Budgeting & Goals Archives | Page 170 of 189

Q: How Much Does It Cost To Commute?

First, there’s there the per-mile cost of gasoline. Commuting to work is a major portion of all driving in the United States. But a hidden cost of driving is depreciation, a car’s loss in value over time. It’s the largest annual cost of car ownership, according to AAA, accounting for more than a third of the average annual cost. Add increased maintenance and repair costs of cars as they age and are driven more frequently.

May

2023

7 Ways to Save Money on Commuting to Work

By Matthew Zeitlin | Budgeting & Goals, Building Your Career, Life & Career, money | Comments Off

Many people are back into the full-time commuting groove again and finding that it can be a major cost. And by cost, it can mean the impact it has on both money and mood.

Some people spend 30 minutes commuting each way; others two or three times that. Some get on an express train while others drive their own car and deal with traffic woes and gas prices.

One way to lessen the burden of commuting (beyond listening to terrific podcasts while en route) is to lower the cost. Here, learn smart ways to do just that.

How Much Does It Cost To Commute?

First, there’s the per-mile cost of gasoline. Commuting to work is a major portion of all driving in the United States. But a hidden cost of driving is depreciation, a car’s loss in value over time. It’s the largest annual cost of car ownership, according to AAA, accounting for more than a third of the average annual cost. Add increased maintenance and repair costs of cars as they age and are driven more frequently.

AAA pegged maintenance and repair costs at almost 9.68 cents per mile and fuel costs at 17.99 cents per mile, meaning that beyond fixed costs of car ownership, a 15-mile one-way commute would cost about $8.30 a day and, at around 250 days of work a year, $2,075.25 annually, before expenses like auto depreciation, tolls, and insurance.

The easiest way to reduce these costs is to minimize or eliminate a commute to work.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

1. Aiming for a ‘Remote First’ Culture

Working remotely part- or full-time is a surefire way to cut commuting time and costs. The easiest way to maximize working from home is to find a job at a company where it’s standard. This option has become popular since the pandemic.

If your work makes it possible to work from home sometimes, you may want to try to make it a regular occurrence. That way you can more easily optimize your time spent in the office and save tasks best for home for the day you regularly work from home.

If you work from home regularly, it also means you can get better at it, from setting up a home office that truly works to figuring out how working at home can make you more productive than working in the office, not merely save you the time and money of a long commute — although that’s important, too. There are also possible home office tax deductions.

Of course, the easiest way to save money commuting to work is not to do it at all. This not only spares the cost of gas, maintenance, subway tickets, or bus fare, but it also saves precious time.

The money that would have been spent on a commute to work can be put in a savings account to hit other savings goals.

Recommended: Making Working From Home Actually Work

2. Living Closer to the Job

One of the most obvious ways to reduce commute time is to make it so your car is less expensive.

There are roughly two ways to do this: Drive less or drive less expensively.

The easiest way to drive less is to live closer to work. While that may save money on gas and maintenance, it could end up being more expensive to live closer to work, especially in a large city.

One of the main amenities people seek when deciding where to live is distance from their job. If you work near where a lot of other people work, trying to live near that job is likely to be pricey as the cost of living may be higher.

So how to make driving less expensive if you can’t reduce the amount of driving necessary to get work? Get someone else to drive, at least some of the time, or drive cheaply.

💡 Quick Tip: 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. Giving Carpooling a Spin

Carpooling means a shared ride to and from work, typically with someone who works in the same area or nearby.

Carpooling doesn’t magically get rid of the costs of commuting to work, but it can distribute them among riders or reduce them. Gas costs can be split, and maintenance costs can be reduced as the car is operated less frequently.

Even if you’re the one driving, you can often get access to high-occupancy-vehicle lanes, which means less time on the road and less time stalled in traffic.

4. Getting a Cheaper Car

Let’s say you have no choice about how far you have to drive and how frequently you have to do it. That may be a bummer, but it doesn’t mean you’re out of options for saving money. Some cars are cheaper to operate than others, and there are wide variations between them. Basically, smaller is better.

For new cars, according to AAA, a small sedan is the cheapest to own, costing $54.56 per mile, even less than hybrids (64.61 cents) and electric (60.32 cents) vehicles.

More numbers to know: the costs for small SUVs (62.17 cents per mile) and medium sedans (69.01 cents).

There are, of course, other ways to get around besides a car.

Recommended: Do You Have Sound Money Values?

5. Taking Public Transportation

About 5% of commuters are straphangers, bus riders, and other transit users, according to U.S. Census data. While a mass-transit commute to work is not costless, it can certainly save money on a per-trip basis.

Even if you own a car, using mass transit (or driving to a transit stop) won’t spare you from insurance, the cost of a new car, or depreciation, but the costs of car ownership associated with actual driving (gas, maintenance, etc.) will go down.

The only downside is that the ability to commute to work by public transit is often largely determined by locale. Someone who works in an area with a public transit system that serves the office can choose to live somewhere with efficient access to that system.

This will likely be in or near a large city, where the share of commuters who use public transit is far higher than the 5% national average.

If you work in a city like New York, Chicago, Washington, Boston, Philadelphia, San Francisco, Seattle, or Baltimore, public transit might be an efficient commuting option.

And although public transit may not entirely remove the need for a car, it could make it so a household with two adults only needs a single car, vastly reducing the cost of car ownership.

Finally, some companies offer commuter benefits, such as pretax income to be spent on costs related to the commute.

💡 Quick Tip: 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.

6. Doing the Legwork

Often the most affordable way to get to work is without a car; that means by foot, bicycle, or some other non-internal-combustion vehicle. Biking may be impractical or stressful in many parts of the country.

Still, some commuters are up for the challenge. Cycling provides an aerobic workout and triggers the release of endorphins, builds muscle, and increases bone density.

Rolling road warriors may want to invest in a variety of gear (safety and comfort can be enhanced), whose price tags are mitigated by a lack of car-related bills.

Recommended: Reasons to Switch Bank Accounts

7. Tracking Expenses

To reduce costs, commuters have to first get a handle on their spending, whether for gas, maintenance, or mass transit — or even coffees, snacks, and lunches on the job. Creating a budget and accounting for where your money goes is an important step.

This can help you see where your money is spent and make adjustments to maximize your buying and saving power. For instance, you might decide it’s worthwhile to buy your gas from a lower-priced gas station or apply for a gas credit card.

The Takeaway

By better understanding the cost of commuting, you can make wise decisions about lowering your costs and saving money on this often-daily expense. From working from home when possible to carpooling and beyond, there are ways to keep your costs down.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 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 Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBK0523029U

May

2023

How to Save Big with Senior Discounts

By Pam O’Brien | Budgeting & Goals, money | Comments Off

Did you know that you can start taking advantage of what are known as senior discounts well before retirement age? In fact, you can often save money when you are as young as 55 and in some cases even 50.

In fact many “senior” discounts can be accessed through membership in the AARP (the American Association of Retired Persons). Anyone age 50 or older can join (membership runs $16 a year, though discounts may be offered).

And, the sooner you start working those senior discounts, the more you could potentially put into retirement savings, which could lead to a more significant nest egg when you really do reach retirement age.

Read on to learn about some smart ways you might start saving as a senior or soon-to-be senior.

Travel Senior Discounts

Many major airlines, hotel chains, cruise lines, and rental car companies offer senior discounts, sometimes as much as 30 percent off, which can help bring down vacation costs.

These deals aren’t always obvious, however. You may have to track them down on company websites or simply call directly and ask.

💡 Quick Tip: 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.

Here are some different ways you may be able to score senior deals on travel.

Airline Senior Discounts

You may not always find a code or a drop-down menu when booking online, but you can often get good discounts on air travel if you call the airline directly.

Some airline discounts to look for:

• Delta offers senior discounts in certain markets, but not online.

• United Airlines may offer senior fares to selected travel destinations for customers who are 65 and older (when booking online or over the phone).

• British Airways offers exclusive AARP Member offers, including up to $200 off.

Car Rentals

AARP membership can get you some significant discounts on car rentals and there are some companies that offer independent discounts. Some to look for:

• Alamo provides deals through its Senior Circle program.

• Avis gives AARP Members up to 30% off Avis base rates.

• Budget offers AARP members up to 30% off, and sometimes also a free upgrade and other exclusive benefits.

• Hertz offers travelers 50 and up to 20% off base rates, and they can also take advantage of additional program benefits.

Cruises

Cruise lines, such as Carnival, Norwegian Cruise Line, Celebrity Cruises, and Royal Caribbean, commonly offer discounts to those travelers that are 55 and older.

It’s best to call the cruise line before booking to see what is currently available, as some won’t advertise specific deals on their websites, yet may have special senior offers.

Another savvy savings tip is to wait to get the best deal available to you, and then ask to apply your senior discount on top.

Hotels

Senior discounts are available at many hotel chains, but are not always advertised.

Again, many of the programs are aligned with AARP membership, but there are plenty of others that offer their own independent discount.

A few deals to keep an eye out for:

• Cambria Suites offers up to 10% off with advance reservations to those 60 or older, as well as to AARP members (50+).

• Travel Lodge gives guests age 60 and older special savings off the best available room rate when booking online or over the phone (ask for the “senior rate”).

• Choice Hotels gives those who are 60+, or an AARP member, up to 10 percent with advance reservations.

• Motel 6 offers adults 60+ a discount of 8% off of their best available nightly rates at each of their 1,400+ locations across the United States and Canada.

• Hilton Hotels & Resorts gives adults 50+ 10 to 25 percent when booking online through Hilton’s AARP page .

National Parks

For just $80, those age 62 or over can get a lifetime pass to the National Parks , which also includes access to more than 2,000 other federal sites.

An annual pass to all of these parks is just $20.

Applicants must provide documentation of age and United States residency or citizenship.

💡 Quick Tip: 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.

Amtrak

If you like the idea of traveling by train, then you may want to look up the Amtrak senior discount–travelers 65 years of age and older are eligible to receive a 10% discount on most rail fares on most Amtrak trains.

Retail Discounts for Seniors

As a senior, you can often save big with many retailers. Some stores provide a senior discount on a specific day, such as every Wednesday or the first Tuesday of the month.

One of the best (and best known) is Kohl’s, which typically offers 15% off every single Wednesday for those 60 and older. The money you save could help build your retirement savings.

According to The Senior List, other major retailers that may offer discounts to those 55+ include:

• TJMaxx

• Belk

• Ross Stores

• Lenscrafters

• Michael’s

Restaurant Deals for Seniors

This is probably one of the richest sources of discounts available to seniors.

Whether it’s on a certain day or during a specific block of time, many restaurants offer something, so it’s a good idea to ask around at your favorite places and to also check restaurant websites.

Many eateries also have senior menus that offer discounts to diners over a certain age.

Promotions vary according to location, but here are a few deals you may keep an eye out for.

• Arby’s: 10% off purchases for seniors and a free drink at participating locations.

• Denny’s: a 55-plus menu, which offers discounted prices for seniors.

• McDonald’s: discounts on beverages and coffee at some locations.

• IHOP: a 55-plus menu, which offers deals for seniors.

• Outback Steakhouse: AARP cardholders can score 10% off.

• Bubba Gump Shrimp Co:. 10% off for AARP cardholders.

Senior Discounts on Groceries

Many major grocery stores offer senior discounts on certain days. Some local independent grocery stores will offer small discounts too, so it never hurts to ask your go-to market about senior deals.

You may also want to look for these commonly offered discounts to save money on food:

• Fred Meyer: 10% off on select items on the first Tuesday of every month for those 55 and older.

• New Seasons: 10% off for seniors on Wednesdays on select items.

• Hy-Vee: 5% off on Wednesdays for seniors at participating locations.

Senior Deals on Movie Tickets

Major movie chains often offer great discounts on tickets for seniors. Some deals are all day every day, while others require going on a specified day and/or block of time.

Regal, for instance, offers 20% off for AARP members purchasing tickets online, plus discounts on popcorn and other snacks.

Another example is Showcase Cinemas, which usually offers lower-priced tickets to adults 60 and over (as well as deals on popcorn and drinks) on Wednesdays.

Local, independent theaters also commonly offer discounted tickets to seniors, so it’s always worthwhile asking.

Senior Discounts at Drug Stores

Almost every pharmacy out there is interested in getting your business, and offers some sort of senior discount program.

Rite Aid, Costco, CVS, and Walgreens all commonly offer types of membership programs (and sometimes also special monthly discount days) for older adults with savings that can really add up.

It can also be wise to check for discounts with local, independent pharmacies for senior deals as well — they’re not always advertised.

Recommended: Ways to Cut Back on Spending

Senior Cell Phone Savings

T-Mobile, AT&T, and Verizon all typically offer cell phone plans with senior discounts.

If you’re 55 or older, you can very likely get a good deal on a plan.

Some smaller carriers also provide special services and more ways to save. For instance, Consumer Cellular, which already offers affordable, customizable, no-contract plans, has an established relationship with AARP, so there’s a discount on monthly service for any existing member.

The Takeaway

You might not even think to look for, let alone ask for, a “senior discount” if you’re under age 65. But if you’re 50 or older, you may be missing out on a great way to cut back on spending.

Senior discounts are offered by many retailers, movie theaters, airlines, rental cars, cell phone carriers, restaurants and more.

Some are tied to AARP membership (available to those 50+ for a small annual fee), while others are offered independently, with varying age limitations. Whatever you save could help build your savings or help you make special purchases for less.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 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 Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://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.

SOBK0523041U

May

2023

Top 10 Fun Things to Do When Visiting Las Vegas

By Bob Haegele | Budgeting & Goals, credit card, Money & Life | Comments Off

Las Vegas is known for many things, typically its world-famous casinos and that legendary nightlife. There’s a reason they say, “What happens in Vegas stays in Vegas.”

For some people, those features of Las Vegas are exactly what they want. But not everyone loves to play the slot machines, try their luck at roulette, or sip those fancy cocktails. The good news is you don’t have to: There are countless things to do in Las Vegas, and only a small fraction involve drinking and gambling.

Here, learn about the best things to do when visiting Las Vegas because this Nevada town has a lot going on!

Best Times to Go to Las Vegas

The best times to visit Las Vegas can depend on your personal preferences. What do you want to do while you are there? Here are some things to keep in mind:

• Weather: Las Vegas can be very hot if you opt for summer travel. Temperatures can exceed 100 degrees Fahrenheit during that time. So, if you prefer not to be covered in sweat, the best time to visit in terms of weather is usually in the fall (September to November) or spring (March to May), when temperatures are milder. However, if you are planning a visit that involves nothing but casino time, seeing shows, and hitting the pool, you can travel pretty much whenever.

• Events: Las Vegas hosts many events and festivals throughout the year, including the Electric Daisy Carnival music festival in May, the World Series of Poker in the summer, and the National Finals Rodeo in December. If there is a particular event you want to attend, that could influence when you decide to go.

• Crowds: Las Vegas is a popular destination all year, but certain times of year tend to be busier than others. The winter holidays and New Year’s Eve are typically the busiest times, while weekdays in the summer can be quieter.

Generally, the best time to visit Las Vegas depends on what you want to do and see. If you want to avoid crowds and extreme heat, consider visiting in the shoulder seasons of spring and fall. If you want to attend a specific event, plan your trip around that. Also, consider travel insurance to give yourself peace of mind in case you hit any obstacles before or during your trip.

Bad Times to Go to Las Vegas

Again, the bad times to visit Las Vegas are subjective and depend on your preferences. For most people, though, here are times of the year that might be less enjoyable:

• Summer: As mentioned, temperatures can exceed 100 degrees Fahrenheit in the summer. That could make it an uncomfortable time to visit for many.

• Major holidays: Las Vegas is a popular destination on many major holidays, including New Year’s Eve, Memorial Day, Fourth of July, and Labor Day. During these times, hotels and attractions can be crowded, and prices might be higher than usual.

• Convention weekends: Las Vegas is a popular destination for business conferences and conventions, and hotel rates can be higher during these times. You might also find that the city is more crowded than usual.

As you can see, the worst times to visit Las Vegas also depend on your personal inclinations. If you want to avoid crowds and high prices, it’s best to avoid major holidays and conventions. If you can’t handle the heat, staying away during the summer is best.

Average Cost of a Las Vegas Vacation

The cost of a Las Vegas vacation can vary widely depending on factors such as the time of year, duration of your visit, accommodations, dining and entertainment options, and your budget for spending. It might help if you already have a travel fund, but it depends on how much you will spend. Here is a general breakdown of common expenses for a one-person and couple’s vacation:

One-Person Vacation:

• Accommodations: A mid-range hotel room can cost around $100-$200 per night; luxury hotels in Vegas will of course typically be more, but you may be able to use hacks that will lower that cost and help you save money on hotels.

• Flights: Round-trip flights generally cost around $200-$500, depending on the departure city and time of year.

• Transportation: Taxis, Ubers, and public transportation can add up to around $50-$100 or more. Of course, they might cost you more money depending on how often you use them.

• Food and drink: Meals can cost around $20-$50 per day, depending on where and what you eat, plus drinks and snacks can add another $20-$50 per day.

• Entertainment: Shows, attractions, and activities can range from free to several hundred dollars per person. Tickets to those high-profile residencies can get quite pricey.

Total: A one-person vacation to Las Vegas can cost anywhere from $500 to $2,000 or more, depending on the above factors. Also consider things like traveling with pets, which will increase your costs as hotels typically add a charge and you might have additional transportation costs getting to pet-friendly parks.

Couple’s Vacation:

• Hotels: A mid-range hotel room can cost around $100-$200 per night or more for a luxury hotel.

• Flights: Round-trip flights can cost around $400-$1,000, depending on the departure city and time of year. However, you can save money or get extra perks with an airline credit card or cash back rewards credit card.

• Transportation: Taxis, Ubers, and public transportation can add up to around $100-$200. Again, it depends in part on how much you use them.

• Food and drink: Meals can cost around $40-$100 per day for two people, depending on where and what you eat. Drinks and snacks might add another $40-$100 per day.

• Entertainment: Shows, attractions, and activities can range from free to several hundred dollars per person.

Total: A couple’s vacation to Las Vegas might cost anywhere from $1,000 to $4,000 or more, depending on the above factors. Naturally, how much you can afford will have an effect on your budget.

10 Fun Must-Dos in Las Vegas

Las Vegas is one of the best places in the country for all kinds of entertainment. Whether young or old, you are never more than a few steps away from something interesting. This list of the best things to do in Vegas is culled from top-rated attractions on popular review sites, as well as insider intel from savvy travelers.

The good thing about taking a trip to Las Vegas is that the Strip is generally the focal point. So, if you stay near the Strip, you are sure to find many attractions that are accessible. Just be sure to wear comfortable walking shoes, as traversing the Strip takes more steps than you might realize.

1. Visit the Las Vegas Strip

As the main attraction in Vegas, the Strip has numerous shops, restaurants, and shows. Of course, you can visit the casinos if you prefer, but even the Strip has plenty to do that doesn’t involve gambling. Admire the Bellagio’s fountains and the artwork inside the casino, or visit the Eiffel Tower at Paris Las Vegas. Visit the city’s museums, or enjoy some performances by the city’s various street performers. The Strip offers endless entertainment for all kinds of people. visitlasvegas.com/las-vegas-strip/

2. See a Live Show

Seeing a live show is one of the best things to do in Las Vegas. The city is home to many spectacular shows, including Cirque du Soleil, Blue Man Group, and magic shows. All the best shows are usually on the Strip, so catching a show is convenient, too.

3. Explore Fremont Street

This is the old downtown area of Las Vegas, with vintage casinos, bars, and the famous light show on the overhead canopy. While the Strip is generally the main attraction in Last Vegas these days, many people insist Fremont Street is the “real” Vegas experience. Today, Fremont Street is home to unbeatable experiences like the Viva Vision Light Show, an indoor zip line, and the vintage Golden Nugget casino. vegasexperience.com/

4. Ride the High Roller

Even if you aren’t a high roller in the casinos, you can feel like one in the High Roller observation wheel. This 550-foot-tall Ferris wheel is the world’s tallest observation wheel, offering a stunning view of the Las Vegas skyline. Because the High Roller is so tall, the seats are completely enclosed in glass to keep passengers safe. The High Roller is located in the heart of the Strip, on the property of the LINQ Hotel and Casino. Daytime tickets for a 30-minute ride are typically $8.50 for youth; $23.50 for adults; nighttime is $17.50 for youth, $34.75 for adults. caesars.com/linq/things-to-do/attractions/high-roller

5. Visit the Hoover Dam

Las Vegas has endless things to do, but sometimes, you just need an escape. Located just outside Las Vegas, the Hoover Dam is a marvel of engineering and a great place for a day trip. You can reach the Hoover Dam in about one hour by car from the Strip, so getting there isn’t too time-consuming. It was built between 1931 and 1936 during the Great Depression. It serves several purposes, including controlling flooding of the Colorado River, irrigating over 1,500,000 acres of land, and providing water to 16,000,000 people. Tickets are $10 for a self-guided tour; $30 for a guided tour. usbr.gov/lc/hooverdam/service/

6. Go Shopping

If you’re a shopping fiend, few places are better than Las Vegas. The city is home to many high-end shopping destinations, including the Forum Shops at Caesars Palace and the Fashion Show Mall. There are also indie shops, other malls on the Strip, and outlets. That includes Las Vegas North Premium Outlets, where you’ll find deals on designer brands like Versace, Paige, and Michael Kors. This could also be a great opportunity to earn credit card rewards.

7. Visit the Neon Museum

Be sure to check out The Neon Museum Las Vegas to see a visual representation of Vegas’s history. This outdoor museum is located just north of the Strip and showcases vintage neon signs from Las Vegas’s past. The museum provides guided tours of signs from Vegas, some of which are from famous landmarks from the 1930s to today. General admission is $10 for children, $20 for adults, and tours are available. neonmuseum.org/

8. Play Miniature Golf

Adults and children of all ages can enjoy some amazing mini-golf courses in Las Vegas. The city has several miniature golf courses, including the Twilight Zone by Monster Mini Golf and KISS World featuring KISS Mini Golf. Both courses feature mesmerizing glow-in-the-dark mini-golf. Las Vegas is undoubtedly one of the coolest places to play mini-golf, so be sure to check these out.

9. Go on a Helicopter Tour

Experience the stunning views of Las Vegas and its surrounding areas from above with a thrilling helicopter tour. Several helicopter tour options are available in Las Vegas, ranging from short sightseeing flights to longer tours that take you to nearby attractions like the Grand Canyon or Hoover Dam. Some helicopter tours are as brief as 10 minutes, while some can last several hours. Keep in mind that helicopter tours in Las Vegas can be expensive, ranging from around $100 to several hundred dollars per person. The cost depends on the length of the tour and the attractions included. Book now, pay later travel can help, though these services can have caveats, including incurring high-interest debt.

10. Visit the SkyPod

Visiting the Skypod at the Strat Hotel and Casino is a must-do activity when you’re in Las Vegas. This iconic tower offers stunning views of Las Vegas and an array of thrilling rides, including the SkyJump and Insanity. You can also see the surrounding mountains and desert from the observation deck. The tower stands 1,149 feet tall, making it the tallest freestanding observation tower in the United States. There are several dining options, including the award-winning Top of the World restaurant, which is located on the 106th floor of the tower and offers 360-degree views of the city while you dine. thestrat.com/attractions

Getting Around Town

Las Vegas doesn’t have a wide array of public transit options, but it does have the Las Vegas Monorail that runs along the strip. Unfortunately, the Monorail isn’t exactly cheap, but a 7-day pass might save a bit if you use it multiple times daily. There is also the Las Vegas Loop to transport you between convention halls. Tickets are a reasonable $4.50 per day. Renting a car is always an option as well.

Dining Details

Las Vegas is a great food city. The hotels are packed with amazing options from household-name chefs. You can also stray from the Strip and find local favorites offering affordable tacos, BBQ, and more. Research your favorite kinds of foods, and then let your tastebuds guide you.

The Takeaway

Las Vegas is known for its casinos, but there is much more to Vegas than just gambling. With world-class live performances, incredible dining, fantastic museums, and mesmerizing mini-golf, there is something for everyone in Las Vegas.

SoFi Travel is a new service exclusively for SoFi members. Through a partnership with Expedia, we make it easy to find the lowest rates and book your reservations — for flights, hotel rooms, car rentals, and more — all in one place. Earn 2x rewards when booking with your SoFi Mastercard or debit card. And when you redeem your SoFi rewards for travel, you get a 25% bonus: $100 of reward points are worth $125.

Wherever you’re going, get there with SoFi Travel.

FAQ

How do I get the most out of my Vegas vacation?

You can do many things to get the most out of your Vegas vacation. For example, you can stay on the Strip or at least nearby so you are centrally located and can easily move between destinations. You should also wear comfortable shoes and enjoy free things to do in Las Vegas, like the fountain shows at the Bellagio.

What is Las Vegas best for?

There are many things Las Vegas is great for, including the Strip, Fremont Street, live performances, and museums. Obviously, there are great shows, gambling, and all kinds of delicious dining options, too.

How much money should you take to Vegas?

How much money you should take to Vegas depends in large part on what you plan to do. An individual on a tight budget might be able to skate by on as little as $500 for a week-long stay. But a couple planning a luxury vacation might need as much as $4,000 or perhaps more.

Photo credit: iStock/f11photo

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May

2023

5 Smart Ways to Handle Supplemental Income

By Kelly Boyer Sagert | Budgeting & Goals, Growing Wealth, invest, Investing | Comments Off

Supplemental income is money that is earned above and beyond a person’s “regular” income, which, for most people, is earned through working a job.

Supplemental income could include income earned through a side hustle, or it could include money from a regular job that is extra: bonuses, overtime pay, tips, commissions, and so forth.

For many people, supplemental income can amount to “extra” money beyond what’s needed to cover their regular expenses. And there are some smart ways to handle that extra income, which may help people reach their financial goals sooner.

What Is Supplemental Income

As noted, supplemental income is money that is earned or otherwise accumulated beyond a typical income stream, like a paycheck. That can include bonuses or tips earned while working a job, too.

Supplemental income can also be earned in the form of a commission, by accumulating dividends on investments, or even by working a second job or side hustle.

There are numerous ways to tap into supplemental income streams, though that doesn’t mean that it’s necessarily easy. You should also know that there are generally two types of supplemental income: Active, and passive.

• Active income: This is often defined as trading time for money. The person puts in time, whether that’s through taking photographs for websites or walking dogs, and is paid for their services in exchange. It’s a typical job, in other words.

• Passive income: This kind of work involves little to no active investment in time once the gig is established. It could involve selling an uploaded ebook or affiliate marketing, as two examples.

For many people, a side hustle or second job is likely the quickest route to earning supplemental income. But there are government programs out there, too, that can help those in need, like the Supplemental Security Income program (SSI).

A Note About Supplemental Security Income

Supplemental Security Income (SSI) is a program administered by the Social Security Administration. SSI provides payments to people over the age of 65 who have a disability, including being blind or deaf. To qualify for Supplemental Security Income, people must also have limited financial resources, in addition to meeting the age and disability requirements. The purpose of the program is to help people meet their basic needs.

As the program is designed to help people meet their basic needs, some of the suggestions for handling supplemental income may not be applicable to those earning SSI benefits.That’s because those who do receive those benefits likely won’t have much room in their budget for additional spending, or the need to find ways to deploy that additional income — they’ll need it to cover their basic expenses.

Launching a Side Hustle

When choosing a side hustle or second job, it makes sense to pick one of interest to you; or, even better, one that inspires passion. This can help to prevent boredom and make it more likely that time and energy will continue to be invested in this income-generating activity. What hobbies, for example, can be monetized? Blogging? Making crafts or designing websites?

Ask yourself further questions: How much time can be invested in this side hustle? Can the required time ebb and flow as demands at the main job fluctuate? What resources are available to get started? And, perhaps most importantly, what’s the estimated earning potential?

Having a second job or side hustle isn’t terribly uncommon these days, as many people either need the extra money to make ends meet, or are looking for ways to pad their earnings to add to their savings or investment accounts.

One benefit of side hustles that are based on passive income is that, although work typically needs done up front to establish the side hustle, it shouldn’t need ongoing active involvement. And whether you’re renting out a room in your house, monetizing a blog, or writing ebooks to earn supplemental income, it’s important to keep some things in mind as you start to see that income roll in.

Tips for Using Your Extra Income

1. First, Manage Your Income Taxes

When working for an employer, relevant income taxes are typically withdrawn from each paycheck but, with a side hustle (one that doesn’t involve working for an employer and receiving a paycheck, that is), the worker is responsible for paying federal taxes, FICA, Medicare tax, and any state and local taxes on net income.

That’s because a “hustle” or “gig” is typically a form of self-employment. To help, the IRS has created a Gig Economy Tax Center with plenty of resources and pieces of important information, including that income taxes must be paid on side gig income of $400 or more annually.

Those earning money from a side gig may also need to pay estimated quarterly taxes. The deadline for these payments are:

• April 15 for payment period January 1–March 31

• June 15 for payment period April 1–May 31

• September 15 for payment period June 1–August 31

• January 15 for payment period September 1–December 31

At the tax-filing deadline, (typically mid-April), a Schedule C usually needs to be filed for people earning money in a self-employed side gig — and, when earning supplemental income, it’s important to deposit enough in a bank account so that funds don’t fall short when tax returns need to be filed. What’s left over after taxes are planned for can be spent in a variety of ways, some ideas might include:

• Paying off “bad” debt.

• Establishing an emergency savings fund.

• Saving and investing.

• Enjoying some discretionary spending.

2. Paying Off “Bad” Debt

Bad debt can be defined, in general, as debt you acquire that results in a net loss. For example, going into debt for a vacation, a big party, clothes and/or gadgets doesn’t add to your net worth. Going into debt for your education or home may gradually add to your net worth in the future.

Bad debt can also refer to loan or lines of credit with higher interest rates, and which are harder to pay off as a result. Supplemental income can be used to pay this debt down or off.

Debt management plans to pay off debt include the snowball or avalanche methods — and a combo of the two, the fireball method. Different strategies work better for different people, so it can be worth experimenting with them to make the best choice.

With the snowball method, list bad debts by the amount owed, from the smallest to the highest. Include credit card debts, personal loans, and so forth. Then, make the minimum payment on each but put extra funds on the one with the smallest balance to get it paid off. Once that balance is zero, home in on the debt with the second smallest balance and keep using this strategy until all bad debt is paid off. Avoid using credit cards during this time.

With the avalanche method, list bad debt in order of its interest rate, from highest to lowest. Make minimum payments on all of them and put extra funds on the one with the highest rate. Pay it off and then move to the next highest rate, and so forth.

With the fireball method, take “bad” debt with interest rates of 7% or more and then list them from smallest to largest. Make the minimum payment on all and then put excess on the smallest of the “bad” debts. Rinse and repeat.

3. Establishing an Emergency Savings Account

Another smart idea is to put supplemental income into an emergency savings account. This can be accomplished in conjunction with a debt payment plan (put half of the excess funds into an emergency account and use the other half to pay down bad debt, for example) or as a single focused goal.

Funds in this account are intended for use if a financial emergency occurs. This can be a leaky roof that requires immediate attention, a significant car repair, or unexpected medical bills. Having a robust emergency fund can help to prevent the need to rely on credit cards to address unanticipated expenses.

It is commonly suggested that emergency savings accounts should contain 3-6 months’ worth of expenses. So, add those monthly bills up and multiply by three — and also by four, five, and six. This gives a range of the rainy-day fund’s goal.

Recommended: Planning your emergency fund? Our emergency savings calculator can assist you in setting the right target.

4. Saving and Investing

You could save or invest your extra money! This can include saving for personal goals, from a down payment on a house to a vacation fund, and or for retirement. What’s important is to prioritize how it makes sense to use extra money being earned and then save and invest to help meet those goals. How you save or invest that money would be up to you, but you could look at some common investment choices including stocks, bonds, mutual funds, and alternative investments, and more.

5. Enjoy Some Discretionary Spending

Once the financial “need-to” items are checked off the list, it can be okay to use some supplemental income to have fun. You could update your wardrobe, buy a new video game, take in a movie, or even go out to a nice dinner. If it’s within your budget parameters, treating yourself every now and then can be a nice thing to do.

Plus, getting a taste of the finer things may help keep you motivated to make sure your spending stays in check and that you stick to your budget going forward.

The Takeaway

Supplemental income is extra income earned beyond your primary income stream, and finding ways to drive supplemental or secondary income can help you reach your financial goals sooner. It can also help you free up some room in your budget to potentially treat yourself every now and then.

You can also put that extra money to work, by saving it and earning interest, or investing it for the future.

Ready to use extra funds to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

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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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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May

2023

Top 10 Fun Things to Do When Visiting Memphis

By Lauren Ward | Budgeting & Goals, credit card, Family Finances | Comments Off

Known as the Home of the Blues, Memphis is a music lover’s paradise, but there are plenty of other reasons to visit this incredible city. You’ll be able to explore its deep history, both in terms of music and the heart of the Civil Rights Movement of the mid-20th century. Plus, there are museums, parks, and more waiting.

Here, you’ll learn more about the best things to do in Memphis, Tennessee, as well as discover ideal times of year to visit. In addition, you’ll get a good idea of the average trip costs so you can budget accordingly.

Best Times to Go to Memphis

Memphis is at its most comfortable during the spring and fall months, typically from late April through the beginning of June and again from late August to the middle of October. For instance, in April, you’ll find temperatures in the 70s during the day, and in October, you’ll experience similarly warm temperatures.

For music lovers, also consider visiting for the annual Beale Street Music Festival, which takes place each May. Some of music’s biggest names perform at this three-day event. 2022’s headliners included Megan Thee Stallion and Van Morrisson, so you know there’s something for everyone.

Bad Times to Go to Memphis

Summer and winter will be less crowded in Memphis, but the weather is less than ideal for many. Summer travel in Memphis can be hot and humid. The average high temperature in July is in the 80s to low 90s Fahrenheit, making that one of the worst times to visit Memphis. Late fall and early winter tend to be cloudy in Memphis, but there’s not a high chance of snow. Rainfall tends to peak in early December and mid-April.

Average Cost of a Memphis Vacation

Before you start making a list of the top things to do in Memphis, get an idea of how much a trip there will cost you once you arrive. According to Budget Your Trip, an individual spends an average of $34 on dining every day. Local transportation is actually more expensive at $47 per day, so you might want to look into renting a car to get around.

Hotels, however, can be reasonably priced at around $134 per night in Memphis, and perhaps even less if you try some hacks to save money on hotels.

Here’s how the costs break down if you plan to spend a week in the city; there will be some incidentals as well:

• One Person Total: $1,172

• Two Person Total: $2,343

One note: You may want to also budget for travel insurance in case the unexpected were to happen, or look into what kind of credit card travel insurance your issuer provides.

Recommended: Credit Card Miles vs. Cash Back

10 Fun Must-Dos in Memphis

As you plan a trip to this Tennessee city, you’ll likely want to map out an itinerary, even if just loosely, to make sure you hit the highlights. Here, culled from top online reviews and seasoned travelers, is advice on the 10 best things to do in Memphis.

1. Pay Homage to the King

We would be remiss to start off a list of best things to do in Memphis without mentioning Graceland, the home of iconic singer Elvis Presley. Open for tours on a daily basis, your ticket gives you access to 120 acres. Explore Elvis’s mansion (including the Jungle Room), his most iconic outfits, and the exterior grounds.

There are also on-site museums dedicated to the King of Rock ‘n Roll’s career and cars. If you really want to make the most out of your time at Graceland, you can also stay at a hotel on the grounds. If staying in the city, consider a rental car or shuttle for the 20-minute drive. Ticket prices range from $28 to $215 for the Ultimate VIP Tour. (If you’re buying the top of the line tickets, you may want to swipe with plastic when paying to earn credit card rewards.) graceland.com/

2. Visit the National Civil Rights Museum

Memphis is also known for another King — civil rights legend Dr. Martin Luther King, Jr., was assassinated at the city’s Lorraine Motel in 1968. Now the location has been transformed into the National Civil Rights Museum with interactive exhibits, films, and oral histories cataloging centuries of the quest for freedom and equality in America.

Exhibit material starts with the struggle against slavery in the early 1600s and moves forward through today’s continuing Civil Rights Movement. Walk through a recreation of the Montgomery Bus Boycotts of the 1950s, the Memphis Sanitation Strikes, and more. The museum is closed on Tuesdays so plan your visit in advance. civilrightsmuseum.org/

3. Stroll Down Beale Street

This nearly two-mile stretch of road in downtown Memphis is a celebration of all things music. Considered the official Home of the Blues, you’ll find clubs and restaurants to satisfy any music lover’s thirst for live entertainment.

There’s always something going on at Beale Street. Just show up to explore on your own, or download the official app to create a plan. Note that a security checkpoint goes up on Friday and Saturday nights. Those under 21 must be accompanied by an adult after 9 p.m., and the street is strictly 21+ after 11 p.m. In other words, weekend nights on Beale Street are on the list for fun things to do in Memphis for adults but not kids. bealestreet.com/

4. March with the Peabody Ducks

One of the best things to do in Memphis with kids is to head to the downtown Peabody Hotel for the daily Duck March. Occurring at 11 a.m. and 5 p.m. each day, this decades-long tradition involves five North American mallards who live at the hotel. Each group of ducks lives at the hotel for three months before returning to farm life outside the city.

They’re brought down from their Royal Duck Palace on the rooftop to swim in the lobby fountain. Participants must be at least five years old, and the hotel recommends arriving 30 minutes early to get a seat. Seeing the Peabody Ducks is definitely an affordable family travel option. peabodymemphis.com/peabody-ducks

5. Tour the Belz Museum

What started out as a private art collection has turned into five permanent exhibits displaying Asian and Judaic art, as well as the Holocaust Memorial Gallery. The Belz Museum also brings in special exhibits twice a year.

One of the most comprehensive collections at the museum is the Chinese art exhibit, which is known as the largest such collection in the southeast United States. You’ll see many pieces from the Qing dynasty, which lasted from the mid-1600s through the early 1900s. The Belz Museum is closed Monday and Tuesday.

6. Take in Some Thrilling Basketball

Love basketball? Check out an NBA game at FedExForum, which is home to the Memphis Grizzlies (nba.com/grizzlies/tickets). The season runs from October to April. The stadium also hosts University of Memphis men’s basketball, which is a NCAA Division I. You can also check out the Division I women’s team on campus at the Elma Roane Fieldhouse.

7. Marvel at the Mighty Lights

Put this on your list of free things to do in Memphis: the nightly Mighty Lights on the downtown waterfront. Every evening, the city’s two iconic bridges (the Hernando de Soto and Harahan) are lit up in a huge display of LED lights. You’ll see the show at the hourly and 30-minute marks starting at sundown, followed by a grand final at 10:30 p.m.

Scout out a spot to watch along the Mississippi riverfront parks, or scope out an aerial view in the city. The Fourth Bluff and Mud Island are both good options to check out. mightylights.com/

8. Snap Selfies at Mud Island River Park

Tap into your inner river rat at Mud Island River Park. It takes just a few minutes to walk to it from downtown Memphis, and you’ll enjoy lounging on this Mississippi River island. It’s also a perfect spot for some social media selfies thanks to the huge Memphis sign, which spans 50 feet.

This 52-acre park also features a scale model of the Mississippi River to give you a sense of the true breadth of the world’s third largest river basin. Traveling with pets? Mud Island is also a great location for a long walk with your dog. memphisparks.com/park/mud-island-park/

9. Drop into the Stax Museum of American Soul Music

Not only is Memphis home to the blues and rock ‘n roll, it has also played a pivotal role in America’s soul music scene. The Stax Museum is the original home of the legendary Stax recording studio, which was the recording label of iconic artists like Otis Redding, Isaac Hayes, Shirley Brown, and many others.

Explore the rich history of the studio through exhibits and artifacts. You’ll even get the chance to see Isaac Hayes’ custom Cadillac Eldorado, decked out in 24-karat gold trim with a mini-fridge and television on the inside. The Stax Museum is closed on Mondays; tickets are $13 for adults and $10 for kids 9-12; children 8 and under are free. staxmuseum.com/

10. Wander Through Meeman-Shelby Forest

Needa dose of nature? Memphis has that, too! Head 20 minutes outside of downtown Memphis for the enchanting Meeman-Shelby Forest. You can explore 13,000 acres of wilderness that is home to a diverse range of ecosystems. Discover sandy beaches and swamplands (home to the Bald Cypress tree).

There are plenty of recreational activities to enjoy, including trails, a nature center, and a disc golf course. tnstateparks.com/parks/meeman-shelby

The Takeaway

From a huge music scene to pivotal moments in history, from parks to nightly light shows, Memphis has attractions worth exploring for all ages. It doesn’t matter if you have a few days or a full week — it’s easy to fill your schedule with tons of fun things to do in Memphis on any budget.

FAQ

Is Beale Street worth a visit?

Beale Street is considered a must-visit if you’re visiting Memphis, whether it’s your first time or you’ve vacationed there before. Home of blues music, you’ll get a truly unique flavor of entertainment any time of day or night.

What is the best month to visit Memphis?

If you have a completely open calendar and are ready to head to Memphis at the perfect time of year, consider going either in mid-spring or mid-fall. You’ll miss the heat of summer and clouds of winter, so you can explore the top things to do in Memphis, Tennessee, in the best possible weather.

What is Memphis most popular for?

Memphis is best known for its music scene, both historically and today. It’s considered the home of the blues as well as the hometown of rock ‘n roll (Elvis Presley’s Graceland is there), so you’re sure to find something to enjoy.

Photo credit: iStock/benedek

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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.

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Top 10 Fun Things to Do When Visiting Las Vegas

Best Times to Go to Las Vegas

Bad Times to Go to Las Vegas

Average Cost of a Las Vegas Vacation

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2. See a Live Show

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Top 10 Fun Things to Do When Visiting Memphis

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Average Cost of a Memphis Vacation

10 Fun Must-Dos in Memphis

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8. Snap Selfies at Mud Island River Park

9. Drop into the Stax Museum of American Soul Music

10. Wander Through Meeman-Shelby Forest

The Takeaway

FAQ

Is Beale Street worth a visit?

What is the best month to visit Memphis?

What is Memphis most popular for?

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