Aug
24
2023
Why Americans Are Downsizing Their Dream Homes
Homebuilders are building smaller, more affordable homes to help compensate for the higher cost of home ownership.
Read more
SoFi Blog
Tips and news—
for your financial moves.
Aug
23
2023
Money Management Guide
Home > Banking > Money Management Tips
Money Management: 7 Tips to Managing Your Money Better
Managing your money is a big part of adulting. Doing so can help shake off financial stress and unlock many goals — paying off student loans, owning a home, or taking that posh two-week vacay in Paris.
And it’s likely a lot simpler than you may think: With a little time and know-how, you can take control of your finances. Try these smart money management strategies that will put you on the right track.
How to Manage Your Money: Key Questions to Ask Yourself
How’s Your Money Doing?
Job number one: Assessing where your finances stand. Only by digging in and seeing how much money is coming in, how much is going out, and where it’s going can you be prepped to manage your money better.
Have You Set Any Financial Goals?
Your financial and life goals are as unique as your fingerprint. The thing that’s universal, though, is that you need a solid plan to achieve them. Learn how to develop and prioritize your money goals.
What’s Your Budget?
Think of a budget as your roadmap to successful money management. Invest a bit of time, and you can get your spending and saving in line and start crushing your financial goals.
Do You Have an Emergency Fund?
Life has its twists and turns, and you need to be prepared. Find out the value of an emergency fund (yes, you need one!), how much to stash away, and how to make the saving-up process stressless.
Do You Have a Get-Out-of-Debt Strategy?
Ugh, debt! You want to get rid of it as quickly and affordably as possible, right? Let us show you how.
Should You Automate Your Finances?
By taking advantage of tech tools, you can save time on your finances and avoid late fees and other charges too. Learn the ropes here.
When’s the Last Time You Checked Your Credit?
Your credit is basically your financial reputation, so you want to take good care of it. Follow these steps to checking on it regularly and keeping it in top shape.
Manage Your Money Better
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally.
FAQ
What is money management and why is it important?
Money management means overseeing your personal finances, which can involve budgeting, tracking your spending, saving, and investing, among other tasks. Money management keeps you in control and on target for achieving your financial goals.
How do I prioritize my expenses?
When prioritizing your bills, you should make sure to pay for necessities first, such as housing, food, utilities, healthcare, and insurance. You’ll also want to make sure you pay your debts, which could include student loans, car payments, and at least the minimum on your credit card bill.
What are some common mistakes people make with their money and how can I avoid them?
Common money mistakes include not having or sticking to a budget, accruing too much credit card debt, and not having an emergency fund, among others. You can avoid these issues by getting on a money management plan and budgeting effectively.
What are some resources available for improving my financial literacy?
You might start with your bank: They may offer financial content and tools to build your financial literacy. Books and podcasts by well-regarded and -reviewed experts are another option to explore. Lastly, you may find classes and seminars at local community and continuing ed organizations.
Aug
23
2023
Aug
23
2023
Aug
23
2023
SoFiatWork Student Debt Guide
STUDENT DEBT GUIDE
Student loan payments
causing stress?
You’re not alone.
43+ million people are right there with you. And there’s
a date coming up—September 30, 2024. That’s when loan
servicers may begin reporting default loans to credit bureaus.
We can help you get back on track so you can tackle
your loans and avoid credit score snags—fast.
Webinars that can help you.
Get valuable guidance from a financial team who understands exactly what you’re going through. They’ll break it all down for you and help you make a plan.
Student loan facts.
There’s a lot to know about managing your student loan debt. Let’s start with the current student loan landscape.
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The latest on student loan repayment
The latest on student loan repayment:
• Student Loans Payments Are Back. Here Are All the Dates You Need to Know
Borrowers who haven’t begun federal student loan repayment may be facing loan servicers reporting default loans beginning September 30, 2024. Are you prepared? Read more.• What Student Loan Repayment Plan Should You Choose? Take the Quiz
You can take this quiz to get a better understanding of each option and see example scenarios that could be similar to yours. Read more.• 4 Student Loan Repayment Options—and How to Choose the Right One for You
Here’s an overview of repayment options that may help if you are choosing a repayment plan. Read more.
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Student loan forgiveness
Student loan forgiveness:
• You Can Still Put off Repaying Your Student Loans. Should You?
Interest continues to accrue whether you pay your loans or not. While you might buy yourself some time during the on-ramp period, you could be doing yourself more harm than good. Make sure you’re informed. Read more.• Student Loan Trend Watch: Hurdles for Federal Loan Relief
Federal student debt relief has been a moving target wrought with legal challenges in several states. Stay informed about your options so you don’t fall behind. Read more.• Public Service Loan Forgiveness (PSLF)
If you work for a U.S. federal, state, or local agency, non-profit,or tribal organization, you may qualify for loan forgiveness if all conditions are met. Explore the possibilities in our PSLF resource hub.
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Interest rates and inflation
Interest rates and inflation:
• Why Are Student Loan Rates So High?
Over the past three years, undergraduate loan rates have doubled, and other student loan rates have risen similarly. Read more.• 3 Factors That Affect Student Loan Interest Rates
Student loan rates change on a regular basis and are determined by different factors. Read more.• How Rising Inflation Affects Student Loan Interest Rates
For people with variable-rate student loans, or any kind of debt, it could pay to watch inflation. Read more.• Federal Reserve Interest Rates, Explained
There’s a connection between the Fed’s interest rate decisions, the national economy, and your personal finances. Read more.
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Get your questions answered.
We created this comprehensive SoFi at Work Guide to Student Loans so you have everything you need all in one place. You’ll get info on types of loans, who you should call, when to pay, and a lot more.
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Is refinancing right for you?
Refinancing some or all of your student loans could potentially reduce the interest on your payments—but there could also be some downsides, like losing the benefits of a federal loan. Keep in mind you can always refinance now and do it again later if interest rates drop further.
Here are more articles to read if you’re considering refinancing at this time:
Have more questions?
Our team is here to help.
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SoFi at Work Student Loan Specialists
Our specialists can help you manage the complexities of debt, identify ways to help you increase your cash flow and lower your monthly payments—and much more. Call 888-594-2936 or schedule a call below.
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SoFi Financial Planners
Our financial planners provide complimentary advice based on your
unique needs and financial goals, including paying back
student loans—and more.
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