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If you’re expecting a baby or just beginning to think about expanding your family, it’s an exciting time for you and your partner. It’s also a crucial period to start preparing and budgeting for the new responsibilities and expenses that come with parenthood. From medical bills and diapers to toys and childcare, the costs can add up quickly. Fortunately, there are practical steps you can take to ensure you’re financially ready. Below, we’ll share five top tips to help you save money and manage the expenses of welcoming a new addition to your family.

The Costs of Having a Baby

The exact cost of having a baby varies depending on health insurance, local cost of living, level of prenatal care, and a number of other factors. But according to the most recent data, the average cost to give birth in the U.S. is around $18,865. If you have health insurance, however, your out-of-pocket costs can run around $2,854. On top of that major expense, you’ll also need to have plenty of cash available to buy baby gear and supplies, along with clothes, toys, and (potentially) childcare after the baby is born.

For couples who conceived naturally, without the added costs of fertility treatments or adoption, that first expense might include a trip to the pharmacy for a pregnancy test. From there, they grow to include prenatal care for mom and baby and an ever-expanding checklist of purchases, to-dos, and decisions—all within the next nine months or so.

Here’s a look at some of the common expenses that can crop up, from pregnancy through baby’s first birthday.

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

Before Birth

Parents-to-be may find that some of the biggest costs of having a baby happen before the baby is born. Prenatal care, for example, can begin within weeks of conception. It can bring associated diagnostic tests. Regardless of health insurance, extra services like 3D ultrasounds may not be covered.

A typical parent-to-be might also have a shopping list that includes a car seat, stroller, crib, diapers and wipes, a changing table, clothes, toys, a baby monitor, bottles, and more.

Depending on mom’s preference for breastfeeding or formula feeding, the list might also include a breast pump and related supplies or formula (or sometimes both).

During Birth

As mentioned above, the average hospital bill for having a baby is around $18,865, and $2,854 after insurance. But that number can vary depending on the type of delivery. Vaginal births are usually the most affordable, with costs increasing alongside complications or procedures like c-sections, and actual costs swing widely by state.

After Birth

Once mom and baby leave the hospital, there are ongoing medical expenses. For mom, it can include postpartum doctor visits to monitor healing or remove stitches, and for baby it can include regular, frequent checkups, starting within three to five days of birth.

If both parents decide at some point to return to work, the cost of daycare might be the next large, recurring expense. Combined with spending on groceries, bills, and other aspects of pre-baby life that still go on, the thought of managing it all might feel overwhelming.

Here are some ways it’s possible to cut corners, get creative, and save money.

Finding Extra Money for Baby

More and more employers are offering paid maternity (and paternity) leave, but beyond 12 weeks of unpaid leave offered by the Family and Medical Leave Act (FMLA), receiving pay while caring for a newborn isn’t guaranteed. For many Americans, that means saving up for a baby is more important than ever.

Facing a heap of new expenses while at the same time losing income may be a scary thought, and getting through it could require a heart-to-heart between partners and a lot of teamwork. But here are some strategies that may help budget for a baby.

💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

1. Starting a Stockpile ASAP

One way to save early and often is to think of those nine months between the start of a pregnancy and the due date as time to stock up and save. Consider the financial difference between adding one box of diapers or wipes to a regular grocery trip vs. waiting until the baby arrives.

Adding items to your inventory a bit at a time — especially when they’re on sale — could be a lot easier on the wallet than an emergency trip when they’re needed ASAP. The same strategy could be used for cash, too. Every day, week, or month, you may want to set aside extra money in a high-yield savings account. Having a specific account dedicated to baby’s needs could mean that the regular budget for paying bills and other grown-up expenses isn’t as heavily affected.

2. Cutting Extra Costs

If a new, baby-friendly budget is in the works, parents might want to consider ways to cut costs — starting with areas that are the least painful. A good way to do this is to scan the last few months of financial statements, make a list of your regular non-essential expenses, then look for places where it may be easy to cut back on spending. For example, you might decide to cook at home more often and spend less on take-out, get rid of a streaming service you rarely watch, or ditch a gym membership you rarely use. You can also look for cheaper ways to shop. Consignment and second-hand stores are often filled with gently used baby items, from outgrown clothes to books, which can yield savings.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

3. Opening a Health Savings Account

A health savings account (HSA) is usually offered alongside a high-deductible health plan (HDHP), and can provide new parents some significant perks: Money that’s placed into the account is pre-tax (and can include employer contributions), and it can be used to cover out-of-pocket medical expenses, such as office copays. If the HSA provider issues funds via debit card, it’s one easy way to keep health expenses entirely separate from the day-to-day budget.

But it’s not just doctor’s visits that are covered by HSA funds. Depending on individual plans, some can also be used to pay for health memberships, chiropractic treatments, breast pumps, and other items not covered by regular health insurance.

And while HSAs are traditionally offered through employer health plans, freelancers and other self-employed workers may be eligible to open an account, too.

4. Getting Creative

A newborn’s essentials list may be significantly shorter than mom’s and dad’s: They need diapers, clothes, food, a safe place to travel and sleep, and parent cuddles — that’s about it. The rest? The fancy diaper bag, the 100-in-1 stroller, the matching outfits, even shoes before the baby leans to walk, can be more like nice-to-haves.

To save money on needs vs. wants, parents could consider putting “gift” items on a baby shower registry — if they’re purchased, great! No unnecessary strain on the budget. It’s also worth asking friends and family who are out of the baby stage for hand-me-downs that are still in good condition.

5. Putting Your Savings to Work

One way to afford a baby is to make your money work harder. For instance, pay attention to where you keep your savings. When comparing traditional vs. online banks, you may see that online ones can offer a better deal. Since these institutions don’t have brick-and-mortar locations to staff and maintain, their operating budget may be lower. They can pass those savings on to their clients in the form of higher annual percentage yields (APYs) and lower or no fees.

The Takeaway

The cost of having a baby can run over $2,800, even if you have decent health insurance. And that number doesn’t include expenses involved in outfitting the nursery and caring for your child once they come home.

To make sure you manage the financial side of parenthood, it’s a good idea to consider what expenses lie ahead, come up with a budget, and see where you can economize. Having the right banking partner can also help you manage your money well as your family grows.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

How much money should you have saved before having a baby?

The amount you should save before having a child depends on your insurance coverage, location, and personal circumstances. As a general rule of thumb, some financial advisors recommend having at least $20,000 to $25,000 in savings before having a baby. This can cover the average pregnancy/delivery costs and essential baby items, plus offers a cushion for unexpected medical expenses or disruptions in income.

How do I invest $1,000 for my child?

To invest $1000 for your child, consider opening a custodial account or a 529 college savings plan. Custodial accounts offer flexibility, allowing you to invest in stocks, bonds, or mutual funds, while 529 plans provide tax advantages for education expenses. Research low-fee, diversified options and consult a financial advisor to align the investment with your child’s future needs and your tolerance for risk.

What is the best way to start saving money for a child?

The best way to start saving for a child is by setting up a dedicated savings account or a 529 college savings plan. Create a budget to identify areas where you can cut expenses and redirect funds into the new account. You might also automate monthly contributions to make saving consistent and effortless. Consider high-yield savings accounts or low-fee investment options to grow your savings over time. Regularly review and adjust your savings plan to stay on track.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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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.

SOBNK-Q225-077

Having a good time doesn’t have to be expensive. In fact, there are plenty of fun and interesting things to do that don’t cost any money at all.

While it may take a little more research and imagination, it’s possible to find new and entertaining activities to do on your own or with your family and friends without busting your budget.

If you’re looking for some fun ways to save money, read on. We’ve got 27 ideas.

Fun Free Things To Do

If you find that you often spend your free time binge-watching shows or scrolling through social media on your phone, it may be time to work some new activities into your repertoire. Fortunately, that doesn’t have to mean breaking out your wallet.

Consider trying one (or a few) of these fun, free activities.

1. Going on a Hike

If the weather is nice outside, then it could be time to hit the great outdoors and take a hike. You can search for nearby hikes at AllTrails.com. You’ll also be able to check out the length and difficulty of the trail, as well how long it takes to hike.

2. Volunteering with a Local Organization

Volunteering can be a great cost-free activity because it allows you to give back, potentially meet some new people, and feel good about how you spent your day. To find local volunteering opportunities, you can check out VolunteerMatch.org which matches people with local organizations that need help.

3. Playing Board Games

When looking for fun things to do with the family on the cheap, consider busting out a game of Monopoly or Life and competing against one another. You might reward the winner with a few days or a week off from their everyday chores.

4. Decluttering the House

While this might not be the first thing that comes to mind when looking for a fun way to spend your free time, cleaning and being productive can actually be very satisfying, and can also help relieve stress. You can declutter alone or get your partner or the kids involved. Consider donating your discards to a local charity or thrift store.

Recommended: Is Hiring a Cleaning Person or Service Worth It?

5. Going to a Free Museum Day

Many museums will offer free admission once a week or once a month. You can spend an afternoon browsing through the beautiful works of art without spending a dime.

6. Having a Picnic in the Park

Dining al fresco doesn’t have to be pricey if you head for a local park. A picnic can be a great way to spend a leisurely afternoon with family and friends. All you need is a blanket, lunch, a ball or Frisbee, and a shady spot.

Recommended: 13 Cheap Ways to Live

7. Streaming an Exercise Video

Gym memberships, personal trainers, and exercise classes can be expensive. However, exercise videos on YouTube and Instagram are totally free. Consider breaking out the sweats and burning some calories for free.

8. FaceTiming With Friends and Family

Just because you want to stop spending money doesn’t mean you can’t enjoy spending time with friends. Whether you prefer an old-fashioned phone call or a video call, reconnecting with an old friend or a family member you haven’t spoken with in a while can be an enjoyable, no-cost way to spend some free time.

9. Trying Meditation

Meditating can be a relaxing solo activity that helps to clear your mind and reduce stress. You can find free meditations on YouTube, or you might want to check out Headspace, which has guided meditation for beginners and offers a free trial.

💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

10. Playing Free Games Online

Playing games online can be a fun way to spend a rainy afternoon with the kids. You can find free educational games for kids on sites like Funbrain, PBS KIDS, and Khan Academy Kids.

11. Going to the Beach Off Hours

Hitting the beach in the late afternoon or early morning is often free. At these times you’re also likely to find fewer crowds, as well as beautiful light.

Recommended: 10 Ways to Avoid Paying Full Price for Anything

12. Starting a Journal

Journaling can be a great way to get things off your mind, collect your thoughts, and even come up with solutions to nagging problems. All you need is a pen and an old notebook to get started.

13. Visiting Your Local Library

You can not only find great books to read at your local library, but also pick up DVDs, CDs, and audio books without spending a dime. You might also be able to attend a lecture, film screening, or other free community event.

14. Cooking Something New

Consider shopping your cupboard, fridge, and freezer, and then looking for something you can make with what you have on hand. You can find plenty of free recipes at sites like Allrecipes and Food Network.

15. Checking Out a Fire Station

Kids typically love fire trucks. Consider reaching out to your local fire station to see if they offer tours. This is not only a fun, free family activity, but allows kids to learn all about how the fire department works while meeting their local heroes.

16. Making a Movie

Whether you have a video camera or just a smartphone, you have what you need to make a short film. You can have everyone in the family pitch in to create a storyline, sets, costumes, and props. You can then edit the film and share it online.

17. Learning a New Skill

Whether you want to get better at applying makeup or have always wanted to learn how to juggle or knit a scarf, you can likely find a great tutorial on YouTube.

Recommended: Ways to Control Excessive Spending Habits

18. Going to Local Historical Site

There are likely a number of places around town where you and your family can soak up some local history without busting your budget. Many towns also offer free walking tours.

19. Attending a Free Concert

During the summer, many cities and towns will put on free concerts for everyone to enjoy. You might even bring a blanket and dinner for a nice evening out.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

20. Doing a Puzzle

Putting together a large puzzle can be a fun and challenging activity to do alone or with friends and family. If you are tired of the ones you own, consider trading puzzles with a friend or neighbor so you have something new to tackle.

21. Camping in the Backyard

In warmer weather, camping in the backyard offers an opportunity for fun, free adventure with the kids. If you don’t have a tent, consider borrowing one for the night. You can make a fire (or light up the grill) to roast marshmallows and tell ghost stories before bed.

22. Starting a Book Club

While this can take a little planning, book clubs are relatively easy to set up. You can create a private book club on Facebook or another social media platform. Or, you can recruit a group of book-loving friends to meet once a month at each other’s homes.

23. Washing the Car

You can have fun and accomplish something at the same time by getting your kids involved in washing the car. You could even host a neighborhood car wash so the kiddos can earn some pocket money.

24. Heading to the Dog Park

This can obviously be a great idea if you have a dog, but can also be entertaining if you don’t. You can grab a bench and have fun watching cute dogs run around and play. Dog parks can also be fun for people watching.

Recommended: 19 Tips to Save Money on Pets

25. Trying a New Playground

Your kids probably know all the local playgrounds pretty well. For a change of pace, consider checking out a playground you’ve never been to in a town nearby. Pack a lunch to make it feel like a mini-vacation.

26. Writing a Letter

Writing letters may seem old-fashioned, but it can be a nice way to communicate with your loved ones. The letter can be handwritten and sent via snail mail, or you might just want to send an email updating a friend or family member about what’s going on in your life.

27. Building a Fort

Kids typically love building forts. On a cold or rainy day, you can have an indoor adventure by breaking out some chairs and blankets and letting the kids create their own little hideaway filled with their favorite books and toys. They may even wind up sleeping in the fort for the night.

The Takeaway

It can take thinking a little outside the box and a bit of planning, but it’s possible to entertain yourself and your family with fun new activities without putting a dent in your checking or savings account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

What can you do for fun with no money?

Enjoy free activities like hiking, picnics, visiting local parks, and attending community events. Or you might read books from the library, play board games, start a DIY project, or connect with friends for game nights or potlucks. Also consider starting, or engaging in, a creative hobby like drawing, writing, or photography. There are plenty of enjoyable activities that don’t require spending much (or any) money.

How to enjoy without spending money?

Find joy in simple, free activities. You might spend time in nature, have a picnic in a local park, or explore a new neighborhood. Or you could read books from the library, watch free movies online, or attend community events. If you’re creative, consider engaging in a hobby like drawing, writing, or photography. Prefer to be social? Host a game night or potluck dinner with friends. Happiness doesn’t always come with a price tag.

What should you do with money you don’t spend?

Unspent money should be put to good use. Pay off high-interest debt, build an emergency fund, or contribute to a savings account for a specific purpose (such as a vacation or a new car). Or, you might use unspent funds to invest in long-term goals like retirement or your child’s future education.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

SOBNK-Q225-060

We won’t sugarcoat it: Music festivals can cost a lot. Weekend passes are often several hundred dollars and don’t include travel expenses and other extras. That doesn’t mean you should skip music festivals altogether. The events are a great way to sample many different artists, meet people, and enjoy time outdoors.

Keep reading to learn more about the average cost of going to a music festival, the main expenses to consider, and how to make attending one of these events more affordable.

What Is the Average Cost of a Popular Music Festival?

The average cost of music festival tickets — typically for an event that lasts several days — ranges from $200 to $600. If travel is required, expenses can shoot up quickly: Spending $2,000+ for a long weekend is not unusual. Transportation and lodging are often premium-priced during a festival, since businesses know they can get top dollar.

Music festival costs also depend on where the festival is located and the type of experience the attendee is looking to have. Camping out will save you money, as will skipping the VIP experience for basic tickets bought at early-bird pricing.

Main Expenses to Consider When Going to a Music Festival

Because everyone’s music festival experience looks different, costs can vary. That said, these are the common music festival expenses worth planning for.

Tickets

Tickets for a multi-day event can cost hundreds of dollars. For instance, in 2025, general admission (including fees) to Coachella is approximately $550, Stagecoach is close to $400, and Lollapalooza runs around $385.

Costs will vary depending on when you buy tickets (they generally get more expensive closer to the actual performance date), and whether you decide to shell out for the VIP options. Also keep in mind that tickets typically don’t include parking, food, or any accommodations.

Travel

Don’t forget to budget for travel for out-of-town events. Driving may cost less than flying, and if you opt to travel via camper, it could save you money on hotels. Just keep in mind that the cost of gas for driving an RV can be high.

These tips on saving up for a vacation can help you project your travel costs.

Recommended: Let SoFi help you map out your next trip.

Transportation

Even if you live nearby, you may need to pay for a rideshare or shuttle pass to get to the event. At the very least, remember to account for gas and parking.

Lodging

Music festivals attract large crowds and visitors from around the world. That means local hotel and home rental costs can become inflated. Book early to avoid overpaying once pickings are slim.

Meals

Because music festivals have their attendees held somewhat captive for the day or days of the event, the food and drinks for sale there can be exorbitant. Think about what you pay at a concert or in an airport to get a sense of what you might need to pay.

Clothing

Part of the fun for many festival-goers is planning what you’ll wear. Sure, some people are happy in their usual jeans and a T-shirt, but if you want to buy some new clothes or accessories before a music festival — be honest! — add those costs to your budget.

Recommended: 15 Ways to Save Money on Clothes

Tips for Saving Money on a Music Festival

The price tag for a music festival experience can be steep, but it can also be an amazing and memorable experience. Here are some ways to bring the costs down so you can be part of the fun.

Project Your Expenses

From tickets to transportation to food, plan out what the day or weekend will entail cost-wise and make a budget. If you can plan for this outing well in advance, you can slowly save up for it so your overall budget doesn’t take a major hit.

Once you know the total amount needed, you can divide that by the number of months until it’s time to pay for your expenses. The figure you see is how much you should save monthly to afford the festival.

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

Take a Pass on VIP Tickets

Music festivals often have different tiers of tickets and offer some sort of VIP experience for a much higher price than the cost of general admission. You may want to skip these overpriced tickets, and spend the money on food or transportation instead.

Buy Tickets Early

Some music festivals offer cheaper tickets for people who book early, so don’t sleep on those good deals. If possible, save up before tickets go on sale to take advantage of early booking deals.

Book Travel Far in Advance

It can be possible to save on travel and lodging by booking those things sooner rather than later as well. (This is a wise move when trying to save money for a trip of any kind.) Once your festival tickets are booked, try to find some travel deals. When flights and hotels get down to the last few available options, prices tend to soar.

BYO Food and Water

If allowed, pack food and lots of water to avoid overspending on food and drinks at the event. Bonus: You’ll spend less time in line and more time enjoying the music. Some music festivals won’t allow attendees to bring in their own food, but most allow water from outside sources. Not overspending on water is a great way to save money and stay hydrated while out in the sun all day.

Volunteer

Some music festivals offer volunteers the chance to trade work for access to the festival. It’s always worth seeing whether such opportunities are available — they may very well be worth the trade-off.

Walk Whenever You Can

If you’re staying nearby, try walking to the event. Parking is often expensive at music festivals, and ride-share prices surge as well due to high demand.

Camp Out

Because it can be hard for the many attendees of music festivals to find affordable lodging nearby, some music festivals are held at campgrounds. Camping generally costs significantly less than hotels, and it can add to the fun of the weekend.

The Takeaway

Music festival costs can vary greatly, but the major ones are undeniably expensive. Planning ahead for these events is one of the best ways to manage costs. By booking early, camping instead of staying at a hotel, and considering volunteer opportunities on-site, you may be able to listen to your fill of music and still have money in the bank.

If you’re looking to save up for a music festival or other short-term goal, SoFi has you covered.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

Why are music festivals so expensive?

Attending music festivals can be expensive these days. For one reason, higher artist fees have led to higher ticket prices. Organizers also have to cover the cost of the space, set-up, advertising, and more. Fans not only have to pay for tickets but also cover the cost of traveling to the event, staying in a hotel or campground, and food and drinks at the venue.

How much does it cost to hold the festival?

The cost of holding a music festival varies widely depending on the size and scale of the event. A small, local music fair might cost $5,000 to $20,000, while a large-scale, multi-day festival featuring top tier artists can run well into the millions.

Should I use my emergency fund for a festival?

Emergency funds are a type of savings fund specifically earmarked for unexpected expenses that interrupt daily life, such as a car repair, medical bill, or loss of one’s income. Since a music festival is a planned expense, you generally do not want to tap your emergency fund for this. Instead, it’s better to gradually save up for the cost of the festival in advance.

Should you layaway your festival tickets?

Using layaway can make buying a festival ticket more manageable by spreading the cost over several months. However, there are some downsides and risks. For one, committing to a payment plan may strain your finances if an unexpected expense crops up. Also in some cases, failure to complete the payment plan leads to forfeiting the ticket — and the money you’ve already paid. In addition, some layaway plans charge service fees, which can increase the overall cost of the ticket. In general, it’s better to create a budget for attending a music festival and to save up for the tickets in advance.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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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If you’re living paycheck to paycheck or just wish there were more wiggle room in your finances, you may want to consider some money-wise tips like budgeting, negotiating your bills, and lowering your debt.

Making your dollars go further may also involve finding ways to help grow the money you do have in the bank (and there may soon be more of that). You’ll learn a dozen smart and simple tactics here.

Simple Ways to Stretch Your Money Further

Read on for money-stretching strategies that can help you make ends meet, plus have a little bit of extra.

1. Tracking Your Money

If you want to do more with your money, it helps to first figure out what you are currently doing with your money.

You may have a good sense of your fixed monthly expenses (such as rent/mortgage, car payments, groceries, student loans), but smaller everyday expenses have a tendency to slip through the cracks — yet, nevertheless, add up, slowly depleting your checking account.

A good exercise is to track how much you’re actually spending each day (that includes every cash/debit/credit purchase you make, plus every bill you pay) for a month or so. You can do this by carrying around a notebook or saving all of your receipts and putting them into a spreadsheet on your computer. There are also a number of apps that can make the process of tracking your daily spending easy.

This can be an eye-opening exercise. Spending is so frictionless these days, many of us really don’t have a handle on how much money we are actually spending. Seeing it all in black and white can help you think twice before buying something nonessential, and help you start becoming much more intentional with every dollar.

2. Setting up a Budget

Once you’ve done the work of tracking your monthly expenses, you may next want to compare this to how much money (after taxes) is coming in each month. If you find you are consistently spending more than you are bringing in, you may want to set up a budget to help you get these two numbers better aligned.

Creating a budget isn’t hard. The process simply requires grouping all of your spending into categories, seeing where you may be able to cut back, and then setting up some monthly spending parameters.

There are a number of tools and apps that can help you create — and stick with — a household budget, but even just keeping a ledger or a basic spreadsheet can help you gain more control over where money is going each month.

While the idea of living on a budget may sound like a drag, the truth is that planning how you want to spend your money can often lead to having more money to spend on the things you want. Plus, there are many types of budgets, and one of them probably suits your personal and financial style well.

A budget can also help guide your money toward short- and long-term financial goals like an emergency fund, a down payment for a house, and retirement savings.

3. Paying Bills on Time

Knowing when your bills are due and paying them on schedule could save you money in a few different ways.

First, it can help you to avoid paying interest and late-payment fees.

Second, it can help you maintain good credit. A good credit score is important because it can help you qualify for the best interest rates on credit cards and loans. And the less money you have to pay in interest, the faster you’ll be able to pay off debts – and the more money you’ll have to spend on other things.

4. Negotiating a Better Deal

Some of those recurring bills (like cable, internet, your cellphone, car insurance) may not be set in stone. It might take some research — and a little nerve — but you may be able to negotiate for a lower rate from some of your service providers, especially if you’re dealing with a company that’s in a competitive market.

Before you call or email a business or provider, it can help to know exactly how much you’re paying for a service, what you’re getting for your money, and how much the competition is charging for the same or similar service.

It’s also a good idea to make sure you are communicating with someone who actually has the power to lower your rate and, if not, ask to speak with someone who does. It may also be helpful to let a provider know that if they can’t do better, you may decide to switch to another company (and you might).

You can also try to talk your way to a better deal with other expenses, such as negotiating medical bills.

5. Ditching Expensive Debt

Another way to help make your money go further is to spend less on interest payments on debt.

If you can pay down that debt, you could use the money you’re now throwing away on interest to pay other bills, build an emergency fund, invest for the future, or save for a vacation or some other goal.

Reducing debt is easier said than done, of course — but choosing the right debt reduction strategy may help.

•   Since credit card debt typically costs the most in interest, you might consider chipping away at these debts first or, if possible, wiping them out completely. You could then move on to the debt with the next-highest interest rate, and so on.

•   Another approach to reducing debt is to pay the minimum toward all your accounts, and then pay any extra you can toward the debt with the smallest balance. When that debt is paid off, you can move on to the next smallest balance, and so on.

•   If you can qualify for a lower interest rate, another option might be to take out a personal loan that consolidates all those high-interest debts into one more manageable payment.

Getting rid of that damaging debt can have long-range consequences as well.

If you can lower your credit utilization ratio, which shows the amount of available credit you have, you could build your credit. And that, in turn, could make it easier to qualify for lower-interest loans and credit cards in the future.

6. Balking at Bank Fees

Unless you’re vigilant about checking your statements, you might not even notice the fees your bank may be charging every month for your checking and savings accounts.

They might include service fees, maintenance fees, ATM fees (if you don’t use in-network machines), minimum balance fees, overdraft or non-sufficient funds fees, and/or transaction fees. And all those little nips can take a toll over time and could even leave you with a negative bank balance.

If you see that your bank is hitting you with one or more monthly fees, you may want to consider shopping around for a less expensive bank, which might involve switching banks to an online-only financial institution. Because online financial institutions typically don’t have the same overhead costs banks with physical branches do, they generally offer low or no fees

7. Pressing Pause on Impulse Purchases

If impulse purchases are your downfall, consider trying a temporary spending freeze, during which you avoid buying anything that isn’t a must. Or, if that seems too drastic, you might pick a single category (shoes, wine, concerts) or a specific store to stay away from for a certain period of time.

Or maybe pick a single category (shoes, wine, concerts) or a specific store to stay away from for a certain period of time.

To help keep you motivated, you might track the money you didn’t spend during your freeze and then put it to use paying down debt, starting an emergency fund, or saving for a down payment on a home or other short-term financial goal.

Once you start seeing the benefits of saying no to impulse purchases, you may find yourself spending less even after the freeze is over.

8. Making Lists

Another way you may be able to make your money stretch is to create a list any time you’re going to shop, keep it in your pocket or on your phone, and then stick with it in the store.

And lists aren’t just for grocery shopping. You could make one before you hit the pharmacy, the mall, the local coffee shop, the sporting goods store, or just about anywhere you might wander off course.

Keeping a list close at hand can help avoid having to go back to the store because you forgot something (keeping store visits to a minimum), and you might be less tempted by items that aren’t on your list.

9. Clicking “Unsubscribe”

If your favorite retailers tend to bombard you with emails alerting you to their latest and greatest sale, you may want to think about getting off their e-mailing lists. Sales and great deals are happening all the time, and generally the best time to purchase something is when you really need it.

Even if you don’t find that needed item at its lowest-ever sale price, you will likely end up spending less than buying more things simply because they are on sale.

If the bait to buy doesn’t constantly land in your inbox, you’ll be less likely to take it (and won’t even know what you are missing out on). This move could quickly translate into more cash or one less bill at the end of the month.

10. Maximizing the Money You Save

Another way to stretch your dollars is to consider how you might get a higher return on any money that is sitting in the bank earning little to no interest. Higher-yield savings options you might consider include an online savings account, certificate of deposit (CD), or a money market account.

For a longer-term payoff (and potentially higher rate of return), you might also consider putting more money into your 401(k) or other retirement fund, as well as starting or adding to a non-retirement brokerage account.

11. Keeping the Change

Loose change may seem fairly worthless, but over time it actually can add up, and might help you help you pay a bill or buy a nice dinner.

Instead of letting coins live indefinitely in the bottom of your bag or the cup holder in your car, consider setting up one money jar in your home to collect it all. Then, every month or so, you might sort and roll the coins to take to the bank. (You can also use a coin-counting machine, available in some stores, but keep in mind that some deduct a fee, or percentage of your change.)

Then, every month or so, you might sort and roll the coins to take to the bank. (You can also use a coin-counting machine, available in some stores, but keep in mind that some deduct a fee, or percentage of your change.)

If you rarely use cash anymore, you may still be able to make good use of virtual change. Many mobile apps (perhaps the one your bank provides) and credit/debit card accounts offer users the opportunity to automatically round up purchases to the nearest dollar and have that money transferred into a savings account.

So, for example, if you bought a doughnut for $1.25, the purchase would be rounded up to $2, and the extra 75 cents would be sent to your account to go toward a savings goal.

12. Using Windfalls Wisely

It can be incredibly tempting to use a tax refund or a work bonus to buy something fabulous. And there’s nothing wrong with an occasional splurge.

But you may also want to consider using that money to pay down a high-interest credit card, make an extra payment on a loan, or start (or add to) a high-yield savings vehicle or other investment.

Any of these moves can help you stretch those dollars, either by cutting the amount of interest you’ll owe over time or adding to the interest you’ll earn.

The Takeaway

With a few smart savings strategies, you might be surprised at how much further you can stretch your money each month. Getting started is simply a matter of tracking your spending so you can then find ways to save.

Some money-stretching moves might include negotiating with (or switching) service providers, putting a bit more money towards debt reduction, knocking down (or eliminating) monthly bank fees, reducing the temptation to make impulse purchases, and finding ways to make your savings grow faster.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

How can I stretch my income?

To stretch your income, create a detailed budget and look for ways to cut back on non-essential spending (such as dining out and subscriptions). You can also make your paycheck go further by shopping smarter (e.g., using coupons, buying in bulk, and choosing generic brands), negotiating with (or switching) service providers, paying off high-interest debt, and avoiding new debt. Regularly review and adjust your budget to maximize savings. Also consider increasing your income through side gigs or freelance work.

What is the 50/30/20 rule of money?

The 50/30/20 rule is a budgeting guideline that suggests dividing your take-home income into three categories: 50% for needs (like rent and groceries), 30% for wants (like dining out and hobbies), and 20% for savings and debt repayment beyond the minimum. This helps ensure you cover essentials, enjoy life, and build financial security. It’s a flexible and simple way to manage your money effectively.

What does it mean to stretch your money?

Stretching your money means making your income go further by managing it wisely. This involves budgeting, reducing unnecessary expenses, and finding cost-effective alternatives. It’s about prioritizing essential needs, avoiding debt, and saving for the future. Stretching your money ensures you can cover your bills, afford necessities, and still have some left for unexpected expenses or goals.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.
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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

The lifetime graduate student aggregate loan limit for subsidized and unsubsidized federal loans is $138,500. Of this amount, no more than $65,500 can be in subsidized loans. This is the aggregate limit that includes loan amounts borrowers use to pay for undergraduate and graduate studies.

The lifetime graduate student aggregate loan limit for Subsidized and Unsubsidized federal loans is $138,500. Of this amount, no more than $65,500 can be in subsidized loans. This is the aggregate limit that includes loan amounts borrowers use to pay for undergraduate and graduate studies.

Students could also borrow private student loans, which could potentially increase the amount of student loans an individual could borrow. Continue reading for more details on the different types of student loan limits.

Federal Student Loan Limits

Students can apply for federal aid to help fund graduate school. Students are encouraged to fill out the FAFSA® (Federal Application for Federal Student Aid) to see if they qualify for help. Graduate requirements of FAFSA are similar to those for undergraduate students. Eligibility for federal aid is based on a student’s income, among other factors, so not everybody will be eligible for all types of aid.

As mentioned, the lifetime aggregate limit for Subsidized and Unsubsidized student loans is $138,500 for graduate or As mentioned, the lifetime aggregate limit for subsidized and unsubsidized student loans is $138,500 for graduate or professional students. Of this amount, no more than $65,500 can be in subsidized loans. This is the aggregate limit, so it does include student loans borrowed during undergraduate study.
students. Of this amount, no more than $65,500 can be in subsidized loans. This is the aggregate limit, so does include student loans borrowed during undergraduate study.

Limits for Direct Unsubsidized Loans and Direct PLUS Loans are outlined below.

Direct Unsubsidized Loans

Graduate students cannot receive Direct Subsidized Loans. Direct Subsidized Loans are only available to undergraduate students who show financial need. If students took out these loans as undergraduates, that amount will be included in the lifetime limit of federal loans they’re allowed to receive.

For Direct Unsubsidized Loans, the annual limit is $20,500. All graduate or professional students are considered independent for this loan. Unsubsidized loans aren’t dependent on students demonstrating financial need. The schools will decide how much students receive based on their annual costs and how much aid they’re receiving from other sources.

Direct PLUS Loans

Graduate students with eligible credit can also take out Direct PLUS Loans, issued by the U.S. Department of Education. These loans have an annual limit of the cost of attendance, subtracting any other aid that is received.

Private Student Loan Limits

After exhausting federal aid, students can turn to private student loans if needed. Private student loans are issued by banks, credit unions, and online lenders. These loans typically require a credit check and may have variable interest rates.

The maximum amount that students can borrow with a private student loan will depend on the lender. Usually, they won’t lend students more than it costs to attend school.

The cost of attendance is an estimate of tuition and fees, books and supplies, living expenses, transportation, and other miscellaneous expenses. The estimate can also include dependent care, study-abroad programs, and costs related to disabilities.

Recommended: Private Student Loan Guide

Graduate Student Loans vs Undergrad Student Loans

Undergraduate students may be eligible for Direct Subsidized Loans. The government covers the interest that accrues while a student is enrolled at least half-time in school. Graduate students are not eligible for this loan type.

Direct Unsubsidized Loans are available to both graduate and undergraduate students. The undergraduate student federal loan has a lower interest rate than the unsubsidized loan for graduate students. Undergrads have an interest rate of 6.53% for the 2024-25 school year, while it is 8.08% for graduate students.

Direct PLUS Loans are available for graduate students. Only undergraduate students who are considered independent, or whose parents are unable to obtain PLUS Loans, may be eligible to borrow a PLUS Loan.

Graduate School Resources

Be sure to fill out your grad school FAFSA to see if you qualify for federal aid. In addition to federal student loans, graduate students may be eligible for grants and scholarships.

Grants and Scholarships

When students submit their FAFSA, their eligibility for certain grants will be considered. The school may also have information on local or institutional-based grant programs.

Grad students also have the option of doing a graduate assistantship, where they teach or work on research under the supervision of a professor. Assistantships sometimes pay a stipend or provide benefits like housing. Students can check with their schools to see if that option is available to them.

Scholarships and fellowships are also available to help pay for graduate school. There are many ways students can go about finding and applying for grad school scholarships. Students can check with their school’s financial aid department, or even the department they’re studying under, to see what is available.

There’s usually a wide variety of scholarships available from various sources, including schools, employers, companies, and nonprofit organizations. Scholarships can be either merit-based or need-based, so the eligibility will vary.

Recommended: Scholarship Search Tool

The Takeaway

The aggregate limit for unsubsidized and subsidized loans for graduate students is $138,500, of which no more than $65,500 can be in subsidized loans. For the PLUS Loan, the annual borrowing limit is no more than the cost of school minus other forms of financial aid. Limits for private student loans may vary by lender but, generally, a private lender will not let you borrow more than the cost of attendance.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What is the lifetime borrowing limit for federal student loans for graduate students?

Graduate and professional students have a lifetime aggregate borrowing limit of $138,500 for federal Direct Subsidized and Unsubsidized Loans, which includes any loans borrowed during undergraduate studies.

How much of the $138,500 federal loan limit can be in subsidized loans?

No more than $65,500 of the $138,500 aggregate limit can be in subsidized loans. However, it’s important to note that subsidized loans are no longer available to graduate students.

Can private student loans help cover costs beyond federal loan limits?

Yes, private student loans can be used to cover education expenses that exceed federal loan limits. However, borrowing limits for private loans vary by lender and typically cannot exceed the total cost of attendance.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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