Financial Insights Budgeting and Spending
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Head toward financial freedom with SoFi’s free budget planner.
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every day and start saving money the smart way.
categories to stay on top of your finances and set monthly budgets for free.
with recurring expense tracking to ensure you never miss a payment.
Get started
Based on SoFi Members. This claim may not be representative of the experience of all other customers. | Updated: 5/6/2025
The free budget app you’ve always wanted.
Stay on top of your finances by seeing where your money goes.
Say hello to a budget planner.
Say goodbye to spreadsheets with our customizable budgets. Easily set budgets and get updates on your progress for free.
See upcoming bills.
Don’t pay more than you need to. We’ll track bills to help make sure you never miss a due date.
Get insights into your spending.
Our spending categories feature lets you see how your money gets earned and spent each month across all your SoFi and external accounts.
Free credit score and credit utilization insights.
Track your credit score weekly and understand the factors that can change it, like your credit utilization.
FAQs
If you can’t automatically link your account, SoFi’s budget planner lets you manually add an
account or asset (like an owned car or home) so that you can see your entire net worth all in
one place. You can manually add bank accounts, credit cards, loans, investment or retirement
accounts, as well as other assets and liabilities.
SoFi leverages the TransUnion VantageScore 3.0 model which includes several key components:
- Payment History – comprised of whether you regularly pay your bills on time.
- Credit Age and Type – average age of your credit accounts and mix of various types such as revolving debt and installment debt. An example of revolving debt is a credit card and an example of installment debt is a student loan.
- Credit Utilization – the percentage of your credit limit you currently have outstanding.
- Balances – balances on your credit accounts including current balances as well as delinquent accounts.
- Inquiries – recent inquiries or applications for new credit.
- Available Credit – amount of available credit that is unused.
Yes, SoFi’s budget planner allows you to set monthly spending targets to keep track of your
cash flow and spending habits. Based on your self reported income, SoFi will recommend a
spending target, but you can always adjust your target to fit your goals.
SoFi identifies recurring expenses from your transaction history across all connected accounts.
You’ll see a monthly summary of your recurring expenses to help you spot upcoming payments,
monitor price changes, and stay on top of your bills.
Checking your own credit report is considered a soft inquiry, which does not impact your credit score.
Your credit score is used by lenders, among others, as they review your applications for credit and determine your creditworthiness which might influence if they are willing to extend credit and at what terms. It might also be used by landlords, utility providers, and prospective employers.
SoFi tracks your spending by pulling transactions from all your connected accounts into one
dashboard. It categorizes your spending, tracks your cash flow and spending habits, and shows
how you’re doing against your spending targets – all in real-time for a full view of your financial
picture.
See more FAQs
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Learn more about budgeting.
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