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You may be familiar with this conundrum, especially if you’re a recent college grad or just venturing out on your own: You need credit to get credit. Lenders want to see your track record as a borrower before approving you for a credit card or car loan. So how do you get started?

The academic world has found an intriguing solution. Building on their previous study of grocery shoppers, professors from the University of Notre Dame, Rice University, and Northwestern University recently determined that shopping habits overall — not just for groceries — say a lot about how likely someone is to pay back their loans.

The new study compared purchase data from a group of people in Peru with their records from the country’s national credit registry. Looking at a broad swath of purchases — including clothing, household goods, and home improvement items — the professors found that people who bought items on sale, shopped at regular times, and consistently avoided cash payments posed a lower default risk than those who didn’t.

In fact, according to these researchers, if lenders used shopping data as part of their vetting process, they could double or even triple credit card approval rates for first-time borrowers without risking a significant increase in unpaid debts.

(The grocery study found a similar correlation with bargain shoppers, and determined that people are more likely to pay their bills on time if they grocery shop on the same days, spend similar amounts, and choose the same products.)

So what? As a growing body of research suggests that lenders use less traditional data sources to decide who to loan to, building healthy financial habits could take on a whole new meaning. Even if you already have a solid track record with credit, it could become more important to cultivate not just responsible borrowing habits, but also prudent spending habits.

And in the meantime, if you’re trying to get a credit card or loan without a credit history, consider getting a secured credit card or becoming an authorized user on a parent’s account first. (Don’t do this, though, if your parents don’t have good credit habits — or if you’re less sure that you will — because it can impact both you and your parent.)

Related Reading

Dear SoFi, How Do I Avoid Messing Up My First Credit Card? (SoFi)

How to Use Rent-Reporting Services to Build Credit (NerdWallet)

Surprising Trends in American Spending Habits You Need to Know (Investopedia)

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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The government shutdown continues this week and there’s little sign of a near-term resolution. With betting markets expecting it to drag on for weeks, investors will need to continue navigating through an economic data fog. Two important sources of clarity will help pierce through the cloud, however.

First and foremost: Though most government data is on hold during the shutdown, the Consumer Price Index (CPI) is a critical exception. Due to its importance in calculating annual cost-of-living adjustments for Social Security benefits, the Bureau of Labor Statistics (BLS) announced it’ll be releasing the report on Friday. Already the most tracked by market participants, this report is even more important while investors are making due without other economic data.

And we can’t forget about corporate America. The pace of third-quarter earnings reports picks up significantly this week, with a host of companies from various sectors set to share their results. These reports will provide a real-time, bottom-up perspective on the health of the economy, straight from those who are on the business front lines.

Economic and Earnings Calendar

Most releases involving government data will not be released while the shutdown is ongoing.

Monday

•  September Leading Economic Index: This is an index composed of various economic indicators that have historically led changes in the broader economy.

•  Earnings: Steel Dynamics (STLD), W R Berkley (WRB)

Tuesday

•  October Philadelphia Fed Non-Manufacturing Activity: The Philadelphia Fed’s survey of services executives in the region on business conditions and their outlook.

•  Earnings: Chubb (CB), Capital One Financial (COF), Quest Diagnostics (DGX), Danaher (DHR), Equifax (EFX), Elevance Health (ELV), EQT (EQT), General Electric (GE), General Motors (GM), Genuine Parts (GPC), Halliburton (HAL), Intuitive Surgical (ISRG), Coca-Cola (KO), Lockheed Martin (LMT), 3M (MMM), Nasdaq (NDAQ), Netflix (NFLX), Northrop Grumman (NOC), Omnicom Group (OMC), PACCAR (PCAR), PulteGroup (PHM), Philip Morris International (PM), Pentair (PNR), Raytheon Technologies (RTX), Texas Instruments (TXN)

Wednesday

•  Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•  Earnings: Amphenol (APH), Avery Dennison (AVY), Boston Scientific (BSX), Crown Castle International (CCI), CME Group (CME), FirstEnergy (FE), Globe Life (GL), Hilton Worldwide Holdings (HLT), International Business Machines (IBM), Interpublic Group of Companies (IPG), Kinder Morgan (KMI), Lennox International (LII), Lam Research (LRCX), Southwest Airlines (LUV), Las Vegas Sands (LVS), Moody’s (MCO), Molina Healthcare (MOH), Northern Trust (NTRS), NVR (NVR), O’Reilly Automotive (ORLY), Packaging of America (PKG), Raymond James Financial (RJF), AT&T (T), Teledyne Technologies (TDY), Thermo Fisher Scientific (TMO), Tesla (TSLA), United Rentals (URI), Westinghouse Air Brake Technologies (WAB)

Thursday

•  August Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

•  Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits.

•  Fedspeak: Kashkari will moderate a conversation with Barr at the Economic Club of Minnesota. San Francisco Fed President Mary Daly will take part in a moderated conversation on technology and the economy.

•  Earnings: Delta Air Lines (DAL), PepsiCo (PEP)

Friday

•  October University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.

•  September Treasury Statement: This summarizes the U.S. federal government budget by tracking government revenues and expenditures.

•  Fedspeak: Chicago Fed President Austan Goolsbee will give welcome remarks at the regional bank’s Community Bankers Symposium. Musalem will take part in a fireside chat on the economy and monetary policy.

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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.

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.

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

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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