Budgeting & Goals Archives | Page 104 of 186

Oct

2023

Guide to Money Pools

By Ashley Kilroy | Budgeting & Goals, Family Finances, money | Comments Off

Money pools provide a platform for friends, relatives, or colleagues to combine their savings. The purpose of this arrangement is to leverage each member’s financial resources to save money, reach short-term money goals, or create financial security.

While money pools gained popularity centuries ago in developing countries, such as India and Southern Africa, they have continued to provide a banking solution for migrant communities in the U.S. Here’s a look at how money pools work and how they benefit folks that don’t have access to traditional banking products like savings accounts.

Read on to learn:

• What is a money pool?

• How do money pools work?

• What are the pros and cons of money pools?

What Is a Money Pool?

So, what are money pools exactly?

A money pool is when a group of individuals (friends, family members, neighbors, or coworkers) combine their savings into one pot. The group decides on a monthly contribution amount they will each put into the pool.

Then, every month, one person from the group will receive the total sum of the money pool to do as they wish. The group can either draw names to decide who gets the money or make an arrangement based on a mutual understanding. Funds are distributed monthly until the entire pool is depleted. In this way, it’s somewhat akin to peer-to-peer lending.

However, money pools don’t just happen; they must have a responsible party that organizes the group. The money pool organizer tackles tasks such as collecting the money, tracking contributions, and planning distributions. The organizer keeps order, so each member understands and adheres to the group’s guidelines.

Money pools mainly exist in developing countries, with minimal access to credit or banking solutions like savings accounts. However, many U.S. immigrant communities nationwide use money pools as a solution for helping people within the community pay bills or save for financial goals. It can also serve as an example of pay-it-forward finance and helping those close to you.

How Do Money Pools Work?

A money pool works like this: Let’s say a group of three friends decide to create a money pool. They decide that they will contribute $400 per month creating a $1,200 money pool. Each month, one friend from the group will receive $1,200. No matter who receives the funds for the month, every person in the group continues to contribute so the money pool amount always has $1,200 in it.

A money pool provides an immediate source of funds for someone needing to pay for unexpected expenses. In other words, the money pool can act as an interest-free loan to pay off medical expenses you can’t afford, car repairs, or tuition costs. A money pool can also provide a forced savings method for the last person who receives the funds.

The organizer usually determines who should receive the funds first. They may consider financial needs to assess the arrangement of the distribution of funds.

Reasons Why People Use Money Pools

For centuries, people have been using money pools around the world as an alternative to traditional savings solutions. However, folks are more likely to use money pools if they have:

• Limited or no access to traditional banking institutions.

• A bad credit score that making it challenging to qualify for financing.

• Minimal financial resources; the money pool can be a way to save money with a low income.

• The need to borrow or save money.

Examples of Money Pools

Money pools exist around the world and often go by various names. In U.S., Americans usually refer to this type of arrangement as a money pool or rotating savings and credit association (ROSCA).

Different communities call money pools by different names. Some examples of other names for money pools are:

• Tandas in south and central Mexican communities

• Cundinas between northern Mexico and Washington state

• Susus in the Caribbean

• Pandeiros in Brazil

• Hui in Asia

• Arisan in Indonesia

• Ayuuto in Somalia

Recommended: Creative Ways to Save Money

How to Determine if You Should Join a Money Pool

If a money pool piques your interest, consider a few key points before moving forward with this financial decision.

• Affordability of recurring payments. Make sure you can afford and have the money discipline to contribute the recurring payment amounts. A money pool isn’t like a traditional savings account where you can pull money out whenever you want. Think carefully to be sure that contributing won’t put you in a financial bind.

• Trustworthiness of key members. You may feel uncomfortable contributing to a money pool with a group of members you don’t know well. Instead, consider creating a money pool with people you know and trust.

• Organization of the money pool. Someone must be the organizer if you establish your own money pool. Money pool apps are available to help you organize your group and streamline contributions and distributions.

If you’re still on the fence, you may want to explore Community Development Financial Institutions or CDFIs as an alternative solution. What is a CDFI? These financial institutions cater to underserved communities. In addition, CDFIs offer banking products such as checking accounts to those who may have been turned away by traditional banking institutions. So, if you have a low credit score or are struggling to find a suitable savings vehicle, CDFIs could be worth considering.

Pros of Money Pools

Money pools can be advantageous to consumers for the following reasons:

• Provide access to cash. A money pool offers an alternative solution for accessing funds if individuals don’t have access to lending institutions.

• Members instill accountability. The social pressure of accountability encourages the group members to adhere to the money pool commitment.

• Interest-free loans. Money pools provide an interest-free way to pay for unexpected expenses like medical bills or car repairs.

Recommended: What Is a Lifeline Checking Account?

Cons of Money Pools

While money pools have benefits, they can also have some drawbacks, including:

• Funds in the account are not interest-bearing. Members can grow their money in other interest-bearing accounts, like a high-yield saving account.

• Members who don’t make payments put the group at financial risk. Members of the money pool could suffer a financial loss if someone doesn’t contribute when they are supposed to. This is especially true for the last member to receive the lump sum.

• Risk of social disapproval. You must make an agreed-upon payment or you could be kicked out of the money pool and face social consequences such as being shunned from your community.

Recommended: Different Types of Savings Accounts

The Takeaway

Money pools allow a group of people to combine their savings while helping each other financially. Each member contributes to a fund of money, which is then disbursed to members sequentially, allowing every person involved to receive a lump sum of cash. While this type of savings vehicle is used in the U.S., it’s more prevalent in developing countries since financial resources are often limited.

3 Money Tips

Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Is there a reason for developed countries to use money pools?

Yes, for communities with limited access to traditional banking and credit, money pools can offer a platform to help individuals achieve their financial goals.

Are money pools safe?

While there is a risk of members failing to contribute to a money pool, the peer pressure of the group usually ensures they will go to great lengths to make timely payments. So even though it’s possible, loss typically occurs only rarely.

Do money pools still exist?

Yes, money pools exist. You may find them in developing countries as well as the U.S.

Photo credit: iStock/bob_bosewell

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.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SOBK1122019

Oct

2023

10 Questions to Ask Your Bank Before Opening an Account

By Rebecca Lake | Budgeting & Goals, Financial Independence, money | Comments Off

Having a bank account can provide a solid foundation for your financial life. It can make it easier to pay bills, track spending, and get paid if you’re enrolled in direct deposit. But how can you know you’re putting your money at a financial institution that’s the right fit for you?

If you’re interested in moving to a new bank or you’re opening a bank account for the first time, it’s important to do your research first. That starts with knowing what questions to consider when opening a checking account or savings account. Asking the right questions can make it easier to choose an account that fits your needs.

Read on to learn the key questions to ask, as well as the answers to look for, before you open a new bank account.

The Importance of Choosing a Reliable Bank

Where you choose to keep your money matters when it comes to things like convenience, benefits and features, and cost. Ideally, you want to choose a bank that:

• Has a good reputation

• Is fee-friendly or fee-free

• Offers a good selection of products and services

Does that mean you have to choose a brick-and-mortar bank? Not necessarily. Online banks can be just as reliable as traditional banks or credit unions, and often charge fewer fees. The difference, however, is that online banks usually lack a physical presence.

It’s also important to choose a bank that’s going to keep your money safe. That means banks that are insured by the Federal Deposit Insurance Corporation (FDIC) or credit unions that are insured by the National Credit Union Administration (NCUA).

These institutions insure deposits against the rare event that a bank or credit union fails. The primary difference between the FDIC vs. NCUA is where deposits are insured. Coverage limits extend up to $250,000 per depositor, per account ownership type, per financial institution.

10 Questions to Ask a Bank Before Opening an Account

Ready to get your new accounts set up? Here are 10 of the most important questions to ask a bank before opening an account.

1. What Are the Options for Accessing Accounts?

One of the most important questions to ask when opening a checking account or savings account centers on how you’ll be able to deposit or withdraw money. It’s a good idea to know what options you have, which may include:

• Branch banking

• Phone banking

• Online and mobile banking

• ATM access

If you’re opening an account at a traditional bank, you may ask a secondary question about where branches are located. With an online bank, you might want to review features like direct deposit, mobile check deposit, or whether you can deposit cash at an ATM.

2. What Is the Minimum Deposit to Open an Account?

It’s not unusual for banks to impose minimum deposit requirements for new and existing customers. So what is a minimum opening deposit? It’s just an amount of money that you’re required to deposit upfront as a condition of opening your account.

The amount of money needed to open a bank account typically varies from institution to institution. At online banks, the sum might be as low as $1 or even $0, while traditional banks might set the minimum at $25, $50, or more. Credit unions may require a $5 minimum to join and open a savings account, with a different minimum for checking accounts.

3. What Are the Fees for the Account?

One of the ways banks make money is by charging fees, so you’ll want to be clear on what you might pay to have your account upfront. Some of the most important fees to ask about include:

• Monthly maintenance fees for checking and savings accounts

• Overdraft fees and returned item fees

• Check ordering fees

• Paper statement fees

• Excess withdrawal fees, if you’re opening a savings account (these may be triggered by more than six withdrawals per month)

• Wire transfer fees

You may be able to find a copy of the bank’s fee schedule on its website. If not, you can ask the bank to provide you with a list of fees. That way, you can review them before opening an account.

4. Is Overdraft Protection Offered?

Overdraft occurs when your checking account balance ends up in negative territory. Your bank can charge an overdraft fee for each item that exceeds your balance. One option for avoiding overdraft fees is enrolling in the bank’s overdraft protection.

That feature allows you to link a savings account to your checking. Then, if you’re in danger of an overdraft, the bank can transfer money over for you. The bank might charge you a fee to transfer funds, but the fee is usually less than the typical overdraft fee.

5. How Large Is the ATM Network?

If you routinely visit the ATM for cash, then you’ll want to ask the bank how large its network is and where you can complete transactions fee-free. It’s also a good idea to ask what fees you might pay for using an out-of-network ATM; the fee typically runs between $2 and $3.50 per transaction. You may also want to check whether any of those fees might be refunded to you at the end of the statement cycle.

6. Are There Transaction Limits?

Here’s another in the list of what questions to ask when opening a bank account: What are the transaction limits? This will let you know how much money can move in and out of your account over a set time period. Some of the transaction limits you might want to ask about include:

• Debit card purchases

• Cash withdrawals at ATMs

• Cash withdrawals at a teller

• ACH transfers

• Wire transfers

• Deposits, including direct deposits, ATM deposits, or ACH deposits

Banks can impose daily, weekly, or monthly limits on different types of transactions so it’s helpful to know what they are beforehand. You don’t want to be stuck trying to withdraw cash or make a large purchase, for example, only to find that you’ve already exceeded the allowed limit.

7. Do Accounts Earn Interest?

Savings accounts, money market accounts, and certificate of deposit (CD) accounts typically earn interest. If you’re interested in one of these accounts, it’s important to look at the interest rate vs. APY to see how much you could earn. Also of course check other details such as minimum deposit and account fees to make sure you get the best deal for your situation.

This is also a wise question to ask when opening a checking account. While some banks offer interest checking, those accounts are more of an exception than the rule. But if you’re specifically looking for interest-bearing checking, then you’ll want to ask the bank if that account option is available. You may find the best high-interest checking accounts at online banks and credit unions.

8. What Documents Are Needed to Open an Account?

Banks ask for certain information when opening an account. Knowing what you’ll need can save time during the account opening process. A typical bank account opening checklist includes:

• Personal information, such as your name, date of birth, and address

• Social Security number and birth date

• Government-issued photo ID

• Bank account information if you’re making your initial deposit via an ACH transfer.

What if you’re opening a bank account for someone else to use? For example, what if you’re setting up a checking account for your teen, but you’re listed as the account owner? In that case, the bank might ask for some information about your child, like their name and date of birth.

9. Are Accounts FDIC- or NCUA-Insured?

As mentioned, the FDIC and NCUA insure deposit accounts against losses in case a bank or credit union fails. While it’s rare to find a bank or credit union that isn’t insured, it’s still a good idea to double-check and make sure you’re protected. An easy way to tell if a financial institution is covered is to look for FDIC or NCUA signage at a branch or on its website.

10. What Other Banking Products and Services Are Offered?

When opening a bank account, consider what else the bank or credit union offers besides checking and savings. For example, you might be interested in:

• Credit cards

• Home loans

• Auto loans

• Student loans

• Personal loans or lines of credit

• Business loans

• Retirement products

• Investment accounts

• Insurance

• Wealth management services

Looking at the bigger picture can help you to find a bank that fits where you are in life currently and where your financial goals might take you down the line. If you know you may need one or more of these products in the not too distant future, it could be wise to open your account at a place where you can easily access these offerings.

The Takeaway

Setting up a new bank account shouldn’t be a headache. Knowing which questions to ask and answer can make the process easier and help you determine which financial institution best meets your needs. It’s also helpful to compare accounts from different banks to get an idea of what each one has to offer.

If you’re interested in banking online, you might consider opening an online bank account with SoFi. You’ll pay no account fees while earning a great APY on deposits, both of which can help your money grow faster. And it’s super convenient: You can quickly open an account online and then spend and save in one place with our Checking and Savings account.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

How much money do you need to open a bank account?

The amount of money you need to open a bank account can depend on the bank. At online banks, for instance, you might be able to open an account with as little as $1 or even no money at all. Traditional banks, on the other hand, might require $25 or more for a minimum opening deposit.

Is there a fee for closing a bank account?

Banks can charge a fee for closing an account if it hasn’t been open very long. For instance, you might pay a fee if you open a new account and then close it within six months. If there’s an account closing fee, it should be included on the bank’s fee schedule, so check their details or contact customer service.

Are online banks better than traditional banks?

Online banks can offer some advantages that you don’t always get with traditional banks. For example, online banks may not charge any monthly maintenance fees for checking or savings accounts. Initial deposit requirements may be lower, and interest rates for deposit accounts might be higher. Traditional banks, however, can offer branch banking access, so that’s something to weigh in the balance when deciding where to open an account.

Photo credit: iStock/Sakibul Hasan

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.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SOBK1122010

Oct

2023

Tips for Flipping Furniture as a Side Hustle

By Timothy Moore | Budgeting & Goals, Financial Independence, money | Comments Off

Flipping furniture, or taking one person’s junk and transforming it into a thing of beauty, offers many benefits. It’s a unique way to earn extra income, learn new skills, and even send less waste to landfills. But how profitable can flipping furniture be, what tools do you need, and how do you get started?

You’ll learn all that (and more) in this guide covering:

• How to make money flipping furniture

• How to source pieces

• How to learn to restore and upgrade furniture

• How to find customers.

What Is Furniture Flipping?

Though flipping furniture has recently become a popular trend on TikTok, it’s been a profitable side hustle for many people much longer. Flipping furniture means taking an old piece of furniture, restoring it, and selling it for a profit. Restoring furniture generally involves cleaning an old piece, sanding or stripping it, then painting or staining it — and maybe installing more chic hardware, like knobs and handles.

Recommended: 11 Benefits of Having a Side Hustle

How Do I Get Started Flipping Furniture for a Profit?

Wondering how to flip furniture for a profit? To get started, you’ll need to find old pieces of furniture, research methods for restoring it, buy the necessary tools and materials, and perform the actual work.

Your first few attempts at flipping furniture may not be good enough to sell, but the pieces could make great gifts for friends and family. As with any new skill, practice makes perfect.

Once you’ve gotten the hang of flipping furniture, you can begin to look for places to sell your pieces.

Recommended: Best Time to Purchase Furniture

Where Can I Find Furniture to Flip?

To make money flipping furniture, you need to source old furniture cheaply — or for free.

You can find free furniture by driving around neighborhoods on trash day. The saying “one man’s trash is another man’s treasure” applies here: If a neighbor has put out an old dresser or end table for trash pickup, you can carry it or throw it in your truck and take it home to restore. Similarly, watch for neighbors who are moving; many dispose of furniture they don’t want to take to a new place.

If you’re willing to spend a little money, it may be easier to find the right pieces. Here’s a tip for buying furniture on a budget: Try sourcing pieces to flip for a profit here:

• Thrift stores

• Garage sales and yard sales

• Estate sales

• Facebook Marketplace and Craigslist.

It’s always wise to thoroughly clean used furniture before starting the restoration process — and ideally before bringing it into your home or workspace.

Recommended: Common Moving Cost to Know

What Types of Furniture Can I Flip?

Any furniture that you can get your hands on and improve could theoretically make for a good flip, but in general, some of the best furniture items to flip for a profit include:

• Coffee tables

• End tables

• Dining tables

• Dining chairs*

• Nightstands

• Dressers

• China cabinets

• Buffets

• Baby furniture.

*Fabric chairs that require reupholstering may take more work than they’re worth and also present more risk (bed bugs and fleas, namely) than all wood furniture.

What Do I Need to Look For When Flipping Furniture?

Knowing how to flip furniture for a profit comes down to more than being able to strip paint and install handles. To maximize efficiency and profit, you’ve got to know how to spot the right kinds of furniture.

Here are some things to watch for:

• Heavier items: If a piece of furniture is heavy, don’t let it scare you off. That’s a good sign that it uses real, solid wood. This kind of wood is more durable and thus attractive to buyers. Particleboard pieces, on the other hand, are cheap and fall apart easily; these are likely not worth your time.

• Transportation ease: If you spot a great piece of furniture that looks a little bulky, measure it before purchasing. You’ve got to be able to transport it to your workspace and to the end customer or your retail space. If you can’t transport the furniture without renting a vehicle, it may not be profitable to flip it.

• Craftsmanship: Look for dovetail joints in antique furniture. These are a mark of skill by the original furniture maker — not only do dovetail joints last longer than dowel joints, but they’re also more attractive to look at. Visible nails and staples are a sign of lower quality.

• Easy flip: Some furniture pieces require less work than others. Think about how much work each piece will need. If some just need a light cleaning (or power washing) and a few screws tightened before you can sell them, these pieces may be more profitable than those requiring hours or even days of labor.

Recommended: Common Misconceptions About Money

How Much Do I Need to Start Flipping Furniture?

You don’t need much money to start flipping furniture for profit. If you’re able to source your first few pieces for free, you’ll just need to purchase basic tools and some paint and stain. Many flippers start with as little as $100.

As you begin to profit off your first furniture flips, you can start to invest in higher-quality pieces, better tools, and maybe even booth space at an antique store or flea market.

What Do I Need to Flip Furniture?

To start flipping furniture, you’ll need a few things, including transportation, a workspace, tools and other materials, and a place to sell the furniture.

Good Transportation

When flipping furniture, you’ll need a reliable mode of transportation that can fit multiple pieces to bring back to your workspace. Trucks and SUVs are great options, but if you turn your side hustle into a full-time gig, you may even want a trailer to transport even more furniture to and from your workspace.

You’ll also need blankets to protect furniture in transit and possibly ways to keep it from moving around too much as it’s transported.

Recommended: Car Value vs. Truck Value

Space to Work on Furniture

If you’re flipping furniture as a hobby or an easy way to make extra money on weekends, you don’t need to rent out a dedicated workshop. Depending on the weather, you could work on furniture flipping in your yard. Basements and garages are also great places to start your flips — but remember that your space should have adequate ventilation.

If you become more serious about flipping furniture, it might make sense to lease a workspace.

Equipment to Restore Furniture

Each furniture flip may require a different set of tools. In general, the following tools and materials should be in your arsenal:

• Paint

• Paintbrushes

• Painters tape

• Stain

• Sealer

• Paint stripper

• Sanding materials

• Rags

• Drop cloth

• Sewing kit or sewing machine

• Staple gun

• Hammer and nails

• Drill

• Screwdrivers and screws

• Wood glue

• Steel wool

• Soap

• Sponges.

A Place to Sell the Finished Product

Knowing how to start flipping furniture for a profit requires more than just knowing where to buy furniture and how to restore it. You also need to know how and where to sell it.

When you’re just starting out, you may find success advertising to friends and family on social media or to neighbors on a neighborhood app like Nextdoor. You can also list the furniture on Facebook Marketplace, Craigslist, and OfferUp.

Pro Tip: If you’re selling online, take good photos. Nice staging can go a long way in making your finished product appear more upscale.

If furniture flipping becomes more lucrative for you, it might make sense to rent booth space at antique stores and flea markets to sell your flips.

Recommended: 39 Passive Income Ideas to Build Wealth

Pros and Cons of Furniture Flipping

Furniture flipping can be a great side gig, but it’s not for everybody. Here are the pros and cons of starting a furniture flipping business:

Pros of Furniture Flipping	Cons of Furniture Flipping
You can earn an extra source of income	It requires manual labor
You can learn new skills	Some projects can be time-consuming
There are typically low startup costs	Selling online to strangers requires some caution
It can be a fulfilling hobby	You need the right vehicle for transport
You’ll keep furniture from going to landfills	Some pieces may not sell

How Much Can I Resell Furniture For?

How much you can resell furniture for will depend on the type of piece and how much work you’ve done to it. Consider the time and money you put into the piece and the level of transformation it’s undergone.

Though it can vary by piece, you may be able to mark up an item 200% to 400%. For example, if you spent $100 on a table and materials to restore it, you may be able to charge between $200 and $400 for it.

Recommended: Creative Ways to Save Money

Is Furniture Flipping Profitable?

Furniture flipping can be profitable. Just remember to keep expenses low, choose pieces strategically, and mark up the end result enough to justify the time and money you put into the project. Flipping furniture may not generate enough revenue for you to quit your day job, but it can be a fun way to make additional income.

Skills to Learn to Improve Furniture Flipping

With each project, you can learn a new skill or try a new technique. Over time, you’ll have a roster of skills and techniques that allow you to transform furniture in new and exciting ways.

Here are some skills that are worth learning for flipping furniture:

• Carpentry

• Upholstering

• Stripping paint, sanding, and priming

• Painting and staining

• Polishing

• Tiling.

You’ll also need to learn basic finance skills to treat your furniture flipping like a real business:

• Accounting (including what taxes you may have to collect on items you sell)

• Sales

• Customer service.

The Takeaway

Furniture flipping can be a lucrative side hustle if you’re willing to put in the effort to source good pieces, learn new skills, and do the actual hard work. While flipping furniture may not pay enough to be a full-time job, it can be a rewarding side hustle that allows you to be creative, try new things, and help the environment.

3 Money Tips

1. If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

2. If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

3. When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

How much should I pay for furniture I’m planning to flip?

How much you should pay for a piece of furniture to flip depends on how much you think a person might pay for it fully restored. In general, it’s smart to aim for 200% to 400% markup. If the cost of the furniture is too high for you to reasonably sell it for even more, it’s probably not a good piece to purchase.

Is flipping furniture always legal?

Flipping furniture is a legal way to make money. Remember that you must pay taxes on all income, so it’s important to track your expenses (save your receipts!) and earnings, then report it on your tax return each tax season.

Where can I sell furniture?

You can sell furniture online using sites and apps like Facebook Marketplace, Craigslist, Nextdoor, and OfferUp. If you have enough furniture to sell, it may make sense to rent a booth at an antique store or flea market.

Photo credit: iStock/ljubaphoto

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.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBK1122004

Oct

2023

Compulsive or Impulsive Shopping: How to Combat It

Impulse Buying: Definition, Examples, And Ways To Stop It

By Marcy Lovitch | Budgeting & Goals, Financial Independence, money | Comments Off

Most people are familiar with the feeling of impulse buying. Perhaps you go to the supermarket just to pick up some oat milk and wind up purchasing an array of pricey juices, crackers, and cheese as well, because everything looked so good. Or you walk through a favorite store on your way home from work and snap up a couple of pairs of shoes because there was a major sale going on.

Spending money is not only part of life, but it can also be a fun way to reward oneself from time to time. But those unexpected, “can’t resist” purchases can add up, make you feel out of control, and lead to blowing your budget.

But you can rein in this impulsive spending. Here, you’ll learn:

• What impulsive shopping is

• Causes of impulsive shopping

• Examples of impulse buying

• How to take control of impulse buying.

What Is an Impulse Buy?

Impulsive shopping tends to happen when a person gets caught up in the moment and spontaneously buys something. It’s a purchase without any forethought or planning, and it’s often not within a person’s budget.

People who impulse shop are usually influenced by external triggers, such as seeing an item on sale or positively responding to a store’s atmosphere. Everyone indulges in some impulse-fueled retail therapy now and then.

However, when these immediate gratification purchases become habitual, the behavior can morph into something uncontrollable and financially damaging. Taken to an extreme, potentially dire financial issues could result, such as credit card debt, bankruptcy, and foreclosure

When it has this kind of negative impact, it could nudge into the realm of a disorder.

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What Causes Impulse Shopping?

Buying something spontaneously can trigger a rush of dopamine, the body’s feel-good hormone. That’s why it feels so rewarding.

A variety of factors can trigger impulsive shopping. Your triggers are likely different from those that get your best friend to splurge. Some common causes include:

• Feelings of loneliness and depression. Buying items can be an exciting mood-lifter; a kind of high.

• Boredom. Just as mentioned above, buying things can spark joy and add interest to a blah day.

• Stress relief. The idea of retail therapy can be real. Sometimes, if a person is having issues (a family argument, a rough day at work), and making an unplanned buy is both a distraction and a mood boost.

• FOMO (Fear of missing out). Feeling as if you don’t want to miss out or as if we want to “keep up with the Joneses” can result in unexpected purchases. For instance, if a favorite influencer touts a new product on social media and says it’s almost sold out, you might click to buy it and be part of the “in crowd.”

• Personal history. If you were raised in a family which often engaged in impulsive spending, they modeled that behavior for you and you may consider it normal.

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Examples of Impulse Buying

You may be curious about how people typically engage in impulse buying. According to a recent survey by Slickdeals conducted One Poll, spontaneous purchases totaled $151 on average among respondents.

Above, you heard the example of buying treats you don’t really need at the grocery store or buying shoes simply because they were on sale vs. really needing them.

Here are the ways that spending tends to shape up:

Percentage of People Who Bought the Item on Impulse	Item Bought on Impulse
55%	Clothing
50%	Groceries
42%	Household items
32%	Shoes
23%	Takeout
21%	Books
20%	Toys
19%	Technology
18%	Coffee

💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers high-interest savings accounts with no account fees. Open your savings account today!

What Is the Difference Between Impulsive and Compulsive Shopping?

Impulsive shopping is somewhat different from compulsive shopping, though some mental-health professionals consider them to be aspects of the same issue.

As mentioned above, impulse shopping tends to be spontaneous. It “just happens” in the moment: You’re grocery shopping and wind up buying some pricey ice cream and gourmet coffee beans.

With compulsive shopping, however, the person usually plans and invests time on their purchases, perhaps spending more energy and money than is desirable. This chart shows some key differences:

Compulsive	Impulsive
Resembles addictive behavior	Can develop into addictive-like behavior if left unchecked
Buying things regularly	Buying is more occasional and situational
Shopping is planned and premeditated	Shopping is unplanned and spontaneous
More internally motivated by uncomfortable emotions	More externally motivated and influenced by shopping environments and marketing

How to Avoid Impulse Purchases

How to stop impulse buying? If impulse purchases are tipping into the danger zone and ruining your budget and financial fitness, take action. There is help. Consider these suggestions on how to get started if you wonder if you’re a shopaholic:

Paying Close Attention to Spending Habits

Figuring out your particular shopping triggers can help you avoid or eliminate them. For instance, when buying, do you use credit cards instead of paying with cash or a debit card? Make shopping a priority over paying bills? Grocery shop without making a list? Being honest about how and why you may engage in certain overspending behaviors is vital to understanding the issue. Changing spending habits can then help you manage your finances better.

Setting a Budget

Creating and sticking to a budget allows you to gain control over your spending. A well-thought out budget will help with personal accountability and achieving financial discipline. Try to set yourself up with the flexibility to splurge sometimes. This will help keep you from feeling completely deprived.

One suggestion is to consider incorporating the 50/30/20 budget rule. This guideline recommends spending up to 50% of your after-tax income on must-haves (say, housing, car payments, utilities, healthcare, and groceries). Then, take 30% of your money and reserve it for wants such as dinners out, vacations, concert tickets, electronics, and clothing. The remaining 20% should be allocated for investments, an emergency fund, debt repayment, or savings.

Recommended: 10 Personal Finance Basics

Minimizing Temptation

Many stores are carefully designed to get you to shop and spend, perhaps to an extreme. If a store’s atmosphere — the design, the scents, the music — tends to get you impulse buying, avoid it. Don’t walk down the streets filled with your favorite shops; try to escape the triggers that make you shop too much. If you often spend free time at the mall or online shopping, sign yourself up for a class, take up a new sport, volunteer, or find other ways to fill the hours.

Curbing social media exposure can help, too. Research suggests ads and posts from social media influencers and seeing purchases from people in your social networks may encourage a “keeping up with the Joneses” mentality, often leading to impulsive buying.

Starting a No-Spend or 30-Day Savings Rule

A quick way to stop spending money is to freeze any non-essential spending for an entire month. Commit to a 30-day shopping ban on impulse buys such as clothing, make-up, tech gadgets, or take-out, and see how much extra money you have at the end of the month. The difference may be eye-opening and help you break the cycle.

Successfully controlling your spending can provide a feeling of accomplishment and a confidence boost and offset feelings of being bad with money. Participating in a no-spend challenge can even become a fun game; you can involve other budget-conscious friends and know you’re all in it together.

Joining a Support Group

Here’s another way to stop impulse buying for some people: National 12-step program support groups such as Debtors Anonymous (especially if you’ve racked up credit card debt) and Spenders Anonymous are also an option. They can connect you with others who are dealing with similar issues.

Seeking Some Professional Help

Individual counseling with a mental health professional can help you get to the emotional root of your buying issues. Psychotherapy, such as cognitive behavioral therapy (CBT), can effectively treat impulse shopping behaviors.

The Takeaway

Impulsive buying can be a fun treat sometimes…or it can seriously affect your financial life. Taking positive, concrete steps is likely to help conquer the problem. Getting past this spending issue, whether by shifting your behaviors or seeking professional help, can be a positive move, both for you personally and for your bank account.

Want to get a better handle on your spending? Look for a bank with tools to help you track your money.

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. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Is breaking a budget a sign of impulse shopping?

Breaking your budget is not necessarily a sign of impulse shopping. However, if you regularly deviate from your budget, spend money allocated for needs on wants or unplanned purchases, and find yourself saddled with credit card debt, you may need to rein in your impulse spending. Analyze your shopping habits and budget to understand your behavior better.

Is making an impulse purchase a bad thing?

The reality is, most of us make occasional impulse buys, and they are not always such a bad thing. However, if this kind of shopping becomes habitual and leaves you with debt, pay attention and take steps to improve the situation.

How do I limit impulse purchases?

One way to limit impulse purchases is to avoid stores or websites where you know you tend to overspend. Also, ask yourself, “Do I need this or do I just want it?” when tempted to make a purchase. If the answer is the latter, wait 24 hours, and see if you still really want it. Your desire may dwindle during that cooling-off period.

What Is impulse buying behavior?

Impulse buying involves making unplanned purchases, say, while heading home from work, at the supermarket to pick up necessities, or while spending a weekend afternoon downtown. Doing this occasionally isn’t a problem, but if you overdo it and are having trouble managing your budget and debt, it’s worth trying to minimize the habit.

Is impulse buying problematic?

Impulse buying in and of itself isn’t problematic; it’s okay to treat yourself to unplanned purchases now and then. However, if impulsive purchases are wreaking havoc with your budget, causing you stress, and accruing credit card debt, then it’s an issue to be managed.

Is there a connection between impulse buying and ADHD?

Some experts believe that people with ADHD are more prone to impulsive behavior, which can include spontaneous purchases. Impulse shopping can trigger a rush of the feel-good hormone dopamine, which those with ADHD may crave.

Photo credit: iStock/jacoblund

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBK1023007

Oct

2023

31 Places to Find Black Friday and Cyber Monday Deals

35 Places To Go For Black Friday Deals

By Kylie Ora Lobell | Budgeting & Goals, money | Comments Off

Here come the holidays, and with them, a multitude of Black Friday deals that can help you stretch your budget further. Between Black Friday and Cyber Monday, you’ll find all kinds of bargains and opportunities to get products you love for less.

For instance, perhaps you’re looking to buy your kids some of their wish-list items or you’re looking to get that new mattress that you’ve been wanting for a while now. Whatever the scenario, Black Friday often offers some of the best deals of the year.

For the 2023 season, Black Friday is on November 24, and Cyber Monday is on Monday, November 27, though many retailers offer discounts earlier. You’ll hardly be alone if you get in on the sales action: In 2022, shoppers in the US spent a record-setting $9.1 billion on Black Friday, and $11.3 billion on Cyber Monday.

Ready to get some bargains? Here’s a guide to some of the best places to Black Friday shop this year.

35 Best Places to Shop for Black Friday

Whether you plan to spend a few hundred bucks like many people do or use the super-low prices as an opportunity to make larger purchases, here are some places you will be able to find great discounts for Black Friday, as well as some of the best places to shop on Cyber Monday this year if you want to find deals online. Ready, set…shop!

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.00% APY, with no minimum balance required.

1. Amazon

The powerhouse known as Amazon is a good place to go for Black Friday. It generally starts showing Black Friday deals early in the month of November. Typically, you’re going to get the best sales on the most in-demand items on Black Friday weekend itself, though, starting on Thanksgiving Day. Look out for weekend deals on electronics, clothing, toys, and much more. Unlike on Prime Day, on Black Friday weekend, anyone can access great deals on products.

2. Bed Bath & Beyond

Are you wanting to replace some appliances in your home? Looking to surprise your college freshman niece with some deals for her dorm room? Or do you want to give your BFF some new tableware? Then check out Bed Bath & Beyond. Now just an online retailer, it will still offer Black Friday deals. Typically, you’ll find discounts on bedding, window treatments, and all kinds of kitchen gear, from air fryers to coffee makers.

3. Best Buy

If you want to buy electronics this holiday season, then Best Buy can be a best bet. The 2023 deals are starting to roll out, with low prices on Beats headphones, an array of laptops, smart TVs, and much more.

4. Chewy

Do you have pets at home? Here’s a way to make pet ownership cheaper: Don’t forget your furry family members this Black Friday and Cyber Monday. Check out Chewy’s Black Friday deals, which typically include sales on animal apparel, pet toys, dog food and treats, cat food and litter, pet beds, and flea medicine.

5. Claire’s

Is there a special teenager in your life who may want some new jewelry, makeup, or cool room decor for the holidays? Then go to Claire’s at the mall or shop their store online. To get more off your purchase, you can sign up for their rewards program and earn points to apply during future shopping expeditions.

6. Dell

Here’s another place to go Black Friday shopping: Dell. Electronics are often pricey but can be items worth saving for. Come November, you may be able to get an especially good deal. If you’ve been looking for a new laptop or other bit of electronic gear, see what Dell has to offer. Its Black Friday deals are already available, with up to 41% off PCs, accessories, and more.

7. DSW

If you’re looking for shoes (maybe multiple pairs) this holiday season, head on over to DSW or DSW.com. In addition to the Black Friday deals and special offers, if you join the VIP club for free, then you’ll earn 20% off on your first purchase, with additional ways to earn discounts after that.

8. eBay

This place to shop for Black Friday might surprise you if you think of eBay as just a place where used odds and ends are sold. Not the case! Whether you need a TV, laptop, cell phone, video game, toys, or kitchen appliances, you can probably find what you’re looking for on eBay.com during Black Friday and Cyber Monday.

There’s nothing like tracking down a hard-to-find toy your kid wants or those jeans that are sold out everywhere from an eBay seller. It’s often where people go when thinking, “Where can I sell my stuff?” Good for them, and often a real score for you!

9. Forever 21

If you’re a fan of Forever 21 and love their Hello Kitty and Barbie gear, then get ready for their Black Friday deals. Though the sales aren’t yet out for 2023, during the last sale, you could snag 30% to 70% off.

10. Gymboree

Here’s another place to Black Friday shop if you’re looking to stock up on clothes for the kids: Gymboree. In the past, they offered up to to 60% off everything in the store. You might get t-shirts for $3.99, jeans for $9.99, and PJs starting at $7.99.

11. Harry & David

If you want to send someone a gift but don’t know what they’d like, then Harry & David gourmet gifts are the perfect solution. Get a gift basket full of fruit or candy for a loved one on sale on Black Friday. Their 2023 deals are offering up to 20% and more off select items such as gift baskets and their chocolate truffles.

12. The Home Depot

If you’re looking to dive into some DIY projects (this could be a good time to do some needed home maintenance before the holiday festivities start), or need new decorations for the holiday season, then check out The Home Depot Black Friday sales, scheduled to begin on November 1 and promising to offer deep savings on tools, appliances, and much more. On a recent past Black Friday, the store featured deals on giant, pre-lit Christmas decorations, up to 40% off on select appliances, and $79 artificial Christmas trees.

13. JCPenney

Need some new clothes for the entire family? Then check out JCPenney’s Black Friday 2023 sales. In years past, they offered deep discounts on fine jewelry, bedding, holiday clothes, shoes, and appliances. In 2023, they’re planning additional savings on kitchen tools, bedding and more. You may also be able to snag additional deals if you use your JCPenney credit card to make your purchase.

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14. JOANN

Need some fabrics and crafts to keep a low-cost hobby going? Looking to DIY some scarves or hats this winter? JOANN has got you covered with their Black Friday sale. Though the deals for 2023 aren’t out yet, in past seasons, you could get up to 70% the entire stock of flannels, Singer sewing machines starting at $99, and 50% to 70% off holiday decor.

15. Kohl’s

For Black Friday and Cyber Monday deals on clothing, accessories, shoes, home goods, electronics, and more, check out Kohl’s. Deals tend to start rolling out earlier in the fall. If you are enrolled in their rewards program, you may be able to score some Kohl’s Cash and get even more of a discount on your purchases.

16. Lids

If you want to purchase some sports apparel, like hats, then make sure you check out Lids’ Black Friday and Cyber Monday deals. You can shop online or in the store at the mall to score deals on hats, jerseys, t-shirts, and more. Then, wear your favorite team apparel when watching sports games with your friends.

17. Lowe’s

Another place to get some DIY Black Friday deals is Lowe’s. You’ll find deals on appliances, smart home tech, tools, and home decor. Last year, sales included such deals as tool sets starting at $19.99, $248 for a 7-foot pre-lit artificial tree, $34.98 for three-foot Disney lawn inflatables, and more. Stay tuned for their best prices on tools, workbenches, and other items.

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18. Lululemon

Do you want to purchase some athletic wear during Black Friday 2023? Lululemon might be the place to check out. In the past, they discounted leggings, outerwear, and sports bras. This year’s deals have not yet been announced, so make sure you go to their website for updates. There are usually hundreds of items at up to 77% off.

19. Macy’s

Macy’s is already gearing up for Black Friday. If you need to buy some clothes, jewelry, designer bags, home goods, or gifts for friends and family, then make sure you check out Macy’s sales. You can start shopping on November 10 this year, with discounts on jewelry, dinnerware, beauty, furniture and fashion.

20. Mattress Firm

While Mattress Firm hasn’t yet announced their Black Friday deals for 2023, if you sign up for their email list, you can get alerted to deals and extra savings on favorite mattress brands, from Tempur-Pedic to Serta, Beautyrest, Sleepys, Sealy, and more.

21. Nectar

Here’s another option for anyone in the market for a new mattress: Nectar. They also have bed frames and accessories to give you a good night’s sleep. If last year’s Black Friday sale was any indication, you might get free shipping and a free pillow along with other discounts, including special deals for first responders and healthcare professionals this November.

22. Nordstrom

Nordstrom features sales on Black Friday and Cyber Monday in store and online on favorite brands like Nike and The North Face, as well as plenty of deals on shoes. So if you’re looking for clothing, shoes, or accessories for your whole family, then mark your calendar to access deals.

23. Office Depot

For deals on everything for your home office, go to Office Depot on Black Friday. In recent years, deals included up to 40% off on desks, 60% off on office chairs, and up to 50% off print services, as well as reduced prices on laptops. For 2023, you can sign up for Black Friday updates on the Office Depot website for a sneak peek at the sales.

24. Overstock

Have you heard? Overstock changed its name in August when it acquired Bed Bath & Beyond. You’ll find great deals if you need to re-feather your nest or find the perfect gift at the second entry on this list above. Bed Bath & Beyond can offer reduced prices on sheets, glassware, and loads of other home products this holiday season.

25. Petco

If Petco’s recent Black Friday deals are any indication, there should be lots of great gear for your furbaby (or a friend or relative’s critter) in 2023. Petco’s Black Friday typically offers up to 50% off on petwear, beds, grooming gear, and more, and 20% off dog training.

26. Pottery Barn

Want to add some new furniture to your home? Pottery Barn features classic and contemporary items on sale on Black Friday. Check out the website for Black Friday deals closer to Thanksgiving, but in years past, savings went up to 70% on their well-designed furnishings, bedding, tableware, curtains, and other merchandise. There are also Black Friday sofa deals to score at Pottery Barn.

27. ProFlowers

If you’re looking to send someone special flowers, a wreath, or a mini-tree for the holidays, then go to ProFlowers for some Black Friday deals. If you sign up for emails, you could receive 20% off your order.

Recommended: How Do Savings Accounts Work?

28. Sur La Table

Sur La Table is the destination for high-quality, professional-grade cookware and tableware, featuring such brands as Le Creuset and Vitamix. While the company hasn’t shared its 2023 Black Friday deals yet, it is touting exclusive deals with “unparalleled savings” on November 24, 2023. In recent years, shoppers could get up to 55% off.

29. Target

Target can be a go-to stop for, well, just about everything you need. Don’t miss out on their Black Friday and Cyber Monday deals this year. The retailer is known for holding sales on toys, home, clothing, electronics, and more. Typically, Target will price match, so you can always look up a price on a site like Amazon or Best Buy and then show it to a Target associate to snag the same deal.

30. ULTA

Purchase everything you need to look and feel beautiful at ULTA during Black Friday and Cyber Monday 2023. In recent years, the store was giving out free gifts with a perfume purchase of $60 or more, plus 50% off on the ULTA Beauty Collection and 50% off fragrance sampler kits. Sweet!

31. Walgreens

Walgreens is keeping its Black Friday and Cyber Monday deals under wraps so far, but in the past, the retailer has offered 40% off photo gifts and puzzles and 60% off canvas prints. You may also find discounts on gifts, toys, cosmetics, personal-care items, and stocking stuffers.

32. Walmart

Walmart is renowned for being inexpensive, and on Black Friday weekend, you can score some even bigger price drops. Expect sales on electronics, clothing, auto supplies, toys, beauty, kitchen appliances, and much more. The dates to know: Sales are expected to begin on November 6th; check online for details.

33. Wayfair

Wayfair prides itself on offering up to 70% off furniture and just about anything else for the home on a typical day, so the Black Friday and Cyber Monday savings can yield some amazing savings. Check Wayfair’s website now for pre-holiday discounts on all kinds of stylish home gear. You might find some decor deals that deliver budget-friendly ways to celebrate the holidays.

34. West Elm

Shopping for cool furniture or home accessories? West Elm’s Black Friday sale can fill your or a loved one’s place with great buys. The discounts usually last a full week, often launching the Monday before Thanksgiving. The sale typically offers between 40% to 70% off select items, and you may be able to snag an extra 25% off coupon on some purchases.

35. Wine.com

You know you’re going to need to chill out and relax with a nice glass of wine after doing all your Black Friday and Cyber Monday shopping (and hosting the relatives for Thanksgiving). New customers may be able to save $20 on a $100 order. Start shopping for your favorite red, rose, or white wines now. Or some of each.

Pros and Cons of Shopping on Black Friday

There’s no doubt that Black Friday can offer a variety of tempting discounts and deals. Before you start shopping, check out these benefits and downsides of taking advantage of these sales.

Pros

On the plus side, Black Friday offers these upsides:

• It’s exciting. There’s an element of anticipation and surprise in these sales, which can make shopping more fun.

• The savings are obviously a major draw. You can likely get more for your money.

• It can be social. You can share deals and shop with friends and family.

• It helps the economy. As noted above, Black Friday can trigger billions in spending.

Cons

Now, for the disadvantages of Black Friday shopping:

• You might be tempted to overspend. Seeing all the deep discounts could make you buy more than your budget can handle.

• It can draw your attention away from spending time with loved ones over the Thanksgiving holiday.

• It can be a time suck, whether you line up in person for doorbuster deals or spend hours scrolling online.

• Not all deals are as good as they may seem. Check for brands you know and love so you won’t be disappointed by quality issues, and do compare discounts to make sure you get the best price possible.

How Shopping on Black Friday Can Help You Stick to a Budget

As mentioned, Black Friday sales can offer amazing savings. Buying during this sale can help even beginners stick to a budget in a couple of ways:

• It lowers your costs, thereby reining in spending.

• It can help you avoid racking up credit card debt.

• If you plan for a sale and set aside cash in advance, you can stretch your money further.

• Black Friday sales often involve perks such as free shipping or free gift with purchase, which can help you save even more.

Saving Money With SoFi

Black Friday is all about the thrill of a great deal, which can help you avoid debt and stretch your money further. Another way to make your cash work harder could be finding a bank that charges low or no fees and pays a solid interest rate.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

What are the best places to go on Black Friday?

Many retailers can be the best places to shop on Black Friday. Check your favorite online retailers, such as Amazon and eBay; department stores such as Macy’s; big box stores, like Target and The Home Depot; and more.

Which state has the best Black Friday deals?

In this era of online shopping, most customers can find great deals online during Black Friday and Cyber Monday. The goods you score can likely be sent to your home.

Is everything cheaper on Black Friday?

Not everything goes on sale for Black Friday. Typically, a variety of items are available, often hot holiday gifts, popular winter items, and year-round major purchases, such as mattresses and laptops.

Photo credit: iStock/CarlosDavid.org

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

4.00% APY
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