autopay).
The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled
monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay
is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of
repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no
origination fees required, no late fees, no prepayment penalties.
PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments
during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay
discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of
payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for
autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment
term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal
loans. State restrictions may apply.
Got a College-Bound Student? Do This ASAP
If you’ve got children or grandchildren headed to college next year, the next few months will be big: Choosing where to apply is one of the most important — and personal — decisions your student will make, and everyone’s path is different.
Thankfully, one part of the process is the same for virtually everyone. Figuring out how to pay for school almost always starts with the same step: filling out the Free Application for Federal Student Aid — or FAFSA, as it’s commonly known.
It’s hard to overstate the importance of this one online form, which opened for the 2026-2027 school year last week.
The FAFSA is required in order to apply for any federal aid (including grants, scholarships, work-study or student loans) and in many cases, state-specific or school-specific aid too. And roughly half of a typical undergraduate’s college costs are covered by some form of financial aid or loans, according to an annual survey from Sallie Mae.
So what? Regardless of your income, if you’ve got a college-bound student in the family, now’s the time to fill out the FAFSA. Not only is aid at the state and college levels often offered on a first-come, first-served basis, but the earlier you submit, the more time you’ll have to get and compare financial aid offers from the schools your student is accepted to. And not all aid is based on your financial situation.
(Over the past two years, delayed launches and other glitches forced some students to make rushed decisions about where to attend, but this year’s version actually came out ahead of schedule.)
Here are some important things to keep in mind:
• The FAFSA won’t consider this year’s tax return: The FAFSA form relies on the tax return from two years prior to the relevant school year (so 2024 for the 2026-2027 school year,) so there’s no reason to wait to file your taxes first. You could lose out on opportunities if you delay.
• If the student’s parents are divorced, just one fills out the FAFSA unless they still live together: Only the parent who provided more financial support during the previous 12 months must provide their information. If the parents support the student equally, the parent with more income and assets should fill out the form unless both parents are going to apply for parent loans. This Who’s My FAFSA Parent? Wizard can help.
• Not all aid is need-based: For example, on average, about 26% of state grants for undergrads are awarded based on factors other than financial need, according to the College Board. And submitting the FAFSA is free and usually takes around 30 minutes to fill it out.
• If you’re at least 24, your parents don’t need to fill out the FAFSA: That’s the age when you’re considered an independent student, so your parents’ financial information won’t be considered. Other criteria include being married or in the military.
• The form has been streamlined: The FAFSA’s undergone changes in recent years that make it easier to complete, like autopopulating data from your IRS tax returns.
Related Reading
How to Complete the FAFSA Step by Step (SoFi)
FAFSA Tracker (National College Attainment Network)
FAFSA Tips & Common Mistakes to Avoid (National Association of Student Financial Aid Administrators)
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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