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So, you’ve decided to move. Be it for a new job, a fresh start, or just for an adventure in an exciting new locale, moving can be a great way to kick off change in your life.

But before you start assembling boxes, folding clothes, and bubble wrapping your most prized possessions, there are a few key steps — some financial and some practical — you might want to take to ensure a seamless transition. Here’s a moving checklist that can help you get from your old home to your new place with relative ease.

3 Months Before the Move

Pick a Date and Make a Moving Budget

Pick a Day to Move

Assuming your new place is ready to go and you’ve already discussed the move with your current landlord (or have sold your current home), a good first step is to decide on a moving day.

The least expensive times to move are typically during the week. Moving companies will often offer better rates on a Monday, Tuesday, Wednesday, or Thursday because they aren’t typically as busy as on weekends.

You might also want to try to schedule your move in the morning. This is helpful during the summer, since temperatures aren’t as hot. Also, if you aren’t moving far, an early move will give you a good portion of the day to start getting settled in your new home.

Choose a Moving Company

Once you’ve picked the day, it’s time to pick the mover. You might start your search by asking people you know who have recently moved for recommendations. You can also check out the reviews online and send out a few quote requests to local movers. It can be a good idea to interview and get estimates from at least three movers before making a choice.

Create a Budget

Moving can be costly, and movers may be one of your biggest expenses. The average per-hour cost for a local move is $25 to $50 per mover, per hour. So if you use a two-person team for four hours, it can run at least $200 to $400, just for labor. You may also have to pay for transportation fees, materials, and gas.

For a long-distance move, costs go up considerably. You may need to factor gas, tolls, and lodging if the trip is more than one day, along with additional fees for drivers. All told, a long-distance move can run anywhere from $600 to $10,000 (or more), depending on the moving company you choose, the distance, and the size and amount of your belongings.

When you create your moving budget, you’ll want to factor in other moving costs, which may include:

•  Any penalties you might incur for leaving a lease early

•  Ending a phone, cable, or internet package early

•  Any and all repairs you need to make for your new home

•  Transportation cost to get to your new place

•  Any additional items you need to buy for your new place

Recommended: Things to Budget for After Buying a Home

Inform the Important People in Your Life

Now might be the time to share the news of your move. Your friends and family may already know, but don’t forget to tell other important people about your departure schedule, such as your children’s school and your employer. That way they have plenty of time to make any necessary arrangements.

You may also want to contact a few government agencies. For example, the U.S. Postal Service recommends setting up mail forwarding about two weeks in advance of a move. The service may be in place in as few as three days, but it’s smart to have some wiggle room.

If you’re moving to a new state, you may also want to set up an appointment at your new state’s department of motor vehicles, as you may be required to get a new driver’s license or register your vehicle in that state. And, if you’re moving during election season, reach out to your new area’s voter registration office to ensure you’re all set up to cast your ballot.

1 Month Before the Move

Evaluate Your Belongings and Declutter

Walkthrough

You might want to do a walkthrough of your current home and look at each and every item you own. Then grab two sticky note pads with different colors, one to represent the things you want to keep and one to represent the things that must go. Every single item should get a sticky note.

Start Selling

Instead of simply throwing away the things you no longer want, you could try to sell them online. After all, your trash could certainly be another person’s treasure. And this way you could have a few dollars in your pocket to spend on buying new things for your new home.

Donate Unwanted, but Still Usable, Items

If you’d prefer to donate some or all of your gently used but no-longer-needed possessions, you may want to reach out to The Salvation Army, Goodwill, Habitat for Humanity, a local thrift store, or a nearby homeless shelter to arrange for a pickup or delivery.

Recommended: 23 Easy Ideas to Pay It Forward

Call Your Cable, Internet, and Utility Providers

Now might be a good time to call your current cable, internet, and utility providers to let them know when you will be cutting off service. You’ll also want to reach out to providers that service your new home to set up services. That way, you’ll have electricity, WiFi, and everything you need up and running as soon as you get there.

Cancel Other Subscription Services

If you belong to a gym, community supported agriculture (CSA), or any other local group or subscription service, you’ll want to be sure to cancel your membership so you don’t continue to get charged after you move.

Three Weeks to One Week Before the Move

Collect Boxes and Start Packing

Collect Boxes

As the moving date gets closer, it’s time to acquire boxes. You can buy them or, to save money, start hunting down free boxes. Good sources include local restaurants, liquor stores, coffee shops, and supermarkets. Simply call or stop in and ask what days they typically get deliveries and if you can come to take the used boxes off their hands. Then, over the week or so, stop in and collect as many boxes as you can.

Buy the Moving Supplies You Need

You’ll also need to pick up some other items for packing, including heavy-duty packing tape, a marker for labeling things, and bubble wrap for fragile items. If you’re not hiring a moving company, you might consider renting a dolly, which can make moving heavy items much easier, plus furniture pads to protect your belongings from scratches and dings. Sheets and towels can also be used to protect furniture and as padding inside of boxes.

Start Packing

At this point, it’s probably safe to start packing the things you aren’t currently using — out of season clothes, most of your dishes, extra blankets, towels, framed photos, and decorations. You’ll want to leave out the essentials so you’re not looking through boxes to find things you use on a daily basis.

Recommended: How to Move Across the Country

1 Week Before the Move

Tie Up Any Loose Ends

Finalize Important Details

By now, you’ve likely already canceled your local services, subscriptions and memberships, but there will likely still be a few loose ends to tie up. Think about how you can make the transition into your new life as seamless as possible. For example, do you need to switch banks? If you have a pet, you may want to select a vet in your new neighborhood in case your pet needs care soon after you move.

Confirm Bookings

You’ll have a lot of things to do before moving, but it’s important to take some time to double check all of your bookings. Confirm when your movers are coming, what time your flights are booked (if applicable), and that you’ve arranged for your new utilities to turn on. There are a lot of moving parts that come with a move, so it’s easy to get booking details mixed up or to let things fall through the cracks.

1 Day Before the Move

Pack Your Final Belongings and Say Goodbye

Pack Up

Pack up any of the remaining items you’ve left out for day-to-day living and make sure all your boxes and suitcases are ready to go for the move.

Create a Folder of Important Documents

Have a folder ready for the move that includes your old lease (if you’re renting), along with the new signed lease, the contract for the movers, and all receipts from the move.

Say Goodbye — Your Way

Consider ordering your favorite local takeout, having friends over for a farewell drink, and giving thanks to everything this home has provided for you. It deserves it.

Move-In Day Checklist

Embrace a Blank Slate

Make Sure Everything Arrived

On move-in day, you’ll want to focus on finalizing your move. There will be plenty of time later to rearrange furniture and to organize your new walk-in closet. Instead, you may want to concentrate on making sure all of your belongings made it from your old home to your new one, so you can start fresh tomorrow without making a trip back to grab that last box you forgot.

Clean Up

As tempting as it can be to start unpacking right away, this can be a great time to give your new home a deep clean. Once you unpack, it won’t be so easy to clean the inside of every cabinet and to vacuum every inch of carpet. This may not be one of the most fun things to do when moving, but it can be a good way to make your new house more homey.

Recommended: 32 Inexpensive Ways to Refresh Your Home Room by Room

Unpacking Checklist

Unpack and Get To Know Your New Home

Unpack

Now that the hustle and bustle of the move is over, you can focus on unpacking and taking your time to find the right spots for all of your belongings. Unpacking in the reverse order of how you packed allows you to access your most-needed belongings first.

Think Ahead

While you’re unpacking, you’ll get a lot more familiar with your new home and all of its needs. Keep a pen and paper at hand so you can create a post-moving to-do list. Take note of any repairs you want to make now and create a maintenance checklist you can refer back to in the future.

The Takeaway

Moving can be stressful, but you avoid ever feeling completely overwhelmed by making a moving checklist well ahead of your move date, then tackling each project one at a time.

Moving can also be costly, so you may also want to make a plan for how you’ll pay for your move well in advance. This gives you time to save up what you’ll need or, if necessary, explore financing options. You may be able to get an unsecured personal loan to cover the cost of a move. Sometimes referred to a moving or relocation loan, this type of financing typically comes with fixed rates and set repayment terms, and rates tend to be much lower than credit cards.

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.

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

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

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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Annual percentage rate, or APY, is the rate of interest earned on a savings or investment account in one year, including compound interest (the interest you earn on interest). Unlike the nominal interest rate, which does not consider the impact of interest compounding, APY provides a more accurate picture of how much you’ll earn in an account over the course of one year. This allows you to compare different financial products and make informed decisions about where to put your money for the best returns.

Read on to learn the basic APY meaning, how to calculate annual percentage yield, and some of the limitations of APY.

What Is APY?

An abbreviation for annual percentage yield, APY indicates how much interest a bank account, such as a high-yield savings account or certificate of deposit (CD), earns in one year, expressed as a percentage.

An APY includes the effect of compounding interest, which is when you earn interest on both the money you’ve saved (principal) and the interest you earn. Depending on the bank and type of account, interest on an account can compound (i.e., get calculated and added) yearly, monthly, quarterly, or daily. The more frequently an account compounds, generally, the more the account will earn.

That’s why it’s important to consider APY — and not just the interest rate — when looking for a bank account. Comparing APYs helps you compare financial products as apples to apples by letting you know the real return on the account. Almost all savings accounts, and some checking accounts, have an APY.

Simple Interest vs Compound Interest

Understanding APY involves knowing the difference between simple and compound interest. With simple interest, an account holder earns interest only on the principal, or the initial amount of money they deposited. With compound interest, on the other hand, an account holder earns interest on the principal along with the accrued interest.

Compound interest helps your money grow faster, as you’ll earn interest on your interest. The frequency of compounding is important; the more often your interest compounds, the more money you’ll generally earn. An account may compound interest daily, monthly, quarterly or annually.

When it comes to savings and investment accounts, simple interest is less common than compound interest.

Recommended: Difference Between APY vs Interest Rate

Calculating APY

There is a specific formula for calculating APY. To use it, you’ll need to know your interest rate and how frequently the interest compounds.

APY = (1 + r/n)^n – 1

Where:

•   ^ = to the power of

•   r = the nominal interest rate

•   n = the number of compounding periods per year

APY Calculation Examples

To see how much compounding frequency can affect your APY, let’s look at four examples with the same interest rate but four different compounding periods (annually, quarterly, monthly, and daily).

•   Annual compounding interest: n = 1

•   Quarterly compounding interest: n = 4

•   Monthly compounding interest: n = 12

•   Daily compounding interest: n = 365

Assume a nominal interest rate (r) of 5.00%.

Annual compounding interest:

APY = (1 + .05/1)^1 – 1

APY = 5.00%

Quarterly compounding interest:

APY = (1 + .05/4)^4 – 1

APY = 5.09%

Monthly compounding interest:

APY = (1 + .05/12)^12 – 1

APY = 5.12%

Daily compounding interest:

APY = (1 + .05/365)^365 – 1

APY = 5.13%

As you can see, the more often interest is compounded, the higher the APY is. Choosing an account or investment that compounds daily will yield a higher amount earned from interest at the end of the year.

Fortunately, you don’t have to do any fancy calculations to learn the APY of a bank account. To help people compare accounts and accurately estimate possible earnings, banks are required to display account APYs.

Recommended: Use this APY calculator to start comparing APY.

Fixed vs Variable APY

Another factor to consider with APY is whether it is fixed or variable. Savings accounts, checking accounts, and money market accounts are typically variable rate accounts. This means the APY can change over time depending on market conditions.

Fixed rate accounts, on the other hand, have an APY that does not change during the term of the account. For example, a certificate of deposit (CD) account usually has a fixed APY for the term of the CD. No matter what happens to market rates, the APY will stay the same.

Both types of APYs have pros and cons. Locking in a fixed APY can be beneficial if market rates go down after you open the account. However, it could be a negative should market rates go up, since you won’t benefit from the increase.

Recommended: What Is a High-Yield Checking Account?

Limitations and Considerations of APY

Knowing the APY for an account or investment can tell you a lot, but there are other factors to consider when choosing where to put your money. Here are a few other things to keep in mind.

•   Fees and penalties: Some financial products come with monthly and incidental fees or penalties that can impact the effective return. APY calculations typically do not account for these additional costs, so it’s a good idea to consider them when evaluating the overall profitability of a deposit account or investment.

•   Liquidity: While CDs often have higher, fixed APYs compared to traditional savings accounts, your money is tied up until the maturity date. That means you can’t access that money in the event of an emergency if you want to earn the interest you were promised upon investing.

•   Fixed vs. variable: A high-yield savings account may advertise a high APY right now, but it is likely variable. This means that as the market changes, the interest rate could go down. It’s a good idea to routinely check how much interest your savings account (or checking account or money market account) is earning. If the APY has significantly dropped, you may want to consider opening a bank account with a higher APY elsewhere.

•   Inflation: Inflation erodes the purchasing power of money over time. While APY provides a return rate, it does not account for inflation. To understand the real rate of return on any type of account or investment, it’s important to adjust an APY for inflation.

•   Taxes: Interest earned on savings accounts is typically subject to taxes. The APY does not consider the impact of taxes on the effective return. So it’s important to factor in tax obligations when evaluating the net return on an investment.

The Takeaway

Understanding and calculating APY is essential for making informed financial decisions. Whether you’re evaluating savings accounts or investment products, APY provides a clear picture of the true return, accounting for the effects of compounding interest. By comparing APYs, you can see how different savings vehicles stack up against each other. This can help you choose the most profitable options and optimize your financial growth.

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.

FAQ

What is the difference between APY and APR?

APY stands for annual percentage yield and tells you how much interest you’ll earn on a deposit or investment account over the course of one year, including compounding interest (which is when your interest also earns interest). APR stands for annual percentage rate and represents the annual cost of borrowing money. It includes the interest rate plus any fees and costs associated with the loan or line of credit to reflect the real cost of borrowing.

How do you calculate the APY for a savings account or investment?

To calculate the annual percentage yield (APY) for a savings account or investment, you can use this formula:

APY = (1 + r/n)^n – 1

Where:

•   ^ = to the power of

•   r = the nominal interest rate

•   n = the number of compounding periods per year

Banks and credit unions are required to display the APY of their financial products, so you generally don’t need to do any calculations. If you know the APY and how much you’ll be depositing, you can use an online APY calculator to determine how much interest you’ll earn by the end of the year.

What factors can affect the APY of a financial product?

The main factors that affect the annual percentage yield (APY) of a financial product are the nominal interest rate and how often the interest compounds (meaning gets calculated and added to the account). Generally, the higher the interest rate and the more often it compounds, the higher the APY.

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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.

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.

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

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Many Americans struggle to save money, but it’s generally worth the effort to do so since there can be serious downsides to not stashing away cash. Those consequences can range from going into debt, facing financial hardship after losing your job, and not being able to achieve your aspirations, like homeownership.

There are a variety of strategies that may be helpful in saving more money, and it may be useful to put together a simple budget and set some savings goals. If all else fails, you may even want to consult with a financial professional, because neglecting to save can lead to some undesired outcomes, as noted.

The Importance of Saving Money

To help you get motivated to put money in the bank, here are a dozen dangers or potential consequences related to not saving money. They may help you understand why it’s best to put away cash and motivate you to tuck some into a savings account.

1. Going Into Debt

Without a savings cushion, any expense — from an unexpected car repair to paying for your child’s college education — can put you in debt. In addition, while credit cards and loans are convenient ways to afford more than your bank account, you pay more in the long run because of interest and loan fees.

Since debt often costs more than the actual expense, you can essentially save a considerable amount of money by plumping up your piggy bank. You can try easy ways to save, such as creating a simple budget or automating savings, to put aside a few dollars a month before you can spend it. These moves can ensure that you’ll be using savings instead of debt to pay for your upcoming expenses.


💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

2. Having a Social Life Can Be Nonexistent

Spending time with your friends and family are likely on the list of things you enjoy most in life. But a full social calendar may put you in a sticky financial situation if you haven’t saved anything. From movie dates to happy hours to ball games, these expenses can add up.

No matter your income level, how much money you save each paycheck can make the difference between having a nonexistent social life and a happening one.

3. Life Being More Stressful

Most Americans say money is a major stressor in their lives. When you think about it, failing to save can make you feel stuck or overwhelmed. Your personal, financial, and professional life can suffer because a lack of savings has cut off your options.

Achieving your goals, financial and otherwise, may be a struggle without savings to propel you forward. The importance of saving money goes beyond paying an unexpected bill; it can affect your daily quality of life.

4. Not Having the Money for an Emergency

You’ll find many articles, resources, and financial professionals advising you to set aside an emergency fund. Life is expensive and doesn’t always go as planned. So, saving in advance helps you manage life’s unexpected costs.

For example, building an emergency fund might be a better choice than splurging if you get a raise. You’ll thank yourself later when, say, your furnace goes out or you wind up with a major medical bill. Typically, money experts recommend having at least three to six months’ worth of basic expenses salted away in an emergency or rainy day fund.

5. Not Being Able to Celebrate Events

Life can be full of amazing milestones like getting married, starting a family, or graduating from college. Unfortunately, celebrating these life events with your family often takes substantial cash. Not being able to recognize these events the way you’d like to is another one of the many dangers of not saving money. The lack of a financial cushion could also lead you to skip, say, a friend’s destination wedding.

Although you could put your celebration on your credit card, you run the risk of going into debt. This will likely cost more over the long run since you have to pay for interest. In other words, you might still be paying it off for years to come.

6. Not Having a Viable Option if You Are Fired

No one plans on getting fired; however, it’s always possible to lose your job unexpectedly. Financial emergencies like this are an important reason to save. Saving can give you security during this kind of a crisis. If you don’t have some cash available, you might have to look into financially downsizing.

This underscores the importance of saving money from your salary when you are employed. You might consider having a small amount automatically transferred from your checking account into savings on payday.

As mentioned above, you should save at least three months of your expenses in an emergency fund. This way, you can have a solid safety net if you get laid off or are temporarily disabled and can’t work for an extended period.


💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.

7. Not Having an Inheritance for Your Children

If you’re a parent or plan to be one, you likely want to give your kids a leg up in life. An inheritance can help your children or heirs to build their nest eggs and meet life’s expenses without stress.

Having both savings and an estate plan can be a lasting, life-changing gift to those who matter to you most. These assets can serve to eliminate the possibility of financial legal challenges for your family. That said, being unable to leave a legacy is a consequence of not saving money.

8. Not Being Able to Buy a Home

Many people hope to buy a home one day, but you’ll probably need some cash saved up to initiate the purchase.

In many cases, you may need a 20% down payment to qualify for most conventional mortgages. Buying a home also usually involves other expenses, such as closing costs, repairs, moving costs, and more. Not having savings can make it almost impossible to afford the home of your dreams.

9. Not Being Able to Go on Vacation

Without savings, it’s challenging or even sometimes impossible to take time off for some rest. When you don’t set money aside, you can get sucked into the never-ending cycle of living paycheck-to-paycheck. Since you need to work to support yourself, vacations may become less frequent or disappear altogether.

While you may think you can put a vacation on credit, that can perpetuate the “can’t save” situation, because you’ll have debt to wrangle. You could wind up coming home from your getaway to face more bills.

10. Not Having Much Financial Freedom

One of the most potent limiting factors in life can be a lack of savings. With a robust bank account to fall back on, you increase your options and flexibility. Moving to a city or state with more opportunity, taking a professional course or college classes, and starting a business can all be possibilities if you’ve saved money.

Of course money can’t solve every problem life throws at you. However, it is a powerful tool that allows you to access opportunities. Remembering this can help you get serious about saving money.

11. Not Being Able to Invest

If you aren’t able to save money, you likely won’t be able to invest those savings, either. Which means potentially missing out on market gains over time (the market tends to go up over time, though it is volatile over the short-term).

There are different levels of risk, of course, when you decide to invest your money rather than keeping it in a savings account, but the main point is that if you can’t manage to save, you may also have a hard time managing to invest. That could mean that your money’s growth potential is stunted, and may delay you in reaching your financial goals.

12. Not Being Able to Help Others

When someone is in financial need, lending money can help them get back on their feet. Whether it’s through providing a micro-loan, donating to a charity, or contributing to a scholarship, you can make a difference in the lives of others no matter how much you give.

But, if you don’t have savings, you may not be able to afford a helping hand.

Why Saving Money Is Very Important

Since money touches almost every area of your life, saving it for what matters most can be essential. Reining in your spending habits can be hard, no doubt, but the payoff quite literally is being able to afford your needs and your goals.

​​Online Banking With SoFi

Reaching your financial goals will likely depend, in large part, on your ability to save your money. While this can be difficult in the moment (saying no to splurges, for instance), it can set you up for years of financial wellness.

Whether you want to be able to celebrate big moments with friends, start your own business, own a home, or take a major vacation, saving money can help put you on the right path.

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.

FAQ

Can I get by without saving money?

While it’s possible to get by without savings, there may come a day when you run into an unexpected expense that causes financial hardship. If you live paycheck to paycheck without an emergency fund, an unforeseen cost could set you back and make it challenging to recover.

Is debt inevitable if you do not save?

Without savings to fall back on, it’s quite possible to go into debt when unforeseen expenses arise. Contributing to a savings account, even a small amount monthly, can make unexpected costs more manageable so you can sidestep debt.

When is the best time to start saving?

It’s best to start saving now to give yourself time to build a cushion. Remember, everyone has to start somewhere. Even if you can only save $20 per month, your future self will likely thank you.

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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.

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

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Whether you’re dreaming of designing your own software or diving into cybersecurity, a computer science degree is a great way to launch your career. But figuring out how to pay for school can feel overwhelming, especially if your savings doesn’t cover all of your college costs. That’s where scholarships come in.

Computer science scholarships can help with tuition without adding extra debt. Since most scholarships have specific requirements you must meet to apply, it’s important to do your research and find the ones that are the best fit for you.

Here’s a look at the top scholarships for computer science majors, including how to find scholarships and tips for applying.

How to Find Scholarships for Computer Science Programs

There are many ways to find scholarships that could help cover computer science program costs. To start, reach out to the financial aid office at the school you’re planning to attend or begin searching online.

Here are some additional places to look:

•   Scholarship search sites, such as SoFi’s Scholarship Search Tool

•   Local resources, including libraries, businesses, and community organizations

•   The U.S. Department of Labor’s FREE scholarship search tool

•   Your employer or your parents’ workplace

•   Your library’s reference section

•   Your high school counselor

•   Professional organizations related to the computer science industry

•   Charities, faith-based or community groups, local companies, and service organizations

Word of caution: Always double-check that scholarship offers are legit. If someone asks you to pay to find scholarships or other financial aid, it’s probably a scam.

Why Undergraduate and Graduate Students Pursue Computer Science

Computer science is a fast-growing field, with more and more opportunities opening up every day. Degree programs let you dive into the latest tech and computer theories, preparing you to come up with innovative solutions to today’s challenges.

Some students combine computer science with other areas they’re interested in, like biology, business, security, or public policy, to tackle a wider range of complex problems. And with an average salary of $104,610 a year, computer science is definitely an appealing field to specialize in.

Recommended: How to Pay for College

Computer Science Scholarships for High School Students

Here are some scholarships to consider if you’re looking to fund your education in computer science or related fields.

Generation Google Scholarship

Scholarship amount: $10,000

Application deadline: Closed for 2024

Generation Google Scholarship offers $10,000 to help future computer scientists thrive in tech. To qualify, you need to be a high school senior or currently enrolled full-time in a bachelor’s program at an accredited university. You must also demonstrate a strong academic record and financial need.

Golden Door Scholarship

Scholarship amount: Funding for a four-year degree

Application deadline: Fall 2025 now open

The Golden Door Scholarship provides funding for a four-year degree for students studying software engineering, nursing, data analytics, or business analytics at GDS partner schools. Applicants must reside in North Carolina, South Carolina, or Georgia to be considered.

Stantec Equity & Diversity Scholarship

Scholarship amount: $1,500-$10,000

Application deadline: October 14

The Stantec Equity & Diversity Scholarship awards $200,000 annually in scholarships ranging from $1,500 to $10,000, plus 10 paid internships each year. To qualify, you must be pursuing a STEAM (science, technology, engineering, art/architecture, and mathematics) major and belong to a historically underrepresented population or group.

National Space Club and Foundation Keynote Scholar

Scholarship amount: Up to $15,000

Application deadline: November 15

The National Space Club and Foundation Keynote Scholar offers a scholarship up to $15,000 and the chance to give the keynote address at the annual Goddard Memorial Dinner. To qualify, you must be pursuing a degree in a STEM field, ideally with a focus on space.

IEEE Presidents’ Scholarship

Scholarship amount: $10,000 over four years

Application deadline: Varies

The IEEE Presidents’ Scholarship provides $10,000 over four years of undergraduate study, plus an IEEE Student membership. Second- and third-place winners receive $600 and $400, respectively. To qualify, you must present a project and be a finalist at the Regeneron International Science and Engineering Fair.

Regeneron Science Talent Search Scholarship

Scholarship amount: $250,000

Application deadline: November 7

The Regeneron Science Talent Search Scholarship is an annual science competition where high school seniors submit original research to win a first-place prize of $250,000, recognizing the next generation of STEM leaders.

ISC2 Undergraduate/Associate Scholarships

Scholarship amount: Up to $5,000

Application deadline: February 25

The ISC2 Undergraduate/Associate Scholarships awards range from $1,000 to $5,000, with funds sent directly to the school for tuition, fees, books, and materials. To qualify, you must be pursuing an undergraduate degree in cybersecurity or information assurance.

Recommended: What Types of Scholarships Are There?

Tips for Applying for Computer Science Scholarships

Applying for computer science scholarships — or any scholarship, for that matter — is a bit different from applying to colleges. Each scholarship has its own set of rules, deadlines, eligibility criteria, award amounts, and required paperwork. To avoid missing out, it’s important to stay organized.

Here are a few tips that can help you do just that:

Get a head start: Many scholarships begin accepting applications at the beginning of the year for the following school year. Start searching in advance to give yourself plenty of time to make sure you can meet all the requirements and hit all the deadlines.

Expand your search: You don’t have to stick to just computer science scholarships. You can explore other options related to your background, academic achievements, and talents. For example, sweepstakes scholarships, like SoFi’s Scholarship Giveaway, often offer awards simply for filling out an entry form.

Create a list: Jot down scholarships you’re interested in and their requirements. Then organize them by deadline to make sure you apply on time.

Get your materials ready: Even if the application window isn’t open yet, you can still start preparing. Begin with the basics — update your resume, gather letters of recommendation, and find out how to request transcripts. Then you’ll be ready to focus on writing any essays specific to each scholarship.

Submit as many scholarship applications as you can: With thousands of applicants competing for each scholarship, only a handful will be chosen. Boost your chances by applying to every scholarship that fits, even the smaller ones offering $100 to $500. Those smaller awards can add up, and you might have a better shot with scholarships that others overlook.

Create a backup financial plan: Scholarships can be a big help, but it’s wise to have other options lined up just in case. Make sure to fill out the FAFSA® to see what loans, grants, and other scholarships you might qualify for. Also consider exploring other funding options, like private student loans, to cover any gaps that federal financial aid won’t cover.

Extra Ways to Fund Your Computer Science Degree

Scholarship money might not always cover all of your college expenses. If you don’t have savings set aside, you might need to explore other financial aid options, like federal loans and grants.

Here are some ways to help you cover your college costs.

•   Grants: Grants can come from the government, your school, or private organizations. And like most scholarships, you don’t have to pay them back.

•   Federal student loans: Federal student loans are backed by the government and they usually don’t require a credit check. They come with fixed interest rates and offer extra benefits, like flexible repayment plans, income-driven options, and even potential loan forgiveness.

•   Private student loans: If federal aid and scholarships aren’t enough, private student loans can be an option to cover the remaining college costs. These loans can have fixed or variable rates and often need a credit check or cosigner. Just keep in mind that private loans don’t offer the same protections as federal loans do, like income-driven repayment plans.

The Takeaway

When looking for ways to fund your computer science degree, applying for scholarships can be a smart move. Keep in mind that the earlier you start exploring your options, the better your chances of finding and winning scholarship money.

If your scholarship award doesn’t cover all of your college costs, it’s worth exploring other ways to pay for school. It’s best to fill out your FAFSA to see what aid you qualify for. And remember, if federal aid isn’t enough, private student loans can help cover the remaining costs.

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.

FAQ

How can I get a scholarship for computer science in the USA?

If you’re looking for a computer science scholarship in the U.S., a great place to start is your school’s financial aid office — they might know about some you haven’t found yet. Just be sure to check the requirements and deadlines, and apply to as many as you can to increase your odds of receiving scholarship money.

How can I study computer science for free?

Schools like Harvard, Stanford, and MIT offer free online computer science courses, and some even give you a certificate when you complete the course. But if you want an actual degree, you’ll usually need to enroll in a college or university, which means you’ll typically need to pay tuition and other higher education costs.

Is Harvard computer science free?

Harvard University offers several free online computer science courses, including the popular CS50 intro course. While anyone can take these courses, earning a full computer science degree from Harvard still requires enrolling at the university and paying tuition.

What is the Microsoft tuition scholarship?

Microsoft hands out scholarships each year to students in computer science and other STEM fields. It offers partial tuition assistance to outstanding students who are passionate about technology, maintain excellent grades, and show leadership in the tech world.

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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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Congratulations! If you’re reading this, it probably means you or someone you care about is starting a family (or adding to one). One popular way to celebrate is with a gender reveal party: It’s a fun way to get all the expectant parents’ loved ones involved before the new addition arrives.

But gender reveal parties, like any kind of get-together, can quickly get expensive. Renting a space, ordering flowers and decorations, and wrangling the menu can add up. Which can be an issue, especially if the couple that is expecting or the person hosting is trying to also save for, say, the baby’s nursery or a baby shower.

So read on for six gender reveal party ideas that will be a fun way to share the news without breaking the bank.

Cheap Gender Reveal Ideas

When ​​saving for a baby, it’s vital to protect your finances, even during celebrations. Sure, you want to share the excitement in a stylish way, but there are cribs, strollers, and lots of diapers to be bought! To help you pull off a gender reveal on a budget, read on.

1. Keep It Small

You can save money by downsizing your event. Instead of inviting anyone and everyone, try including just friends and family. Not only will a smaller party keep costs low, but it will make the event more personal and a whole lot less frantic. An intimate gathering with those closest to you can be a lovely way to celebrate learning a baby’s gender. Plus, it allows the host or guest of honor to get more quality time with each invitee.

However, you may want to run this by the expectant mother if you are organizing the party on her behalf. She should have the last say about the invite list so that no one significant gets missed.

2. Choose a Cheap or Free Venue

You can hold a gender reveal party anywhere. When you think about it, it’s a very accommodating event without a lot of rules about the dress code, timing, or the activities involved. So, you can likely make any location work, whether it’s at home, a local restaurant, or elsewhere.

•   Be creative with the location. Instead of a full (pricey) restaurant meal, could you host a party at a local coffee bar (some host events)? Or could you do an afternoon tea at a favorite eatery, before they open for dinner? These kinds of options can help you save a considerable amount of money.

•   When picking where to have the party, you may need to factor in the size of your guest list and the type of gender reveal you want. For example, if you plan to use a gender-reveal powder cannon, you probably need a venue outdoors.

•   Rented venues can be expensive, so for a gender reveal on a budget, consider hosting at home.

•   Look at other cheap locations like a nearby green space. Many gender reveal parties are happily hosted in a local park. You bring cushions, a picnic blanket, and all the trimmings, and you’re set, without the cost of renting.

3. Send Digital Invites

Invitations are where many people let their creativity shine. But physically mailing them out may not be the most cost-effective option; you’ll have to buy the cards and spend money on postage, too. If you are looking for a way to send fun invites but for a fraction of the price and time, consider digital versions.

•   There are apps and websites that offer digital invite services. You can find a wide range of gender-reveal invitation templates on them. Spend a few minutes scrolling; you may find some totally free options, or you might spend anywhere from $10 to $20 on them. You can also find fun graphics and animations to make them unique.

•   These resources make planning a party more straightforward for the host. That’s because they usually come with a function that lets guests RSVP digitally, so you can keep track of who is coming. You can also usually automate updates and reminders.

•   Where to start? Try exploring Punchbowl, Evite, and Paperless Post for some great evite options.

4. Make Your Own Decorations

Similar to birthday parties, a gender reveal party isn’t complete without a few decorations. Here are some ways to keep costs down:

•   Easy DIY décor can include banners, streamers, candles, and table centerpieces. Often, you only need cardstock, ribbon, and paper to get creative. You might also be able to find printable images online. Sayings like “Whether pink or blue, we love you” and the like can be a fun way to underscore the reason everyone has gathered.

•   Use what you already have — outside. Anyone with a green thumb can take advantage of their garden to liven up their party. You can set the whole event up outdoors if the weather is nice or use flowers to decorate your home. For example, fresh flowers in mason jars or dollar-store vases are a simple but effective centerpiece.

•   A quick reminder: Even if the parents know the gender already, decorations shouldn’t give it away. Instead, aim for a gender-neutral look or a mix of pinks and blues so that nothing spoils the surprise.

5. Do a Potluck

Hosting a gender reveal party that includes a meal can get very pricey, very fast. No matter the size of your guest’s appetite, you have to purchase food per head. Some recommend around a half-pound of meat and half a bottle of wine for each person at an event. That alone could rack up a bill equal to a few months’ worth of baby supplies.

Instead, consider a potluck.

•   A potluck can save you significant costs in the food department.

•   It’s a great way to bond as a community or family. Everyone plays a role. You may find that having a number of people contributing makes the endeavor more creative.

•   Hosting a potluck does take a bit of organization to make sure, say, that not everyone brings a dessert, but the savings and sense of teamwork may be well worth it.

6. Opt for These Ways to Do the Reveal

The most important part of a gender reveal party is the reveal itself. But, you don’t have to pay for expensive fireworks, a band, or an entire room of balloons to make a statement. Some budget-friendly ideas include:

•   Gender reveal confetti or powder cannons

•   A giant balloon filled with colored confetti; pop it to reveal the gender

•   Cupcakes or cake with the gender color inside

•   A pinata filled with either pink or blue ribbons and glitter

You can also set the stage with color-themed food and drink. Some hosts like to have pitchers of fun fruit drinks, one tinted pink and the other blue with berries.

Recommended: A Guide to Using Savings Clubs

Setting Your Gender Reveal Party Budget

Your budget will obviously vary with the type of party you are planning. If you have a backyard potluck for 10 close friends it will, of course, be much more affordable than a meal for a few dozen guests at a rented space.

For example, let’s say you choose a large venue; that alone may cost you upwards of $200 to rent. In addition, decorating the location may be expensive, anywhere from $50 to $100 and up. That’s because there is more space to cover than your garden or living room. Plus you’ll need to factor in the food as well. Ka-ching! And double ka-ching if you live in a major city; your costs are likely to be higher.

That said, only you and your loved ones know what will be the right way to celebrate the upcoming birth. Just like putting together a budget for a baby, be methodical.

Budget Beforehand

Sit down early in the planning process and create a budget for your party. If there is more than one host, pool your resources and determine the total you can spend. It’s essential to do this before you start party planning.

•   Go line by line, item by item. Write down what you need and estimate the cost. That way, you know exactly what you need to buy and how much it will cost. Otherwise, there’s every chance that you’ll discover your cheap gender reveal party wound up being a high-cost celebration.

•   Understand where the funds are coming from. Is the expectant couple or individual footing the bill? If you are organizing, who else might contribute? Sometimes family members of the parents-to-be are also willing to help. They may contribute some cash or offer to bring items to the event.

Stick to Your Budget

It sounds self-explanatory: Stick to the budget you make. However, any party planner knows that it’s easier said than done, whether you have a baby shower, birthday, or anniversary on your hands.

•   Hold yourself and the team that’s organizing the event accountable. It’s very easy to dip a little further into your funds for extra decorations, more flowers, or a beautifully decorated dessert. While those gestures are nice, they come at a financial cost. You may need to separate your “party fund” from your savings account. Or, if you have a co-host, report your spending to each other. You’ll be less inclined to go overboard that way.

•   Play around with your distribution of funds. For instance, maybe you have a baker in the family who can bake a fab gender reveal cake. In that case, you can put more money toward a venue. Or, perhaps you are hosting a potluck version of a gender reveal party. That frees up some cash for decorations or how you handle the big reveal.

It’s a balancing act, for sure, but with a little planning and a strong commitment to your budget, you can host a gender reveal party that won’t leave you with debt to pay off.

Recommended: Budgeting for Beginners

The Takeaway

Hosting a gender reveal on a budget may take a bit of extra planning. But spending less won’t make the event any less memorable. Instead, think of it as an opportunity to test your creative muscles and come together as loved ones. Play around with your budget to find the best party plan. Maybe you host it at a restaurant but it’s a tea party instead of a full meal. Or perhaps you gather in someone’s yard or a local park and then have enough to splurge on an amazing cake. It’s all about balance.

Whether you’re expecting a baby or simply planning a party for one of your besties, life is expensive. That’s why finding a banking partner that offers competitive interest rates and low (or no fees) can be important.

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.

FAQ

What is a good budget for a gender reveal party?

Budgets will vary depending on the host’s means and goals and the expectant parents’ desires. However, you can stretch a fund further with a more relaxed event. For example, a small barbecue in your backyard with a few friends won’t cost as much as a luxe rented location but may make up for that with the warm, intimate vibe.

Who usually throws a gender reveal party?

There is no norm; anyone can throw a gender reveal party, from a close family member to the parents to a best friend. It’s all good! In some cases, there are even multiple hosts. This allows everyone to take on a smaller financial burden than a singular host. The only rule is to keep the gender a secret during planning.

How much should a gender reveal cake cost?

The cost of gender reveal cake can vary in price depending on where you buy it, how big it is, and how ornate it is. Prices often land in the range of $25 to $50. However, features like surprise candy inside will likely run you more money. And if you purchase a cake from a highly rated patisserie in a big city it will probably be considerably more expensive than one at a local bakery in the suburbs.

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

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

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

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

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

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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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