9 Common Signs of Millionaires That Indicate You Are On Track to Becoming Wealthy

9 Common Signs of Millionaires That Indicate You Are On Track to Becoming Wealthy

If you are like many people, you may have asked yourself at some point in life, “Will I be rich one day?” No one knows for sure what the future holds, but there are a few things you can do to increase your chances of becoming a millionaire.

One of the best ways to amass wealth is to invest in assets that will appreciate over time. But while that sounds good, finding a starting point can be challenging for some. For example, you can start your own business or work hard to climb the corporate ladder, but which is the better option? And you’ll want to invest the money you earn. But where?

Whatever you do, it’s smart to remember that it’s okay to take risks and make mistakes; learning from your experiences is a critical component of success. Above all, remember that wealth accumulation is a marathon, not a sprint. It takes patience, commitment, and perseverance to achieve financial security.

Key Points

•   Early financial success, such as earning money from a young age, can set the stage for future wealth.

•   Taking decisive action and managing finances proactively are common traits among those accumulating wealth.

•   Outspokenness and a unique personal style often distinguish wealthy individuals in social settings.

•   A strong sense of urgency and goal-oriented behavior are typical among successful wealth builders.

•   Distinguishing between needs and wants is crucial for effective financial management and wealth accumulation.

What Is a Sign of Wealth?

Often, specific aspects of one’s physical appearance such as luxury cars and designer clothes are taken as a sign of being rich or wealthy. Unfortunately, these signs aren’t always reliable. For example, some people may live in an extravagant home, giving off the appearance of wealth, but it may simply mean that they can access money — perhaps through credit, savings, or even family.

Real signs of wealth are often more attitudinal, and many can be cultivated through patience and practice. Here are a few people who were early millionaires due, in large part, to their drive and focus.

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Examples of Millionaires Under 30

With the advent of the tech industry, smart investments, business ventures, or inheritances — i.e., the great wealth transfer — millionaires under 30 are becoming increasingly common. Here are three examples of millionaires who earned their fortunes before turning 30.

Mark Zuckerberg: Zuckerberg created Facebook at age 19 while attending Harvard University. The idea was to match photos with the names of other students. And in just a few short years, Zuckerberg became a self-made millionaire at age 22.

Sergey Brin: Brin is a Russian American computer scientist who, at the age of 25, co-founded Google, Inc., and became a millionaire. Google is one of the world’s most valuable companies, and today, Brin’s net worth is estimated to be upwards of $120 billion.

Alexandr Wang: Wang founded Scale AI in 2016 as a way to analyze data far faster than any human could. Today, Scale AI’s technology has been used by the U.S. Airforce and U.S. Army, as well as 300+ companies. Today, Wang’s net worth is estimated to be over $2 billion, and at age 27, he’s among the youngest self-made billionaires.

Recommended: Does Net Worth Include Home Equity?

9 Signs of Wealth to Look Out For

In the U.S. 1% of earners take home nearly 30% of the country’s income, so it’s essential to know what signs to look for when trying to identify if someone is wealthy. While there’s no one-size-fits-all definition of wealth, some cues can give you a good idea of whether you or someone you know is doing well financially. (And a net worth calculator can help you tally up your own assets.)

Here are six signs of wealth to look out for that indicate you’re on track to becoming wealthy:

1. You’re an Overachiever

It’s hard to be modest when you’re an overachiever. You know you’re good at your work and are not afraid to let everyone know. Overachievers work hard and try harder. While this may make some people uncomfortable, it comes naturally to you.

2. You Started Making Money At a Young Age

It is not uncommon to see young adults with successful careers in today’s society. While some people played with toys as a child, others learned how to make money. For example, it could mean that you had a paper route or a babysitting business.

Making money at a young age, or any age for that matter, is not always easy. But an early start in earning, tracking your money, and investing can put you on an accelerated schedule when it comes to building your wealth and becoming a millionaire.

3. You Take Action

There will be times when things happen that are out of your control. You may feel stuck and as if you have no way to change your circumstances. However, these are the times when you must take action to create the life you want to live. For example, it might mean organizing your finances to get what you want. And, sometimes you’ll have to take some risks and go for it. It can be scary, but it’s worth it to achieve your goals.

When faced with a difficult situation, it’s essential to remember that you always have a choice. You can choose to give up, or you can choose to fight for what you want. Only by taking action can you make progress and take a step towards achieving financial wellness. So don’t be afraid to step up and take on whatever life throws your way — you can do it!

4. You Are Outspoken

In a society where people get judged by how much money they have, it is no surprise that many go out of their way to keep up appearances. And while some may try to blend in with the wealthy crowd, a wealthy person will often stand out with his unique style or outgoing sense of humor. Wealthy people tend to feel less inhibited and are more likely to speak their minds. They may also be less concerned with the rules and more likely to take risks.

5. You Possess a Sense of Urgency

When it comes to the wealthy, there are a few telltale signs that set them apart. One of these is their sense of urgency — they don’t like wasting time and are always moving forward. This urgency allows them to set financial goals, achieve them, and maintain their wealth. It’s also one of the reasons why they may seem constantly stressed out — they’re always trying to do more.

6. You’re Focused More on Saving Than Earning

It doesn’t matter if you earn $50,000 or $250,000 a year. Unless you consistently spend less than you make, you’ll never get ahead financially. People who focus on their budget and saving their disposable income understand how to live within their means and focus on what’s most important: saving money for the future.

7. You Know the Difference Between Needs and Wants

In our materialistic society, getting caught up in the “must-have” mentality is easy. Advertisements are everywhere, and social media posts tell us we need the next latest and greatest products. It can be challenging to discern between the things we need and want.

A sign of a wealthy person is their ability to distinguish between the two. They know which items are essential for their well-being and those which would be nice to have. Advertising or peer pressure doesn’t work on rich people, and their possessions don’t rule them.

Recommended: Should I Sell My House Now or Wait?

Spiritual Signs You Will Be Rich

Are there spiritual signs that you can be a wealthy person? Some people believe steadfastly in spiritual and other signs of wealth and luck. Here are a couple of examples:

Gravitating to the Lucky Number, 8

In Chinese culture, the number 8 is considered a lucky number. Individuals who gravitate toward this number may believe it will bring them good fortune. Some people might even go as far as to change their phone number or social media handle to include the digit 8.

A Psychic Confirms Wealth is Coming

Some people consult psychics to get guidance on anything from love to health and even money. While many psychics will say they can tune into your energy and give you specific information about your future, and many people believe their predictions, you may be better off putting the money you’d pay the psychic into savings.

Pros and Cons of Having Signs of Wealth

There are very few times when it can be helpful to show off your wealth to others. Indeed, showing off can make others feel intimidated. Additionally, it can attract unwanted attention from criminals or others who want to take what you have. And having too many signs of wealth can make you a target for scams or other fraudulent schemes.

The Takeaway

If you identify with any of these habits you’re likely well on your way to building a significant amount of wealth. However, it is essential to remember that wealth accumulation is not a one-time event; it’s a way of life. It’s something you’ll need to make a habit of, if you want to succeed. For many people who work hard, stay focused, and are disciplined, it is possible.

And as you’re building your wealth, tracking your income and expenses is one of the primary ways to manage your money. SoFi’s money tracker app can help you keep track of your funds so you can make the best spending decisions and start building your very own fortune today.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

At what point is someone considered wealthy?

There is no magic dollar amount that indicates someone is wealthy and one person’s definition may not be the same as another’s. But in 2022, the top 1% of earners took home an average of $785,968, according to the Economic Policy Institute. Of course the amount you earn is only part of the wealth story. How much of your income (or inherited wealth) you retain is affected by your spending habits.

What are invisible signs of wealth?

People who are stealthily wealthy still might have a “tell” that gives them away. Use of private banking or wealth management services would be one example. Another might be not working but being able to maintain an expensive hobby such as riding horses or boating. Buying bespoke products, whether tailor-made clothing or custom-designed furniture, is another subtle giveaway.


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What Are Holiday Loans?

Holiday loans are personal loans marketed toward those looking for extra money to pay for holiday expenses. In other words, they’re personal loans with some tinsel thrown on them. They are marketed to help people afford such seasonal spending as gifts, airfare to visit relatives, or the cost of renting a ski chalet for a big celebration.

Like other personal loans, holiday loans are usually offered at a fixed interest rate, and payments are made in regular monthly installments. However, even though they often come with lower interest rates than credit cards, taking out a holiday loan might not be the best financial move. Learn more here.

Understanding Holiday Loans

Holiday loans are basically defined as personal loans, with some seasonal flair. They may also be marketed as Christmas loans, depending on the financial institution that’s offering them.

The bank may list a variety of ways to use the money you get in a holiday loan, such as gift buying or holiday travel, but once the funds hit your account — just like with any other personal loan — you can use them for just about anything. There’s no need to verify that you put the funds toward, say, a new bike for your sweetie or a luxe hotel stay for the entire family.

Like other personal loans, holiday loans are usually unsecured. This means you don’t use a tangible asset like your home or a car as collateral, which means they may have higher interest rates on average than some other kinds of loans. They may also have more stringent qualification requirements, since an unsecured loan is a riskier prospect for the lender.

Features of Holiday Loans

The specific features of each holiday loan, including the amount available to borrow, will vary depending on the lender.

•   Typical loan amount: Some banks may cap their holiday loans at relatively low amounts, like $2,000, while others might offer tens of thousands of dollars to borrowers, as long as they can meet the eligibility requirements.

•   Interest rate: Most holiday loans come with a fixed interest rate. Because holiday loans are unsecured, interest rates tend to be higher than they are for secured loans like mortgages and car payments. For the 2023 holiday season, holiday loan rates ranged from approximately 7.99% to 13.99% annual percentage rate, or APR. However, these numbers will fluctuate with the economy and other factors, such as your credit score.

•   Loan term: A typical loan term (or repayment period) is a year or longer. Some holiday loans may come with terms as long as five years, which is a long time to be paying off a Christmas gift, tickets to the Nutcracker ballet, or a holiday party, no matter how awesome it was.

•   Fees: Be sure to read the fine print, because some holiday loans may also include additional fees like origination fees or early repayment penalties. If you take out a large high-interest loan, you may want to repay it more quickly than the term calls for to save money on overall interest.

•   Application process: Many Christmas holiday loans and other variations can be applied for online. You’ll likely need to upload certain documentation to prove your identity and your earnings. However, if you prefer an in-person process vs. a holiday loan online application, you may find a bank or credit union in your area offers this option.

Pros and Cons of Holiday Loans

Like any financial decision, there are both benefits and drawbacks to consider when it comes to holiday loans.

Pros:

•   Quick money upfront for holiday expenses (perhaps helping you achieve the “best holiday ever”)

•   No need to put down collateral

•   Longer payoff terms can keep monthly payments relatively low

•   Easy online application process

Cons:

•   High interest rates can mean you’ll likely pay a lot more for that gift or party than you would have in cash

•   Interest rates may be higher than other sources of funding

•   Origination fees and early repayment penalties could increase costs even more

•   Payoff terms of several years can keep you in debt long after that holiday season is remembered

Who Should Consider a Holiday Loan?

In many cases, financial advisors recommend against going into debt to pay for a seasonal celebration. Interest charges mean you’ll pay more for everything you purchase than you would if you bought items with cash. Even the best holiday trip or Hanukkah present may not be worth paying hundreds or even thousands of extra dollars in interest.

However, sometimes there are compelling reasons to take out that holiday loan. Maybe your family is about to move cross-country and you want to have a special celebration with relatives. Or you and your partner want to use the holiday as the occasion to get a much-needed new car.

Whatever the case, you are likely to have the best outcome with a holiday loan if you are confident you can repay the loan in full, preferably ahead of its full term. That can help you dodge some of the interest charges. Just be sure to check the fine print so you won’t be subject to any early repayment penalties.

Recommended: Affordable Ways to Celebrate the Holidays

Alternatives to Holiday Loans

If you want to enjoy an unforgettable season, there are alternatives to holiday loans worth considering.

Saving Up in Advance

Yes, you’ve probably thought of this one — but as mentioned, going into debt almost always means paying interest, and interest means each purchase costs far more than it otherwise would. Planning ahead and perhaps making automatic transfers into a savings account over the months prior to the holiday season can be a smart move.

Using Credit Cards Strategically

If you have access to a credit card with a high enough limit, it might be an alternative to a holiday loan. Again, though, if you want to avoid paying interest, make sure you’re in a position to pay it off in full before the grace period ends.

You may also be able to apply for a new credit card that offers a 0% interest promotional period. Usually, these periods last about a year, which could give you more time to pay off the holiday debt without accruing interest. But again, make sure you can pay it off in full before time runs out. Otherwise, you may face interest rates even higher than you would with holiday loans.

Other Financing Options

As the holidays roll around, you might also consider some other ways to pay for seasonal expenses.

•   You could take out a standard personal loan (vs. one marketed as for the holidays). This will typically have a lower interest rate than credit cards. See how these compare to holiday loans before you commit.

•   You might see if a close friend or family member would be willing to loan you some money; just make sure to honor the terms of repayment so as not to rock your relationship.

•   Buy now, pay later offers allow you to purchase items on a form of layaway plan.

•   Another possible source of funding could be a P2P loan, which involves individuals lending and borrowing to one another without a bank’s involvement.

Recommended: How Much Will a Personal Loan Cost You?

The Takeaway

Holiday loans are personal loans marketed to people looking for extra money to spend on holiday expenses. While some are on the smaller side (up to $2,000), some lenders will approve tens of thousands of dollars to borrowers for holiday purchases and celebrations. Compare options carefully, though. You likely don’t want to spend any longer than necessary paying off holiday expenses. Shop around for the right terms to suit your financial situation.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


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FAQ

Is it difficult to get a holiday loan?

Because holiday loans are unsecured loans, which can be a relatively high-risk venture for the lending bank, they may have more stringent application requirements than secured loans like mortgages and auto loans. However, some lenders may advertise holiday loans for bad credit. These can come with even higher interest rates and fees than other similar loans, though.

Are holiday loans common?

Holiday loans aren’t the most common type of personal loan; personal loans are more commonly taken out by people consolidating debt or renovating their houses. But holiday loans are certainly not unheard of, and many lenders advertise them specifically.

Do banks typically offer holiday loans?

While not every bank offers holiday loans, many banks, credit unions, and other financial institutions offer regular, unsecured personal loans. Funds from those loans can be used to pay for holiday expenses. (In fact, many holiday loans are essentially the same product as personal loans.) No matter what kind of loan you’re taking out, always be sure you understand the full fee structure, including the total amount of interest you stand to pay over the lifetime of the loan, up front.


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Life Skills That Can Help You Save Money

Life Skills That Can Help You Save Money

Between inflation and rising prices, being frugal with your spending is a good idea. But you can go a step further: By learning some valuable life skills and DIY-ing more activities, you can save money.

Mastering skills like cooking, cleaning, riding a bike, and doing your own taxes means you don’t have to pay professionals for expensive services. While it can be time-consuming, harnessing new skills can make you more independent, help you keep more of your money, and maybe even inspire a few new hobbies.

In this article, we’ll take a look at 20 basic money-saving skills that almost everyone can learn. They can be fun to dig into, build confidence, and free up funds to put towards your financial goals.

How Life Skills Are Essential to Your Financial Freedom

Life is built on financial transactions. We pay for food at the restaurant, spend money on a haircut, reach deep into our wallets at the gas station, and shell out for repairs when something in our home breaks.

While we can’t possibly learn enough life skills to replace all these transactions, it is possible to take up a few new savings skills, like cooking, painting, and sewing, so that you can hoard a little more money each month.

That little bit of money adds up — honing several life skills can be an important step toward your financial freedom. The money you save can go towards your emergency fund, paying down student loan debt faster, or gathering the down payment on a house.

20 Life Skills That Can Help You Save Money

So which life skills are worth learning? We’ve rounded up 20 of the top money-saving skills that, when mastered, can help you avoid spending your cash on basic goods and services. They’ll help put you on the path to becoming financially disciplined.

1. Cooking

Eating out now and then is perfectly fine — a well-deserved reward after a long week at the office or a celebratory dinner for a major milestone. But eating out for lunch or dinner every day can be unhealthy (those portion sizes!) and can get quite expensive. Learning the basics of cooking can keep you out of the pricey restaurants and in your own kitchen instead.

Cooking can require an investment in the proper cookware and staple ingredients, but overall it’s bound to be cheaper than getting food to go or at an eatery. Just think about the price difference between avocado toast whipped up in your kitchen and what you’d pay at a cute cafe. Search for recipes online, and follow tips to save money on food before you head out to the grocery.

2. Painting

Ready to pick up a paintbrush and unlock another savings skill? According to Angi (formerly known as Angi’s List), homeowners spend more than $3,100 on average to paint the exterior of their home, and renters and homeowners alike might pay painters even more to paint the interior. The current rate for painting the interior typically runs from $2 to $6 per square foot.

While painting the exterior of your home can be a little more challenging, painting the interior is not complicated at all. If you are willing to take the time to learn, you can save yourself thousands of dollars every time you want to change up the inside of your living space. You could use that extra money to open a savings account or add to the one you already have.

3. Gardening

Yes, professional landscapers can weave a certain kind of magic. But doing your own gardening can be a tremendously satisfying and creative pursuit, not to mention that it can save you a lot of moolah. Spending time learning the basics about what zone you live in and which plants will thrive, plus wandering around nurseries and garden centers, can provide plenty of inspiration.

You can grow fresh produce for the small price of starter seeds and the occasional watering, which means less money spent at the grocery store.

What’s more, when selling your house, landscaping is an important part of curb appeal. A well-cared-for garden might attract potential buyers and help your home sell more quickly.

Recommended: How Much Should I Spend on Groceries a Month?

4. Plumbing

Plumbing emergencies like a flooded basement or a broken water heater are probably still better left to a licensed contractor, but teaching yourself to be handy with a wrench and a screwdriver might save you on smaller problems, like a leaky faucet or a running toilet.

This money-saving skill can serve you well over the years. Calling a plumber for every small problem that your house encounters over the years can add up. In fact, most plumbers charge $45 to $200 an hour and may charge a fee of $100-$250 just for a service call.

Beyond plumbing, you can teach yourself basic electrical and carpentry skills so that you can tackle some easy home improvement projects for beginners.

5. Budgeting

Knowing how to make a budget — and sticking to it — is a crucial life skill. When you are able to analyze your monthly expenses against your monthly income in an easy-to-read format, you can quickly discover which spending habits you need to scale back. Many people like the 50/30/20 rule, which spells out that you should spend 50% of your after-tax income on needs, 30% should be put towards wants, and 20% should go into savings.

And you don’t even need to pay for fancy budgeting software. Many online banking platforms make it easy to see all of your transactions in one place, and you can use a simple spreadsheet to design a budget that works for you.

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6. Haggling

Not every price is negotiable, but when it is, it’s important to know how to haggle with confidence. While you might immediately think of haggling at a used car lot (and that’s a great place to do it), you can also haggle over things like your monthly cell phone bill, your rent, and even credit card interest rates. Politely asking, “Is there any flexibility on the price?” may yield a surprising positive response.

Even if you’re only successful in lowering one expense, that’s money in your wallet that you wouldn’t otherwise have had.

Recommended: How to Negotiate Medical Bills

7. Sewing

You might not ever create your own clothes from scratch (though you certainly can!), but knowing how to sew can come in handy when you get a rip in your favorite shirt or a parka’s zipper starts to detach. Instead of throwing out clothes with holes or lost buttons, sew them back together. Mending the torn back pocket on your favorite jeans, for instance, and you’ll save yourself from dropping $50 or much more on a new pair.

8. Cutting Your Family’s Hair

Haircuts at chain salons are certainly not cheap, often ranging from $30 to $70+, but boutique salons are even more expensive. Learning to cut your family’s hair (or your own, if you’re brave) can cut out one monthly expense. Check out the tutorials on YouTube and other video platforms and see if you can’t hone your skills.

9. Investing

The average stock market return over the last 10 years has been more than 10%. And though you can certainly pay a traditional broker to manage your portfolio, it’s totally possible to do it yourself.

In fact, there are many platforms for investing to choose among, some of which enable automated investing. Plus, you can help build your financial know-how by reading blogs and books on investing, as well as listening to podcasts or taking an online class to sharpen your skills. Just remember that investing entails risk, so make sure to choose an investment vehicle you are comfortable with.

10. Changing Your Car’s Oil

Done by a professional, the average oil change costs from $20 to $100, but the cost of doing it yourself is $30 to $45. Being able to change your car’s oil by yourself (typically twice a year, depending on how much you drive) can mean you pocket an extra $10 to $55 every time. It’s a great life skill to learn and then stash the cash you save, year after year.

11. Cutting Firewood

If you have ample trees in your yard — or a generous neighbor has just taken down a tree and doesn’t mind sharing the spoils — you can chop the wood yourself for an outdoor firepit or your fireplace. If your home has a fireplace, you can use that wood to heat a single room while leaving the heater setting lower in the rest of your home, cutting down on your utility bill.

12. Doing Your Own Taxes

If you have a complicated tax situation, an accountant might be a good investment, especially if they can help you maximize your credits and tax deductions even if you’re a student. However, if you have a straightforward income and financial situation, it might be beneficial to skip the accountant fees and file by yourself.

Check out the IRS Free File hub to find programs that will help you do it all by yourself.

13. Bartering

The time-honored tradition of bartering, or trading goods and services, can help you lower your expenses. Let’s say there’s a spinning class you love that’s beyond your budget. Could you offer to swap your digital savvy (say, filming videos and posting on social media for the studio) in exchange for no-cost sessions? Think creatively about the skills you have and how you might use them to get some freebies. It never hurts to ask about such arrangements, and it could help.

14. Roasting Your Own Coffee

Buying a latte at a coffee shop every morning may be convenient (and relaxing), but it also gets expensive. If you spend $5 (or more!) every day on a cup of coffee, that’s more than $1,800 a year. Instead, learn how to save on coffee expenses. Brew coffee at home — and better yet, learn how to grind and roast your own coffee beans for maximum savings. You’ll find that whole beans are typically less pricey than pre-ground ones at the supermarket.

15. Baking

Going to the bakery when you said you’d bring a dessert to your family’s holiday get-together may be convenient, but buying fresh cakes and cookies can get expensive. Baking can be a little more challenging than cooking, but it’s certainly a great way to save money. And it can be a wonderful creative pursuit and a new pastime. Need inspiration? Just watch any of the addictive shows on TV, like The Great British Baking Show.

16. Upcycling

Upcycling is a buzzword for reusing an item instead of buying something totally new. For example, you might use reclaimed wood or an old door to make a desk or table, turn a sweater with torn elbows into a vest, or use old towels as cleaning rags for a while before tossing them. Upcycling can help you save on common expenses, and it’s great for the environment; less goes into the trash.

17. Cleaning

Most people probably don’t like to clean, but it’s a big part of being an adult. Whether it’s scrubbing the bathroom, vacuuming the rug, or wiping down kitchen counters, these are chores that just need to be done.

It might be tempting to pay for a cleaning service, but doing so is expensive. Cleaning professionals typically charge $30 to $50 per hour — or more than $600 for a large home over 3,000 square feet.

Don’t give into that temptation to farm it out. Grab a rag (or an upcycled towel), a bottle of cleaning solution, and a monthly house maintenance checklist. You’ve got this!

18. Riding a Bike

Gas is expensive (and you probably know its impact on the environment). While you probably can’t bike everywhere you need to go, each trip on a bike you make — to work, to school, or just to a friend’s house — means you won’t be spending money on gas or bus fare.

19. Hosting

Hanging out with friends at your favorite bar is nice, but a fun night out adds up quickly when you do it every weekend. Instead, host your next friend or family gathering at your own home. Stock some wine, cold beer, and snacks, and you’re good to go. (You can be next-level and make a pitcher of a signature cocktail; it’s a fun way to build your mixology skills.)

Or switch things over to a morning meet-up with a pot of coffee and some home-made muffins. You’re likely to save big.

20. Doing It Yourself

Our final life skill ties all the rest together: Do things yourself instead of paying someone else to do them. If you don’t know how to do something, research online or find someone who does and learn. Once you’ve mastered the skill, share your knowledge with others.

Whether mowing your lawn, washing windows, or doing yoga or Pilates at home, you can really open up room in your budget when you DIY.

Banking With SoFi

Honing these valuable money-saving skills is a great way to establish financial freedom, and having a quality bank account will elevate your efforts. That way, you can immediately stash all the money you’re saving into your account so you won’t be tempted to spend it.

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 3.80% APY on SoFi Checking and Savings.

FAQ

Is saving money a life skill?

Saving money is an important life skill. By learning to do various tasks yourself around the house and in your daily life, you can avoid paying for a lot of expensive goods and services. Also, being a smart consumer and comparison-shopping will help you save money. This is especially important when making a big purchase; look around for the best price, coupons, and other discounts.

How do I find the time to develop these life skills?

Most of these life skills can fit into your regular day. If you normally spend a couple of hours going out to dinner, you can instead spend that time finding a recipe and trying to cook it at home. You may also find that some of these tasks (cooking, gardening) become hobbies in which you happily invest time.

What is the most valuable life skill?

Learning to do things yourself, from cooking to filing taxes to changing your car’s oil, can be the most valuable life skill. This can give you confidence, know-how, and self-reliance, plus it requires you to be curious and willing to educate yourself, all of which are important traits.


Photo credit: iStock/blackCAT

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.
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.


*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.


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.

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15 Ways to Avoid Paying Full Price for Anything

Secrets to Not Paying Full Price

Want to know how to never pay full price for anything? There are plenty of tips and tricks that can help you get a better deal on everything from a car to a big carton of cereal.

Saving money does more than put money back in your pocket. It can truly help you feel in control of your finances, which can, in turn, help motivate you to continue building good financial habits.

If you’re interested in becoming more conscious about how you’re spending money, be sure to take a look at these 15 tips. Even if you’re already a savvy shopper, you may be able to learn some new ways to optimize your spending and saving habits.

Common Retail Markups

Before delving into strategies for saving money off of retail, consider how much most items are marked up for sale. While there is no set or ideal number, many businesses charge 50% more than the actual cost of the item. So if it cost a company $50 to make a sweater, they would sell it for 50% more than that, or $75.

This means that, while not optimal for their financial goals, they could sell the garment for less than $75 and still be recouping their costs, plus a profit.

Some categories of products are known for having even higher markups. Consider these:

•   Mattresses, up to 900%

•   Designer jeans, up to 500%

•   Furniture, up to 400%

•   Coffee to go, up to 300%

•   Diamonds, up to 100%

Places Where the Price Is Non-Negotiable

While there isn’t a rule about where you can and can’t negotiate, you are more likely to be able to get a better price at some locations than others. For instance, bargaining is more appropriate at:

•   Flea markets

•   Car dealerships

•   Small shops

It’s less likely to be effective at:

•   Luxury retailers

•   Chain stores

•   Malls

That said, some top-notch negotiators say they have scored discounts almost anywhere. Read on for tips to help you do the same.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

Up to 2-day-early paycheck.

Up to $3M of additional
FDIC insurance.


15 Tips to Avoid Paying Full Price for Anything

Smart shoppers often get the latest and greatest – without having to pay full price for it. These tips can help boost the balance in your bank account by helping you save money on many of the things you buy.

1. Install Browser Extensions on Your Computer or Apps on Your Phone

There are a whole host of browser extensions and apps that can save you money with minimal effort on your part. You can see cash back options, rebates, price drops, and places where you can find an item for a lower price on another website. Some examples of boosting your money-saving skills this way include:

•   The Honey Extension will automatically look for and apply digital coupons and promo codes when you’re shopping online.

•   Rakuten is a rebate extension that offers cash back, coupons, and deals at more than 3,500+ stores.

•   CamelCamelCamel is an Amazon price tracker that alerts you when the price drops on an item you’ve been looking to buy.

•   Booklovers alert: The Library Extension works when you’re searching for a book to buy, such as on Amazon. It’ll allow you to check the online catalog of your local library so you can save some money by borrowing a book from the library instead of buying it online.

Recommended: How to Save Money: 33 Easy Ways

2. Find Rebates

You’ll find rebates from many manufacturers and retailers. Order new contact lens or an electric toothbrush, and you may get $25 or $50 back. Don’t let that piece of paper (which you may have to mail back in to get your reward) wind up in the trash.

Another popular source: Your power company likely offers some type of rebate for energy-efficient appliances, air conditioners, water heaters, smart thermostats, light fixtures, and more. For example, you may be able to find a $50 rebate for an energy efficient refrigerator. Pair that with a $50 credit for recycling your old one, and you have $100 off a new fridge. Just be sure to check with your power company to make sure your appliance meets the requirements and you send in the rebate on time.

3. Buy Used or Refurbished Products

Buying used consumer items can net you substantial savings — upwards of 90% off — and sometimes you can find these things for free. Essentials for babies and kids, clothing, and home decor can be found for a fraction of their original retail price. They’re often in great shape and there’s such an abundance of used items for sale that you can be picky with what used items you buy.

Where to look? Try the following:

•   Freecycle sites

•   Local thrift shops and flea markets

•   Nextdoor and Facebook Marketplace

Buying discounted goods this way can be part of your financial freedom plan and help you find more money in your monthly budget.

4. Buy Items in the Offseason

You’ll score major discounts if you can buy things you need in the offseason. When a store is trying to make room for new inventory, you’ll often see several price drops. Buying snow boots in March or swimsuits in September could save you 50% or more.

5. Redeem Credit Card Rewards for Travel, Gift Cards, and Merchandise

A great way to never pay full price on travel is to redeem credit card points for airfare, hotel stays, transportation, and other travel expenses. Some credit cards have partners (such as airlines and hotel chains) where you can transfer points and book directly with the travel provider. Other credit cards offer a simpler redemption based on cash back rewards.

The benefit for redeeming points depends on which credit card you have, but many offer a tremendous value for the frugal traveler who never pays full price.

You may also be able to redeem cash back in the form of gift cards. You may be surprised to see a 25% bonus for cash back when you redeem it as a gift card. To do a bit of the math, that means $40 in cash back might become a $50 gift card for your favorite retailer.

Many credit cards also offer consumers the ability to use cash back or points to pay for purchases. You may have a card that offers you the ability to erase charges with the cash back you’ve earned after you receive your statement. Or, you may see an option to pay for a purchase at checkout with your cash back or points (usually if you’re using a third-party site like PayPal). These can be a good way to avoid paying retail.

Recommended: 25 Ways to Cut Costs on a Road Trip

6. Use Coupons and Promo Codes

You don’t need to become an extreme couponer to avoid paying full price. If you find something you want to buy online, for example, getting a discount may be as easy as searching online for a promo code.

Promo codes are essentially just digital coupons for the site you want to buy something from. They can help you avoid overspending money by reducing the cost of buying the product or service you need.

7. Learn the Pantry Principle

The pantry principle is to stockpile goods at a low price. For example, if a can of corn normally costs $1 and goes on sale for 50 cents, you would buy in bulk to take advantage of that reduced price. You’ve cut your cost for corn in half for as long as you have the cans in your pantry.

The same idea can work with other non-perishable essentials. If you can buy, say, your favorite yoga pants or cleaning products on sale and in bulk, you’ll reduce your spending.

Recommended: 23 Tips to Help Save Money on Groceries

8. Shop at Warehouse Clubs and Outlet Stores

Warehouse clubs and outlet stores offer different ways to save money. Costco and Sam’s Club, for instance, focus on selling products in bulk, which can result in a decent amount of savings. Keep in mind, however, that not all products sold at a warehouse are cheaper than what you can find at other retailers, so just be sure to check your price, especially per unit, whether that’s by the ounce or the liter. Also take advantage of discounts your membership may offer on health services, entertainment, tires, and more.

Likewise, outlets can offer savings by selling overstock items from other retailers. You might find a pair of boots you’ve been coveting or a new armchair at a deep discount.

Recommended: 15 Easy Ways to Save Money

9. Take Advantage of Birthday Deals at Certain Places

Want a free dessert? $10 off your meal? A surprise gift? Take advantage of special perks on your big day. Birthday deals abound, particularly at restaurants and certain retailers, like Sephora, Macy’s, and Petco, among others. To take advantage of a great birthday deal, you may need to sign up online in advance.

10. Look for Price Matching and Price Drop Refunds

If you’re about to make a significant purchase, do your research online first. You might find, for example, that one retailer is offering no delivery fees on refrigerators, but that they charge $75 more for the model you want than a competitor. You could see if they will match the price of the competitor in order to snag the best deal possible

Also, some retailers offer a price drop refund on items you previously purchased. This works by taking your receipt back to the retailer if the item you just bought went on sale shortly after your purchase (usually within two weeks, but the time can vary by each retailer’s policy).

Recommended: Using the 30 Day Rule to Control Spending

11. Haggle With Sellers and Ask for Discounts

Sometimes, scoring a deal is as easy as asking for it. You can politely ask, “Is there any discount you can offer me for this?” or “Would it be possible to ask for a discount on this?” The best places to ask for a discount are the ones where there is some discretion at giving discounts, such as a seller on Facebook Marketplace, a retail manager, or even a hotel clerk.

Nevertheless, even a big-box salesperson can help you identify any current or upcoming discounts if you take a moment to inquire.

12. Wait for Sales

Eventually, many of the items you’re shopping for will go on sale, so it’s best to never pay full price at retailers that have frequent sales. Retailers will often use any excuse to hold a sale. (Ever see an ad for a furniture store selling mattresses on Presidents’ Day?) After all, retailers know you’re more likely to spend money if you feel like you got a good deal.

13. Abandon Your Online Cart

This one is a little sneaky. Abandoning an online cart occurs when you add something to your online shopping cart but don’t actually complete your purchase. Nearly 70% of carts are abandoned by consumers. To help increase sales of abandoned shopping carts, retailers have some smart ways to get consumers to come back and finalize the purchase. Sometimes, the retailer will email you a coupon or entice you with another offer to get you to finish your purchase.

Recommended: 10 Ways To Save Money Fast

14. Sort From Low to High When Shopping

It’s common for websites to show their newest (and most expensive) products first, but if you sort your search to have the lowest-priced items shown first, you’ll likely find the things you need for less.

15. Subscribe to Email Lists or Newsletters

Many retailers offer a discount when you subscribe to their email list or newsletter for the first time. Retailers know that a major portion of their sales come from offering coupons or discounts. This means the discount they offer has to be good enough for a consumer to subscribe, so offering up your email could save you a bit of money.

These offers might be for 10% or more off, free shipping, or other deal sweeteners. And you can opt out of future emails whenever you like. Additionally, some retailers will offer these deals or increased savings if you allow them to text you with their latest news and sales.

The Takeaway

It pays to be a smart shopper. And, not only that, it just plain feels good to know you’re saving money off of retail prices. If you have a few tricks up your sleeve, you’ll know how to never pay full price for anything ever again. Whether it means using a browser extension when shopping online, taking advantage of cash back offers, or tapping your negotiation skills, there are many ways to make sure you get the best possible price tag whenever you buy.

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 3.80% APY on SoFi Checking and Savings.

FAQ

Is paying retail bad?

If you feel the price is fair, there’s nothing wrong with paying full retail price. In fact, studies have shown that always focusing on a deal can result in spending more, rather than less, money. If you’re also more conscious of what you buy, that’s often more important than saving a few bucks on something that won’t last or doesn’t hold value.

Why are wholesale and outlet stores cheaper?

While not every item is going to be cheaper at wholesale and outlet stores, in general, you will find better prices shopping at stores that offer an alternative to full retail price. Wholesale stores can offer better prices by focusing on fewer products and selling inventory in bulk. Outlet stores often have better prices because they sell overstock items.

Should I pay retail if an item is limited?

The adage, “spend according to your values,” can help you decide when to pay retail price. If you’re purposeful with spending your money, paying retail price on a limited item is a decision that may make sense for you.


Photo credit: iStock/Mongkol Akarasirithada

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.


*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

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23 Ways to Make Quick Cash: Online and Offline Solutions

It’s not uncommon to hit a moment in your financial life when you could use some cash…like, right away. Maybe you have a slew of unexpected expenses, get laid off, or need to help a loved one in need. Whatever the case, you may be craving a quick cash infusion.

To help out, here’s a list of 23 ways to get some money flowing your way ASAP. Some are online methods, others are in-person, but all can help you out when you are in a pinch.

Read on to see which of these ideas may suit you, plus tips on staying safe as you go after those additional funds.

When You Need Quick Cash

Many people hit a time when they could really use some additional cash. Perhaps you moved to a new town and need to put down a security deposit on a rental as well as pay your movers. Or you are a freelancer, and one of your clients is slow to pay. Or you need pricey dental work which isn’t fully covered by your health insurance. Or perhaps you just went overboard on holiday gift buying, and now your credit card bill is due.

Whatever the reason, if you need to get money fast and don’t want to break out your high-interest plastic to see you through, don’t panic. There can be an array of ways to bring in cash quickly. Some are online (taking marketing surveys), some are in person (dog walking), but there is likely to be at least a couple that suit your preferences and your situation.

Online vs Offline Money-Making Opportunities

As you look into ideas for how to get money fast, one key consideration is whether you want to do so online or offline. Perhaps both ways suit you, but many people have a preference.

If you have a job, are caring for dependents, or otherwise are under time constraints, you may prefer to squeeze in your money-making activities here and there. Online opportunities may suit you well, since some are available 24/7. For example, you could upload items you want to sell on eBay at any hour.

For others, offline work is more suitable. If, say, you are a brilliant guitar player and have a knack for sharing your skills, music lessons could be a good path, and you might find doing these in person more rewarding than via Zoom. Or holding a yard sale and selling off unwanted stuff could bring in a good amount of cash quickly.

Making Money Online

To help you scope out opportunities, consider this list of online ways to make quick cash.

1. Take Online Surveys and Market Research

From the privacy of your home, at your convenience, you could be earning small amounts of money (which can add up) by taking online surveys, watching videos, or even sharing your search history. These typically help marketers gain insight into consumer behavior and opinions Some places to sign up: Branded Surveys, Inbox Dollars, and Survey Junkie sites.

2. Sign Up for Freelancing Platforms

Do you have a skill to share…and sell? You might be able to offer your writing, social media, web design, translation, or other talents on a platform like Upwork, and get paid for freelance gigs. This can be an especially good way to make money even with no job.

3. Sell Products on E-Commerce Websites

If you are artsy or craftsy, you might try posting your work for sale online. Whether you make necklaces, take great nature photos, or knit beautiful baby sweaters, Etsy is a popular option. Just keep in mind that e-commerce websites typically have posting fees and then take a cut of your sales.

4. Offer Online Tutoring and Courses

You might be able to make quick cash by teaching online. Did you score in the top percentile on a standardized test or ace high-school physics? Are you pretty much fluent in French, or can you make bake-off-worthy cakes? You might be able to do remote tutoring or offer a class online. The key to bringing in quick cash here will be marketing your services well, so do a little online research upfront about how to bring an audience your way.

5. Try Affiliate Marketing

Do you love social media and have a strong presence, whether as a gamer, sharer of clothing hauls, or a guide to neighborhood businesses? If so, you could make quick cash via affiliate marketing. This means that you earn a commission on every visit, sale, or sign-up that you generate for a brand or merchant. You can learn more at affiliate marketing sites such as SemRush.

6. Find Unclaimed Money

Did you know that unclaimed funds, whether from forgotten-about bank accounts or insurance benefit checks that were never cashed, can wind up with the state government and sit, waiting to be claimed? It may be a bit of a longshot, but it can’t hurt to check out this unclaimed funds website and see if there is any cash in your name that you might collect.

7. Claim App Referrals

You may be used to those “Refer a friend and get $25!” offers online. If the shoe fits, as they say, wear it! For instance, if a buddy signs up for a PayPal or a Swagbucks account at your recommendation, you could benefit with a small chunk of change heading your way as a thank you.

8. Open a Bank Account

The personal finance business can be competitive these days, and some banks will offer you a tidy sum to open a checking account with them. This is among the more common bank bonuses, and while amounts will vary, you could earn a quick $300 this way. These offers are often at online vs. traditional banks. Just be sure to read the fine print before you sign up to make sure that there aren’t fees or minimum balances that would be challenging for you.

9. Sell Unused Gift Cards

Here’s a slightly weird way to make money. Do you have a gift card or two, maybe sent by a well-intentioned relative, sitting unused? Perhaps you never go to the coffee chain the card is for, or you don’t have a branch of the store nearby. You might recoup some of the card’s value by selling it on a site like CardCash, ClipKard, or GiftCash.

10. Get Paid Sooner

Need more ideas for how to make quick cash? This one doesn’t exactly bring in more money but can give you access to your earnings sooner. Some financial institutions will make your paycheck available up to 48 hours early when you sign up with direct deposit. Again, this isn’t a sum beyond what you earn, but it can let you, for instance, pay bills on time when you otherwise couldn’t.

11. Work as a Virtual Assistant

In this age of automation, many jobs can be done remotely as long as you have computer and wifi access. That includes being someone’s assistant and helping with tasks like scheduling, correspondence, and travel arrangements. Look for listings on sites like FlexJobs and LinkedIn.

Making Money Offline

Need more inspiration on how to make quick cash? There are plenty of ways to do so in the real world instead of online. Here is an assortment of ideas for getting some money into your bank account, where it’s needed most.

12. Do Local Odd Jobs and Gigs

Are there any services, whether one-off or ongoing, that you could offer? You might be able to help a senior with shopping, do yard work, assist someone with cleaning out their basement before they move, or set up for a party. Take a look at sites like Fiverr, Craigslist, or Nextdoor, as well as locations like community bulletin boards at cafes and other locations.

13. Sell Unused or Unwanted Items

Your junk could be someone else’s treasure that they might be willing to pay for. You could have a yard sale or visit one of the many places to sell your stuff. Items that could be sale-worthy include good condition electronics, cookware, clothing, sports equipment, housewares, home decor, your vinyl collection, and more.

14. Pet Sit or Walk Dogs

Here’s another idea for how to make quick cash, and it’s perfect for animal lovers: Do some pet sitting or dog walking. Using a well-known social networking site or a pet sitting site could help get attention and build the business; you might also try posting flyers in your neighborhood offering dog-walking services. Cash payments can make this a good gig for those who don’t want to wait for their money.

15. Tutor or Skill Share

As mentioned above, if you have a skill or talent (from speaking great Spanish to coding), you could tutor or offer instruction. Local schools and community centers could be a good place to market your skills; think about what credentials you can tout to show prospective students that you have the know-how.

16. Recycle for Cash

In this era of eco-consciousness, there are plenty of opportunities to recycle for cash. This can be as simple as gathering your own and your neighbors’ unwanted cans and bottles and redeeming them, or you might get scrap metal via Craigslist or Freecycle and then sell it to a scrap yard. And who knew? You might even earn quick cash via recycling cardboard at BoxCycle.

17. Take Care of Children or Elders

Could you do some babysitting, childcare, or eldercare to bring in cash? You’re likely to have some warm and fuzzy feelings too after doing gigs like these and helping others. Caregivers may have to go through an in-depth vetting process to sign up with an agency like Care.com, so be prepared to answer lots of questions (Do you have experience? What would you do in an emergency? Will you cook and clean?) and provide background information and ID.

18. Pawn Items of Value

Let’s say you have an urgent car repair bill and unfortunately haven’t got enough saved in an emergency fund. You could get cash quick by pawning an item (think jewelry, wristwatches, electronics, and musical instruments). This means you take it to a pawn shop, get cash, and if you come back and repay the loan in a certain time frame, you retake possession of the item. If you don’t, the pawn shop can sell it. This practice could benefit you when you need money fast.

19. Rent Out Extra Space

You’ve probably heard about the sharing economy, which can allow people to monetize their unused space. For instance, if you live in a popular area and have an extra bedroom, you might rent it out on Airbnb to people visiting your town for a few nights. You may even be able to rent out your unused parking space on Spacer.

20. Deliver Food

It’s a sign of the times: Food delivery, from groceries to restaurant meals to bubble teas, is on the rise. You might be able to make some fast money by doing this kind of delivery via a service like DoorDash, UberEats, InstaCart, and GrubHub, among others. This can be a good way to use your free time to bring in some cash when you need it quickly.

21. Drive Rideshare

Similarly, if you have access to a car, you could drive a rideshare for a company like Uber or Lyft. Whether ferrying people to the airport, work, or out to dinner, it can be a good way to monetize your free time.

22. Flip Free Items

Are you handy? Here’s a way to get some money flowing your way: You could snag items from Freecycle, Craigslist, Nextdoor, or even the curb, and refurbish and sell them as a low-cost side hustle. Maybe someone is getting rid of an old coffee table or nightstand that’s in rough shape. You could refinish or paint it and sell it at a profit. Yes, it takes a bit of time to do this work, but the opportunity to bring in perhaps a couple of hundred dollars for your effort is real.

23. Cash in Your Coins

Here’s an easy idea for making quick cash: Look around your house for that coin jar that many people have shoved in a closet or on a windowsill. If you have a stash of quarters somewhere, you might be surprised by how much it can add up to. Getting it to the bank or a retailer that offers coin counting and redemption services could bring you a good infusion of cash.

Combining Online and Offline Opportunities

Now that you’ve read this list, you can begin to think about which ideas spark the most interest or best suit your situation. When you want to make quick cash, you don’t have to try just one method.

Feel free to mix up online and offline techniques to make money fast. You might drive a rideshare on Sundays and tutor via Zoom twice a week. It’s all about what works best for you.

Balancing Your Time

One thing to remember as you work to bring in extra cash is that it is possible to overdo it. Whether you have a job and/or a family or are unemployed and single (or anything in between), remember that you do need downtime and rest. Don’t overschedule yourself with odd jobs and other money-making tasks. You need to balance your time. And if you are sleep-deprived and exhausted, you can’t do a good job making money anyway!

Tips for Staying Safe While Making Quick Cash

A word or two of warning as you look for ways to make quick cash: There are occasionally scams and dangerous situations out there. Be savvy as you move ahead.

Avoiding Scams

If an opportunity to make money sounds too good to be true, it probably is. There are quite a number of employment scams out there, so be vigilant. Work-from-home scams and overpayment scams are common; check out Fraud.org’s site
to learn more and protect yourself.

When selling items, also proceed with caution. There are also fraudsters using overpayment and money order trickery to get something for nothing.

Managing Personal Information

If you are applying for gig work, be cautious about to whom you send your personal information (such as your Social Security number and banking details). Do your research and vet the recipient of this info; otherwise, you might be dealing with a scammer who is trying to commit identity theft.

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The Takeaway

Many people encounter a moment when they could really use some cash quickly. Happily, there are many ways to get money flowing your way, both online and offline. From dog walking to selling your unwanted stuff, from tutoring to taking surveys on your laptop, there are likely several options that can suit your needs.

And once you make that extra moolah, make sure it’s working hard for you and earning you some interest, thanks to a good banking partner.

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 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.

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