Learning Finance Without a Finance Background

An advanced financial degree isn’t a requirement for taking control of your finances. In fact, you can learn much (or all) of what you need to know about finance without a financial education background at all — if you’re willing to put in the work (and, possibly, spend a little money).

Learning about how the realm of money works can boost your financial literacy and may improve how well you spend, save, and invest your hard-earned cash.

So let’s take a look at some of the easiest ways to learn finance on your own time.

Key Points

•   There are multiple ways to learn finance without a formal background, including self-education through online courses, books, podcasts, and blogs.

•   Mastering finance skills like budgeting, debt management, and investing can lead to greater financial stability and freedom.

•   You can take online finance courses for free through Coursera, edX, and Udemy.

•   Follow finance blogs and listen to podcasts to stay informed and deepen your financial knowledge.

•   Other ways to learn finance include: in-person classes, seminars, and hiring a financial professional for personalized guidance.

Why Being Sound in Finance Is Important

Even if you don’t want to become an accountant or manage clients’ investment portfolios, learning about finance is an important practice for everyone. Knowing financial basics like how to build a budget, how to pay off debt, how ,a href=”https://www.sofi.com/banking/”>bank accounts work, and even how to do basic investing in stocks and bonds can be key to your financial stability. You’ll likely become a smarter consumer and savvier money manager, not turning a blind eye to your bank and IRA statements.

With more understanding of your finances, you’ll have more control over them. Financial literacy can help you avoid (or get out of) debt, save for important goals like a wedding or vacation, and increase your net worth through investments and home ownership. This can benefit the financial health and well-being of your family, too.

8 Ways to Learn About Finance

Wondering how to learn finance without enrolling in a four-year degree? Here are some of the easiest ways to teach yourself about finance. Dive in, and you may be rewarded with knowing how to manage your own money confidently and find your way to financial freedom.

1. Taking an Online Course

Taking an online course is one of the best ways to learn finance — and you can even do it in sweatpants. LinkedIn offers several finance and accounting courses that are ideal if you are working toward becoming a practicing financial professional, but you can also find free or affordable financial literacy classes for the average person.

Popular options for online financial courses include Coursera, edX, and Udemy. Just be sure to find courses aimed at non-finance pros. Many universities, including Massachusetts Institute of Technology (MIT) and the University of Michigan, offer some courses for free; you generally just have to pay if you want the certificate of completion.

2. Reading Books

Another way to learn about finance at a deeper level is through books. Your local library probably offers shelves of books on finance (maybe even digital versions for your e-reader), but you can also order books online or shop at second-hand bookstores.

Goodreads can be a great place to research personal finance books. Popular books for learning about finance, especially for beginners, include:

•   Get a Financial Life by Beth Kobliner

•   I Will Teach You to Be Rich by Ramit Sethi

•   Your Money or Your Life by Vicki Robin and Joe Dominguez

•   The Simple Path to Wealth by JL Collins.

3. Listening to Podcasts

If reading isn’t your thing, you can instead try learning finance basics via podcasts (or audiobooks). Listening to the top money podcasts means you can use your time efficiently: Stream the podcast during your commute to and from work, while exercising or walking the dog, or even while cooking dinner.

Some podcasts are aimed at beginners while others have more targeted audiences, usually those interested in investing.

If you’re a beginner, consider checking out:

•   So Money

•   AffordAnything

•   Freakonomics

Students may benefit from The College Investor; The Dave Ramsey Show is popular with people working to get out of debt; and investors who want to learn more about the market may want to queue up What’s News, Jill on Money, or Planet Money.

Recommended: 7 Tips to Managing Your Money Better

4. Utilizing YouTube and Other Visual Media

Podcasts are great for on-the-go learning, but if you want to sit and watch financial content so you can take notes, YouTube can be a great place to start. Here are some of channels with financial literacy video content you may want to check out:

•   The Financial Diet or Two Cents for general personal finance content

•   Wealth Hacker for investing and passive income advice

•   Bigger Pockets for real estate investing.

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5. Hiring a Financial Professional

While learning about how to use a checking and savings account is important, more complex topics like debt consolidation or investing in the stock market may be too intimidating for some.

If you find yourself too busy to learn or just struggling with the concepts, consider hiring a financial professional. Some financial professionals offer specific services like tax preparation and wealth management; you can also hire a financial consultant who can offer advice on all areas of your finances, from paying down student loan debt to building an emergency savings to refinancing a mortgage. This process, beyond providing guidance, can also help you build knowledge about the areas of finance about which you are most curious.

Recommended: What Is Financial Therapy?

6. Taking an In-Person Class or Seminar

How to learn about finance if you find yourself easily distracted? In-person classes at a local college or even seminars and workshops in your area could be a good option.

You can check out nearby universities and community colleges to see what classes they offer. If you have hired a financial advisor, they might be able to recommend upcoming seminars in your area. Finally, your local library may also host workshops.

7. Subscribing to Business and Investing Publications

Beginners can likely get by on podcasts and YouTube content, but once you advance to more complex investing concepts, you might want to subscribe to one or two business and investing publications, whether in print or digitally. Popular financial magazines include Barron’s, The Economist, Kiplinger’s, Forbes, and Money. The Wall Street Journal is a popular resource for monitoring investments.

Many investment apps now offer access to news about the market. If you are using an app rather than a traditional investment firm, see what information they offer access to before signing up for any subscriptions.

Recommended: 5 Ways to Achieve Financial Security

8. Follow a Finance Blog

If a newspaper delivered on your doorstep feels too archaic, you can instead use finance blogs to learn basic topics and stay on top of the latest news. One good place to start: See what your bank or investment management firm offers. Many have top-notch blogs covering an array of topics.

You may also find blogs that suit your particular needs, whether that’s understanding annuities, managing finances for a single-paycheck family, or estate planning. If you read a book on money that you like or listen to a podcast that you find valuable in one of your key areas of interest, search for more intel on the expert involved. They may well have a finance blog that can deepen your knowledge.

The Takeaway

Learning about finance when you don’t have any background in the subject can feel intimidating. Fortunately, there are numerous resources you can tap, including online courses, podcasts, books, blogs, publications, and apps. What’s more, many of these options are free, and a fair number are tailored to complete beginners.
Taking some time to learn the basics of personal finance — from budgeting to getting the best rate on your savings to building wealth through investing — can yield rewards, both right away and many years from now.

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 finance easy to learn?

Finance can be easy to learn if you are willing to seek out informative content from books, podcasts, videos, blogs, and even professionals and then invest some time soaking up knowledge. Learning about finance requires dedication and sometimes a little investment — but knowing how to manage your money can pay off in the long run.

What should I learn first about finance?

Some of the most fundamental personal finance concepts include building a budget, opening a bank account, and understanding your credit score. Once you have mastered those more basic concepts, you can then focus on things like retirement planning, debt consolidation, and real-estate and stock-market investing.

Can I make finance a career without a degree?

Having a degree of some kind (ideally in finance but even in mathematics or other allied areas) is very helpful for building a career in finance. Completing internships and/or industry courses outside of a college setting can put you on the right path, though you may still need a certification for a specific job in finance. For example, Certified Public Accountants and Certified Financial Advisors have completed specific programs to earn their credentials. That said, self-taught individuals might be able to build careers by creating financial educational content, like podcasts and blogs.


Photo credit: iStock/fizkes

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.
*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 Checking & Savings 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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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11 Tips for Buying a High-Mileage Car

Though car prices have eased from their pandemic highs, getting a new set of wheels still doesn’t come cheap: As of September, 2024, the average price of a new car was $48,397, while the average used car was listed for $25,361. One way to get around these high costs is to purchase a high-mileage vehicle — those with 100,000 miles or more on them. But is this a wise idea?

Conventional wisdom once held that 100,000 miles was a critical turning point in a vehicle’s value and reliability. In other words, the advice was to proceed with extreme caution. But today, a well-cared-for high-mileage vehicle can still be a smart purchase — if you know what to look for when buying a high-mileage car.

Key Points

•   Set a budget and stick to it, considering how much you have in savings and/or car loan options.

•   Research reliable makes and models, using resources like Consumer Reports and Kelley Blue Book.

•   Test-drive the car and get a mechanic’s inspection to identify issues.

•   Obtain a vehicle history report to check for past ownership and accidents.

•   Consider paying with cash and maintain an emergency fund for repairs.

Is It Wise to Buy a High-Mileage Car?

Buying a high-mileage car can be an easy way to save money. In fact, if the price is right, you may be able to buy a used car with cash, meaning you won’t have to worry about monthly car payments and high interest rates.

However, cars with higher mileage are understandably more prone to mechanical issues. When buying high-mileage cars, it’s important to consider models with a clear history of routine maintenance. It’s also wise to look at automotive manufacturers that are well-known for building longer-lasting cars; Consumer Reports singles out Honda and Toyota specifically, though some people are loyal to other makes, too.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

Buying a High-Mileage Car: Pros and Cons

So what are the pros and cons of buying a high-mileage car? Let’s break it down:

Pros of High-Mileage Cars Cons of High-Mileage Cars
Affordability: Used cars are generally cheaper than new cars; the more miles on the odometer, the more affordable it typically is. And expect continued savings: For the most part, used cars are cheaper to insure than new ones. Maintenance costs: A high-mileage automobile is more likely to need repair work. Eventually, a necessary repair may cost more than the car’s value, at which point you may want to consider buying a different car.
Depreciation: A new car typically loses 20% of its value in the first year; then 60% by the 5-year mark. By buying an older, high-mileage car, you don’t have to worry about such large depreciation hits. Safety: A car with high mileage is likely at least several years old, so it may not have the industry’s latest safety technologies.
Ease of purchase: You can likely drive a high-mileage car off the lot as soon as you sign. Getting a new car, on the other hand, may involve a wait time. In addition, you may be able to purchase a high-mileage car with cash, meaning you can skip the credit check and financing discussions./td>

Financing challenges: While paying with cash is an option for a higher-mileage car, the price may still be too steep for your bank account. Because of the increased chances for mechanical issues, lenders might be hesitant to offer financing for cars with more than 100,000 miles on them.

11 Practical Tips for Buying a High-Mileage Car

If buying a high-mileage car is right for your budget, the following tips for buying a used car could be helpful:

1. Having a Budget

Before researching used cars, it’s smart to have an idea of what you are willing to spend. This might involve analyzing your savings or discussing your car loan options with a lender.

Once you have settled on a budget that you can afford, respect that limit. Even if you see a must-have car that’s slightly over your budget, remember that you set a max number for a reason: It’s what you are comfortable paying.

2. Researching Makes and Models with Good High-Mileage Ratings

While many cars can make it to 200,000 miles and beyond when taken care of, not all cars are created equal. Research makes and models that are well-known for lasting beyond 200,000 miles; Consumer Reports is one solid, objective resource for this.

You can also use resources like Kelley Blue Book, Edmunds, and Cars.com to understand fair prices for the specific make and model you have chosen, given its mileage and condition.

Recommended: Can You Get a Car With a Credit Card?

3. Researching Reviews on the Car Model

Next up when thinking about what to look for when buying a high-mileage car: What do the experts have to say?

Once you have selected your preferred car model, read independent reviews from popular car sites (like Edmunds, Consumer Reports, and Car and Driver) and actual drivers on car forums. Doing so may help you get a feel for how this model performs, particularly once it has 100,000 or more miles on it.

While it might not cover the specific year, make, and model of the car you are considering, J.D. Power’s annual Vehicle Dependability Study can give you a good idea of automakers that excel at designing long-lasting vehicles.

If it appears that the vehicle you have chosen may not be as dependable as you thought, you may want to start your research over, focusing on a different model.

Recommended: 10 Ways To Save Money Fast

4. Researching Risks and Costs

No matter which high-mileage car you are considering, there will be inherent risks as far as reliability goes. It’s wise to familiarize yourself with the potential problems associated with a higher-mileage car. This may provide you with a better understanding of what could go wrong.

Knowing the common issues that high-mileage cars encounter can help you calculate how much to save for car maintenance.

5. Researching Car Insurance

Before you drive home in your used car, it’s a good idea to have car insurance figured out. In fact, every state but Virginia and New Hampshire legally requires you to carry car insurance if you own a vehicle.

Check out minimum car insurance requirements for your state as you research. Often, the minimum level of coverage is an adequate amount for a high-mileage vehicle.

That said, determining the right amount of car insurance coverage is entirely up to your discretion. Think about what will make you feel safe and well protected.

6. Not Being Impatient

Patience is important when shopping for a used car (as it is for many big purchases). This is especially true if there is a specific model you have in mind. It might be tempting to buy the first high-mileage car that meets your basic criteria, but it is a good idea to take your time, view multiple options, and compare them before making a decision.

If your current vehicle is nearing the end of its life, you might want to start car shopping before it is totally out of commission. That way, you are less likely to be rushed into a decision.

Recommended: Leasing vs. Buying a Car

7. Test-Driving the Car

Test-driving a car is a good idea whether you’re buying new or used. When buying new, it allows you to determine if the vehicle is right for you. Are the seats comfy? Are the controls intuitive? Can you work around its blind spots?

Checking these things for a high-mileage car is also important. On top of that, a test drive in a used car allows you to monitor for potential problems. You can visually inspect the car, but you can also feel how it drives, listen for weird sounds, and even smell for things like water damage.

8. Getting a Vehicle Inspection

Though paying a mechanic to inspect a car you don’t own might sound like a waste of money, it can be a good idea when considering a used vehicle. Private sellers and dealerships might not disclose (or even know about) every small issue. An independent mechanic inspecting a high-mileage car, however, will be able to point out potential problems and estimate your costs for repairing them.

If a dealer or private seller is unwilling to let you take the vehicle to a mechanic during your test drive, consider insisting upon this — and even offer to follow the private seller to your mechanic. If the seller is still unwilling, it is probably wise to pass on the vehicle. There might be major issues lurking under the hood.

If your mechanic uncovers problems and they are expensive to fix, you may also want to skip the purchase and continue your search.

💡 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!

9. Getting a Vehicle History Report

Whenever you are purchasing a used car, whether it’s high- or low-mileage, it is a good idea to get a vehicle history report. Some dealerships and private sellers may have already ordered a vehicle history report for you to review. Even if they haven’t, consider proceeding. The cost is often negligible, typically between $25 and $40.

Why get a vehicle history report? These reports contain information about the number of previous owners, any major accidents, mileage accuracy, potential flood damage, and more helpful info for determining if the vehicle is worth the cost and what issues it may have faced in the past.

10. Paying Cash If You Can

When buying high-mileage cars, you may be able to use cash to negotiate a better car deal. Paying with cash also means you can set aside any money you would have used for a monthly car payment to use for car repairs, as needed.

Cash is also a good way to keep within your means — and the original budget you set for yourself.

11. Having an Emergency Fund for Your Car

A high-mileage car is more likely to encounter regular problems requiring potentially costly repairs. It can therefore be a good idea to have an emergency savings fund held as a savings account, ideally earmarked to include any car-related issues. Repair costs can rise significantly at the 100,000-mile mark.

The Takeaway

Buying a high-mileage car can feel like a risk, since more mileage means more wear and tear. But today’s cars typically perform well, even when the odometer reading goes well past 100,000 miles. And there is usually significant savings to be had, since mileage is a key factor in pricing. A lower price tag may mean you can pay cash and avoid the cost of financing for added savings.
Saving up to buy a used car with cash and setting aside money for care and any potential repairs means you’ll need a high-yield bank account with good savings features.

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

What is the most reliable high-mileage car?

In general, Honda and Toyota manufacture some of the most reliable high-mileage cars. Other automakers that rate well on reliability include Lexus, Mini, Acura, Subaru, and Mazda. Cars models that often get ranked as longest-lasting by credible automotive sites include: Honda Civic, Lexus LS 400, and Toyota 4Runner.

What is the highest mileage you should buy for a used car?

While mileage limits can vary depending on the vehicle’s maintenance records and the brand, it can be wise to make 200,000 miles your max limit when shopping for a high-mileage car.

Is mileage more important than age?

It is important to consider both mileage and age when shopping for a used vehicle. In general, the more miles a car has, the more likely it is to need repairs. However, a newer car with the same high mileage as an older car is more likely to have newer safety systems and better fuel economy.


Photo credit: iStock/HABesen

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.
*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 Checking & Savings 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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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15 Seasonal Jobs for College Students in 2025

College students are uniquely positioned to take advantage of seasonal jobs since they tend to have summers off from school and long holiday breaks. This gives them the opportunity to earn extra money for college and get some hands-on work experience to put on their resume.

Whether you’re looking for a job that lets you earn as much money as possible to help pay your college expenses, or a position that’s in the same field as your studies, there are a variety of seasonal jobs for college students that may be right for you.

Read on to learn more about the best seasonal jobs for college students.

Key Points

•   Seasonal jobs offer college students income and work experience, and can help them pay expenses and build a resume.

•   Job opportunities include virtual assistant, social media marketer, tutor, lifeguard, and landscaper, with varying pay rates.

•  Winter jobs like professional driver, warehouse worker, and snow remover provide income during cold weather months.

•   Jobs such as pet sitter, babysitter, and summer school teacher are ideal for college students during the summer.

•   Holiday jobs in retail and gift wrapping offer flexible work opportunities during the school break.

Why Is It Important for College Students to Find a Seasonal Job?

Landing a seasonal job as a college student is crucial for a number of reasons. First, it can give you income to pay your bills, including college expenses. You might even want to start paying the interest that accrues on some of your student loans while you’re in school, including your private student loans.

Along with paying for a college degree, other reasons for college students to get a seasonal job include gaining work experience, developing skills to put on your resume, and getting the chance to network and meet working professionals who may be helpful to you when you’re looking for a full-time job after graduation. A seasonal job can also teach you things like time management, effective communication, and how to collaborate with others.

Along with paying for a college degree, other reasons for college students to get a seasonal job include gaining work experience, developing skills to put on your resume, and getting the chance to network and meet working professionals who may be helpful to you when you’re looking for a full-time job after graduation. A seasonal job can also teach you things like time management, effective communication, and how to collaborate with others.

What Are the Best Seasonal Jobs for College Students?

Here are some of the best seasonal jobs for college students based on such factors as wages, job availability, and the skills required.

Virtual Assistant

Virtual assistants are remote administrative contractors who assist businesses with a wide range of duties, including administrative support, customer service, social media management, email marketing, bookkeeping, data entry, research, transcription, and content or website management. Because these jobs are virtual, college students can do them no matter where they live.

Average pay: $7.21 to $62.74 an hour

Social Media Marketer

In this position, college students are employed by a company to use social media platforms such as Facebook, Instagram, and TikTok to promote the company. They might work on projects to reach new customers, engage with current customers, and announce new services and products. Their day-to-day tasks could range from writing posts, optimizing performance, and responding to comments and messages, to helping to plan the company’s social media marketing strategy.

Average pay: Approximately $26.18 per hour

Tutor

Working as a tutor can be a natural fit for those in college. You can connect with other students and help them learn by explaining information in a way that’s relatable to them.

You can find work as a tutor by advertising your services at your college, getting a job at a local learning center, or signing up with campus tutoring services. You could also join an online tutoring platform like Tutor.com.

Average pay: $7.25 to $43.40 per hour

Recommended: Student Debt by Major

Winter Seasonal Jobs for College Students

Wintertime offers some special seasonal jobs for college students to do part-time and help pay for college. These are some options to consider.

Professional Driver

Becoming a professional driver, such as a delivery truck driver, can be a lucrative job for a college student. To become a professional driver who drives a delivery truck, however, you will first likely need to obtain a commercial driver’s license. In the training you’ll learn technical driving skills, safety procedures, and federal and state regulations, and get track-driving practice.

You can also be considered a professional driver if you drive to earn money for a ride share company or do food delivery. These jobs usually don’t require a commercial license.

Average pay: $26.12 per hour for a professional driver with a commercial license; $14.42 to $20.19 for rideshare drivers

Warehouse Worker

Warehouse workers pack and ship orders, and manage, organize, and retrieve warehouse materials. They might also transport merchandise from distribution centers, and identify missing, damaged, or lost merchandise. Some warehouse workers may need a forklift license and the ability to lift heavy objects.

Average pay: $17.81 per hour

Snow Remover

If you’re willing to shovel snow or you have a vehicle such as a pickup truck or an SUV that you can use for snow plowing, you may want to consider a snow removal job. You can put up posters advertising your services in town, or you can approach local companies to see if they need snow plowing help. You might also be able to get a job working for a local snow plowing business.

Average pay: $50 to $204 per snowfall

Resort Jobs

In the winter, there are often jobs available at ski resorts, spas, and lodges. You might find employment as a room attendant, front desk clerk, food server, bellhop, and more. Check with resorts in your area to see what’s available

Average pay: Earnings vary depending on the job; room attendants earn $18.25 per hour.

Food Service Worker

Colleges frequently need food service workers for cafeterias, cafes, and coffee shops on campus. Some of these positions may be work-study jobs, which are a type of federal financial aid. To qualify, you must submit the Free Application for Federal Student Aid (FAFSA) and receive work-study money as part of your financial aid award.

Aside from work-study food service jobs, you can look for positions in the food industry at local restaurants and brew pubs. These jobs may be fairly plentiful in college towns, which often have a number of different dining establishments.

Average pay: $17.52 per hour

Seasonal Summer Jobs for College Students

Whether you stay at college in the summer or go back home you will likely have about three months to devote to a summer job.

Pet Sitter

If you love animals, this could be the perfect summer gig for you. Since summertime is the prime vacation season, you may be able to find many pet-sitting opportunities.

As a pet sitter, you’ll typically go to people’s homes to care for their pets for a set amount of time each day, or even overnight. Tasks include feeding pets, walking dogs, cleaning litter boxes, administering medications, and playing with the pet.

You can alert prospective clients to your services via social media, including Facebook, TikTok, and Instagram. You can also ask around in your neighborhood to see who might need a pet sitter.

Average pay: About $25 for a 30-minute visit, $20 to $30 a day, $45 to $75 per overnight, or $250 to $375 per week

Babysitter

Many parents need help in the summer when their kids are home from school. As a babysitter, you may spend time playing with children, doing crafts with them, feeding them, and taking them to activities like sports practice, doctors’ appointments, and summer camp sessions.

Average pay: Approximately $23.61 per hour for one child

Summer School Teacher

If you are an aspiring teacher who has completed their bachelor’s degree, you could become a summer school teacher in a school district. For such a position, you’ll need your degree plus certification or licensure in your state.

For a somewhat similar but less formal summer school job, you could consider tutoring, working at a summer camp, or getting a position as an assistant in a kids’ arts or music program.

Average pay: $15 to $49 an hour for summer school teachers

Lifeguard

Lifeguarding is a popular job for college students since you get to spend your days at a pool or beach. You must pass a swimming test and undergo a lifeguard training and certification program that usually includes First Aid and CPR/AED training.

Average pay: $13 to $15 per hour

Landscaper

As a landscaper, you’ll do such tasks as plant flowers, mow lawns, prune trees, aerate soil, and fertilize plants and lawns. If you like to be outdoors, you’re able to do heavy lifting and digging, and don’t mind getting dirty, this could be a rewarding summer job for you.

Average pay: $15.94 per hour

Seasonal Holiday Jobs for College Students

On your year-end break from school, you can earn some extra money by getting a seasonal job for college students. Many businesses need additional help during the holidays, and some big companies hire tens of thousands of seasonal employees.

Retail Employee

Retailers often offer some of the best seasonal holiday jobs for college students. Retailers like Dick’s Sporting Goods, Target, Walmart, Macy’s, Bath & Body Works, Kohl’s, and J.C. Penney employ many seasonal workers for the season. Companies like Amazon also offer seasonal jobs, so consider looking there as well.

Average pay: $15 to $24 per hour, though it varies depending on the retailer

Gift Wrapper

If you enjoy wrapping presents for family and friends, why not do it professionally? Many retail stores offer gift wrapping services to their clients, and they’re typically looking for seasonal employees to fill this role. The job typically involves paying attention to detail while working quickly to meet customer demand during the holiday rush.

Average pay: $9 to $17 per hour

Recommended: Student Loan Forgiveness Guide

Other Ways to Pay for College Tuition

In addition to getting a seasonal job, there are a number of other options you can use to help pay for college. The more money you can put toward your college expenses now, the easier getting out of student loan debt later on may be.

First, be sure to fill out the FAFSA for any federal financial aid you might qualify for, including scholarships, grants, and federal student loans. These loans come with specific federal student loan interest rates that can vary from year to year.

You can also look for private scholarships and grants. This type of gift aid may be offered by your state, various organizations, and some businesses. SoFi’s scholarship search tool can help you find different gift aid opportunities.

Another alternative is to take out private student loans. These loans are offered by banks, credit unions, and private lenders. Private student loans have fixed or variable rates, and the rate you may qualify for depends on your credit history, among other factors. You can opt to refinance student loans in the future to get a lower rate or better terms if you’re eligible.

A student loan payment calculator can help you determine what your loan payments might be.

Student Loan Options From SoFi

Getting a seasonal job for college students is one way to help pay for college. Federal financial aid, such as federal student loans, scholarships and grants can also help you cover your school costs. And private student loans can supplement your federal financial aid and help fill in the gaps.

SoFi has private student loan options you can explore, as well as student loan refinancing. With refinancing, you replace your existing loans with a new private student loan, ideally one with a lower rate and more favorable terms. Just be aware that if you refinance federal student loans, you won’t be able to access federal benefits such as income-driven repayment plans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

photo credit: iStock/jacoblund

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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., 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 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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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.



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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Budgeting for New Nurses

Budgeting as a New Nurse

When Jennifer S. clocked in on her first day of work as a nurse at a major hospital, she remembers thinking, “I’ve got this.” And she did. Nursing school had prepared her well for working in the emergency room.

She felt less confident about navigating her finances, however. Jennifer had to balance her living expenses and long-term goals with $40,000 in student loans while earning $25 an hour.

She cooked meals at home and kept her expenses low. Jennifer also created a monthly nursing budget to help organize her finances. “I saw that I should start saving a little more during the second half of the month, when I usually had leftover money, in case I needed it for the next month’s bills,” she says.

In addition, Jennifer discovered ways she could make extra money. Consider this nursing budget example: She switched to overnight shifts making an additional $7,000 a year. When a hurricane hit her state, she worked around the clock at the hospital for a week — and earned roughly $6,000, which she put toward a down payment on a home. And she routinely picked up per diem and travel assignments.

Key Points

•   Nurses encounter financial challenges, such as repaying student loans, which require a well-structured budget to manage effectively.

•   Budgeting techniques like the 50/30/20 rule can help nurses manage their money, control spending, and save for financial goals.

•   Regularly reviewing and adjusting the budget is essential as financial circumstances evolve over time.

•   Saving strategies for nurses involve allocating 20% of income toward retirement and establishing an emergency fund for unforeseen expenses.

•   Student loan management can be aided by options like refinancing and forgiveness programs for nurses, helping to alleviate debt.

Why You Need a Nursing Budget

It’s an interesting time to be a nurse. On one hand, staffing shortages and burnout worsened during the pandemic, and the nursing shortage is expected to continue to grow until 2035. The rising cost of higher education, including how to pay for nursing school, has resulted in a growing number of students graduating with debt.

According to the latest figures from the American Association of Colleges of Nursing (AACN), roughly 70% of nurses take out nursing student loans to pay for school, and the median student loan debt is between $40,000 and $55,000.

On the plus side, nurses have some leverage. The profession is in such high demand right now that some hospitals are offering incentives like sign-on bonuses, shorter hours, and student loan repayment help.

And in general, nurses can earn a good salary. According to the latest data from the U.S. Bureau of Labor Statistics, the median income for a registered nurse in 2023 was $86,070. The median income for a licensed practical nurse or licensed vocational nurse was $59,730. The median income for a nurse anesthetist, nurse midwife, or nurse practitioner — fields that typically require a master’s degree — was $129,480 per year. Nurses who are willing and able to take on additional shifts, work overnight, or accept lucrative travel assignments stand to make even more.

If you’re a new nurse who is figuring out your finances, a nursing budget is a good place to start.

How to Budget as a Nurse

With tens of thousands of dollars’ worth of student loans to repay, it’s helpful for nurses to create a budget to manage their money, cover their living expenses, pay down the debt they owe, and plan for their financial future. Here’s how to do it.

•   Set financial goals. Think about your short-term and long-term aspirations. These might be things like saving $2,000 in your bank account, paying off your student loans, or investing for retirement. Knowing what you’re working toward will help give you the motivation to get there.

•   Calculate your income. Look at your pay stubs to see how much you’re bringing home each month. That’s the amount you have to work with.

•   Determine your expenses. Pull out all your bills and add up how much you’re spending each month for rent, food, utilities, loan and credit card payments, and so on. Be sure to include “fun” expenses such as dining out, entertainment, and self-care costs.

•   Find a budgeting method that works for you. There are different types of techniques, such as the 50/30/20 rule that divides your budget into different categories: 50% for essential expenses like rent, utilities, food, car payments, and debt payments; 30% for discretionary expenditures such as eating out, travel, and shopping; and 20% for goals like saving for a home, your child’s education, and retirement. There’s also the envelope budgeting system, which has you put cash monthly into envelopes for each spending category like housing and food. Once the money in an envelope is gone, you’ll need to wait until the next month to spend in that category again or take money from another envelope. Explore the different methods and choose the one that works best for your lifestyle.

•   Review your nurse budget regularly and update it as needed. Make adjustments as your situation changes. For instance, maybe your car breaks down and you need extra money for emergency repairs. Or perhaps you get a raise that increases your income. Tweak your budget accordingly.

Common Financial Challenges for Nurses

As a nurse, you’ll face some unique money-related challenges. For example, you may have work expenses, such as purchasing a uniform, comfortable shoes, and certain tools to do your job. Many hospitals and clinics require you to buy your own stethoscope, for instance. And working long shifts or irregular hours may leave you with less time for cooking so that you end up spending more money on takeout.

In addition, as a nurse, you may decide to pursue an advanced degree like a master’s to move up the ladder and earn more money. That could mean taking out new student loans to cover the cost of your continuing education, in addition to the loans you already have.

These financial challenges are all things to factor into your nurse budget so that you have a plan for paying them off.

Watch Your Spending

Even when you’re on a budget, it can be easy to fall into the habit of overspending because there are different ways to supplement your income as a nurse. “When I was doing travel assignments, I just kept working,” Jennifer says. “At the time, I didn’t realize it would stop, so I didn’t think to save as much as I could have.”

In fact, lifestyle creep can be a common pitfall, especially when you start earning more money, says Brian Walsh, CFP, senior manager, financial planning for SoFi. Spending more on nonessentials as your income rises can potentially wreak havoc on your savings goals and financial health. That’s why budgeting for nurses is so important.

While you’re starting to establish your spending habits, Walsh recommends using cash or a debit card for purchases. Automate your finances whenever possible by doing things like pre-scheduling bill payments.

Develop Your Savings Strategy

A sound savings plan can help you make progress toward your short- and long-term goals and provide a sense of security. Walsh suggests nurses set aside 20% of their income for retirement and other savings, like building an emergency fund that can cover three to six months’ worth of your total living expenses. He recommends placing it in an easy-to-access vehicle, like money market funds, short-term bonds, CDs, or a high-yield savings account.

The remaining 80% of your income can go toward current living expenses, including monthly student loan payments.

Jennifer found success by adopting a set-it-and-forget-it approach to saving. “Whenever I worked a per diem shift, I got in the habit of putting $100 or $200 of every check into a savings account,” she says. Before long, she had a decent-sized nest egg and peace of mind.

Explore Different Investments

One simple way to build up savings is to contribute to your 401(k) or 403(b) retirement plan, if one is available to you, and tap into a matching funds program. There’s a limit to how much you can contribute annually to one of these plans. In 2024, the amount is $23,000; if you’re 50 or older, you can contribute up to an additional $7,500, for a total of $30,500. In 2025, you can contribute up to $23,500 to a 401(k), and if you’re 50 or older, you can contribute an extra $7,500, for a total contribution of $31,000.

If you don’t have access to an employer-sponsored retirement plan, there are other ways to save for the future. “Start by figuring out what your targeted savings goal is,” Walsh says. If you’re going to save a few thousand dollars, you can consider a traditional IRA or Roth IRA. Both can offer tax advantages.

Contributions made to a traditional IRA are tax-deductible, and no taxes are due until you withdraw the money. Contributions to a Roth IRA are made with after-tax dollars; your money grows tax-free and you don’t pay taxes when you withdraw the funds in retirement. However, there are limits on how much you can contribute each year and on your income. In 2024 and 2025, you can contribute up to $7,000 to an IRA annually with an additional $1,000 for individuals 50 and up.

Ideally, Walsh says, you’re saving more than a few thousand dollars for retirement. If that’s the case, then a Simplified Employee Pension IRA (SEP IRA) may be worth considering. “Depending on how your employment status is set up, a SEP IRA could be a very good vehicle because the total contributions can be just like they are with an employer-sponsored plan, but you control how much to contribute, up to a limit,” he says. What’s more, contributions are tax-deductible, and you won’t pay taxes on growth until you withdraw the money when you retire.

Another option is a health savings account (HSA), which may be available if you have a high deductible health plan. HSAs provide a triple tax benefit: Contributions reduce taxable income, earnings are tax-free, and money used for qualified medical expenses is also tax-free.

Depending on your financial goals, you may also want to consider after-tax brokerage accounts. They offer no tax benefits but give you the flexibility to withdraw money at any time without being taxed or penalized.

Take Control of Your Student Loans

You have different priorities competing for a piece of your paycheck, and nursing school loans are one of them. You may need to start repaying loans six months after graduation, and options vary based on the type of loan you have.

If you have federal loans and need extra help making payments, for example, you can look into a loan forgiveness program or an income-driven repayment (IDR) plan, which can lower monthly payments for eligible borrowers based on their income and household size.

If you’re struggling to make payments, you may qualify for a student loan deferment or forbearance. Both options temporarily suspend your payments, but interest will continue to accrue and add to your total balance.

You can also explore the option of student loan forgiveness. There are a number of student loan forgiveness programs for nurses, such as the NURSE Corps Loan Repayment Program. If you work for a government or nonprofit organization, you can look into the Public Service Loan Forgiveness Program to see if you qualify.

Chipping away at a student loan debt can feel overwhelming. And while there’s no one-size-fits-all solution, there are a couple of different debt pay-off approaches you may want to consider. With the avalanche approach, you prioritize debt repayment based on interest rate, from highest to lowest. With the snowball approach, you pay off the smallest balance first and then work your way up to the highest balance.

While both have their benefits, Walsh says he often sees greater success with the snowball approach. “Most people should start with paying off the smallest balance first because then they’ll see progress, and progress leads to persistence,” he explains. But, he adds, the right approach is the one you can stick with.

Consider Whether Student Loan Refinancing Is Right For You

When you choose refinancing, including medical professional refinancing, a private lender pays off your existing loans and issues you a new loan. This combines all of your loans into a single monthly bill, potentially reduces your monthly payments, and may give you a chance to lock in a lower interest rate than you’re currently paying. A quarter of a percentage point difference in an interest rate could translate into meaningful savings if you have a big loan balance, Walsh points out.

A student loan refinancing calculator can help you determine how much refinancing might save you.

Still, refinancing your student loans may not be right for everyone. By choosing to refinance federal student loans, you could lose access to benefits and protections, like the current pause on payment and interest or federal loan forgiveness plans. Be sure to weigh all the options and decide what makes sense for you.

Recommended: Student Loan Refinancing Guide

The Takeaway

Nursing can be a rewarding career, with flexibility and opportunities to add to your income. However, as a new nurse, you are likely trying to stretch your paycheck to cover student loan debt and everyday expenses. Fortunately, by using a few smart strategies, such as budgeting and saving, and exploring options like refinancing, you can start to pay down your loans—and reach your financial goals.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.


Photo credit: iStock/FatCamera

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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How Long Does a Debit Card Refund Take?

While it only takes a moment to swipe or tap a debit card when making a purchase, debit card refunds are not as fast: They typically take between one and 10 business days or even longer.

Debit card refunds can be a common occurrence: Perhaps you used your card to buy laundry detergent but you bought the wrong variety. Or maybe you purchased an item online that arrived damaged.

There are a number of different factors that impact how debit card refunds work. Understanding the debit card refund process can help you know what to expect, and most importantly, when to expect the money to go back into your bank account.

Key Points

•  A refund on a debit card typically takes one to 10 business days, influenced by merchant and bank processing times.

•  Accurate information expedites refunds; incorrect details can cause delays or processing issues.

•  Delays can occur due to merchant processing, incorrect information, and technical difficulties.

•  Contact the merchant first if a refund is delayed, then check with your bank.

•  International debit card refunds can take longer due to multiple processing networks and potential fraud checks.

Understanding the Debit Card Refund Process

One important debit card fact is that refunds don’t usually go through instantly, despite how quick purchase transactions can be with these cards. If you expect the money to be credited to your account immediately (as it could be with a cash refund), you may be disappointed. And depending on how you are managing your cash flow, you could risk overdraft fees if you expect the funds to quickly land back in your bank account.

The most important thing to understand is that your financial institution (whether you do online banking or the traditional kind) cannot issue an immediate refund to your account. Instead, they must wait for the merchant to initiate the refund. Generally, once you request a refund, the merchant will approve it, and then they will alert their bank to issue a refund to your bank.

Each one of these steps can take a few business days, which is why the overall debit card refund process can take up to 10 business days or longer.

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Factors Affecting Refund Processing Time

There are several factors that can affect how long it takes for a refund on a debit card to arrive at your checking account.

•  Merchant delays: Depending on how you request your refund and which merchant is processing the refund, it may take a couple of business days for your refund to even be initiated. There may also be delays in the processing between the merchant’s bank and your bank.

•  Debit card processing: Your debit card processing network (such as Visa or Mastercard) will have its own schedule and system for refunds. This could potentially slow down your refund. There also could be a slowdown with the merchant’s network.

•  Incorrect information: One of the biggest factors that can delay your debit card refund is if you provide incorrect information to the merchant. Make sure that your refund request has your proper name and bank account details to facilitate a prompt refund.

•  Technical difficulties: There could be technical delays or difficulties. For instance, there might be an abnormally large number of refund requests at a given time. This can increase debit card refund processing time.

•  Payment authorization: It’s important to understand that when you make a purchase, it may take a few business days for the merchant to actually receive your money. If you make a refund request before the merchant has obtained your money, your refund will likely have to wait until after that initial charge has been posted.

•  Fraud checks: A refund request for an unusually large charge may be delayed while the bank checks to make sure that both the charge and the refund request are valid and not a kind of bank fraud. This process can also affect international debit card refund requests, which may take a bit longer than domestic refunds.

Understanding these forces can help explain how long a debit card refund takes to be completed.

Recommended: APY (Annual Percentage Yield) Calculator

Tips to Expedite Your Debit Card Refund

Here are a few ways you may be able to speed up a debit card refund:

•  Be accurate. One of the most important things that you can do to expedite your debit card refund is to provide accurate information to the merchant when you request the refund. This may include your name, address, contact information as well as your bank account routing and account information. If you provide incorrect information, that can delay your refund or even cause the merchant to not be able to process your refund.

•  Follow up. If several business days have passed and you have not received an expected refund, a good next step can be to check in with the merchant again and request information on where the transaction stands. You may be able to track the status of your refund request online, or you may have to call the merchant directly.

•  Check with your bank. If the merchant says that your refund has been processed but you still haven’t seen it post to your account, contact your financial institution to see if they can track the status of your refund. They may help move the transaction forward; they might contact the payment processor for details on the debit card refund’s status.

By following this sequence of steps, you may be able to speed up a debit card refund.

What to Do If Your Refund Is Delayed

As noted above, if your refund is delayed, the first step is to reach out to the merchant. They may be able to verify your refund information and update your refund status. You can also reach out to your bank to see if they can track your debit card refund.

It’s also good to understand that international debit card refunds can take longer still than domestic, due to cross-border processing times.

Though delays in debit card refunds can undoubtedly be frustrating, know that sometimes security measures are the root of the slowdown. The silver lining is that your personal finances are being protected as your refund makes its way back to you.

Recommended: 7 Tips to Managing Your Money Better

The Takeaway

The time frame for how long a debit card refund takes is usually anywhere from one to 10 business days, depending on a number of factors. These include the amount of time it takes for the merchant to process the refund and for both your bank and the merchant’s bank to move the money. There can also be delays due to technical issues and a high volume of transactions. If it’s been several business days and you haven’t seen an expected refund, first check with the merchant. If you don’t get a satisfactory response, check with your bank to see if they can track and expedite your debit card refund.

If you’re looking for a bank account with a debit card and loads of other great features, see what SoFi can offer.

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.


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FAQ

Do credit card refunds process faster than debit card refunds?

No, actually credit card refunds usually take longer to process than returns with cash or debit cards. They typically take between five and 14 business days, versus one to 10 for a debit card refund. However, purchases that you make with a credit card may afford you more protections (such as protection against unauthorized charges) than those made with debit cards.

Can I track my debit card refund status?

It can sometimes be difficult to accurately track the status of your debit card refund. You may be able to track your refund on the merchant’s website (if they provide that service). However, that may only show when the merchant authorized the return. Another option would be to look at your online banking account or talk to your bank’s customer service department. If your debit card refund is delayed, you might reach out to the merchant and then your bank for updates.

How do international refunds differ from domestic ones?

International debit card refunds work in a similar fashion to domestic debit card refunds and may take the same amount of time: up to 10 business days. However, they may take considerably longer; international banking transactions may have to route through multiple processing networks. Additionally, some banks may flag international debit card refunds as potentially fraudulent, leading to further delays as they ascertain if they are valid.


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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.
*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.


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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