SoFi Blog

From the sleep deprivation to the midnight feedings, your first child will represent a major—albeit wonderful—shift in the way you live. What’s more, your beautiful addition will also represent a shift in the ways you spend and save.
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Raising a child is expensive—the USDA’s most recent report (2013) estimates the total cost from birth to age 18 at $245,340. So planning for your first child means also examining your finances and your future financial goals.

Here are nine ways to prepare financially for baby in just nine months.

So you want to be a millionaire. And with your killer drive and professional achievements, there’s no doubt you’ll get there in due time. Up first: Aim to save $500,000. Cutting your goal in half will put you in the right mindset and allow you time to ace the habits and skills you need to join the millionaire’s club.

Here are seven tips to help pave the way:

If you believe some of today’s headlines, young professionals like you just aren’t interested in buying a home. You’re either too broke, too busy working, or too much of a nomad to plant roots in a community. But the numbers tell a different story.

Money talks. And student debt proves you’ve made a massive investment in your career. While most people want to pay student loans off as quickly as possible, it can actually be smart to take a little longer to do so and start saving for retirement sooner.

Purchasing your first home is really exciting—but it can also be daunting, especially when going it alone. SoFi members aren’t easily intimidated, however. In fact, according to the March 2016 Home Buyer and Seller Generational Trends report, people age 35 and younger continue to be the largest group of home buyers at 35%, and 67% of those buyers are purchasing homes for the first time. With 10% down on loans up to $3 million, SoFi makes it easier than ever before for solo buyers and others to own a home.