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Maybe you want to buy a home, or plan to have a family. Maybe you want to go back to school to change careers. Maybe you want to move to another state to afford a different lifestyle.

Whatever it may be, odds are it’s going to affect your personal finances. And while we’re on the topic of odds, you will very likely be best served drawing up a budget.

There’s a lot to keep in mind to stay financially fit: A rainy day fund for any emergency expenses, retirement savings, saving for big life events. The to-do list is long, and we get it.

But keeping yourself educated about your options is a big part of the deal, too. Take advantage of free resources, such as SoFi’s financial literacy library. Knowing more about how you can make your money work for you, might inspire you to start finding new, better ways to handle your household budget, or to start investing.

Don’t feel intimidated. None of this is rocket science.

How to Fund Going Back to School

Thought about getting back to studying to make a career switch or advance in your profession?

Going from earning a salary to carrying textbooks (and not earnings a salary) can be a scary prospect. But there are ways to relieve this stress.

First, be sure it’s the right thing to do for you, and your career. Next up is how to pay for it. The Free Application for Federal Student Aid (FAFSA) is a good first step, as you also consider other scholarships and grants. And then, of course, there are private student loans to finance this new chapter.

When you evaluate whether going back to school is worth the cost, factor in things like your career goals, the anticipated job market after graduation, typical program costs, and average salaries for the career you are pursuing with the degree. Going back to school is a personal choice, for some it can mean opening the door to new employment opportunities. For others, it may not be worth the cost.

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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.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
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.

NOTICE: If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

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.

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Maybe you have always dreamed about owning your own place. Maybe you’re just in “that” phase of your life. Or maybe, it simply makes the most financial sense for you to own rather than to rent.

Either way, buying a home is one of the biggest financial decisions you can make in life, and there are plenty of pitfalls to avoid along the way.

When you start looking, think about what you can — and want to — afford. That’s not just a question of how big a mortgage you might be able to get, as your monthly costs will be more than just your loan payments. There might be HOA fees, maintenance costs, and taxes coming out of your account regularly. Know what the monthly costs of a place would be all in to decide whether it’s the right fit for you.

Also know what you’re looking for. If you need certain transport links and school access to make your life work, a cheaper home in an inaccessible location likely won’t be the answer. Don’t forget, to make financial sense for you, it has to be workable in your day-to-day.

Equally, the perfect home probably doesn’t exist. There will always be something, and that’s okay. Just make sure you know what your needs and non-negotiables are so you can make the best decision for your household.

Saving Hacks for a Downpayment

For many people, transferring their down payment at the start of a home purchase is the single biggest banking transaction they’ve ever completed. So how do you get to having such a big stash of cash?

Convention suggests you should aim to pay down 20% of the total purchase price, even though this could vary depending on your personal situation, what makes sense for your finances, or if you’re a Veteran. Use our home affordability calculator to figure out your goal down payment by calculating how much home you can afford.

Next you can draw up a budget, comprising your existing savings, income streams, and other financial obligations, including debt payments and rent.

Saving your way to a down payment might also take a little time, so let your money work for you along the way. Stashing your cash in a high-yield savings account can help you get there faster.

Check out SoFi’s high-yield savings accounts, and get going on your savings goals.

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.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
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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You might not like our answer here, but the best time to start saving for retirement was probably yesterday.

Funding your life for some 30 years from just savings and investments, without other supplementary income, is no small feat. And the earlier you can get going on your big pile of cash, the better.

Another key reason to start saving early: compounding interest. This means that if you’re earning interest on your nest egg, that money is then added back on top of your deposit, and you then earn interest on the “new” total.

When it comes to investing for retirement, there’s another reason to start early: Your goals, time horizon, and risk tolerance will look rather different when you’re young.

If you have a long way to go until retirement, you might consider riskier assets, such as stocks, in your investment portfolio. Meanwhile, people closer to retirement age tend to be more conservative in their choices, and allocate their portfolios to less risky assets, such as bonds, that also tend to yield less.

The Key to Saving — Do It When you Don’t Notice

Putting money away every month can be hard. And retirement’s time horizon decades away, isn’t making it easier. That’s why baking your savings into your regular financial planning can be helpful.

You broadly know your income, even if it fluctuates. Can you automate your savings in a way that minimizes the pain of seeing a big chunk of your paycheck going into the retirement piggy bank?

This might already be the case if you’re taking advantage of an employer-sponsored retirement plan, such as a 401(k), which lets you pick a monthly contribution.

Also consider adding a set amount to your cash savings stash when you receive your paycheck, the idea being that you can’t spend what you can’t see. Make your money work for you and consider a high-yield savings account. It can help you save up for big expenses in the near-term, and help you get closer to the maximum for your retirement contributions every year.

Check out SoFi’s high-yield savings accounts, and get going on your savings goals.

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.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
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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Excess Vacancy

Office buildings across the country are emptier than ever. Vacancies hit a record high in the fourth quarter of 2023, according to Moody’s Analytics, surpassing peaks from 1986 and 1991.

This shift comes as companies adapt to the rise of remote and hybrid work.

From Office Park to Ghost Town

Remote and hybrid work are down from their pandemic-era peak. Even so, work culture has changed in America, and that change is stickier. So much so, that it has had a lasting impact on companies’ need for physical locations. In response, some businesses are minimizing their physical presence — or transforming it.

Instead of sprawling business districts and office parks, some companies today favor mixed-use arrangements featuring office buildings, retail areas, entertainment, and other amenities in one shared space.

This shift is similar to the retail industry’s reckoning with the rise of e-commerce. Rather than closing brick-and-mortar locations, brands simply reimagined the in-person shopping experience.

No Surprises

The shift hasn’t been smooth sailing for everyone. Office landlords in particular have predictably taken a hit.

But it could be worse. Historically, sharp increases in vacancies were accompanied by economic downturns, which wasn’t the case here. Instead, the office building exodus was more gradual, and to some extent predicted, while the economy as a whole is chugging along.

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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.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
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.