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When your child heads off to college, you are probably awash in all kinds of emotions. Pride, relief (yes, they got into school!), sadness, anxiety, and excitement can all swirl around you. Your baby is growing up and forging their own independent life. Will they make new friends? Like their classes and excel in them? Find their way around campus easily enough? Will they overspend, sleep through class, and stay out all Friday night?

Part of having a college student as a child means you must get used to some separation and lack of information. But that doesn’t mean you can’t continue to play a vital role in their life. Here, some wise advice about conversations to have, topics to cover, and when to help them have an amazing time at school.

Advice for Parents of College Students

Although each parent-child relationship is unique and each parent may face different challenges with their college student, there are moments that can be universal when your “baby” heads off to university life.

You’ll need to know how much to let go and encourage your child to become independent versus how much you should continue to provide support, whether that’s emotional support or financial.

Where that line should be drawn for each child and parent depends upon things like the seriousness of the problems being faced and how temporary or permanent they may be. In general, though, tips include:

•   Listen, but try not to dive right into problem solving. This may not be the moment to lead with, “Here’s what you need to do…”

•   Be mindful about how often you communicate and give your college student space while also staying available. Texting constantly and expecting quick replies will be unrealistic for many parents.

•   You may be used to getting those report cards regularly and monitoring your child’s checkups at the doctor’s office. Recognize that now, times are changing, and you may not always be kept in the loop. FERPA (or the Federal Education Records Privacy Act) gives college students new privacy rights that can be defined pretty broadly. You may want to talk to your child about signing a FERPA waiver that will give you more access to information.

Accepting that college isn’t just about education but also about your child establishing themselves as an independent adult is an important transition for both of you.


💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.

Parenting College Students During Summer Break

Just when you figure out how to parent your child when he or she is away from school, summer break arrives with a different set of challenges. The young adult that you watched leave for college is probably not the same person who is returning. Maybe they don’t want to chat as much as before, or don’t seem as open to talk about daily life, friendships, and relationships.

The parent-child dynamic may be less about directing your kid’s actions and more about creating a collaborative partnership.

This can include things like withholding judgment about your child’s actions and making requests rather than demands — even when you’re sure you’re right. Your child is growing up and stretching their wings, both at school and when they return. They are becoming a full-fledged adult, after all.

Analyze which rules are the most important, and focus on those, letting other ones go. One example is you might ask that he or she call you if dinner will be missed, but not try to impose a curfew.

Recognize that during summer break you’ll probably need to readjust to being together, while also focusing on enjoying your time together.

Conversations about Paying for College

As part of your evolving parent-child relationship, you’ll likely find yourself in conversations about the best ways to pay for college. As the parent, you’ll likely initiate these talks. As part of your discussions, you may want to:

•   Be clear about how much money you’re willing or able to contribute towards your child’s college expenses and how much your child will need to contribute.

•   Discuss how much college will cost once you add tuition, housing, books, and other expenses together.

•   Talk about student loans, including the differences between federal student loans and private student loans.

•   Discuss how your child working during college may help pay for expenses.

•   Talk about money management and how your child may feel some stress over student loan debt.

Here are some valuable topics to mention.

•   There are scholarships and grants that usually don’t need to be repaid. What’s left is the amount that typically needs to be paid for by a combination of parental contributions, student contributions, and student loans.

•   The two main types of student loans are federal and private. To qualify for federal student loans, you’ll need to fill out the FAFSA® (or Free Application for Federal Student Aid). This form needs to be filled out every year to determine eligibility for federal student aid dollars, including federal student loans.

•   Federal loans can be subsidized or unsubsidized. Students may be eligible for a subsidized loan if they have a certain degree of financial need. Subsidized loans do not accrue interest during the six-month grace period after graduation/dropping below half-time enrollment and during any loan deferments.

•   If the student drops below half-time enrollment, the grace period will begin even if he or she has not graduated yet, although there are some circumstances in which the student loan grace period can change.

Unsubsidized federal student loans do not require a demonstration of financial need, but do accrue interest during the entire loan period.

Private student loans are not funded by the government. Your child can apply with individual lenders, and each loan will come with its own terms and conditions, including repayment terms. Private loans can help fill the gap between what your child can pay with scholarships, grants, or federal loans.
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💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Saving for Your Child’s College

If you’re still saving for your child’s education, your options may include:

•   What are known as 529 college savings plans, also called qualified tuition plans, allow you to save for college while potentially offering tax benefits. Money saved in an education savings plan (sponsored by some states) can be used for tuition, fees, room and board, and other qualified higher education expenses at a college or university.

•   Prepaid tuition plans (available at some universities) offer the option to prepay tuition and fees at current rates.

•   Traditional or Roth IRAs, although more commonly used to save and invest for retirement, can be used to save for college expenses. .

•   Coverdell Education Savings Accounts allow you to set up an account to pay for qualified education expenses, but contributions are not tax deductible and are only available for people whose income falls under certain limits.

•   Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts are intended as a savings vehicle for beneficiaries under the age of 18. Depending upon your state, the funds will transfer to your child at either age 18 or 21 and do not have to be used for education expenses.

Tax Credits and College

When it’s tax time, if you claim your college-age child as a dependent, you might qualify tax credits related to education.

•   The American Opportunity Tax Credit could be helpful during the first four years of their undergraduate education. Qualifications include MAGI, or modified adjusted gross income, among other factors.

This is a credit for tuition and other qualified education expenses worth up to $2,500 per eligible student and could reduce the filer’s tax bill, not their taxable income.

•   The Lifetime Learning Credit is also a tax credit, but may be harder to qualify for. Each year, you can claim either the AOTC or the LLC, but not both.

Parent Student Loans

You may be able to take out loans for your child’s education expenses, including a federal Parent PLUS Loans, available to parents of dependent undergraduate students for the amount of attendance costs minus other financial aid.

Private lenders may also be an option. Fees, rates, and repayment options vary by lender and they don’t typically offer forbearance or deferment options like federal loans do. As another option, you may be able to co-sign a private student loan with your child.

SoFi Parent Loans

Paying your child’s tuition with SoFi’s flexible, competitive-rate parent loan may be an option for consideration as well.

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.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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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.

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).

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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.

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

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.

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Dealing with medical bills can be stressful, especially when the charges are unexpectedly high. However, the “amount due” on a medical bill is not necessarily set in stone. Negotiating medical bills is a common practice, and many health care providers are open to discussions about reducing costs or setting up a manageable payment plan.

Whether you’re dealing with a large hospital bill or an unexpected charge from a doctor’s visit, these six steps can help you effectively negotiate your medical bills and potentially save you thousands of dollars.

1. Ask for an Itemized Bill

A good first step in negotiating a hospital bill you can’t afford, or any type of medical bill, is to ask for a complete breakdown of charges. An itemized bill will list every service, procedure, and medication you’re being charged for, providing full transparency. This can be particularly helpful if you’re looking to negotiate a medical bill after insurance. You can compare the itemized bill with your Explanation of Benefits (EOB) document and verify that the charges align with your coverage and what you’re responsible for paying yourself. Reviewing your bill can also identify any billing mistakes (more on that next).

2. Check for Billing Errors

Billing inaccuracies — from duplicate charges to incorrect billing codes — are surprisingly common in the medical industry and can be highly costly to consumers. When reviewing your itemized bill, you’ll want to keep an eye out for these common billing errors:

•   Duplicate charges: Ensure you haven’t been billed multiple times for the same service or medication.

•   Incorrect services: Verify that you’ve been billed only for treatments and procedures you actually received.

•   Incorrect billing codes: Mistakes in medical coding can lead to inflated charges. Look over your bill (you may have to look up the CPT codes online) and ensure the charges accurately reflect your treatment.

•   Unbundled charges: Sometimes a group of procedures that occurred together (and should be charged under a single code) get listed as separate services. Keep an eye out for any services that appear to have been “unbundled.”

If you spot errors, you’ll want to contact the billing department immediately to have them corrected. Be sure to document your conversations and keep copies of all correspondence for reference.

Recommended: How Does Debt Consolidation Work?

3. Ask About Financial Assistance Programs

Many hospitals and health care providers offer financial assistance programs to help patients struggling to pay their bills, but they may not make you aware of them unless you ask. These programs are often based on income and can provide significant discounts or even forgive a portion of the debt entirely.

When speaking to the billing department, ask if you might qualify for any of the following:

•   Charity care programs: Designed for low-income patients, these programs can reduce or eliminate medical debt.

•   Sliding scale discounts: Some providers adjust fees based on your income level.

•   Hardship waivers: If you’ve experienced financial difficulty due to a job loss or medical emergency, you may qualify for reduced bills.

If assistance is available, you’ll likely need to apply. This typically involves submitting information about your budget, the assets you own, recent tax returns, and proof of income (e.g., pay stubs).

4. Ask for a Lower Bill

Sometimes, all it takes to reduce your medical bill is to ask for a discount. Many health care providers have flexibility in their billing and are willing to negotiate with patients, especially if you’re uninsured or paying out of pocket.

When negotiating your medical bill, keep these tips in mind:

•   Be calm and polite: Getting angry or becoming emotional generally won’t work in your favor. For your best chance of success, you’ll want to explain your financial situation in a clear and calm way, then politely (but assertively) ask if the provider can offer a discount.

•   Offer to pay right away: Many providers are willing to offer a reduced price — or “settlement amount” — if you agree to pay immediately, as it saves them the hassle of pursuing collections. You might ask if they can offer a self-pay discount if you pay all or part of the bill that day. This strategy could result in as much as 30% to 50% off.

•   Compare market rates: Research what other providers charge for similar services in your area. Websites like FAIR Health Consumer and Healthcare Bluebook can help you determine if a provider overcharged you for a service.

If the first person you speak with isn’t helpful, ask to speak to a supervisor or someone in the billing department who is authorized to make adjustments.

5. Negotiate a Payment Plan

Even providers who won’t budge on price are often willing to offer payment plans, allowing you to pay off your debt in smaller, more affordable installments. Here are some tips for how to approach setting up a payment plan:

•   Determine your budget: Before you ask about payment plans, it’s a good idea to look at your monthly cash flow and calculate how much you can realistically afford to pay toward your medical bill each month.

•   Propose a plan: A good negotiating tactic is to start by offering a lower monthly payment amount than you can afford, as this leaves room for negotiation.

•   Request interest-free terms: Many providers offer payment plans without added interest, making this option more affordable than making monthly payments on your credit card.

It’s a good idea to get the terms of your payment plan in writing to avoid confusion later. Sticking to the agreed schedule can also help you avoid additional fees or collection efforts.

Recommended: Can Medical Bills Go on Your Credit Report?

Employer Resources

Many employers offer benefits that can help reduce medical costs, such as health-related savings accounts (HSAs), health reimbursement arrangements (HRAs), and stipends. These resources can significantly reduce the financial strain of medical bills, so it’s worth exploring any options offered by your employer.

Possible benefits you might be able to tap:

•   Health Reimbursement Arrangements (HRA): Employers fund HRAs to help employees cover qualified medical expenses. You may want to check with your HR department to see if this benefit is available and how to access it.

•   Health Savings Accounts (HSA): If you have a high-deductible health plan, an HSA can be used to pay for eligible medical expenses with pretax dollars. This account can also be used to cover deductible costs, prescriptions, and certain treatments.

•   Flexible Spending Accounts (FSA): Similar to HSAs, FSAs allow you to use pretax funds for medical expenses, but they usually have a “use it or lose it” policy, meaning funds must be spent within the plan year. You’ll want to use your FSA funds strategically to cover eligible medical costs.

•   Health stipends: Some employers offer additional financial support in the form of taxable health stipends, which can be used for medical bills or health-related expenses. Contact your HR department to explore this benefit.

What to Do If You Can’t Negotiate Lower Medical Bills

If you’re unable to negotiate your medical bills to an affordable price and your employer doesn’t offer benefits like HRAs or stipends, you’re not necessarily out of options. Below are two ways you may be able to affordably finance your medical bills.

•   Personal loan: An unsecured personal loan can be used for virtually any purpose, including paying medical bills. Interest rates can be significantly lower than those of credit cards, particularly if you have strong credit. And unlike credit cards, personal loan rates are typically fixed, allowing you to pay off your debt on a fixed payment schedule. If you can qualify for a personal loan with a good rate and manageable monthly payment, you might use it to pay off your medical bills immediately and avoid accruing late fees or having the bill move into collections. A personal loan calculator can help you run the numbers.

•   Zero-interest credit card: If you have strong enough credit to qualify for a credit card with a 0% introductory rate, you may be able to put the bill on your card then make interest-free payments for 12 to 21 months. Additionally, some providers offer medical credit cards with interest-free promotional periods, which may be anywhere from six to 24 months. These can help you pay off large bills over time, but be cautious of high interest rates once the promotional period ends.

Recommended: Personal Loan vs Credit Card

The Takeaway

Medical bills can be overwhelming, but they aren’t necessarily the last word. You may be able to negotiate the amount due by requesting an itemized bill, checking for errors, exploring financial assistance programs, and simply asking for a lower bill. Other tools that can help make medical bills more manageable include setting up an interest-free payment plan, tapping employer health benefits, and taking advantage of low-interest financing options.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

Do medical bills affect your credit?

If the medical bill stays with your provider, it won’t impact your credit. If your payment is several months past due, however, the provider may sell your debt to a collections agency. Unpaid medical debt in collections (over $500) can be reported to credit bureaus after one year.

If medical debt does end up on your credit reports, it can lower your FICO® score. However, due to recent changes in how FICO calculates scores, medical debt generally has less impact on your scores than other types of debt.

Should I pay a medical bill that’s gone to collections?

Paying a medical bill in collections can protect your credit and resolve the debt, but you’ll want to first verify it’s legitimate. To ensure the debt amount is correct and has not already been paid, ask for documentation from the collection agency.

If the debt is valid, consider negotiating a reduced payoff amount or setting up a payment plan. Once paid, it’s a good idea to ask for written confirmation that the account will be marked as resolved. Under new guidelines, paid medical collection debt is no longer included in credit reports.

How long do I have to pay a medical bill?

The timeline to pay a medical bill varies depending on the provider’s policies. Many hospitals and health care providers expect payment within 30 to 90 days of issuing the bill and will charge late fees and/or interest if you miss the due date.

The statute of limitations — how long a provider or collection agency has to sue you for an unpaid medical bill — typically ranges from three to 10 years, depending on the state. However, the debt remains collectible even after that period.

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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.

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.

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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Financial wellness doesn’t have to be complicated. While you’ll eventually want to work up to a financial plan that includes a detailed budget, savings goals, and a retirement plan, there are small things you can do today to set you off on the right foot. What follows are nine hacks for money that can help you get organized, save more, knock down debt, and master the basics of personal finance.

9 Money Hacks to Help Save You Money

These simple moves can help you boost your financial health, reach your goals, and avoid financial pitfalls like impulsive spending and unmanageable debt spirals.

1. Use Multiple Savings Accounts

Having a different savings account for each one of your goals — whether it’s a new car, a down payment on a house, or even a big vacation — can be a great way to keep track of your progress. If you only have one account, it can be difficult to know what money is earmarked for which goal. For example, if you have $15,000 in your savings account, it may be hard to track that you have $5,000 saved for an emergency fund and $10,000 for a home purchase.

Separate savings accounts makes it easier to prioritize the goals you’re eager to reach, allowing you to fund those accounts first. It also decreases the chances you will raid the account to cover another expense. If an account is clearly labeled Emergency Fund, you may think twice about using it for a trip to Tulum.

And since many banks now offer savings accounts that feature the same interest rate, no matter how low your balance, you don’t need to put all your savings in the same account to get the highest yield.

2. Ditch Your Low-Interest Savings Account

Is there anything better than money you don’t have to work for? The interest you’re paid for keeping money in a bank account is basically that. If you’re still using your first savings account, however, chances are you’re getting a low interest rate.

Right now, the best online savings account interest rates are around 3.00%. Traditional brick-and-mortar banks, on the other hand, generally offer rates that are close to the national average, which is currently 0.38%. If you have a $10,000 savings balance, choosing an account that pays 5% will earn you about $500 in a year. If it stays in a bank account that pays 0.40% APY, you would earn about $40. The difference increases the more you deposit and the longer you keep the money in the account.

Failing to open a high-interest savings account means you’re giving up free money.

3. Put Saving on Autopilot

Automating your savings is a great way to separate your savings from your spending without any extra effort on your part. If you wait to see what you have left at the end of the month to make a manual transfer to savings, you may forget or, worse, you may have nothing left to move.

There are two ways to automate your savings: One is to split up your direct deposit and funnel part of it into a savings account; the other is to set up a recurring transfer from your checking account into a savings account for the same day each month (ideally right after you get paid). If you have different savings accounts for different goals, you can choose to have a set amount for each account.

4. Pay Down High-Interest Debts

Credit card annual percentage rates (APRs) are now averaging a record 28.93%, up from 26.72 percent in 2022. To whittle down high-interest debt, consider making at least one extra payment on your credit cards per month. If you have multiple balances, here are two ways to knock them down:

•   The snowball method With this approach, you make your extra payment on your smallest debt, while maintaining minimum payments on the others. When that debt is paid off, you focus on paying off the next-smallest debt, and so on.

•   The avalanche method Here, you put your extra payment towards the debt with the highest interest rate, while making minimum payments on the others. When that debt is paid off, you focus on the debt with the next-highest rate, and so on.
The money you save in interest payments can then go towards saving (and earning interest).

5. Audit Your Subscriptions

There’s a good chance you are paying monthly for things you no longer need or use. To find out, review your credit card or bank statement to see what subscriptions services you’re paying for each month. Do you have cable, but only watch streaming services like Netflix and Hulu? Are you paying for streaming services you never, or rarely, watch? You might also audit your music services — if you are paying for more than one, you might keep your fave and get rid of the others.

The monthly fee for each streaming service may seem small but, when you pay it every month, year after year, it can seriously add up.

Recommended: How to Track Your Monthly Expenses: Step-by-Step Guide

6. Put a Free Budgeting App on Your Phone

Keeping tabs on how much is going in and going out of your accounts is crucial to financial wellness. But who wants to spend hours coming through statements? A budgeting app does the work for you, and many are free (at least for the basic service).

Popular budgeting apps, like Goodbudget, EveryDollar, and PocketGuard, allow you to connect with your financial accounts (including bank accounts, credit cards, and investment accounts) and give you a bird’s eye view of your finances. Right from your phone, you can see what’s in your bank account, your current credit card balance, what you’re spending the most money on, how your spending compares to last month, and more. This can be eye-opening and help you make smarter financial decisions.

7. Practice the 3-Day Rule

Online shopping has made it easier than ever to impulse buy. You’re only one click away from a new jacket, blender, or television. So try this smart spending hack: Whenever you see something you want to buy, either online or in-person, DO NOT buy it that day. Put the purchase on pause for at least three days. Tell yourself that if, after three 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. If you’re worried about missing a “one-day” or “flash” sale, don’t — retailers run sales all the time.

Recommended: How to Stop Spending Money: 7 Strategies to Curb Overspending

8. Use Cash

This may sound counterintuitive, but spending cash can actually help you save money. The reason: When you spend in cash, you actually have to physically give up your money when you spend it, unlike with a credit or debit card.

You might try taking out a set amount of money for discretionary spending for the week, and when the money is done, you’re done spending. Or, consider using the envelope budgeting system, where you take out a certain amount of cash for the week and divide it into envelopes for food, gas, etc. As you see the money go down in each envelope, you’ll have to think hard about every purchase.

9. Gradually Boost Retirement Savings

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You may have heard that you “should” be putting 15% of your income into your 401(k) or other retirement fund each year. It’s a solid goal. But for many young people, it may not be remotely realistic. That said, you shouldn’t give up on the whole idea. Why not try baby steps? You might start by putting just 1% of each paycheck into your retirement fund, then increase it by 1% every three to six months.

While 1% is a small percentage of your annual earnings today, after 20 or 30 years it can make a big difference in your account balance when you retire. That’s because the longer you give your money a chance to grow, the better.

Recommended: When Should You Start Saving for Retirement?

The Takeaway

Getting a better handle on your finances may perennially be on your to-do list. The problem is that this goal can seem too vague and too overwhelming to even know where to begin. The good news is that you don’t have to overhaul your personal finances overnight. Simply adopting some smart money habits (or hacks) can snowball into long-term financial stability and wealth. And there’s no better time to start than today.

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.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

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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.
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.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Financial decisions are difficult enough on your own. But they can get even harder when you bring a significant other into the mix. After all, you both are coming from different life experiences and may have very different (often deep-seated) views on money, including how it should be spent and whether it should be saved.

Not surprisingly, money is a common cause of stress in relationships and, if left unaddressed, it can start impacting more things than just your bank account. Research consistently shows that financial problems and disagreements over money is a leading cause of divorce.

Considering how personal, and therefore complicated, each partner’s relationship with money can be, navigating money conversations can be tricky.

A great first step is to understand that financial decision-making as a couple may not come naturally, and that’s completely fine. These conversations take practice. What follows are a few strategies to try and some ideas to keep in mind when making financial decisions with your partner.

Common Causes of Couple Money Fights

Whether you and your partner are struggling to make a particular money decision or generally don’t see eye to eye on money, know that money fights are normal and common. Here’s a look at some of the most common hot button issues for couples.

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Sharing Account Information

Some couples struggle with privacy limits and may disagree about what level of access their partner should have to their financial accounts. If one partner feels they don’t have fair access to financial accounts, passwords, and paperwork, resentment can build.

Married couples in particular may find it confusing and challenging to not have a full picture of their complete financial health.

Determining Budgeting and Spending Limits

Maybe one of you likes to spend and enjoy life, while the other prefers to save for a rainy day. This disconnect happens all the time. Not all couples agree on how much they should be spending versus putting aside for the future and this can lead to anger and tension.

Dealing With Past Debt

If one partner brings a sizable amount of debt into the relationship, couples may disagree about who is responsible for paying off the debt.

You might take some solace in knowing that debts brought into a marriage stay with the person who incurred them and are not extended to a spouse. It won’t hurt the other partner’s credit rating (which is linked to their Social Security number and tracked individually). In most states, however, debts incurred after marriage jointly are owed by both spouses.

Saving and Investing

Many couples can’t agree on how much money they should save each month, as well as how they should be saving it. One partner may feel investing is the best path to a stronger financial future, while the other might be more risk averse, preferring to stash extra funds in a high-yield savings account.

7 Tips for Making Financial Decisions as a Couple

Just having a conversation about money with your significant other can be fraught. Coming to an agreement on how to manage your money is often even harder. Fortunately, these eight strategies can help you find common ground.

1. Make a Date to Talk

Your instincts might tell you to dive headfirst into a big money talk in order to get it the heck out of the way. But this may not be your best strategy. No one is their best self when they feel caught off guard. A conversation about a tough financial decision will likely be more productive when there are two calm, prepared people at the table.

Instead of bringing up the topic of money out of the blue, you might give your partner some notice. You can simply set a time to talk about the financial decision at hand. Or, you might want to turn it into a real “date” and treat yourself to a coffee at the local shop or pick up your favorite take-out dinner. Either way, the most important thing is that you have a designated time for the talk. This strategy can be applied to discussing one particular financial decision, or you can utilize it on a regular basis.

Recommended: How to Make Talking About Finances Fun, Not a Fight

2. Write It Out

Sometimes, it’s simply hard to communicate how you feel. This is especially true for topics that affect us deeply and in confusing ways, like money. If you and your partner are people that like to put their feelings down in writing, consider writing each other a letter prior to your financial “date.”

In your letter, you might include some background on how you were raised to think about money, your money stressors, and your financial goals. Focus the letter on yourself and from where your financial beliefs stem.

Not only will this help your partner understand where you are coming from, but it can also provide you with some very useful introspection about money and your system of values.

3. Be Prepared to Listen

When making financial decisions, your main objective should not be to explain your point of view. To have a truly productive conversation, you must be committed to listening, too. This is good practice in all conversations with your partner and loved ones, but especially when talking about financial decisions.

Here’s the thing about making financial decisions: It’s rarely black and white and, generally, there is no right and no wrong. Being open to listening often translates into being open to learning.

Not only is your partner’s perspective important, but you might even be able to learn something from them. We’re all learning as we go anyway, and by listening, you have a chance to learn and evolve as a couple.

Recommended: How to Budget As a Couple and Why It’s Important

4. Be Communicative

One key to having a productive and healthy conversation regarding money or a specific financial decision with your partner is to communicate your feelings, thoughts, and fears. Something that seems obvious to you may not be obvious to them, so give your partner the benefit of explaining yourself in a calm and thorough way.

When you communicate, try to stick with talking about how you feel regarding a matter and avoid making declarations about what your partner has done in the past or what you’re hoping that they will do in the future.

Making comments about how a person is spending can quickly turn accusatory, putting them on the defensive. Even when having tough conversations, do your best to remove judgment from the equation.

Also, it’s best not to assume that just because you have explained something to your partner once, that they understand what you mean and where you are coming from. Don’t lose your cool if you have to remind your partner what’s important or a priority to you, especially if your priorities don’t align on this particular issue.

Recommended: Guide to Improving Your Money Mindset

5. Crunch the Numbers

Sometimes, the numbers help guide financial decision-making within a relationship. It can be worth taking the time to figure out exactly how each financial decision would play out over the short and long term.

By breaking big costs down into monthly numbers, you and your partner can see on paper what is possible (and what isn’t). The exercise may provide a new perspective altogether or, at the very least, get you on the same page regarding the different options with your money.

If you feel at a loss for what you should be focusing on or how to accomplish your goals, you may want to hire a financial expert, such as a credentialed financial planner. Some financial guidance from a person skilled in financial planning could be just what a couple needs to step up their money game.

6. Compromise

If you’re in a partnership, you already know that compromise is key. The good news is that with money, compromising is not only possible but often ideal. For example, you don’t have to pick just one savings goal to work on at a time. Financial decisions don’t have to be one or the other. Indeed, a multi-pronged approach is often the best way to build financial security.

Also, know that there is no perfect formula for how a couple makes financial decisions. Just because your best friend and her spouse divide their finances in a certain way or prioritize certain money goals over others doesn’t mean that you have to do it this way. Part of compromise with your partner is abandoning the idea that your partnership should work like anyone else’s.

7. Put Plans Into Action

Once you’ve hashed out your money goals and fears with your honey, and made some key financial decisions together, it’s a good idea to come up with an actionable plan to make your shared goals a reality.

If you’ve decided that you want to purchase a home in two years, for example, figure out how much of a downpayment you’ll need and, then, how much money you need to siphon into savings each month to reach your goal. You might then set up an automatic transfer from your checking account(s) and into your joint savings account each month.

A fringe benefit of making financial decisions as a couple is that you have a built-in accountability buddy to make sure you follow through on your plan and don’t spend that savings on something else.

Smart Money Decisions Couples Make

Here’s a look at some smart money moves you may want to make as a couple:

•   Opening joint accounts: Having at least one joint bank account can simplify your finances and make it easier to work towards your shared goals. That said, you don’t have to merge everything. You might decide to keep individual accounts for personal use — this gives each partner some freedom to spend on themselves without having to explain their expenditures.

•   Labeling your savings: Having separate savings accounts for separate goals (even giving them labels, like a “downpayment” or “vacation” account) can help you stay on track and reach your goals sooner. Some savings accounts have a sub-savings account feature, which allows you to split funds in one primary savings account into separate categories.

•   Automate your savings: It can be smart to set up recurring automated transfers from your checking account(s) to your savings and investment accounts based on your goals.

•   Increasing your emergency reserve: Your emergency fund should be large enough to cover living expenses — for both of you and any dependents — for anywhere from a few months to a year, depending on your situation.

Recommended: Survey Says: Couples That Pool Finances Are Happier

The Takeaway

Talking about money with your partner isn’t always easy, but having honest discussions about your financial situation and goals is critical. This can help you better understand each other, make important financial decisions as a couple, and come up with a plan that can make your shared goals and dreams a reality.

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FAQ

Should married couples make financial decisions together?

Even if you don’t merge all of your money, it can be a good idea to work together on some key financial decisions that will impact both of your futures. Making financial decisions together can have multiple benefits, including increased closeness and trust, less conflict over money, and better financial outcomes.

How should money be split in a relationship?

There are several methods couples can use to manage money and cover their living expenses. One option is to merge all or some of your funds in a joint bank account and use it to pay for shared expenses. Another option is to keep separate accounts, but have each partner make equal payments towards shared expenses.

A third approach you might consider is to split bills proportionally based on each partner’s income. So if one partner makes 70% of the total household income, they would then cover 70% of shared expenses, while the other partner would pay for 30%.

What are financial red flags in a relationship?

Financial red flags are money issues that are either currently causing problems in a relationship or have the potential to do so in the future. While they are not necessarily deal-breakers, they are harbingers of future relationship and financial strain. If you notice any of the following six signs, it’s important to deal with them promptly, ideally before your life is too intertwined with your partner’s.

•   Unwillingness to discuss money

•   Excessive credit card or other debt

•   Flaunting their wealth

•   Severe frugality

•   Using money to manipulate or shame

•   Keeping secrets or telling lies about money

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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.

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Residency is an exciting opportunity to get in-depth training within your chosen medical specialty. But these years also come with challenges. Residents are typically required to work long hours while earning just a fraction of what licensed physician’s make. At the same time, you likely have living expenses to cover, plus a mountain of education debt to pay back. This leads many residents to consider medical moonlighting as a way to bring in extra income.

Moonlighting simply means working a second job in addition to a primary job. For residents, it can be a chance to not only earn extra money, but also gain experience in new settings and broaden your career horizons. But there are also some significant downsides to consider. Here’s what residents need to know about medical moonlighting.

How Does Medical Moonlighting Work?

Medical moonlighting essentially means working a second job as an independent physician while still being in residency. Residents often take on moonlighting jobs to supplement their salaries, pay down student loan debt, and to get additional experience and practice beyond their responsibilities in their residency program.

Many medical moonlighting jobs fall under the category of what’s called “locum tenens” jobs, where you substitute for other medical professionals that are out on leave or help provide additional coverage at hospitals that are temporarily short-staffed. Often, you are able to pick and choose shifts that work with your schedule.

While moonlighting might seem like the perfect solution to financial stress, the policies and restrictions on resident moonlighting can be tricky to navigate. While residents who are licensed physicians are legally allowed to take on jobs providing medical care, residency programs typically have their own policies on whether residents can take on extra work.

Some programs prohibit moonlighting entirely, while others might limit moonlighting to residents further along in the program. Many programs will require you to get prior permission from a supervisor before you start moonlighting and you may have to formally state your reasons and goals for moonlighting.

Some residency programs allow you to take moonlighting shifts at the hospital facility where you are currently working, but you may be restricted from taking work outside of your hospital network.

Also keep in mind that the Accreditation Council for Graduate Medical Education (ACGME) guidelines state that residents have an 80 hour weekly limit, on average, over each four-week period, with at least 10 hours of rest between duty hours. Plus, one of every seven days must be free of patient care duties and educational obligations.


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There Are Two Ways to Moonlight

There are two types of medical moonlighting that residents can pursue: internal and external.

Internal moonlighting involves working extra shifts at the hospital where you are primarily employed as a resident. External moonlighting, by contrast, means picking up extra shifts at a clinic, a practice, an urgent care center, or a different hospital than where you’re training.

External positions are usually locum tenens. Both residents and physicians can work locum tenens jobs, and residents often prefer these jobs to taking on an external part-time job with a single employer. For one reason, they provide flexibility and don’t require having an independent medical license (as opposed to a training license), your own malpractice insurance, or having privileges at a specific hospital.

Pros and Cons of Moonlighting in Residency

Medical moonlighting has benefits and drawbacks. Here’s a closer look at reasons for and against moonlighting in residency.

Advantages of Moonlighting During Residency

Earn Extra Income

Taking on a few moonlighting shifts per month can add up to substantial extra income — especially on a resident’s salary. As for how much money you can make moonlighting in residency, the answer will depend on the type of work you end up doing and the area you’re in. The average pay range is $100-$200 per hour, depending on the location and job duties.

Recommended: Guide to Medical Student Loan Refinancing

Gain Valuable Experience

You might be able to get experience that you don’t typically get in your residency program or you may get additional practice with certain skills or procedures. The extra hours in another area of the hospital — or in another hospital nearby — can give you insight into how other units operate.

The more experience you get, the more robust your resume will become. A great resume can lead to more job opportunities in the future.

Test Out Different Practice Settings

There are many types of workplaces physicians can choose to work in. Moonlighting offers the opportunity to test out some different settings, such as group practices, private practices, urgent care centers, and community clinics.

When your residency ends and it’s time to find a full-time job, having experience in more than one healthcare setting may help guide you toward (or away from) certain types of workplaces.

Expand Your Network

Moonlighting can provide the opportunity to work with more professionals in your field. If you choose external moonlighting, you may be able to develop relationships with physicians, residents, administrators, and other healthcare providers who you wouldn’t otherwise meet in your residency program. Expanding your network can expand your future career opportunities.

Disadvantages of Moonlighting During Residency

Less Free Time

As a resident, you’re likely already working long hours on a grueling schedule while also trying to hone your skills in your chosen specialty. On top of your current workload, even an extra shift here and there can mean you lose out on time with friends and family — or precious sleep.

More Stress

Taking on too much work can lead to mistakes and high stress levels. If you’re earning extra cash now but the quality of your work in your residency is compromised, moonlighting might not be worth it for you. As a resident, your first job is to learn, practice your skills, and build a foundation for your career. It can be a bit of a balancing act.

Medical Malpractice Coverage

With an internal moonlighting position, you’ll work under your training license and have liability coverage and protection under your residency program’s malpractice policy. But external moonlighting might require you to purchase a pricey professional liability insurance policy that you may or may not be able to afford.

Some locum tenens staffing agencies provide malpractice insurance but you’ll want to make sure the coverage is sufficient.

Could Raise Your Monthly Loan Payments

If you’re paying back your student loans on an income-driven repayment (IDR) plan, moonlighting can increase your monthly payments. Under an IDR plan, you pay a percentage of your income. The more income you earn, generally the higher your payments will be.


💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

How to Start Moonlighting in Residency

So, you’ve weighed the pros and cons, looked into your program and institution policies, and want to move forward with medical moonlighting. How do you find moonlighting opportunities?

If your hospital offers internal moonlighting shifts, that can be a good place to start your search. Internal moonlighting lets you work under your existing training license and malpractice insurance coverage.

If internal shifts are not available or you prefer to work external positions, you can find them through locum tenens staffing agencies. You can also find moonlighting opportunities through online job boards, such as:

•   Moonlighting.org

•   ZipRecruiter

•   Indeed

•   ResidentMoonlighting.com

Moonlighting jobs are available for physicians that work in a variety of medical specialties. It’s just a matter of finding ones available in your area. You might also consider using moonlighting as an opportunity to work in a more generalized specialty, like internal medicine, rather than looking for positions in their more specialized field.

The Takeaway

Moonlighting as a resident can help you earn extra money and start paying down medical school debt, while also gaining more practical experience. But before you start moonlighting in residency, you’ll want to make sure your medical school allows it. You’ll also need to monitor your working hours to ensure you’re following the ACGME 80-hour work week policy. Any internal or external moonlighting you do will be considered part of that 80-hour work week.

If you decide to move forward with medical moonlighting, you can start exploring your options and looking for a moonlighting gig that you think you’ll enjoy, that pays well, and that continues to give you more experience.

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

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

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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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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