How to Shop and Eat Organic Food on a Budget

Organic food tends to be more expensive than non-organic food. One reason is that organic food, which is grown without synthetic herbicides, pesticides, fertilizers, or bioengineered genes (GMOs), costs more to produce. Other factors include the cost of certifying that foods are organic as well as the lower yield of organic crops. There’s simply less of it available: According to the Organic Trade Association, certified organic products now make up 6% of total food sales in the country, and demand can drive up prices for limited supplies.

Despite the higher cost of an organic diet, eating organic on a budget is possible with a little extra effort spent on planning and shopping. Here’s a look at how to identify truly organic food, where to buy it, and how to make an organic food lifestyle doable on a budget.

Key Points

•   Organic food tends to be pricier than non-organic since it can require more expensive production and have lower yields.

•   Buying locally at farmers markets and community-supported agriculture (CSAs) can reduce costs by eliminating transportation expenses.

•   Shopping seasonally and planning meals in advance can reduce the cost of organic groceries.

•   Buying in bulk, using coupons, and shopping at discount stores, can help lower the cost of organic foods.

•   Growing your own organic produce is a cost-effective way to enjoy organic fruits and vegetables, especially for items that are expensive in stores.

Understanding Organic Labels and Certifications

Knowing what food is genuinely organic can be confusing because of the various labels and certifications used for food products. The United States Department of Agriculture allows food that meets certain organic standards to display the USDA organic seal. Farms that produce food under this seal are inspected regularly to make sure they adhere to organic standards. Here are the basic standards for various types of food:

•   Produce and grains: Produce and grains are produced using natural fertilizers, eco-friendly pest control, and protected soil and water.

•   Meat, dairy, and eggs: The animals used to produce these food items must be allowed to roam freely outdoors. Farmers must adhere to animal welfare standards, and no growth hormones or antibiotics can be used.

•  Packaged goods: Packaged goods cannot contain genetically-modified organisms (GMOs), they must be traceable from farm to store, and they cannot include artificial colors, flavors, or preservatives.

Organic food producers who sell less than $5,000 a year in organic food do not have to be certified. They can label their food as “organic;” however, they cannot use the official USDA organic seal.

Some foods may use the term “natural,” but this is not the same as organic. According to the Food & Drug Administration (FDA), the term “natural” means that nothing artificial or synthetic (including all colors) has been included in or added to the food.

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Smart Shopping Strategies for Organic Foods

Organic food is more expensive than traditional food for many reasons, as noted above. According to the U.S. Food and Agriculture Organization (FAO), one reason is that there is a limited supply of organic food, which pushes up the price. Another reason is that farmers have additional production costs (particularly labor) and don’t benefit from economies of scale in many cases.

But if you’re trying to track your spending and economize, here are some ways to enjoy organic food without blowing your budget.

Eat Less Meat

In one recent year studied, the price of organic beef averaged $9.26 per pound, which was a premium of $3.66 per pound or 67% versus conventional meat, according to Iowa State University quoting the USDA Agricultural Marketing Service. Meat is expensive to start with, but with those premiums added on, organic meat can be a luxury. There are other good options, however, for protein in your diet.

Why not eat more beans and rice? Beans and rice when eaten together provide complete protein, and even their organic versions can be a lot cheaper than animal-derived proteins. That in turn can help pad your savings account since your food bill can decrease. What’s more, beans can be considered one of the healthiest foods you can eat, according to the Mayo Clinic.

Shop at Discount Stores

You don’t have to go to a high-end organic grocery store to get organic food. Aldi, Lidi, Trader Joes, and other less expensive stores carry organic products. The same holds true for many wholesale club stores, like Costco. You may find shopping online for organic foods can save you money as well.

One more tip: Consider buying generic store brands of organic foods, whether that’s peanut butter or coffee beans, because these tend to be cheaper than the bigger, well-known brands.

Request Coupons

Companies know that garnering customer support and their goodwill will boost their reputation, and many distribute coupons to encourage that support. Start couponing by searching online to see what’s available; some organic companies will offer them in return for an online review.

Buy In Bulk and Shop According to the Seasons

Buying food that is in season is usually a smart move. What you’ll purchase will likely be at its peak nutritionally, and the prices are reasonable because the supply is more plentiful. If you buy in bulk, you may be able to store food and use it later. Blueberries, for example, can be bought in bulk when in season and divided into single servings and frozen. You could buy squash when it is in season and make soups and stews that can be frozen and later thawed for a quick oven-ready meal. Or stock up on apples in the fall and then store them properly (known as overwintering them) so they last through the winter and into the spring.

Buy Frozen Organic Food

Frozen organic food, like its non-organic counterpart, is usually cheaper than its fresh counterpart. (Fresh food can be pricier since it needs to be transported and delivered quickly before it spoils.) An additional advantage is that frozen organic food lasts longer than fresh organic food, which means less waste. Nutritionally, frozen fruits and vegetables are usually just as nutritious as fresh fruits and vegetables, according to research published in The Journal of Agricultural and Food Chemistry.

Buy Local at Farmers Markets and CSAs

When eating organic while watching how much you spend on groceries, shop from a local producer or farmers market. The food may be cheaper because the transportation costs are virtually eliminated for the producer.

Programs such as community supported agriculture (CSAs) support local food growers. How it works: Consumers buy a share or membership in a local farm, usually at the beginning of the growing season. They then receive a weekly share of the farm’s produce during the harvest season. The food is seasonal, locally grown, and often delivered to the shareholder’s doorstep.

Recommended: 39 Passive Income Ideas

Meal Planning and Prep for Budget-Friendly Organic Eating

Meal planning can help you to eat organic food while on a budget (so can using an online grocery budget calculator). Planning ahead can help you choose lower-cost items that you can stretch across different meals, and you’ll be more likely to buy just what you need.

It might take 30 minutes to sit down each weekend and map out your meals for the week. Write down what you’ll have for breakfast, lunch, and dinner, pay attention to how you can use affordable organic foods in those dishes, and from that, write out your shopping list.

Try to use seasonal ingredients since they are usually economical. For example, when tomatoes are in season in the summer, you can plan meals like pasta with fresh tomatoes or make large quantities of tomato sauce and store it for later use. This can be a great way to save on groceries.

By planning meals and buying seasonal produce, you might find that you are eating healthier and saving more money in your bank account.

Growing Your Own Organic Produce

Growing your own produce is a great example of how to eat organic and healthy on a budget. You don’t need a 50-acre farm; even a small plot can provide more than you need. Some points to keep in mind:

•   Growing produce (organic or not) requires work: You have to buy tools, prepare the soil, buy and plant seeds, weed, and water. You’ll also need to educate yourself about the principles of organic gardening. You may also have disappointments when your fruit and vegetables don’t grow as you would like or get gobbled up by birds and other critters. However, if you enjoy gardening, this can be a great way to pursue a relatively inexpensive hobby, get some exercise, and grow your own organic food.

•   It can be smart to grow the foods that are most expensive in the stores. Herbs like basil, parsley, oregano, sage, etc. are a good choice. They are also fantastic ingredients for tasty meals. Fruits and vegetables that can be cheaper to grow yourself are cucumbers, lettuce, peppers, tomatoes, yellow squash, and zucchini.

   Foods that are notoriously difficult to grow are artichokes, carrots, onions, and sweet potatoes. These foods often require a particular climate, amount of light, or type of soil.

There’s nothing tastier than fresh produce from your own garden, and, with a bit of effort, it can be part of your plan to eat organic on a budget.

Recommended: Guide to Depositing a Check

The Takeaway

Many people opt for organic food for health and environmental reasons, but it can be pricey. The key to eating organic food on a budget lies in planning and preparation. Smart strategies include buying seasonal produce and building meals around those foods. Researching which stores offer cheaper organic foods, buying in bulk, and seeking out coupons can also bring down the cost.
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FAQ

Are organic foods always more expensive than conventional options?

Organic food is usually more expensive than conventional food because organic farming practices typically involve higher costs and must meet strict regulations. Locally grown organic food might be cheaper because the producer will not have to pay for transportation.

How can I save money on organic meat and dairy?

If meat and dairy are among your staples, you can usually save money by buying organic options locally and in bulk. With meat, you can then portion it out and freeze it for future use. Also watch for sales, and ask for coupons from organic food producers.

What are some affordable organic staples to keep in my pantry?

Shopping organic on a budget is easier and cheaper if you buy food in bulk that can be stored. Examples of organic staples to keep on hand when eating organic on a budget can include dried and canned beans, brown and white rice, whole grain pasta, oats, lentils, quinoa, dried herbs, peanut butter, olive oil, dried fruit, and canned tomatoes. These foods are the basis for healthy meals and are less perishable items, like produce.

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SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 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 Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 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 Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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.

*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.

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Paying Bills with a Prepaid Card

Some people choose to pay their bills with a prepaid card, such as a gift card or a reloadable prepaid debit card. This can help with budgeting, since you can set a specific amount of money that goes on your prepaid card. In addition, you don’t have to worry about overdrawing your bank account and can avoid racking up high-interest credit card debt. However, these cards can come with fees and other downsides.

Here, learn how this financial product works so you can decide if paying bills with a prepaid card is right for you.

Key Points

•   Prepaid cards function like debit cards but use funds loaded onto the card vs. drawing on a checking account.

•   Non-reloadable prepaid gift cards and reloadable prepaid debit cards are available.

•   Prepaid cards aid in budgeting by allowing spending limits and help avoid overdraft fees.

•   Fees such as activation, inactivity, and monthly maintenance charges may apply to prepaid cards.

•   Prepaid cards are generally accepted where the card network is accepted, but some merchants may not accept them.

Understanding Prepaid Cards

There are a few different types of prepaid cards, and while they share some similarities, it’s important to understand how they differ.

What Are Prepaid Cards?

Prepaid cards are similar to debit cards, but rather than drawing on your checking account, they pull from funds loaded onto the card. These cards are typically issued by a major processing network without a credit check.

The fact that these cards often use Visa, Mastercard, or American Express processing networks and have the company’s logo on them is why you may sometimes hear them referred to as “prepaid credit cards,” but they don’t offer a line of credit or potentially accrue interest as standard credit cards do. Rather, using a prepaid card usually means that you can use your card anywhere that the processing network on your card is accepted, up to the balance available on the card.

How Prepaid Cards Work

There are a few different kinds of prepaid cards, and they work in slightly different ways.

•   Prepaid gift card: You can buy these prepaid gift cards online and in person at many major retailers. Prepaid gift cards come in different amounts, and usually have a small activation fee that you’ll have to pay in addition to the face value of the gift card. Once you purchase and activate your prepaid gift card, you can use it anywhere that the processing network (Visa, Mastercard, etc.) is accepted. Once you have used up the value of the gift card, it is considered empty and you can’t add funds to it.

•   Prepaid reloadable card: With a prepaid reloadable card (sometimes referred to as a reloadable or prepaid debit card), you can add money to your card at any time, either through a cash deposit, direct deposit of a paycheck or government check, a tax refund, or other ways. You may also be able to reload it by transferring funds from an online bank account or by adding cash at some banks, ATMs, or retail locations. Many prepaid reloadable cards also allow you to pay bills online in addition to using your prepaid card online or at a retailer.

Recommended: High-Yield Savings Account Calculator

Benefits of Paying Bills With a Prepaid Card

There are pros and cons of prepaid debit cards. Here’s a look at some of the benefits of paying bills with a prepaid card.

Budgeting and Spending Control

One of the best reasons to use a prepaid card to pay your bills is the ability to set limits which can help as you work to make a budget and stick to it. You control the amount of money that is on a prepaid card, which means that you can control how much you spend. Prepaid cards could also be part of a plan to avoid high-interest credit card debt because you are only spending the cash amount on the card vs. drawing against a line of credit.

Tip: One way to budget by using prepaid cards is to have several different prepaid cards, one for each category in your budget. That way you can more easily limit how much you spend in any one category.

No Credit Check or Approval Required

Unlike a traditional credit card, there is no credit check or approval required to buy a prepaid debit card. You simply buy the card, pay any activation fee that is required, and the card is available for use. That can make paying bills with a prepaid card an attractive option for people with no credit or those with poor credit.

It’s worth noting that activity on these prepaid debit cards isn’t reported to the credit bureaus, and you therefore cannot build credit with prepaid debit cards. However, they could help you avoid negative situations, such as increasing your credit utilization ratio, which might harm your score. (Secured credit cards, however, which require a down payment as collateral to borrow against, may help build credit.)

Avoiding Overdraft Fees

Another benefit of paying bills with a prepaid card is that you can avoid overdraft fees. Unlike a debit or credit card, with a prepaid card, the amount of money on your card is fixed. And if you try to make a purchase for an amount that is higher than is on your card, your purchase will likely not be approved.

While that can be frustrating, it does mean that you can avoid overdraft fees which can occur if, say, you have set up utility bill autopayments but don’t have enough cash to cover the amount one month. These fees can be as high as $35 or $40 a pop, so it can make good financial sense to dodge them.

Potential Drawbacks of Using Prepaid Cards

While there are benefits to paying your bills with prepaid cards, there are also some possible drawbacks as well.

Fees and Charges

While you can avoid overdraft fees by using prepaid cards, there are some fees and charges that you might incur. Many prepaid cards charge an activation fee that you pay when you purchase a card. These are often between $1 and $10. Also, some cards also charge an inactivity fee, if you don’t use the card in a certain time period, and/or a monthly maintenance fee. Make sure you understand any fees and charges on your prepaid card before buying and using one.

Limited Protections and Fraud Liability

Another potential downside of using a prepaid card as compared to a credit card is that credit cards typically have better purchase and fraud protection. When you use a prepaid card, you may be giving up some of those protections.

It’s worth knowing that many prepaid debit cards, however, now offer protections similar to those of standard debit cards linked to a checking account. Check the card’s terms to see what coverage you may have. You may need to register the card to access these benefits.

You also need to be aware that there is not always a way to register a prepaid gift card or create an account. So if you lose your prepaid gift card, there may not be a way to get that money back. Guard your prepaid cards like you would cash.

Acceptance Issues

Most gift cards or prepaid debit cards are issued by a major processing network such as Mastercard or Visa. That means that those cards are usually accepted anywhere that network is accepted. However, you may find some situations where a store or online retailer may not accept a prepaid gift card as valid payment for some types of purchases. (For instance, if a merchant has had issues with declined transactions using this type of card, they may not accept them.) Consider checking with your retailer to see if your card will be accepted before planning on making a major or time-sensitive purchase with a prepaid card.

Recommended: Passive Income Ideas to Help You Make Money

Setting Up Bill Payments With a Prepaid Card

You can use some prepaid debit or prepaid credit cards to set up your bill payments. For example, your prepaid card typically will come with a 16-digit card number, similar to a debit or credit card. Simply use that number when you are setting up your bill payments. You’ll just want to make sure that you have enough money on your card to pay your bill. This is especially true if you are using a reloadable card for recurring payments.

Managing Your Finances With a Prepaid Card

It is possible to pay your bills and manage your finances using prepaid cards. This can be a good option for someone who doesn’t have a checking account or doesn’t want or can’t use credit cards. If you do decide to manage all (or most) of your finances using prepaid cards, you’ll likely want to get a reloadable prepaid card. That way you don’t have to continually buy new cards as your funds run out — instead, you can just add funds onto your existing reloadable card.

Recommended: How to Deposit a Check

The Takeaway

Prepaid cards are typically issued by one of the major card processing networks such as American Express, Mastercard, and Visa. You can either buy prepaid gift cards, which generally are loaded with a set amount and can’t be reloaded, or reloadable prepaid debit cards. Reloadable cards allow you to add additional funds to the card as needed. There are both advantages and disadvantages to using prepaid cards to pay bills, so make sure you understand both the pros and cons before deciding to pay bills with a prepaid card.

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

Can I pay any type of bill with a prepaid card?

Most prepaid cards are processed by a card network such as Visa or Mastercard. So you can typically use your prepaid card anywhere that network is accepted. However, some bills are not payable with this kind of card, so you may have to make other arrangements. Check with the intended payee to see what options may be available.

Are prepaid card transactions secure and safe?

Prepaid card transactions are generally processed by the card processing network that is indicated on the card itself (usually Visa, Mastercard, or American Express). As such, these transactions are as safe as any other transactions that are on the same network. Just keep in mind that these cards may not have much protection if they are lost or stolen, so guard them carefully.

What happens if I run out of funds on my prepaid card?

What happens if you run out of funds on your prepaid card depends on what type of prepaid card that you have. Many prepaid cards work more like gift cards in that they have a certain amount of money loaded onto them, and when that money runs out, the card has no value. However, some prepaid cards are reloadable, meaning that you can add additional funds onto the card and continue to use it.

Photo credit: iStock/ArtistGNDphotography


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 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 Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 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 Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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.

*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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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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How To Grow Your Savings Account

Saving might not seem as fun as spending, but it comes with a host of rewards. Growing your savings account can help reach your goals, cover unexpected expenses without relying on credit cards, and feel less stressed about your finances and your future. Plus, the more you save, the easier it is to grow your savings. This is thanks to compounding interest — when you earn interest on the money you’ve saved, plus the interest you’ve earned along the way.

If you’re sold on saving more, read on. What follows are six (relatively painless) ways to build your savings account and make your money work harder for you.

Key Points

•   Set clear savings goals with specific dollar amounts and time frames to effectively grow your savings account.

•   Automate savings contributions to ensure consistent growth without the temptation to spend.

•   Choose the right savings account type, considering interest rates, fees, and accessibility.

•   Cut expenses by rethinking housing, food, and subscriptions to free up more funds for savings.

•   Use budgeting techniques like the 50/30/20 rule to balance needs, wants, and savings effectively.

Setting Clear Savings Goals

The first step toward growing your savings account is to set clear goals. Simply saying “I need to save more” probably won’t do the trick. In fact, it might even be counterproductive because it feels overwhelming and amorphous. Instead, try to be specific about your financial goals. Some examples of goals that can help you stay focused include:

•   Paying down debt

•   Saving for the down payment on a house

•   Buying a new (or used) car

•   Funding your retirement

•   Getting together enough money for a wedding or vacation

•   Building an emergency fund

•   Saving for a child’s college education

Once you’ve honed in on a few specific goals, you can then put a dollar amount and a time frame on each. For instance, if you want to have $24,000 in your emergency fund two years from now, that would mean you need to funnel $1,000 a month into your bank account (though compounding interest can help you reach your goal sooner).

Recommended: How to Deposit a Check

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Creating a Realistic Budget for Saving

Next, you’ll want to build a basic budget that can help you grow your savings account and ultimately achieve your goals. While that might sound like a painful exercise, a budget is really nothing more than a plan for spending your money. It helps ensure that your spending aligns with your priorities and helps you do more with the money you have.

There are many different types of budgets — the best one is the one you’ll stick with. One popular approach is the 50/30/20 budget. This involves putting 50% of your take-home earnings toward needs, 30% towards wants, and 20% towards savings and debt payments beyond the minimum. If you live in an area with a high cost of living, you may need to juggle the percentages — and that’s okay. The idea is that you build savings into your monthly spending plan.

You can set up a budget using plain old pencil and paper or an Excel budget spreadsheet. Or, you might take advantage of one of the many budgeting apps available. These tools can do the math for you and share visual renderings of where your money (including your savings) stands. You might start with your financial institution and see what they offer to help you track and manage your income, spending, and saving. Or you could use a third-party app for this process.

Finding the right fit may take a bit of experimentation. Don’t be concerned if one method doesn’t work well for you and you need to pivot. You may also find that a budget that worked when you were a single recent grad doesn’t suit you when you’re a 30-year-old expecting your first child.

Automating Your Savings Contributions

It’s one thing to decide how much you want to save each month; it’s another to actually do it. Many of us are well-intentioned about socking away cash, but when real life intervenes — the temptation of a cheap flight to the Caribbean, a special gift for your parents’ big anniversary — it can be hard to actually build your funds.

That’s where automating savings comes in. By setting up recurring transfers from your checking account (perhaps right after payday) into your savings, you can make the process seamless. No need to remember to move the money. Plus, you won’t see the money sitting in your checking account, where it can entice you to go shopping.

Another idea: If you get paid by direct deposit, you may be able to set it up so that most of the money goes into your checking account and a certain percentage gets deposited right into your savings account, where you’ll be less tempted to touch it.

Choosing the Right Type of Savings Account

The type of savings account you choose can also play a role in growing your savings. Here are some factors to consider:

•   Accessibility: With a traditional savings account at a brick-and-mortar bank, you have the option of in-person services. If you never plan on visiting a branch, however, you might consider a savings account at an online bank.

•   Interest rate and fees: Interest allows your money to grow just by sitting in the bank. A high-yield or growth savings account typically offers a higher interest rate than a traditional savings account. Bank fees, on the other hand, can eat into your savings. It’s worth shopping around to compare annual percentage yield (APYs), as well as fee structures, to find the best deal.

•   Minimum requirements: A savings account may have a minimum opening deposit and a minimum required balance to avoid fees. Depending on your particular situation, this may or may not work well for you.

•   Transaction limits: At some institutions, the way a savings account works is that you are restricted to a certain number of transactions (such as six or nine) per month. If you exceed the stated limit, the bank may charge you a fee. If you exceed the limit multiple times, they may convert the account into checking or even close it.

High-Yield Savings Options

One of the benefits of savings accounts is that they typically pay more interest on your deposits than you can get in a checking account (which typically offer little to no interest). As noted above, some savings accounts pay a higher rate of interest than others. To maximize growth, you might consider the following options:

•   High-yield savings account: Typically offered by online banks, high-yield savings accounts can offer interest rates that are several times that of traditional banks.

•   Money market account: A money market account, or MMA, is a hybrid checking and savings account that can offer features of both, such as check-writing privileges and a debit card, as well as a competitive interest rate. They may, however, require a larger initial deposit and a higher ongoing balance.

•   Certificate of deposit: Certificate of deposits (CDs) typically require you to leave your funds untouched for a set period of time, or term, which could be a few months to several years. When you open the CD, you typically lock in a certain APY — it won’t go up or down during the term of the CD. If you withdraw the money early, however, you’ll usually pay a penalty which could undercut the interest you’ve earned.

Recommended: Savings Account Calculator

Strategies for Cutting Expenses to Save More

Another important way to build your savings account is to cut your expenses, freeing up additional funds to stash away toward your goals. Of course, the best way to do this will depend on your particular situation, but here are some ideas:

•   Cut back on food spending. According to the USDA, Americans spend around 11% of their disposable incomes on food. Some ways to trim back include: planning your meals to save on groceries and avoid impulse buys; shopping less expensively at warehouse stores (split the bounty with a friend if you have a small household); and curbing your takeout or fancy coffee habit.

•   Knock down credit card debt. Credit card debt is typically high-interest debt, and you can save a bundle by paying it down. You might investigate the avalanche and snowball pay-off methods for starters, or consider a personal loan to consolidate the debt at what is likely a more affordable interest rate.

•   Bundle your insurance. You could get a nice discount by having, say, your home/renters insurance and car insurance with the same provider. It can also be worth shopping around to see if you can get a better deal from a different insurer.

•   Reduce your subscriptions. Whether that means lowering the number of streaming platforms, “of the month” clubs, or other accounts/services that you don’t really use, slashing these costs can reap real rewards. Review your credit card bill carefully to see just what you’re paying for.

•   Find cheaper fun. No criticism if you splashed out on Taylor Swift tickets, but there are plenty of free concerts, gallery/museum nights, movie screenings, and readings in many communities. Plus hiking and biking can be a good alternative to big-ticket Pilates and yoga classes. This doesn’t have to be a forever move. Even making some swaps for three or six months can help pad your savings.

•   Make the most of windfalls. A work bonus, tax refund, or inheritance may make you think it’s time for a shopping spree or last-minute travel, but why not save some or all of it instead? One of the best things to do with a windfall can be to use it to pump up a savings account.

•   Rethink your housing. To supercharge your savings, you might reconsider your housing situation. If you live alone, you might get a roommate to dramatically reduce your costs. Or if you live in a pricey neighborhood, you might decide to move to one nearby where the costs are lower and you can save a bundle for a year or two. For instance, you might move 20 minutes further outside a city and reap major savings.

The Takeaway

Having a robust savings plan can help you reach your financial goals and reduce money stress. Moves like pinpointing your savings needs and goals, developing a budget, automating the process, boosting the interest you earn on your savings, and cutting your expenses can all contribute to growing your wealth.
If you’re looking for a bank account with a competitive interest rate, see what SoFi offers.

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

How much should I aim to save each month?

According to the popular 50/30/20 budget rule, you should aim to put 20% of your take-home pay towards savings and/or additional debt payments. If that figure seems too lofty, it is fine to save less. What tends to be most important is to save regularly, even if it’s only, say, $25 per paycheck or per month.

Are there apps that can help me save money?

Yes, there are a variety of apps that can help you save money. Whether offered by your financial institution or a third party, these tools can help you track, automate, and grow your savings. Some apps offer handy tools like “round-ups,” which rounds purchase prices up to the next dollar and puts the difference in savings. There are also coupon apps that help find discounts on purchases (or free shipping) to help you cut back on spending.

Should I prioritize saving or paying off debt?

It depends on your situation. If you’re carrying high-interest credit card debt, you’re generally better off paying down debt over saving, since the interest you can earn in the bank is likely lower than what you’re paying on your credit card debt. For other types of debts, however, the best approach is often a combination of the two — putting some money toward saving each month while also chipping away at your debt. If, however, you don’t have an emergency fund, financial experts typically recommend you prioritize saving for that over paying down debt.

Photo credit: iStock/Calvin Chan Wai Meng


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 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 Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 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 Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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.

*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.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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How To Make a DIY Budget Planner Book

Making a DIY budget planner book can require just a bit of time and be a motivating way to take control of your finances. With your own budget planner, you can track your spending, save for big expenses, and come up with a plan to pay off debt. Plus, you can exercise your creativity as you design a book that works for you.

Read on to learn DIY budget planner ideas that can empower you to reach your financial goals.

Key Points

•   A DIY budget planner book helps track income and expenses, offering a tangible alternative to digital tools and aiding in achieving financial goals like saving or debt repayment.

•   Various budgeting methods, such as the 50/30/20 rule and zero-based budgeting, can be incorporated to allocate income effectively.

•   Customization with binders, dividers, and templates allows for personalized sections for income, expenses, and goal tracking, enhancing organization.

•   Regular updates and setting SMART goals are crucial for effective budgeting and maintaining motivation.

•   Creative decoration with markers, stickers, and illustrations personalizes the planner, making it engaging and functional.

Why Make a Budget Planner Book?

A budget planner book is an effective tool for tracking your income and expenses.

•   It gives you a big-picture overview of your cash flow while also helping you track your daily spending. That means you’ll likely gain a better understanding of the money flowing into and out of your checking account.

•   With a budget planner book, you can monitor your progress toward both short- and long-term financial goals. For instance, you might use a budget planner to save for a vacation or pay off credit card debt.

•   You can tailor the pages, rows, and columns to suit your particular lifestyle and financial situation. For instance, if you have a full-time job and also a side hustle, you can manage those two income streams and related expenses in a way that works just for you.

•   You’ll have a tangible budget tracker in your hands, which you might prefer to a digital tool such as a budgeting app. Rather than staring at numbers on a screen, you can play around with colorful dividers, stickers, and other materials that suit your tastes.

In these ways, a DIY budget planner book can be a highly useful tool to organize and manage your financial life.

Recommended: 7 Tips for Managing Your Money Better

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Review the Essentials of Budgeting

Although budgeting may sound tedious, it can actually be the key to financial freedom. Your earnings and expenses will no longer be a mysterious matter of guesswork. Instead, you’ll have a clear understanding of where your money is going each and every month.

Here are a few tips on how to make a budget that will help you build your planner.

1. Write Down Your Income

Your first step is to determine your monthly income. If you receive regular biweekly paychecks, write down the amount you get and when payday is. Calculate your take-home pay for the month. Note any additional income sources, such as a side hustle, freelance work, or a passive income stream.

2. Track Your Expenses

Next, figure out where your money is going each month.

•   Start by listing out fixed expenses, such as rent or your mortgage payment, subscriptions, and car insurance.

•   Then, estimate your spending on variable expenses, such as groceries, utilities, and transportation. You may need to adjust these amounts occasionally — for instance, your heating bill will probably be a lot higher in the winter than in the summer.

•   As you’re listing out expenses, look for hidden recurring costs, such as a streaming subscription you’re no longer using or a gym membership that’s going to waste. Review your bank account and credit card statements for regular expenses you might have forgotten about.

Along the way, you might identify areas where you’re overspending and can cut back.

3. Make Note of Your Debts

Write down all your debts and monthly bills, such as credit card, student loan, mortgage, or personal loan payments. If you’re motivated to pay off debt faster, you could start sending extra payments to the loan with the highest interest rate.

4. Set Financial Goals

Once you’ve recorded all your income and expenses, take some time to set financial goals. Maybe you want to build an emergency fund, pay off credit card debt, or save for a down payment for a home. If, say, you want to have $10,000 in an emergency fund in two years, you can divide that amount to see that you need to stash $416.67 a month to hit that goal (not including any interest gains). You could then figure out how to finance that: Could you have a staycation vs. a vacation this year? Or give up your gym membership for a while to help pump up that emergency fund?

You can list your goals within your DIY budget planner and track your progress toward them. You might also create some pages for self-reflection, where you can write about your progress and challenges along the way.

5. Choose a Budgeting Strategy

Next, you will probably want to pick a system to help you wrangle this financial information and your aspirations. Here are a few types of budgeting methods to consider as you make your DIY budget planner:

•   50/30/20 rule of budgeting: With this approach, you allocate 50% of your income toward needs, 30% toward wants, and 20% for savings and paying off debt.

•   Zero-based budgeting: With zero-based budgeting, you assign a purpose to every dollar you earn each month until you’re down to zero dollars. For instance, some dollars may go into savings, others may go into debt repayment, and others will go toward living expenses.

•   Envelope budget system: This strategy can be useful for people who prefer to spend in cash or want to curb their credit card use. It involves setting aside cash into envelopes for each item in your budget so you never spend beyond a set amount. You could attach these envelopes to your DIY budget planner. (Note: You can adapt this system for debit card use if spending cash isn’t convenient for you.)

Recommended: 50/30/20 Budget Calculator

Design Your Budget Planner Layout

The beauty of making your own budget planner book is that you can customize it to your preferences. You’ll need the following materials to get started:

•   A binder with dividers

•   Monthly budget calendars and/or templates, which you can find online and print out for free

•   Writing utensils

•   Other materials for color coding or organization, such as sticky notes, markers, and highlighters

Once you have the components of your budget planner gathered, you can determine how to structure it. You’ll need a designated space for your income and expenses, as well as an expense tracker for each month. You can organize this section however works best for you.

•   Perhaps you want to divide your budget planner’s monthly expenses by category, such as household, food, healthcare, transportation, and entertainment expenses.

•   Or you might prefer thinking in terms of fixed vs. variable expenses.

•   You might want to add sections for gift spending at the holidays and in months which contain birthdays of the favorite people in your life.

It’s all about finding out what suits you and will keep you engaged in managing your money.

Some other ideas:

•   You might also create some pages to set goals (and include imagery to motivate you of, say, the new car you’re saving for), journal about your progress, or record other notes that are meaningful for you.

•   If you want to save paper receipts or bills (or use the envelope system of budgeting), you could attach envelopes or extra folders to different pages in your budget planner.

Tips for Consistently Using Your DIY Budget Planner

Designing your DIY budget planner book is only the first step — you also need to use it regularly to stick to your spending plan. Here are a few tips for staying consistent:

•   Set aside time to budget: Your budget planner isn’t going to fill itself out. Consider setting aside a specific time each week to use it. Sunday evenings, for instance, can be a good time to set goals for the week ahead.

•   Make adjustments along the way: Your budget planner may reveal hidden expenses or blind spots. Don’t be afraid to revise your work along the way as circumstances change. For instance, if you overspend during the holidays, you may want to try some tips for living on a budget to recover, such as dining out less or putting your gym membership on hold and trying free classes on YouTube. You can track your progress in your planner and write in motivational messages or mantras, if you like.

•   Look for ways to increase your income: After a certain point, you can only cut expenses so much. If you want to speed up progress toward your financial goals, you might consider ways to make more money, such as working a side hustle, applying for a promotion, or training for a new, more lucrative job.

•   Set SMART goals: One of the most common budgeting mistakes is setting vague, uninspiring goals. Use the SMART framework to set meaningful goals. This acronym means your goals must be specific, measurable, achievable, relevant, and time-bound. For that last one, it can be helpful to set both short- and longer-term goals. You’ll likely feel a sense of pride and accomplishment as you check off the near-term ones, which can fuel your progress on ones that are farther out.

As you get used to working consistently with your DIY budget planner book, it can be a helpful and satisfying ritual that anchors your financial life and progress.

The Takeaway

Creating a DIY budget planner can help you manage your finances in a way that works best for you. You’ll have a tangible tool for tracking your monthly income and expenses, as well as setting goals and tracking your progress. Plus, you’ll have full control over the design, layout, and organization of your budget, which can help you adapt and stay motivated along your financial journey.

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

How often should I update my DIY budget planner?

Update your DIY budget planner frequently at the beginning to ensure it aligns with your spending and savings habits. You might want to check in with it weekly or at least monthly to track your finances, and then see how often suits you going forward. You’ll also want to update it whenever you have a change in your status, savings goals, expenses, or income (say, if you get married or divorced, have a baby, buy a house, or get a raise).

Can I use a digital template for my DIY budget planner?

You can use a digital template for your DIY budget planner, customize it to meet your needs, and then print it out. Some tools that offer free templates include Google Docs and Canva. You can also purchase budget planner templates on a site like Etsy.

What are some creative ways to decorate my budget planner?

With a DIY budget planner, you can organize and decorate it however you like. You could use colorful markers, dividers, stamps, illustrations, stickers, or other materials to jazz it up. Another DIY budget planner idea might be to include a journaling section where you can reflect on your goals and your spending and saving habits. Make sure to keep your budget planner functional, however, as organizing and tracking your expenses is the top priority.

Photo credit: iStock/tacojim


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 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 Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 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 Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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.

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

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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 Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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S&P 500 Companies Helping Clean the Oceans

Spurred by concerns about the growth of ocean pollution worldwide, a few S&P 500 companies — among the largest U.S. companies by market cap — are contributing to ocean cleanup endeavors.

While most people know that the ocean is the world’s largest natural resource, covering nearly 70% of the surface of the earth, few understand what it would mean if “the blue economy” failed to thrive. The oceans not only are a vital food source, these vast bodies of water supply ingredients for pharmaceuticals and biofuel, and help absorb most of the world’s CO2.

Yet right now, pollutants ranging from chemicals to plastics are threatening the viability of oceans on every front.

Recognizing that maintaining healthy oceans is a pressing economic issue, corporate leaders are taking steps to help with ocean cleanup.

Key Points

•   Oceans cover nearly 70% of the earth’s surface, and provide many of the world’s natural resources, including food and ingredients for medicine and biofuel.

•   Scientific studies show that the buildup of pollutants continue to threaten the health of the seas and much of marine life, putting “the blue economy” at greater risk.

•   Ocean pollution includes numerous industrial chemicals, such as byproducts from manufacturing and mining, but plastics comprise most of the debris in the oceans today.

•   Corporate leaders recognize the potential long-term impact of not taking action to shore up the health of the world’s largest and most valuable natural resource.

•   S&P 500 companies are developing technologies and systems that can help manage pollutants and clean up the oceans.

Why Cleaning the Ocean Is Important

Oceans represent an almost unfathomable source of global wealth, and are essential to life on this planet. They contain some 97% of the world’s water (fresh water is about 3% of the global supply), and comprise 99% of the living space on earth.

Understanding the Blue Economy

The seas and oceans also provide immense economic support to countries around the world, providing well over $1 trillion in revenue. Offshore oil and gas enterprises make up 65% of the ocean-based economy.

Other industries that depend on the oceans include:

•   Tourism

•   Fishing

•   Ship building and maintenance

•   Marine equipment

•   Ports

•   Container shipping

While a growing number of investors are increasingly interested in ESG or sustainable investing opportunities, these strategies are still evolving. Companies that are taking a more direct role in ocean cleanup are also needed.

Impact of Industry on the Oceans

Clearly, if the oceans aren’t healthy, it will have a huge impact on human health and economies as well. Yet the current level of ocean pollution is nothing short of alarming.

•   Ocean acidification threatens essential coral reef ecosystems around the world, which is impacting biodiversity as well as natural sources of filtration.

•   Overfishing is putting both fish populations and vital food supplies at risk of depletion.

•   Oil spills and industrial byproducts have a toxic effect on both human and animal populations globally.

•   Fertilizer runoff from industrial farming and agriculture ends up in the oceans.

The biggest source of ocean pollution by far comes from plastic. According to the UNESCO Intergovernmental Oceanographic Commission, plastic from bottles, utensils, fishing equipment (rope, nets), among other sources, make up 80% of the plastic debris found in the ocean today. And some 8 to 10 metric tons of plastic are dumped in the ocean each year.

Fortunately, work is being done to clean up and protect the oceans. Large corporations, startups, nonprofits, and governments are participating in the effort. Some companies are working on preventing ocean pollution and others are working to clean up existing pollution.


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Which S&P 500 Companies Are Helping Clean Up the Ocean?

Cleaning up the oceans requires effort from multiple angles. Consumer education can help reduce the number of products people buy, and encourage individuals to buy more sustainable products. Green investing opportunities can inspire investors to support sustainable companies.

New materials, manufacturing and waste management processes can increase the percentage of products that get recycled or composted rather than ending up in waterways.

Cleanup projects are also needed to remove the waste and emissions that have already made their way into the oceans. Some of the S&P 500 companies participating in these efforts are included below.

Recommended: The Growth of Socially Responsible Investing (SRI)

Pollution Treatment

Ocean pollution includes chemicals, trash, oil, and other substances. Additionally, the oceans absorb greenhouse gases emitted from human activities, which leads to ocean warming and acidification.

Warming and acidification result in destruction of coral reefs and ocean ecosystems, and both fertilizer runoff and warming also contribute to other problems like invasive seaweed growth and algae blooms.

•   Corporations such as Apple, Alphabet, Disney, Microsoft, and Meta are among the top companies selected by Sustainability Magazine for their efforts to reduce their carbon footprint. Helping reduce the amount of the greenhouse gas CO2 in the atmosphere and oceans may help mitigate global warming and acidification of waterways.

•   Pollution and water treatment companies that help prevent ocean pollution through their products and services include American Water Works Company, Ecolab, Pentair plc, Xylem, and IDEX Corporation.

Recycling Products

Other ways that S&P 500 companies help clean the oceans are through the development of recycling and waste management programs and the production of goods that are either made from plastic gathered from the ocean or designed to reduce the use of virgin plastic.

The truth about recycling is that many items made from plastic and other materials can’t be recycled. About ¼ of items consumers place in recycling bins can’t be recycled by the recycling facilities they are taken to.

Only about 9% of the world’s plastic gets recycled. The rest ends up in the natural environment, gets incinerated, or goes to landfills where it produces greenhouse gases such as methane.

Some companies are working on improved recycling methods and developing new materials, products, and packaging that can be recycled or are biodegradable.

If consumers don’t have access to local recycling programs, plastic items they use may still end up in the oceans.

Recommended: Green Bonds Explained

Ongoing Obstacles to Ocean Cleanup

Although the improvements and innovations in the area of ocean pollution management are a step in the right direction, they don’t solve the problem of overconsumption. In some cases, companies that appear to embrace sustainability may be employing greenwashing tactics to convince consumers that their products are eco-friendly when they’re not.

Companies are under increasing internal and external pressure to show strong Environmental, Social, Governance (ESG) metrics and improve their overall sustainability, and recycling and waste production are a big part of that effort.

When evaluating a company’s ESG metrics it’s important to do some research to see if they are really making improvements and progress towards goals, or simply putting out exaggerated or false claims.


💡 Quick Tip: It’s smart to invest in a range of assets so that you’re not overly reliant on any one company or market to do well. For example, by investing in different sectors you can add diversification to your portfolio, which may help mitigate some risk factors over time.

Startup Companies to Watch

In addition to S&P 500 companies, many startups are developing technologies to help clean the oceans. These five startups, highlighted by SustainableReview.com, are forming partnerships and selling their services to S&P 500 companies. Some of these include:

•   Algenisis. A California-based company that has developed a durable new plastic substitute from algae.

•   AquiPor Technologies. This Seattle-based startup has created a sustainable new type of material that prevents water pollution.

•   Heliogen. Based in California, this company has developed an AI-powered thermal solution that supports companies in their decarbonization efforts.

•   FuelGems. Offering an additive that helps reduce carbon emissions from traditional fuels like gas, oil, and diesel, this Austin, TX-based company relies on nanotechnology.

The Takeaway

When it comes to sustainability, everything is connected. To clean the oceans and prevent further damage to the world’s biggest natural resource, efforts are needed across the entire global supply chain. In addition to investing in individual stocks of companies working to help clean the oceans, investors can also find index funds and ETFs that include several companies, such as those focused on ESG, waste management, materials, or clean oceans.

Ready to start investing for your goals, but want some help? You might want to consider opening an automated investing account with SoFi. With SoFi Invest® automated investing, we provide a short questionnaire to learn about your goals and risk tolerance. Based on your replies, we then suggest a couple of portfolio options with a different mix of ETFs that might suit you.


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FAQ

What companies dump waste into the ocean?

Although companies may not be directly dumping waste into the ocean, studies have found that the majority of ocean waste is made up of plastic products from companies such as Coca-Cola, PepsiCo, Nestle, Procter & Gamble, and Danone.

Which industry pollutes the ocean most?

In terms of plastic waste, the beverage industry contributes the most to ocean pollution with its plastic bottles that are generally not recycled.

What companies are cleaning up the ocean?

Startups such as The Ocean Cleanup, Seabin project, and Recycling Technologies are working to clean up the ocean.


Photo credit: iStock/Philip Thurston

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Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.
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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