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Many people believe you must have a college degree to land a secure, high-paying job and build a successful career. However, going to college can be expensive in its own right and require taking on significant debt.

That’s why it may be wise to consider the rewarding and well-paying jobs that are possible without a degree. Instead of requiring an associate or bachelor’s degree, these careers often vet interested candidates through a certificate program, an apprenticeship, and/or on-the-job training.

Read on to learn about nine careers that pay well but don’t require a college degree.

1. Elevator Technician

Though it may appear as a niche industry, there are approximately 24,400 people employed as elevator and escalator installers and repairers in the United States.

To enter the field, you generally need to complete a four- to five-year apprenticeship program to learn relevant trade skills. You can apply for apprenticeships with unions, contractors, and industry associations, such as the National Elevator Industry Educational Program. Most apprenticeship programs require a high school diploma or GED certificate.

You can also choose to earn certification. The National Association of Elevator Contractors offers two types of certification: Certified Elevator Technician (CET) and Certified Accessibility and Private Residence Lift Technician (CAT). CET certification requires you to complete a training program or have 10,000 hours of on-the-job training, while CAT certification requires you to have completed a training program or have 6,000 hours of on-the-job training.

Although training to become an elevator technician can take many years, this field has some of the best jobs without a degree from a financial standpoint. The median salary for elevator technicians was $106,580 per year in 2024, according to the U.S. Bureau of Labor Statistics (BLS).

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2. Computer Programmer

Obtaining a bachelor’s or associate’s degree in computer science or a related field are common paths to computer programmer jobs. However, it’s still possible to forgo a formal degree program to enter this career path with the right skills and knowledge of programming languages, such as Python, JavaScript, and C.

There are a variety of platforms offering free coding classes for beginner and experienced programmers, including Coursera, Udemy, Codecademy, and edX. In some cases, these courses are drawn directly from top universities.

With a median salary of $98,670 per year, computer programming is one of the top-earning jobs without a degree.

Recommended: How to Make Money Fast

3. Commercial Pilot

There are several levels of certification for pilots, ranging from recreational purposes to a career flying commercial and passenger aircraft. Becoming a commercial pilot requires a high school diploma or equivalent and a commercial pilot’s license from the Federal Aviation Administration (FAA).

The commercial pilot certification process involves a minimum of 250 hours of flight time in varying conditions and in-depth training requirements. Commercial airlines often have stricter requirements, however, including at least 1,000 or 2,000 hours of flight time.

Commercial airline pilots are able to operate charter flights, rescue operations, and aircraft used in large-scale agriculture and aerial photography. They can also work for commercial airlines, though the major airlines often prefer to hire candidates with college degrees.

The median annual wage for commercial pilots was $198,100 in 2024. This is competitive with many of the highest paying jobs out of college.

4. Real Estate Broker

Looking for high-paying jobs without a degree or serious mechanical or tech skills? A career in real estate could be an option worth considering.

Every state has its own set of requirements for obtaining a real estate license. Generally speaking, this entails taking a set module of coursework and passing an exam.

Once certified, real estate agents are authorized to help clients buy, sell, and rent real estate for a sponsoring broker or brokerage firm. Depending on the state, real estate salespersons may also need to complete additional training or work a certain number of years to become a real estate broker.

The median salary for a real estate sales agent is approximately $58,960.

5. Flight Attendant

The airline industry offers other high-paying jobs, with no degree required. Working as a flight attendant can be a well-paying job that also affords the ability to travel.

Requirements can vary somewhat between airline carriers, but some universal qualifications include being at least 18 years old, passing a background check, and holding a valid passport.

Flight attendants may also need to pass physical and medical evaluations and meet certain vision and height requirements based on the airline.

Once hired, flight attendants will complete training with the airline, which typically runs from three to six weeks. Training can cover emergency procedures, first-aid, and soft skills related to customer service.

The median flight attendant salary in 2024 was $67,130 per year.

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6. Electrician

Instead of finding a job that pays for your college degree, how about getting paid for learning on the job? Through paid apprenticeship and education programs, that’s exactly what most electricians do to begin their careers. Typically, apprenticeships span four to five years and include a combination of classroom instruction and paid on-the-job training every year.

Rules for electrician apprenticeship programs vary by state and location. A handful of industry groups, such as Independent Electrical Contractors and the National Electric Contractors Association, provide resources for finding apprenticeship programs.

Electrician earnings are impacted by specialization and location, but the median wages for the industry totaled $62,350 per year in 2024.

Recommended: How to Make Money From Home

7. Plumber

Installing and repairing piping and plumbing fixtures can be counted among jobs that pay well without a degree. Plumbers account for around 473,400 people in the workforce.

The path to becoming a plumber parallels the apprenticeship and training requirements for electricians. A standard plumber apprenticeship spans four to five years and requires 2,000 hours of on-the-job training and classroom coursework. In most cases, a high school diploma or its equivalent is required to be accepted into a program. You can find apprenticeships through plumbing companies and trade unions.

Plumbers can be called in on evenings and weekends to respond to emergencies, such as burst pipes. This, among other factors, is why the median annual pay for plumbers ($62,970) is higher than some other trades.

8. Wind Turbine Technician

Considering careers without a degree but worried about long-term prospects? A job in wind energy could be a safe bet. Over roughly the next ten years, the BLS projects wind turbine technician jobs to grow by 60%, making it one of the fastest growing occupations in the United States.

Wind turbine technicians may perform tasks related to maintenance, repair, inspection, and analysis of wind energy systems. Community colleges and technical schools often offer associate’s degrees and certificates in wind energy technology that can improve a candidate’s prospects.

Upon hire, technicians usually complete about 12 months of on-the-job training related to electrical safety, equipment operation, and climbing wind towers. Wages can vary by location, but the median pay for wind turbine technicians was $62,580 per year in 2024.

9. Court Reporter

Court reporters type word-for-word transcriptions of a trial, deposition, or other legal proceeding, using shorthand, machine shorthand, or voice writing equipment. They may also be asked to read back portions of the transcript by judges.

Court reporters often work with private law firms or local, state and government agencies. There is some training required, but not a four-year college degree. Court reporting programs may be offered at community colleges, technical schools, or court reporter schools.

To enter a program, you may need to take an entrance exam that tests typing and English language skills. In 2024, the median income for a court reporter was $67,310 per year.

The Takeaway

Finding a high-paying and meaningful job doesn’t always require going to college.

But, while you may not need a bachelor’s degree for many of these rewarding careers, you will likely need some kind of education, such as an associate degree, some trade school, or other specific certifications or apprenticeships.

Whichever career path you choose, it can be a good idea to factor in education costs, and to start saving up these expenses as early as you can.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What job without a degree pays the most?

High-paying jobs without a degree include roles like elevator technician, computer programer, and commercial pilot. These positions often require specialized training, certifications, or significant experience. Other lucrative options include real estate agent, plumber, electrician, and wind turbine technician. While a degree isn’t required, these jobs may demand extensive on-the-job training and licensing.

How to make $100,000 without a degree?

It’s possible to earn $100,000 without a degree through skilled trades, entrepreneurship, or high-demand industries. Examples include becoming a pilot, elevator technician, and computer programmer. Sales jobs like real estate or insurance can also be lucrative with strong performance. Starting a business or freelancing can also be paths to a six-figure income.

Can you make $30 an hour without a degree?

Yes, many jobs pay $30 per hour without requiring a degree. Skilled trades like plumbing or electrical work, work often start near or above this rate. Tech roles like web development, digital marketing, or IT support can also pay this much if you build skills through online courses or bootcamps. Other roles that can pay $30 without a degree include: sales representative, writer, insurance claims adjuster, and building inspector.

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

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

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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

SOBNK-Q225-083

It may feel like there’s nothing easy about money. The older you get, the more obligations you may have. Between checking, savings, 401(k)s, bills, loans, mortgages, and more — it can be a lot to keep track of and manage.

If thinking about your finances causes you to feel stressed and/or you find yourself putting off important financial decisions, it may be time to simplify. While streamlining your personal finances can take a little bit of time and effort in the short term, it can end up saving you time, effort, as well as money, over the long haul.

Here are seven simple moves that can help you manage your money more efficiently — and more effectively.

1. Automating Your Bills

One of the easiest ways to simplify your finances is to set up auto payment whenever possible. Putting all of your bills — including credit cards, utilities, insurance, loans, mortgage, and even rent — on autopilot can save you significant time and hassle each month. Plus, you won’t have to worry about late payments — or late fees.

You can often set up automatic payments for your bills by going to the website of the service provider and inputting your bank account information.

If a business doesn’t offer an automatic payment program, you may be able to set up a recurring payment through your bank by logging in to your online bank account or using your bank’s mobile app.

2. Going Paperless

A major culprit of personal finance-related headaches is paperwork. Keeping track of the many documents — all those receipts, investment reports, bank statements, tax returns — can be a struggle.

Many services allow you to opt-in to a paperless experience instead. You’ll typically have access to all of the documents when you log into your account. And, with everything just a click away, you won’t have to worry about finding misplaced paper documents.

If you’re interested in next-level financial organization, you could even set up a digitized archive of your important information and files on your computer or an external hard drive, so you never have to spend hours searching through file cabinets and miscellaneous envelopes.

You can also reduce physical — and mental — clutter by taking advantage of the many retailers and service providers that offer email, rather than paper, receipts. Or, you may want to consider getting an app that scans, organizes, and stores receipts.

3. Consolidating Accounts

Whether you’re married with three kids or single with two Labradoodles, there’s a good chance that you have more financial accounts than you need. Consolidating multiple bank accounts into just a few can help simplify your financial life. In some cases, it can also help you save you money.

If you’ve done a lot of job hopping in your career, for example, you could have multiple 401(k)s floating around. When you leave a company but don’t roll over your 401(k), you’re often subject to fees that your employer may have been covering while you were employed.

By rolling your 401(k) into an Individual Retirement Account (IRA), you may be able to minimize fees. Another plus is that you may be able to merge your IRAs and have all of your funds in one spot. And, you may be able to select from a wider selection of funds and investments than the ones selected by your previous employer.

If you have more than one checking or savings account, you may want to see if you can pare it down to one of each. They don’t necessarily have to be under the same roof. You can typically link your accounts even if they are at two different banks, such as a checking account at a traditional bank and a high-yield savings account at an online bank.

You may also want to look at bundling your insurance policies. Many companies offer substantial discounts if they write both your auto and homeowner’s policies.

4. Using One Credit Card

If you signed up for a variety of credit cards, chasing the promised rewards they offered, you may have racked up more than a few credit accounts.

To make it easier to keep track of your spending, you may want to pick the card that offers you the most in return, whether that’s cash back, travel rewards, or other perks, and focus on using only that credit card.

By putting everything on one card, you’ll only have one credit card bill to pay each month, a single statement to monitor for errors and fraud, and one rewards program to track. Plus, you won’t have to think about which card to pull out whenever you’re making a purchase.

Rather than canceling your other cards (which could negatively impact your credit), you may want to just store them away in a secure place.

5. Knocking Down Debt

One of the most effective ways to reduce financial stress is to get rid of high-interest debts.

Paying off even one sizable credit card or loan can not only ease worry, but can also reduce the number of financial obligations you have to deal with each month. It can also free up money that you can then put towards something else, whether that’s getting rid of other debts or something fun like a vacation.

Two common strategies for paying off debt are the debt snowball and debt avalanche method.

With the debt snowball method, you list your debts in order of size, then put any extra money you have towards the debt with the smallest balance, while paying the minimum on the others. When that debt is paid off, you tackle the next-smallest debt, and so on. Paying off debts in full can help you feel accomplished, simplify your life, and inspire you to continue crushing your debt.

With the debt avalanche method of paying off debt, you list your debts in order of interest rate, then focus on putting extra money towards the debt with the highest interest rate first, while paying the minimum on the rest. When that debt is paid off, you put extra money towards the debt with the next-highest interest rate. While it may take you longer to see progress on your loans, you’ll likely pay less money in interest over time using this method.

6. Putting Saving on Autopilot

The set-it-and-forget-it approach can be highly effective when it comes to saving money. For one reason, you don’t have to remember to transfer money from your checking to your savings each month. For another, the money will get whisked out of your checking account before you ever have a chance to spend it.

You can automate savings in just a few minutes by setting up a recurring transfer from your checking to your savings account for a set amount of money on the same day each month (perhaps the day after your paycheck clears).

Even if you can only afford to transfer a small amount each month, it can be worth automating this task. Since the savings will happen every month no matter what, your savings will gradually build over time.

Recommended: Savings Calculator

7. Focusing on Fewer Goals

It can be great to have financial goals. Many of us have plans to buy a home, put kids through college, and pay for our retirement. But if you set too many goals at one time, you can end up losing focus, and not making any progress on any of them.

A better approach can be to set just one or two goals to fully focus on at one time. Ideally, one should be saving for retirement, since the earlier you start saving for retirement, generally the easier it is to reach your goal.

The other goal might be paying off your credit card debt or student loans, saving for a down payment on a home, or putting money aside to help pay for your kids’ college education.

By focusing your energy on just one or two specific goals, you may be able to make real headway. Once you start seeing progress — or actually achieve the goal — you’ll likely be inspired to set, and accomplish, other goals.

The Takeaway

Simplifying your financial life may take a bit of legwork up front but, in the long run, it can help alleviate stress and also help you better plan for your financial future.

Strategies that can help you simplify your finances include paring down the number of accounts you have, crossing off debts, automating monthly tasks like paying bills and transferring money to savings, and focusing your efforts on just one or two financial goals at a time.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How do I simplify my finances?

You can simplify your finances by consolidating accounts, automating payments, and using budgeting apps. Other ways to simplify your financial life include: setting up a budget with clear spending categories and limits, paying off high-interest debts to reduce monthly obligations, and getting rid of subscriptions and memberships you don’t use regularly.

What is the 50/30/20 rule in your financial plan?

The 50/30/20 rule is a budgeting guideline that splits your income into three parts: 50% for essential expenses (like rent and groceries), 30% for discretionary spending (like entertainment, dining out, and hobbies), and 20% for savings and debt repayment. This rule helps ensure a balanced way to manage money, ensuring both responsible financial habits and room for enjoyment and future planning.

What is the 7% rule in finance?

The 7% rule in finance suggests that a safe and sustainable withdrawal rate from a retirement portfolio is 7% per year. This means you can withdraw 7% of your total retirement savings annually without significantly depleting your funds. However, this rule is a general guideline and may vary based on market conditions, portfolio size, and individual financial circumstances. Always consult a financial advisor for personalized advice.

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

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

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q225-086

Many people these days want to put their money where their beliefs are and shop more ethically. That might mean supporting brands and retailers that do less harm environmentally or are actively promoting a healthier planet. Or, it could mean favoring products from companies that are transparent about the fairness of their labor practices or the charitable efforts they undertake. Just how popular is ethical shopping? Research suggests that as many as 75% of shoppers consider a company’s ethical practices as important in their buying choices.

Finding out which businesses are doing the right thing and which aren’t, however, isn’t always easy. Plus, many people may worry that ethical consumerism just isn’t affordable.

Here’s help and reassurance. Read on for guidance on how to be a more conscious consumer, as well as how it may even save you some cash.

What Ethical Shopping Really Means

The term “ethical shopping” essentially boils down to people becoming more aware of the goods they are buying.

What’s “ethical” is subjective to each person, but finding out how each product is made, if the company supports fair labor and other socially responsible practices, and if the product is environmentally-friendly is a great place to start.

Money has a lot of power, so if people choose ethically-sourced and ethically-produced products more often, more companies may want to jump aboard the ethical and sustainable shopping train.

Since ethical consumerism is all about where our money goes, investing in companies that you believe are doing good in the world can also play an important part in consuming ethically.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Issues You May Want to Consider

Many companies — particularly clothing producers — have been called out for their outsize impact on the environment. According to the United Nations (UN), the fashion industry is the second-biggest consumer of water and is responsible for about 10% of global carbon emissions – more than all international flights and maritime shipping combined.

It may also be important to you to consider who is making that product and how that worker is being treated. Are the workers at the factories working in safe conditions? Are they being paid fairly? Seeking out companies with fair labor practices, including fair pay and benefits, can be important to many consumers.

You may also want to consider how well a company treats its suppliers. For example, does your favorite coffee shop pay its farmers a fair amount for their beans?

For some consumers, how a company treats animals is also an important consideration.

Ethical Shopping Made Easier

Once you know what to look for, you can research your favorite brands to learn how they measure up on ethics and sustainability.

You can find out a fair amount about what your favorite companies stand for by going to their websites and digging in their About Us, FAQ, and Info pages to judge for yourself. Generally, the more detail they provide, the better.

Do you see a step-by-step explanation of their supply chain? Do they proudly say that employees have paid sick leave? Or, even better, do they have any ethical certifications (more on that below)?

There are also a number of groups and organizations that are dedicated to making social and environmental data available to consumers who are interested in ethical shopping.

In other words, they’ve done the vetting for you. Here are a couple to check out.

Better World Shopper

This public research project rates over 2,000 companies based on their track records on human rights, the environment, animal protection, community involvement, and social justice.

Good On You

Focused on fashion and beauty brands, Good On You assesses how brands impact people, the planet, and animals on a five-point rating scale, from “We Avoid” to “Great,” to indicate a brand’s sustainability performance. The app and website allow users to search for brands and see their ratings, as well as detailed information about the factors that contributed to the score.

Understanding Labels and Certifications

To become a more ethical shopper, it helps to understand which terms are meaningful and which terms aren’t worth much.

Companies are increasingly using the word “sustainable” to describe their products or the process of making them. However, that term can mean just about anything the retailer wants it to, since the word’s use is not regulated with any oversight (unlike the word “organic,” which comes with more stringent guidelines for use).

“Natural” can be confusing, too. Many natural fibers tend to have a lower carbon footprint than synthetic fibers because they do not use as many chemicals during the production process.

But just because something is “natural” doesn’t mean it’s more eco-friendly. For example, cotton takes up a lot more water to produce than other fabrics.

Fortunately, there are labels, or certifications, that do carry weight. You may want to keep an eye out for the common ones below.

•  B-Corp. B Lab’s B-Corporation certification signifies a company’s commitment to upholding high human rights and environmental standards, and is based on a rigorous assessment.

•  GOTS Organic. A textile product carrying the Global Organic Textile Standard (GOTS) label must contain a minimum of 70% certified organic fiber. Organic fibers are grown without the use of synthetic pesticides, insecticides, or herbicides and GMOs (Genetic Modified Organisms). Organic agriculture is a production process that sustains the health of ecosystems, soils, and people.

•  Made in the USA. To use this label, all, or virtually all, of the product has to be made in America. Products produced in the U.S. must comply with U.S. laws for workplace safety, pollution, and health. Also, the carbon footprint of these products is likely to be lower because they don’t have to be shipped from overseas.

•  Fair Trade. When you see a product with the Fair Trade Certified seal, you can be confident it was made according to rigorous social, environmental, and economic standards. Also the farmers, workers, and fisherman behind the product earn additional money from your purchase to help uplift their communities.

Think Globally, Shop Locally

One simple way to shop more ethically is to shop locally. You can often find unique and interesting products by shopping with local, independent retailers.

People can also make a big difference by spending their dollars at mom-and-pop shops around them. For one reason, independent businesses are more likely to have localized supply chains. So shopping at one local store could potentially help bolster not just that store but also more of the local economy.

Local shopping also helps reduce carbon emissions, since a consumer may end up driving less. And if a shopper buys food grown near them, the product will not need to be shipped via air or sea, meaning its carbon footprint will be lower. As a bonus, buying local produce could also mean it’s fresher too, potentially making for tastier (and more ethical) meals.

Although local goods may be slightly more expensive, businesses may offer coupons to entice consumers to buy from them.

Consider Buying Secondhand

It’s nice to think about buying a shiny new thing, but before you pull the trigger, you may want to consider, does this need to be purchased new?

Buying secondhand can be more economical, as well as more environmentally-conscious. It keeps older items from ending up in landfills and, unlike buying a brand new product, no new item needs to be produced to directly replace it.
If you’re thinking about buying a new bike, for example, you might get just as much pleasure from getting a gently used bike through an online secondhand marketplace.

The same holds for clothing. Gently used garments are one of the greenest clothing choices you can make because they require no additional resources to produce and they reduce the amount of textile waste going into landfills.

Plus you can often score quality clothes on the cheap at thrift stores, garage sales, and online marketplaces where people sell their unwanted stuff. Another option is to organize a clothing swap with a group of friends.

Secondhand pieces typically cost less than new clothes bought on sale. In addition, they may feel much more unique, as fewer people around town will likely be sporting the same exact item.

Do You Really Need the Product at All?

Ethical shopping also means thinking about if you really need to shop at all.

Sometimes it’s okay to just say “no” to buying the latest and greatest and simply spend less money. Sure, there’s a new phone on the market that’s cool, but do you really need it?

Becoming an ethical shopper means asking yourself this question a lot. It’s easy to give in to society’s pressure to buy new and buy often, but part of becoming a more conscious consumer is to start thinking in a different way, especially when you’re shopping online.

“Combat the urge to impulse spend by instituting a holding period on all purchases,” advises Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “Before hitting the buy button, wait 24 to 48 hours. After the holding period, come back to the shopping cart and reevaluate. In some cases, you might not even remember why you wanted it in the first place.”

Another way to nip unnecessary buying in the bud is to employ the 30-day purchase rule. If you find an item you like but don’t need immediately, agree to walk away for 30 days.

If, after the waiting period, you feel you still really want the product and can afford it, you can then choose to go back and buy it. However, the odds are fairly good that a little bit of time and space will prove that a nonessential item is just that.

Tracking Spending Can Help

One way to become a more conscious and ethical shopper is to start tracking your spending as part of whatever budget method you choose.

Looking over your checking account and credit card statements each month can help you see exactly where you are spending your money (and where you may want to cut back), while also pointing out vendors and shops you may no longer want to patronize (such as an out of the way mega-grocery store).

Recommended: Savings Calculator

The Takeaway

Whether it’s clothing, food, or tech, many of the products we love to buy are associated with unethical practices, from human rights abuses to environmental harm.

Ethical shopping is about supporting companies that put in the work to make things better for people, as well as the planet. It’s also about choosing not to buy from brands that violate your code of ethics. While the process may seem intimidating, it’s easy to start buying more ethically with the right tools and information, plus a little research time. It may help you reduce your spending and make other smart decisions with your money too.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How do I shop ethically?

To shop ethically, research brands’ practices, choose products with fair trade certifications, and support local and small businesses. Look for items made from sustainable materials and check if companies have transparent supply chains. Buying secondhand or upcycled goods can also reduce waste. Finally, read reviews and join communities that advocate for ethical consumption to stay informed.

What is ethics shopping?

Ethical shopping, or conscious consumerism, involves making purchasing decisions that align with moral values and social responsibility. This includes supporting fair labor practices, environmental sustainability, and animal welfare. Ethical shoppers often look for certifications like Fair Trade, organic, and cruelty-free, and prefer brands that are transparent about their supply chains and production processes. The goal is to minimize negative impacts and promote positive change.

How can I tell if a product is ethically sourced?

To determine if a product is ethically sourced, look for certifications like Fair Trade, GOTS Organic, and B-Corp. Also check the company’s website for information on their supply chain, labor practices, and environmental policies, and read product labels for details on materials and manufacturing. Customer reviews and third-party audits can also provide insights.

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

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

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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

SOBNK-Q225-084

Paying for college can be a major financial challenge, but tuition payment plans offer a way to make the cost more manageable. These plans, often referred to as tuition installment plans, allow students and families to break up large tuition bills into smaller, more affordable monthly payments.

Unlike student loans, they typically don’t charge interest, though they may include small enrollment or administrative fees. In this article, we’ll explore what college tuition payment plans are, how they work, their benefits and drawbacks, and how to decide if one is the right choice for your financial situation.

What Is a College Tuition Payment Plan?

Instead of paying for college tuition at the beginning of each year, semester, or quarter, college tuition payment plans — also known as tuition installment plans or deferred payment plans — allow students and their families to spread out the cost of tuition over a period of time.

Depending on the school, the plan may allow payments to be made over the course of the semester or over the full year.

While you’ll generally have to start making payments right away, schools frequently offer the option to spread payments into monthly installments. Some also offer plans that break the payment into a few equal payments throughout the semester.

How Do Payment Plans Work?

Some colleges and schools run their own tuition payment plans. Others use an outside service to administer the plan.

Typically, these payment plans only cover the direct costs charged by and paid to the college, such as tuition and fees. Sometimes the cost of housing and meal plans will also be included. The cost of things like textbooks and school supplies are not usually included in these plans.

Many tuition payment plans require an enrollment fee, which may run around $50 to $100, although it could be lower. These plans don’t usually charge interest, which can make them less expensive than taking out a student loan, as long as you are able to make the monthly payments. There generally isn’t a credit check with tuition payment plans.

What Types of Schools Offer Payment Plans?

Many schools offer some sort of tuition payment plan, including college and universities, graduate schools, community colleges, and trade schools.

Colleges and Universities

Tuition payment plans are offered at most, though not all, colleges and universities. Check your school’s website for details on available installment plans and see if there’s one that fits your needs and budget.

Graduate Schools

Many graduate programs offer payment plans. Enrollment dates can vary, so contact your program to find you when you’ll need to sign up.

Community Colleges

Community colleges typically offer payment plans for students and their families who are unable to pay costs upfront. Similar to plans at other types of schools, installment plans at community colleges may only cover certain costs, such as tuition and fees.

Trade Schools

Trade school tuition can cost $15,000, on average. Some schools may offer a payment plan so students can pay the tuition and fees in installments.

What if My School Doesn’t Offer a Payment Plan?

If your preferred school doesn’t offer a payment plan, you can explore independent plans offered through private organizations. Your school’s financial aid office may be able to provide referrals.

Of course, even with a payment plan, the burden of tuition can still be too high for some students and their parents. Consider some of the following options when planning to pay for college tuition. While these ideas alone might not be enough to help you cover the full cost of tuition, a combination of a few could do the trick.

Federal Aid

Federal aid for college encompasses grants, scholarships, federal student loans, and work-study. To apply, students must complete the Free Application for Federal Student Aid (FAFSA®) each year.

The schools you apply to will use this information to determine how much aid you receive. You’ll typically receive an award letter detailing what types of federal aid you’ve qualified for and the amounts.

Federal Student Loans

Federal student loans can be either subsidized or unsubsidized. Subsidized loans are awarded based on need. The Department of Education covers the interest that accrues on these loans while you are in school at least part-time, during the grace period after leaving school, and during periods of deferment or forbearance.

Unsubsidized federal loans are awarded independent of need. Borrowers are responsible for paying the interest that accrues on these loans while they are in school and during periods of deferment.

Payments are not required on either unsubsidized or subsidized loans while you are actively enrolled more than part-time in school.

There are also PLUS loans available to parents who are interested in borrowing a loan to help their child pay for college.

Work-Study

The Federal Work-Study Program provides jobs for undergraduate and graduate students who demonstrate financial need. The amount of work-study you receive will depend on factors like when you applied, your level of determined financial need, and the amount of funding available at your school.

The money earned for work-study won’t count against you when you fill out the FAFSA, so it shouldn’t jeopardize future financial aid awards. Each time you fill out the FAFSA, it’s worth indicating that you’re still interested in receiving work-study as part of your financial aid award (that is, if you are still interested).

And it’s important to remember that your financial aid award may change from year to year, depending on your and your family’s circumstances.

Scholarships and Grants

Scholarships and grants don’t typically have to be repaid, which makes them one of the best options for students trying to pay for school. Some scholarships and grants are awarded by schools based on the information you provided in the FAFSA, but there are scholarships and grants available that aren’t based on financial need.

Taking some time to comb through online scholarship search tools could prove helpful. Each scholarship will have different application requirements. Some might require an essay or additional supplementary materials, but the effort could be worth it if you’re able to fund a portion of your tuition costs.

Private Student Loans

Sometimes federal aid, scholarships, and your savings aren’t enough to cover the full cost of tuition. In those cases, private student loans could be an option. Unlike federal student loans, which are offered by the government, private student loans are offered by banks, credit unions, or other private lenders.

The private student loan application process will vary slightly based on lender policies, but will almost always require a credit check. Lenders will review your credit score and financial history as they determine how much money they are willing to lend to you.

In some cases, students might need the help of a cosigner to take out a private student loan. This could be the case if they have little to no credit history.

Some parents may also be interested in taking out a private loan to help their child pay for their education.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

Tuition payment plans, which extend the payment for college tuition over a fixed period of time, can be helpful for parents and students as they navigate how they’ll pay for the cost of education. Spreading tuition payments over the semester or year can help make them more manageable. Check if your preferred school offers a tuition payment plan. Many do.

Sometimes, the burden of tuition is still too high, even with a payment plan. Scholarships and grants, work-study, and federal aid can help you cover the cost of tuition. If you’ve exhausted all federal aid options, private student loans can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.

FAQ

Are college tuition payment plans the same thing as tuition installment plans?

Yes, college tuition payment plans and tuition installment plans refer to the same concept — spreading tuition payments over several months instead of paying a lump sum upfront.

Do college tuition payment plans cover all school-related costs?

Typically, payment plans only cover tuition and fees. This means you may be responsible for the cost of books, supplies, housing, food, and transportation. Check with your preferred school to find out what its plan covers.

Do college tuition payment plans charge interest?

College tuition payment plans typically do not charge interest. However, they may include enrollment fees or administrative charges, which vary by institution. These plans allow families to spread tuition payments over several months, making costs more manageable without accruing interest like traditional loans—though late payments may incur penalties.

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

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

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

SOISL-Q225-046

Making it in life, in a financial sense, isn’t a matter of winning the lottery or saving pennies like a miser. Rather, like many goals, it can depend on developing good daily habits.

If you make small, incremental shifts in how you manage your money, you could grow your net worth significantly. These moves can be as simple as reviewing and trimming your recurring bills or bumping up your savings contributions a notch.

While you may not see your savings double overnight, you can get on a path to growing your wealth. Here are some ideas that can help put you on the road to a better financial life.

1. Reviewing Monthly Expenses

One of the simplest ways to improve your financial health is to take a closer look at how much is going in and coming out of your bank accounts each month and to then drill down into exactly where your money is going.

Make a list of how much you’re currently spending monthly on essential and nonessential items. You may want to list your nonessential expenses in order of priority, and then look for places where you could potentially pair back, or in some cases, completely eliminate the expense.

This might involve canceling inactive memberships and unused subscriptions, and/or re-evaluating your cell, cable and car insurance plans (do you have more bells and whistles than you need? Could you get a better deal elsewhere?). Or, you might decide to cook more (and get takeout less often) or make fewer trips to the mall.

Another way to knock down recurring bills is to do a little haggling. Sometimes all it takes is a phone call to get a provider to give you a better deal or to lower your rate. If you see a promotion going on from a competitor, for instance, you can always ask your company if they can apply that rate to your account.

2. Trying a 30-Day Spending Freeze

One quick way to change your spending habits is to put yourself on a one-month spending freeze, during which you stop spending money on anything that isn’t a must. When the 30-day freeze is over, you may realize that you didn’t miss some of the things you usually spend money on and find it easy to pare back.

If a full spending freeze seems too challenging, you might pick a single category (such as clothing or shoes) or a specific store to stay away from for 30 days.

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

3. Automating Every Bill

Automating your finances not only makes your life easier, it can also help boost your financial wellness.
Setting up automatic withdrawals from your bank account to pay all of your bills helps ensure those bills get paid on time. And, when it comes to improving your financial life, paying bills on time can have a pretty significant impact.

For one reason, it helps you avoid paying interest and late payment fees. It could also help you maintain good credit. That’s because a significant portion of your credit score is based on payment history. In fact, it’s weighted more than any other factor.

It could also help maintain your credit score. That’s because a significant portion of your credit score is based on payment history. In fact, it’s weighted more than any other factor.

Having a good credit score is important because it can help you qualify for the best interest rates on credit cards and loans, including a home mortgage.

4. Putting an Extra 1% Towards Retirement

Even if you think you can always plan for retirement later, the sooner you start, the easier it will be to reach your savings goal.

If you’re not yet maxing out your 401(k) contribution at work (which takes money out of your paycheck before taxes), you may want to increase it by just 1%.

You likely won’t notice the difference in your paycheck. But given the power of compound returns (when you earn returns not only on your initial investment but also on any accumulated returns), that small increase can net more significant gains over time. You might also set up a timeline for when you want to bump it up another percentage point after you’ve gotten used to the 1%.

You may want to set up a timeline for when you want to bump it up another percentage point after you’ve gotten used to the 1%.

If you don’t have a 401(k) at work, you may want to look into opening an individual retirement account (IRA), keeping in mind that there are limits on how much you can put into retirement savings each year.

5. Paying in Cash

What is it about plastic that can make your brain think you’re not really spending money?

One way to curb unnecessary or mindless spending is to leave your credit cards at home and only carry the amount of cash you have budgeted to spend that day, or week. When you can literally see your money going somewhere, you may find yourself becoming much more intentional in the way you spend it.

It can also be more difficult to get into debt when using cash, which could, in turn, pay off later by helping you avoid high-interest credit card payments.

Recommended: The Envelope Budgeting Method: What You Need to Know

6. Creating Multiple Income Streams

You may not be able to snap your fingers and get a raise at work, but it might be possible to increase your income in other ways. A low-cost side hustle could be the answer.

For example, is there a way to turn one of your hobbies, skills, or interests into some extra funds? Maybe a favorite local business could use some help managing their social media account or designing or writing copy for their website. Babysitting a neighbor’s kids, cleaning houses, walking dogs, or running errands for an older person are also options.

Or, you might consider taking up a gig with flexible hours, such as driving for a rideshare company, delivering food, helping people with small tasks, or personal shopping through one of the many on-demand service apps.

7. Saying “No” to Monthly Fees

Unless you’re looking very closely at your bank statements each month, you might not even be aware of the fees your bank may be charging every month for your checking or savings accounts.

These could include service fees, maintenance fees, ATM fees (if you go outside their network), minimum balance fees, overdraft/non-sufficient funds fees, and transaction fees. Over time, those little dinks can make a major dent in your account.

“If you see that your bank is hitting you with one or more monthly fees, you may be able to cut your monthly spending by switching to a less expensive bank, or going with an online-only financial institution, which tend to offer low or no fees,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi

8. Making Savings Automatic

To start a savings routine, consider opening up a high-yield savings account, and then setting up automatic, monthly transfers from your checking account into this account. By having a set amount automatically transferred every month, you won’t have to think about (or remember to manually make) this transaction — it’ll just happen.

It’s perfectly okay to start small. Even small deposits of $20 or so will add up. Before long you may have enough for an emergency fund (i.e., three to six months’ worth of living expenses just-in-case), a down payment, or another savings goal.

9. Knocking Down Debt

Having too much debt can hurt your chances of achieving financial security. That’s because when you’re spending a lot of money on interest each month, it can be harder to pay all of your other expenses on time, not to mention grow your savings.

Getting rid of debt can have long-range consequences as well. If you can lower your credit utilization ratio, which shows the amount of available credit you are currently using, it could help you establish or maintain strong credit. And that, in turn, could make it easier to qualify for lower-interest loans and credit cards in the future.

While knocking down debt may seem like a mountain to climb, choosing a simple debt reduction strategy may help.

•   The avalanche method: Put extra cash toward the debt with the highest interest rate, while paying the minimum on all the rest. When the most expensive debt is paid off, put that extra cash to

•   The snowball method: Put extra cash toward the debt with the smallest balance, while paying the minimum on all the rest. When the smallest debt is paid off, put that extra cash toward the account with the next-smallest balance and so on, until you are done.

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

The Takeaway

Making it financially doesn’t necessarily mean bringing in a huge paycheck or coming into a windfall (although those things don’t hurt).

Financial wellness is more about being able to live within your means while saving. Making a few incremental changes, such as putting just 1% more of your paycheck into your 401(k) or siphoning off an extra $100 into a savings account each month, can slowly but surely help you build your net worth.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

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

The 50-30-20 rule is a budgeting method that splits your income into three parts: 50% for necessities (such as rent and groceries), 30% for nonessential expenses (like dining out and entertainment), and 20% for savings and paying off debts. This approach helps you maintain a balanced budget, ensuring you cover your basic needs, enjoy your life, and save for the future.

What is the 70/20/10 money rule?

The 70/20/10 rule is a budgeting strategy that allocates your income as follows: 70% for monthly bills and daily spending, 20% for savings and investments, and 10% for additional debt payments or charitable donations. This approach helps you manage your finances responsibly, build wealth, and contribute to causes you care about, fostering a well-rounded financial life.

What is the 10-5-3 rule in finance?

The 10-5-3 rule in finance is a guideline for estimating returns on different types of investments. It suggests that stocks may average a 10% annual return, bonds around 5%, and cash or savings accounts about 3%. This rule helps investors set realistic expectations and plan their financial goals accordingly, though actual returns can vary based on market conditions and individual investment choices.

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

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

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q225-071