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College is a great place to make lifelong friends. In college, students bond over shared interests, have fun times together, and help each other through some challenging times, cementing bonds that can last for years after graduation.

When you first arrive on campus, however, making friends in college can seem intimidating. Exactly where and how do you meet people? It can feel especially challenging if you go to a large school or you’re in unfamiliar territory, like a college that’s far away from home.

Don’t stress. Making friends in college can be easy, and you don’t necessarily need a lot of them or to make them the very first week. The key is to get involved early on, put yourself out there, and always try to be your true self. Here are some ways you can go about making friends in college.

Hang Out With Your Roommates

Whether you chose your roommate or went with a random pairing, you may or may not have a lot in common with this individual, at least from the outside. Nevertheless, it can be a good idea to try to forge a connection with your roommate. This will not only make your living situation more enjoyable, but you’ll be able to turn to your roommate when you need support.

You can bond with your roommate by cooking meals, watching favorite shows, and studying together. It can also help to be considerate and respectful of your roommate by not making too much noise late at night or early in the morning, cleaning up after yourself, and chipping in for shared supplies. By respecting your roommate’s boundaries and establishing ground rules for the room, you’ll be more likely to have a good relationship, and perhaps even become good friends, with your roommate.


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Join a Fraternity or Sorority

You might consider whether to join a fraternity or a sorority. This could provide the opportunity to make a lot of new friends. While some fraternities and sororities may have bad reputations because of their hazing practices and emphasis on parties, many focus on philanthropy and building friendships instead.

Just keep in mind that joining Greek life can cost $200 to $1,000 per semester, since you are generally required to pay fees or dues. The cost will vary depending on the school and chapter you join, and there may also be additional fees for membership.

You’ll also need to apply to get into a sorority or fraternity and go through a recruitment process to ensure it’s going to be a good fit. Then, if you’re accepted, you will typically live with your fraternity or sorority in a house on campus and socialize and volunteer with them on a regular basis.

Recommended: 11 Strategies for Paying for College and Other Expenses

Get Involved in Clubs

Another easy way to make friends in college is to join a club and get involved on campus. At the beginning of the school year, colleges will typically have club fairs, where club leaders set up booths and give information about their clubs to incoming freshmen and transfer students. This is where you can learn more and sign up for an initial meeting.

Some of the various types of clubs you can join include religious, political, academic, cultural, media, and community service clubs. For instance, students can join the school paper, radio or TV station, participate in math and science groups, join an on-campus religious group, find the school’s Republican and Democrat clubs, and volunteer at local animal rescue organizations or homeless shelters.

If you can’t find clubs you’re interested in, you may be able to start one of your own. You’ll likely have to go to the proper office on campus and follow the guidelines for establishing a new club.

Find Study Buddies in Your Classes

Another avenue for making friends in college is through your classes. You might start or sign up for a study group, which allows students in the same class to do homework and study for tests together. If you make a connection with another student in a college study group, you might suggest hanging out after the group is over or meeting up for a coffee or meal on campus another time.

Sign Up for Sports

One of the ways that many students go about making friends in college is by joining a sports team or an intramural sports club on campus. The sports teams are for athletes who are interested in playing on schools’ official teams, while intramural sports clubs are just for fun. Schools offer a variety of different sports like basketball, football, soccer, golf, tennis, and swimming. You can check out the campus life and sports section of your school’s website and look into the options.

Also, if you see a couple of students tossing a Frisbee around on the grass, there’s no harm in asking to join. Those kinds of casual meet-ups can be a good way to get to know new people.

Audition for the School Play

Theater clubs or the theater department on campus may hold auditions for school plays. You might consider auditioning for a part and making friends with the cast and crew members during rehearsal. Putting on a play can be a strong bonding experience, allowing you to cultivate lasting friendships.

Recommended: 10 Ways to Prepare for College

Go to Campus Events

Schools are always putting on events. This might include concerts, talent shows, guest speaker series, music festivals, stand-up comedy, and more. You might ask acquaintances to go to an event and/or meet new friends there. If the event is crowded, you might need to be a little more outgoing and start up conversations with the people nearby in order to (hopefully) make friends.

Connect With Other Student Workers

If you have a work-study job, internship, or other gig on campus, you might try to strike up conversations with your colleagues, as long as it doesn’t interfere with your work. Some places students may work on campus include the college’s admissions office, the endowment office, the dining hall, the coffee shop, the art museum, and the library.

Go to Social Gatherings

If your roommates or friends are holding a social gathering or going off campus to check out a local movie theater or restaurant, consider tagging along. This can be a great way to strengthen the bonds you already have, as well as meet new people. Just keep in mind that while parties can be fun, they can also distract from schoolwork and you could end up with lower grades if you are partying too often.

Ask People to Hang Out One-on-One

Whenever you meet potential new friends in classes or through clubs, consider inviting them to hang out one-on-one to get to know them better. For example, you might ask them out for coffee or a meal, to an on-campus concert or show, to work out at the gym, or to a sports game. While this involves putting yourself out there, the rewards of making a new friend can be well worth the risk that they’ll say “no.”

The Importance of Being Yourself When Making Friends in College

Although you may be worried about making new friends in college, you generally don’t want to change your personality or hide who you really are in order to fit in. It may be a little tough at first, but by joining clubs you’re interested in and finding people who accept you for who you are, you could make lifelong friends. It can take some time and might not always happen within the first semester. However, you’ll want to keep trying to meet and connect with new people throughout your four years at college.


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Affording College

College is where you can set yourself up for professional success as well as make wonderful new friends. However, if you don’t know how you’ll pay for it, you might feel even more anxiety before embarking on this exciting next step in your life.

Fortunately, there are a number of ways to cover the cost of attending college, including grants, scholarships, work-study programs (which are also great for making friends), and subsidized and unsubsidized federal loans. If you get your financial aid letter and still have gaps in funding, you might also consider a private student loan.

Private loans are available through banks, credit unions, and online lenders. Unlike federal student loans, they require a credit check. However, if you have solid credit (or can recruit a cosigner who does), you may be able to qualify for a competitive interest rate. Just keep in mind that private loans may not offer the same protections that come with federal loans, such as income-driven repayment plans and forgiveness programs.

The Takeaway

Making friends and finding your social group can be a key part of the college experience. For many people, it yields lifelong connections. To get started making friends, you might look for a study group, join a sports team, get involved in campus activities, like the drama club, and attend campus events. It can be a valuable part of your time at college.

Affording your education can take some energy, too, with options like federal and private student loans.

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

FAQ

Is it normal to be a loner in college?

Being a loner in college can be more common than you may think, despite the media images of everyone on campus having a pack of friends. Some students prefer to have just a few contacts and focus on their studies, and others find it hard to discover their network. Joining campus activities and study groups can help break the ice.

How to make friends in college when shy?

To make friends in college when you’re shy can be done by finding low-pressure situations. Examples are joining study groups and finding clubs that build on your interests whether that’s gaming, painting, running, cooking, or speaking a foreign language.

How can you make friends quickly in college?

Some ways to make friends quickly in college include introducing yourself around the dorm, joining a club or organization that interests you, studying in a social space vs. at your desk, and eating meals with your fellow students. You might also attend campus events, whether that means a football game, performance, or other gathering.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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.

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).

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.

SOISL-Q325-098

Loud budgeting is a money-saving trend that is encouraging people to be honest with others about their finances and feel okay about saying “No” to expensive invitations.

The concept was first introduced by TikTok content creator and comedian Lukas Battle in late 2023 as an alternative to “quiet luxury” and involves talking openly — or loudly — about your financial goals and spending limits to those around you. Since Battle first coined the term, TikTok has been deluged with videos extolling the benefits of loud budgeting and how to do it.

Is it time to get on the loud budgeting bandwagon? Maybe. While you can’t trust all the financial advice you get on social media, many finance experts say that loud budgeting is rooted in a time-honored financial principle — that people should make spending decisions based on their budgets and savings goals, rather than peer pressure or FOMO.

Here’s a closer look at what loud budgeting is and how to incorporate this approach into your own life.

The Psychology of Loud Budgeting

When it comes to maintaining close ties to friends and family, it can be hard to decline an invitation to a catch-up dinner, reunion weekend, or destination wedding — even if you’re not comfortable with the cost. So, you might grudgingly say “Yes,” and figure you’ll deal with the financial fallout later. Or, you might say “No,” but make up a fake reason why you can’t be there. Neither option is ideal.

Loud budgeting offers an alternative solution — bowing out while being honest about your money concerns. It’s based on the premise that staying close and connected with people you care about doesn’t have to cost a lot. Often, it just takes one member of the group to say “No,” and suggest a way to bring down the cost of a social outing or gathering.

Recommended: 7 Tips for Living on a Budget 

Benefits of Practicing Loud Budgeting

While loud budgeting isn’t for everyone, it has a number of benefits. Here are some to consider.

Reduced Financial Stress

Money worries can be a significant source of stress. Loud budgeting can immediately take some of the pressure off by making it acceptable to opt out of social plans that will cause you to spend more than you can afford. Over time, loud budgeting can help you grow the balance in your bank account, pay down debt, and achieve your goals — all of which can improve your financial well-being.

Improved Financial Transparency

While talking about money has long been considered taboo and can even trigger shame, loud budgeting aims to reduce the stigma around having financial limitations. Instead, it advocates being transparent about your budget and why you’re choosing not to spend your hard-earned cash on something. By starting the conversation, loud budgeters may also encourage others in their circle to be more authentic and honest about their finances.

Enhanced Support System

Not everyone will necessarily be receptive and understanding when you get loud with your budget. But there is also a good chance that you will get support from others who (unbeknownst to you) are in the same financial boat. This can help you build a community of people working towards similar financial goals. Your community can help hold you accountable to your plan. You can also share tips and experiences and cheer each other on when you achieve success, such as reaching a savings goal.

How To Implement Loud Budgeting in Your Life

If you’re interested in trying out this Gen Z budgeting trend, here are some tips for how to incorporate loud budgeting into your life.

Determine Your Priorities

Budgeting (loudly or quietly) is about making sure your spending aligns with your priorities. So a great first step is to sit down and lay out some specific and achievable financial goals, along with a timeframe for when you want to reach them. For example, maybe you want to pay off your credit cards in the next six months or put a down payment on a home in one year. Knowing what you want to accomplish gives you the “why” behind your loud budget and helps you stick to your plan.

Build a Basic Budget

Before you can get loud about your budget, you actually need to make a budget. To do so, you might start by looking at what’s coming in each month (on average) and what’s going out each month (on average). If your total monthly spending is higher than your total monthly income — or it’s about the same (meaning you’re not saving anything) — you’ll need to adjust accordingly. 

There are all kinds of budgets, but one simple framework to consider is the 50/30/20 rule. This entails allocating 50% of your monthly take-home income to needs, 30% to wants, and 20% to saving and paying more than the minimum on your debts. 

Once you come up with a basic budget, it’s a good idea to track your spending (there are budgeting apps that make this easy) to see how well you’re sticking with the plan and, if necessary, make some tweaks to your budget.

Be Honest With Others

Once you have a clear sense of your budget, priorities, and savings goals, don’t be afraid to share this information with friends and family. While you don’t have to delve into the intricate details of your finances every time you decline a social invitation, you can say that you’re trying to spend less and be better about managing your money. You might also talk about some specific goals you’re trying to achieve. Being honest in this way can help make it easier to decline costly invites and keep you accountable to your plans.

Suggest Alternatives

When someone in your circle suggests an outing that doesn’t work with your budget, consider suggesting alternative options. For example, if you can’t swing an expensive brunch, you might suggest a picnic in the park. Or if your friend group wants to spend the afternoon shopping, see if you can entice them to go hiking instead. The idea is to find some simple, wallet-friendly ways to have fun and stay connected without sacrificing your financial health.

Find Allies

Sticking to a budget can be a lot easier when you have a supportive community — or even just one or two allies — who are on the same financial page. If you can’t find any good budgeting buddies in your circle, you might search the #loudbudgeting hashtag on your social media channels to find others who are blazing the same path. This can help you build a community of people who can hold you accountable and cheer you on as you hit your goals. 

Recommended: 7 Different Types of Budgeting Methods 

The Takeaway

Loud budgeting promotes being more honest about your financial circumstances and goals, rather than accepting expensive invites out of fear of being a wet blanket and then dealing with the aftermath. While it can be challenging to speak your truth, being vocal about your budget can strengthen your connections and help you stay committed to your financial health — not just while it’s the latest trend on social media, but throughout your adult life.

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FAQ

How can I start loud budgeting without oversharing?

While loud budgeting involves being open about your financial situation, you don’t have to share sensitive details about your finances with everyone you know. Rather than lay out the specifics of your income and monthly bills, you can simply say that you are working toward a particular goal (like paying off your student loans or saving for a home) and trying to be more responsible about spending, saving, and managing your money. That can help explain why you are declining invitations to, say, pricey meals out or weekends away.

Does loud budgeting work for all income levels?

Yes, loud budgeting can be effective for all income levels, as it primarily involves being open about your financial goals and priorities with those close to you. While higher earners may be focused on wealth building and investment strategies, lower-income loud budgeters might share how they are working towards being free of credit card debt, building an emergency fund, or saving for a down payment on a home.

What apps or tools can help with loud budgeting?

Any budgeting app that helps you make better spending decisions can assist you with loud budgeting. Even better if the app allows you to track and share your progress with others. You might consider the tools your bank offers for budgeting. Other options include YNAB (You Need a Budget), which can help you create a plan for every dollar you earn; Goodbudget, which digitizes the “envelope system” of budgeting and allows you to share your budget categories with family or friends, or Honeydue,which helps couples sync bank accounts, credit cards, and more for easier viewing of your financial picture.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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

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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.

SOBNK-Q324-036

Taking, and doing well on, the Advanced Placement (AP) exam gives you the opportunity to save time and money by earning college credit, advanced placement, or both. It can also help you stand out to colleges and give you an edge in getting accepted to your dream school.

No matter what score you get, the experience of studying for and taking an AP exam can help you build skills you’ll need to succeed in college.

The question is, when should you start studying for AP exams? Generally, students begin studying for AP Exams some time between January and March. This gives you enough time to cover all the material, take AP prep courses (if desired), take practice tests, and develop an AP test strategy. Read on for a closer look at when and how to study for AP Exams.

Creating a Study Timeline

One smart way to prepare for your AP Exam is to create a timeline leading up to the test. Giving yourself a schedule you can (hopefully) stick to might help keep you organized while studying.

Here are some ideas to help you prepare for your upcoming AP Exams — all arranged in a timeline leading up to your AP tests.

💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

January (16 Weeks Out)

To first figure out how to study for AP Exams, you can evaluate how your current AP classes are going. One place to start is by checking your grades from last semester and, if you are struggling with a certain topic, contacting your teacher to see what help is available.

You might want to schedule some extra one-on-one time or join (or even start) a specific class study group. Of course, your grade isn’t necessarily an indication of the score you will get on your AP Exam. But if your teacher has been using AP practice questions on tests, that could still give you a sense of your early performance — and it may even boost your confidence going into the test if you’re acing those practice answers.

This is also a good time to start thinking about which AP Exams you want to take in May. Just because you are in an AP class doesn’t mean you have to take the AP exam in that subject. Consider which exams might help put you on a path toward college and career success.

The test schedule is always published well in advance of the exam days, so you may want to check when your exams will take place and block those dates out in your calendar now. If you have exams scheduled for the same date and time, this is a good time to ask your AP coordinator or teacher about taking one during an approved late-testing period .

January is when students with disabilities must request any accommodations during the exams. If you will need testing accommodation, you’d want to approach your AP teachers or AP coordinator ahead of the deadline.

February (12 Weeks Out)

A productive next step is to learn the format for each AP exam you plan to take. Paying attention to the structure of class tests might give you some insight into the types of questions you can expect.

There are a total of 38 AP Exams, and each has its own requirements. Most will be two to three hours long with a mix of multiple-choice and free-response questions, according to the College Board.

This can also be a good time to take your first practice exam. Since you’re past the midpoint of the year, you’ll have covered enough material in class that you will be able to answer a decent amount of practice questions and problems without getting frustrated. After reviewing your practice exam, you can come up with a study plan to go over your notes and materials for a few hours every week.

Recommended: Importance of Junior Year of High School

March (8 Weeks Out)

AP Exams cost $98 each, so this month can be a great time to start budgeting for how many exams you plan to take and how you will pay for them. Even if your parents are paying for your exams, you’re responsible for making sure they understand the cost and when to submit payment to your school.

The College Board, which oversees the AP, offers a $36 fee reduction per AP Exam if you have significant financial need. Some states offer additional funding to reduce your cost even more. Check with your AP coordinator to find out what support may be available to you.

This is also the month when you will want to really delve into your AP study regimen and continue taking practice tests.


💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

April (Four Weeks Out)

By April, you will probably be completely registered for all of your AP Exams. If you haven’t gotten a link from your school guidance counselor, you may want to check in with a school administrator. This is when you really should start to study in earnest, if you haven’t done so already.

Now’s the time to start taking more practice exams, in addition to your regular study and review. You can look up past free response questions (for exams that have them), real student responses, their scores, as well as scoring guidelines so you can see why a real exam taker got the score they did.

Once you’re four weeks out, it might be more efficient to study just the areas you feel less practiced and confident in, rather than trying to cram in all of the information from the past year. The practice exams and questions can help you sort out which topics just need a simple refresh, and which ones you might need to actually relearn.

Recommended: The ACT and SAT: Which Test is Right for You?

May (It’s Time!)

You can kick May off by taking another practice exam and focusing on the results compared to when you first began reviewing all those weeks ago. The focus is now on prepping for test day, which might include checking to make sure you have your test dates and times marked in your calendar and that you are using the correct, approved calculator for math and science exams.

On test day, you can start your day with a good breakfast. If you are taking multiple tests in one day, you may also want to pack some nutritious snacks. Hopefully all of the studying from the last few months will pay off when you sit down to take the AP Exam and you feel prepared.

Recommended: Do Your SAT Scores Really Matter for College?

AP Study Hacks and Habits

The habits you start honing as you study for AP Exams can not only help you do well on your exam, but also prepare you for college, when you’ll likely be managing a larger workload and juggling multiple assignments and deadlines. Here are some study hacks that can help now — and later.

•   Build in study breaks. Even if you feel you need to spend several hours studying in one sitting, it’s a good idea to work in a short break every hour, even if it’s just a five-minute walk around the block. This can help keep your mind sharp and your energy from sagging.

•   Incentivize yourself. You might hold off watching your favorite TV show or playing your favorite video game until after you have finished studying for the day. This delayed gratification could help keep you motivated to study efficiently.

•   Consolidate class notes at the end of every week. When you are reviewing your notes from your AP classes, try organizing the information as it relates to the sections on the exam. By grouping your notes into related “chunks,” you might find that it’s easier to remember (or refer back to) key points as you get further away from the lesson. An added bonus: Instead of having a year’s worth of scattered information to review as you start taking practice AP Exams, you’ll have clear, organized information with your note summaries.

Planning for Your Future

The College Board says that nearly all colleges and universities in the U.S. offer credit, advanced placement, or both based on your AP scores, typically with an AP score of 3 or higher.

In some cases, students are able to reduce their time in school by one, or even two, semesters, meaning that your AP Exams could end up saving you a lot of money in college. Of course, you will still need to find a way to pay for college, whether it is three, four, or more years.

Fortunately there are a number of ways to fund your college education, including college savings accounts, financial aid (which includes scholarships, grants, work-study, and federal student loans), as well as private student loans.

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

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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.

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).

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

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Building a budget isn’t hard, but it does require time and effort. And once it’s completed, it’s something you should be proud of. Yet, many people have trouble sticking to a budget. They wind up essentially throwing all their work out the window as a result of impulse buys, unrealistic expectations, or a lack of discipline.

Don’t let that happen to you: Here’s a look at some of the reasons budgets can fail and tips for making a budget you can stick to.

Understanding the Importance of Budgeting

A budget allows you to organize your money according to your priorities and plays a key role in achieving financial goals. Those goals can be anything from taking a vacation and buying a new car to funding future education and retirement. With a well-crafted budget, you can work on multiple goals at the same time.

A budget is also one of the top tools to help you stay out of debt or rein in any outstanding debt you may already have. In addition, having a budget can help simplify your spending decisions, making it easier to determine which purchases are worth making and which you don’t actually need.

The Role of Budgeting in Financial Planning

Budgeting can play a critical role in financial planning. It can allow you to balance your income into such buckets as paying for necessities, enjoying discretionary spending, and saving for your future as well as managing debt responsibly.

With a budget in place, you can earmark dollars toward short-term goals, such as redecorating your bedroom, and longer-term goals, such as having enough cash to retire early. You can divide your income and funnel it toward different financial goals.

Overcoming Common Budgeting Challenges

Budgeting usually begins with the best of intentions. However, it’s all too easy to get sidetracked. Temptations and unexpected expenses can cause a budget to go off the rails, leading to overspending, missed bill payments, and debt. Here’s a look at some of the most common reasons why budgets fail.

Lack of Discipline

Even if you’ve created a budget, it can be easy to slip into a free-spending lifestyle in the moment (say, when out with friends who have deeper pockets than you do). If you generally live within your means, that might be okay. But if you’re a habitual overspender, it’s important to recognize that those behaviors have to change to keep your budget on track. A budget can’t help your financial situation if you don’t follow it.

Unrealistic Expectations

Many people think budgeting requires drastic measures. For example, if you’ve been living beyond your means and want to rein in your spending, you may decide you must go from spending more than you make to living off half your income. But that stringent plan may not be a viable option. When you fail, you might give up on budgeting altogether. It’s important to set achievable expectations.

Discounting Irregular Expenses

While building your budget, you probably remember to factor in regular expenses like your monthly electricity bill and grocery shopping. But it can be easy to forget to include budgeting categories and expenses that occur on a more infrequent schedule, such as quarterly or annually.

Annual membership fees, homeowners’ association fees, insurance premiums, holiday spending, and kids’ camp tuition may come up only once a year, and that can make them easy to forget. Failing to account for these costs can throw your budget off once they come due and you may have to scramble to find the cash to pay them. You can try to account for these expenses by saving a little each month to help cover them.

Recommended: Money Management Guide

Getting Lost in the Weeds

While it’s important to take a thorough accounting of your expenses when making a budget, it is possible to go overboard with so many line items that can make your head spin. How do you stick to a budget when it’s several pages long? With difficulty, if at all.

A budget with too many line items can be tedious to update and track. It can be more productive to have broad line items that encompass a wider array of expenses, so if you spend a bit too much on one small item, it won’t make much difference.

Your Social Circle

The people you surround yourself with, including your friends, family, and partner, can have a huge impact on your spending. If these people tend to be big spenders, you might be tempted to spend when you’re around them. That’s sometimes known as FOMO spending or “fear of missing out” spending. It would be a shame if one big night on the town threw off a whole month’s worth of budgeting plans.

If you’re saving for a specific goal, like putting a down payment on a home, you might let your friends know that you’re trying to stick to a budget, so maybe they won’t tempt you with expensive sushi dinners or weekends in Vegas. In their excitement to help you achieve your goal, they may be willing to trade nights at the bar for cheaper activities like game nights in.

Steps to Creating a Realistic Budget

One of the most important tips for how to stick to a budget is to start with a realistic budget — or, in other words, a budget that is easy to stick with. These three steps are key to starting off on the right foot.

Assessing Income and Expenses

To create a realistic budget, you need to first assess where you currently stand. That means calculating how much, on average, is coming in each month and how much, on average, is going out each month.

You can do this by reviewing bank statements from the past several months, then adding up all of your (after-tax) monthly income. This is how much you have to spend each month. Next, add up what you are spending each month to come up with a monthly average. If your average monthly spending exceeds your average monthly income (meaning you’re going backwards) or is about the same (meaning you’re not saving), you’ll need to find places to cut back.

Setting SMART Financial Goals

Whether your goal is to build an emergency fund or go on a great vacation, setting clear, achievable financial goals will help you create — and stick to — your budget. Strong goals serve as reminders for why you’re choosing to spend less in some areas, which can make sticking to your budget feel more rewarding.

Consider using the SMART framework when setting goals. You’ll want your goals to be:

Specific: Rather than saying, “I’d like to save more,” try to be more specific, such as “I’d like to save enough for a down payment on a car in four months.”

Measurable: You want your goals to have a measurable outcome, such as a set amount of money you’d like to save by a certain date.

Attainable: If a goal is too hard to achieve, you might give up before you get very far. Strive to set goals that are attainable given your current income, expenses, and time frame.

Relevant: It’s key that your goals address your top needs and concerns. Consider what will give you the most security and value to your life right now.

Time-based: Having a set timeline can help you stay on track and reach your financial goals.

Recommended: Savings Calculator

Allocating Funds to Financial Goals

You may wonder how to best allocate money toward your financial goals. One method that can work well is to have separate savings accounts for each short-term goal, such as one for your emergency fund, one for your beachhouse rental next summer, and one for the down payment you are saving for a new car. It can be wise to keep these accounts at an online bank, where interest rates are typically higher and fees lower (or non-existent), helping your money to grow faster.

You may find that if your paycheck goes to your bank by direct deposit, you can determine how much goes into different accounts. In other words, you could direct most of it into your checking account and some into a savings account or two.

Prioritizing Essential and Non-Essential Expenses

A budget is an opportunity to align your spending with what’s most important to you. You’ll want to have three main categories for spending:

•   Essential expenses (“needs”) These are your necessities, such as groceries, housing, healthcare, and transportation. Minimum debt payments fall into this category as well.

•   Nonessentials (“wants”) These are the expenses that aren’t necessary for survival but enhance your quality of life. Examples include dining out, gym memberships, and travel expenses.

•   Savings This is the money you separate from spending each month that will allow you to reach the financial goals you established earlier.

A very basic approach to budgeting is the 50/30/20 budget rule, which divides your net income into the above categories, spending 50% on needs, 30% on wants, and 20% on savings. Those percentages may not be realistic for everyone, however, If you live in an area with a steep cost of living, for example, you may need to spend more than 50% on needs and take some away from the wants and/or savings categories.

Recommended: 50/30/20 Budget Calculator

Practical Tips to Stick to Your Budget

Once you have a basic budget in place, you’ll need to stick to it — or you won’t see any progress toward your goals. Here are six ways to keep spending and saving on track.

1. Sleep on Big Purchases

Impulse buys can quickly throw your budget off course. To avoid the problem, try the 30-day rule: If you see something nonessential you want to buy either online or in person, put the purchase on a one-month pause. Tell yourself that if, after 30 days, you still want the item and you can afford it, you’ll buy it. This gives you time to reflect. You may well decide that you don’t need or want the item that badly and forgo the purchase.

2. Aim to Never Spend More Than You Have

minimum on your credit card balance, for example, means you’re never getting ahead of your debt. Running a balance also means you’re going to end up paying far more for your purchases than the original price tag.

If you want something you can’t afford right now, plan for it, and start setting money aside for it each month. When you have enough, you can splurge without guilt — or throwing off your budget.

3. Set up Autopayments for Bills and Automatic Transfer for Savings

To make sure you never miss a payment (and avoid late fees), consider setting up autopay (aka automatic bill payments) for all of your regular bills. You can apply the same principle for paying yourself, which means saving.

Simply set up recurring money transfers from your checking account to your savings account for the same day each month (ideally, right after you get paid). Even small amounts will grow into something larger, which can ultimately buy that vacation plane ticket or cover an unexpected car repair.

4. Plan Your Meals to Curb Impulsive Spending

When you’re hungry and there’s no food in the house, it’s hard to resist the call of the drive-through or your fave local take-out spot. You can avoid this temptation by planning your meals (including breakfast, lunch, dinner, and snacks) each week, making a grocery list, and sticking to that list in the store.

Meal planning saves you from blowing your weekly food and restaurant budget. It can help you save on groceries if you use items up vs. letting them sit and go bad in the fridge. Bonus: You’ll probably eat healthier, too.

5. Utilize Technology for Tracking and Managing Your Budget

One of the best ways to stick to a budget is to harness technology. Putting a budgeting app on your phone, for example, can help you keep track of your spending and savings. These apps connect with your financial accounts (including bank accounts, credit cards, and investment accounts), so you don’t have to manually enter your purchases and transactions.

Leveraging Budgeting Apps for Financial Success

Apps can help you stay on a budget, too. They can monitor bank accounts, credit card spending, and even keep track of how much you spend in cash. Some apps allow you to split your spending into your own categories and can send you alerts when you start to max out your budget to help keep you from going over. Even better, many budgeting apps are provided by financial institutions, and third-party ones are also available and may be free (at least for the basic service).

With this kind of support, you may find it easier to stay on target with your budget and financial goals.

6. Revisit and Adjust Your Budget as Needed

A successful budget is rarely a one-and-done proposition. As your income, expenses, and/or financial goals change, it’s a good idea to revisit your budget and make adjustments.

You may want to check in on your budget every six to 12 months to reflect on your budgeting journey. How well is your budget working to advance your goals? Is it still relevant to your life? Maybe you’re spending more in certain categories and less in others. Perhaps you can siphon off a bit more in automatic savings each month and reach your goals faster. Picking up changes in your financial habits can help ensure that your budget reflects your current priorities.

Also, it can be wise to revisit your budget when you have a major life change: Did you get married, buy a house, or have a baby? Were you laid off and unemployed for a couple of months? Did you decide to go back to school? All of these events can trigger another look at your financial plans.

The Takeaway

Learning how to stay on a budget means starting with a realistic budgeting plan, setting SMART goals, picking the right tools, and keeping a watchful eye on your money as your income and expenses change. Remaining agile and staying disciplined with your budget will allow you to meet your expenses, enjoy extras like travel and entertainment, and achieve your future goals. There may be tech tools offered by your bank that can help as you manage your budget.

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 often should I review and adjust my budget?

It can be wise to review and adjust your budget every six to 12 months, Some people may prefer a more frequent cadence. Also, if you have a major life experience or shift, from having a baby to deciding to go back to school, you will probably want to revisit your budget.

How do I adjust my budget when my income changes?

When your income changes, you could use a budgeting app to recalculate your spending and savings goals, or you could use a budget method such as the 50/30/20 rule. This says to dedicate 50% of your take-home income to needs, 30% to wants, and 20% to savings and additional debt payments.

How do I set financial goals while sticking to a budget?

You can incorporate financial goals into your budget. For instance, with a line item budget, you could have lines for saving for a new car and for retirement. Also, you can set up automatic transfers to help you effortlessly move money to accounts being held for those aspirations.

What should I do if I consistently overspend on my budget?

If you are consistently overspending, it can be wise to evaluate whether your budget is too stringent and unrealistic. In that case, you may need to re-allocate your funds and put more money toward where you are overspending and less elsewhere. Or you may need to exercise some self-discipline and look carefully at your budget, vow to change your behavior, and recognize that it’s important to work toward your long-term financial wellbeing.

How can I involve my family in sticking to a budget?

To involve your family in sticking to a budget, it can be wise to hold regular family meetings (but they should be fun and collaborative, not punitive) and talk about money goals and spending options together. Children can, once they reach a certain maturity level, be part of this process and contribute ideas and effort. Grocery lists and holiday gift lists can be created and discussed with an eye toward understanding how a budget works.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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If you no longer want to continue with your coverage, you may be wondering, Can you cancel life insurance? Or maybe you’re currently investigating how to cancel life insurance policies in case you decide to stop yours in the future.

Whatever your reason, this post will guide you through the cancellation processes for both term life and whole life insurance policies. We’ll also provide some alternatives to canceling your policy.

First, Can You Cancel a Life Insurance Policy?

You can usually cancel your life insurance policy at any time if you decide that you no longer want or need the life insurance coverage it provides. How that’s done will vary, based on how long you’ve had the policy (meaning, if it’s brand new or not) and whether it’s term life or whole life insurance policy.

How to Cancel Life Insurance

In each state, there’s a “free look period,” during which you can cancel a life insurance policy for any reason by appropriately informing the insurer. You can find timelines of the free look period in your policy. A typical period will last 30 days from when your policy begins, but it can be as short as 10 days, depending upon the state in which you live.

If you cancel during this timeframe, you’re entitled to a refund of your first premium payment without penalty. After the free look period ends, how you cancel your life insurance policy will depend on what type of life insurance it is.

Though there are other types of life, we’ll focus on term and whole life insurance here.

Canceling Your Term Life Insurance Policy

Term life insurance guarantees payment of a predefined death benefit when the policy owner dies during a specified term. After the term ends — perhaps after 10 or 20 years — the policyholder might renew the life insurance for another term, decide to let the policy end, or convert it to a whole life policy. Or, before the policy’s term ends, you can cancel the policy. Here’s how.

Inform the Insurer

Check the insurance company’s website to see if they have a termination form, or write them a letter to let them know you are canceling your policy. You could also call your provider to get the process started. It’s really that simple when it comes to communicating your desire to cancel with the insurer.

Stop Making Your Payments

If you’re having the payment automatically deducted from an account, check to see how much notice you have to give the financial institution to stop the next payment. The Consumer Financial Protection Bureau offers advice on stopping automatic payments.

It’s true that, if you simply stop making your premium payments, the insurer will void your policy. How long that would take would depend upon the policy’s conditions. Although this may be the easiest route to take, informing the insurance company ties up loose ends.

Canceling Your Whole Life Insurance Policy

A whole life insurance policy lasts for the policyholder’s lifetime — as long as the premiums are paid. Policyholders typically pay a higher premium, with a portion of the amount being invested. The invested funds can then be drawn upon by the policy owner. Because of this, you actually surrender a whole life policy when you want it to stop rather than cancel the policy.

Consider the Cash Value

As you pay into this policy, you’ll gradually build up cash value. It may take 10 years or so for that to happen but, when it does, surrendering (canceling) your policy may mean that you’ll get a check from the insurer for the cash value built up in the policy.

Investigate Collateral Approach

If a whole life policy has a reasonable amount of cash value, then the policy may be able to be used as collateral for a loan instead of surrendering it. If the loan isn’t repaid, then the outstanding balance and interest owed would be deducted before the death benefit was paid out to beneficiaries.

Modify Your Policy

Your insurance company may allow you to reduce your whole life premiums or even stop paying them while still maintaining some or all of the death benefits for your beneficiaries. In those cases, the premiums would be paid out of the cash value in the policy. Talk to your agent first, though, to make sure this is doable.

Do You Get Money Back if You Cancel Life Insurance?

With a term life insurance policy, when you cancel, it’s unlikely that the insurer will refund any premiums made and the death benefit to beneficiaries no longer exists. So, with term life, the answer is “no.”

With a whole life policy, though, if you’ve built up cash value, that will be provided to you after you surrender the policy, although any surrender fee is typically taken out first. When you cancel a whole life policy, ask how much money will be refunded as well as when and how you’ll get any funds back.

When Should You Cancel a Life Insurance Policy?

People cancel their policies for a variety of reasons. Here are some examples of when it may make sense to cancel your life insurance policy:

You no longer need it: Some people simply may feel they no longer need the policy — perhaps because the dependents listed as beneficiaries are no longer in need of this money, or because they, the policyholders, no longer have debt that would need to be paid off.

Your premiums are straining your budget: Other times, the premiums are too much for the person’s budget, so they decide to cancel. Perhaps, through this action, they can also collect on the policy’s cash value for needed funds.

You can qualify for a better rate on a new policy: A policyholder may have made lifestyle changes (for example, stopped smoking) or their health may have improved — and so they can now qualify for a better rate on a new life insurance policy. Keep in mind that, depending on how old you are, the premium may be the same or higher than the lower-rated policy.

You want to invest your premiums in another way: As another reason, some people cancel a whole life insurance policy and then invest the premiums paid — and any cash value refunded to them — in another way where they hope to earn more money.

Alternatives to Canceling Life Insurance

Talk to your insurer to see what options exist if you plan to cancel your life insurance policy. One possibility already mentioned is to see if you can have your whole life premiums paid out of your cash value in part or in full.

Or, if you think you still need life insurance but the premiums are too high for your budget, you can consider ways to adjust your budget to keep making your payments. For example, there may be subscriptions for streaming services or online tools that you automatically pay for but seldom use. You could consider canceling those services and continuing to make your life insurance premiums with those newly available funds.

Another possibility, if you’d like to cancel a life insurance policy and then buy another policy that’s better for you, is to consider looking into what’s called a tax-free 1035 exchange. This can allow you to make the switch without tax consequences.

Also, check your policy to see if life settlements are permitted. In that situation, the policy is transferred to a new owner, and you could receive cash in a lump sum. Just make sure to explore tax consequences if this option appeals to you.

The Takeaway

You can cancel a life insurance policy, and it’s pretty easy to do. Whether or not you’ll get money back depends on the type of policy you have. With a term life insurance policy, there isn’t any cash value and so you wouldn’t typically get any refund. With a whole life insurance policy, if you’ve paid enough into the policy to have cash value, then you would usually get some money back after surrendering the policy. Reasons why someone cancels a policy vary and there are alternatives to canceling.

SoFi has partnered with Ladder to offer competitive term life insurance policies that are quick to set up and easy to understand. Apply in just minutes and get an instant decision. As your circumstances change, you can update or cancel your policy with no fees and no hassles.

Photo credit: iStock/PeopleImages

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.
Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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

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

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