College is a time for students to learn and grow, both academically and in their personal development. As a parent, you want what’s best for your child, and that includes helping them pick the right college. But finding the right school for your child may require some time and research, and you’ll likely want to make sure you leave the final decision up to your child.
As you consider various factors, it’s important to zero in on the ones that matter the most for your student.
How to Find the Right College for Your Child
Depending on how much time you have to invest in the process, here are some tips that can help you and your child pick the right college for them.
1. Make a List
Start by creating a broad list of colleges for which you and your child might be a good fit. Consider both local and out-of-state colleges, and don’t be afraid to let your student dream big.
Every student is different, so it’s worth curating a diverse list of options to consider. Typically, various rules of thumb suggest students apply to a mix of “target,” “reach,” and “safety” schools. This could be a good way to organize your child’s initial list of schools.
As you work through the other steps in the process and learn more about each school, you can refine the list.
2. Talk About What They Want to Study
Your high schooler may not yet know what they want to be when they grow up, but they may already have an idea of what direction they want to go. It may be worth having an initial conversation with your child about choosing a major.
Once you have an idea of what they’re interested in, you can look at the colleges on your child’s list that excel in those areas of study. If there aren’t many, you could always consider adding more.
A college education can get expensive, and some universities charge much more than others. If your child already has an idea of which schools they want to apply for or have already received their admissions letters, a key step is to dig into the cost of attendance for each school.
This step is important regardless of whether you’re planning to help your child cover the cost of their education. Finding a college with good value can reduce how much your student may need to borrow in student loans during their stay.
The cost of attendance isn’t the only important cost factor, however. If your child has already received an admission letter, consider whether there’s a financial aid package included, including grants and scholarships. If there is, calculate the total amount you or your child would have to pay after applying that financial aid to get the net price.
4. Talk About Location
Discuss with your child about whether they would prefer a college close to home or far away. Each person is different in this regard, and your teen’s desires on the matter are important.
That said, sending a child off to college, especially out-of-state, can be a stressful experience for parents. It’s normal to feel anxious about this milestone in your child’s life, but avoid allowing your anxiety to dictate your role in the process.
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5. Learn About the Environment
Finding the right college for your child isn’t just about the school itself; it’s also about the environment the school provides. This is where it can be worth making a trip to visit college campuses with your child to get a feel of the place — or at least to take virtual tours.
It may also be worthwhile to look into some of the extracurricular activities the schools provide. If your child is athletic, for instance, ask about intramural sports. If they want to study abroad, look into the quality of each school’s international programs.
Another factor to consider that can affect your child’s experience is classroom size. If you think your child may need more attention, a school where every class is in an auditorium with hundreds of other students may not be the right one.
6. Give Your Child Time
Picking a college may be easy for some students, but it can take time for others. If your teen is having a hard time, it can be a fine line between supporting them and annoying them. Finding the right balance can be tricky.
As a happy medium, consider choosing a night each week to discuss college plans with your teen. Ask about their thought process and offer help if they’re feeling stuck.
It can be frustrating to sit back and watch your child struggle, but allowing them to make the decision for themselves can help them develop the independence they’ll need in the coming months and years.
7. Be Supportive
No matter what your child decides, they need your support more than anything else. Remember that you’re finding the right college for your child, not for you.
And keep in mind that your child may choose to transfer at some point in the future if they decide the school is no longer a good fit.
Regardless of what happens, your support can give them the confidence they need to make their college experience a good one.
Financing Your Child’s College
Once your child has picked a college, talk about how they’re going to finance their education. If you’ve managed to set money aside in a 529 Plan or can help with your current income and savings, discuss the numbers and whether your teen will need to pick up some of the slack.
Also, talk about student loans and how to use them wisely, as well as how to reduce how much they’ll need to borrow. Ideas include applying for scholarships and grants, working part-time, and borrowing only what they need.
Other options to look into include federal Parent PLUS Loans, private parent student loans, or private undergraduate student loans to help fund their education. If all federal aid options have been exhausted, SoFi offers no-fee private student loans to help parents and students pay for school.
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Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
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From hiring a video arcade on wheels to treating 10 little princesses to a spa day, today’s birthday parties have gone next level. You could easily drop $500-plus on your kid’s next shindig.
Fortunately, you don’t have to. It’s possible to host a fun and memorable birthday celebration for friends and family without breaking the bank.
Here are some inexpensive party ideas to consider when planning your next birthday bash.
1. Being Selective with the Guest List
As tempting as it might be to invite everyone in your child’s class or the whole soccer team, limiting the guest count is a simple way to save money on a birthday party.
Less people means less food, less party supplies, and fewer favors — but not necessarily less fun. It’s possible to have a close knit vibe at a birthday party that gets people talking to each other and enjoying themselves even more than they would have at a big event.
If your child is willing to invite only one or two friends, you might consider skipping a party altogether and opting for an experience. Going bowling or spending a couple of hours at a play space, zoo, or museum can suddenly become an affordable option.
2. Sharing the Party with a Friend
If your child’s birthday falls around the same time as one of their close friends, you might want to consider teaming up and having a dual birthday party.
This enables you to share the costs and responsibilities with another family and, if the kids have a similar friend group, it would not necessarily have to be a much larger party. It can be a good idea, however, to make sure each child gets their own cake and presents.
While hosting a party at a local climbing gym or other entertainment venue can be appealing, you can end up dropping as much as $350 just for the space.
One way to throw a birthday party on a tight budget is to have the party at home. That said, the wear and tear on your floors and furnishings might not be worth the savings. In good weather, however, a backyard party can be a great, low-cost option. Or, you might consider having the party in a local park or garden.
If your child’s birthday lands in a cold weather season, you can save money on a venue by limiting the guest list and going with the most basic package (such as just food and drinks for each child), and providing your own cake and goody bags. You can also check deal websites for discounts and promotions or ask the venue about a discount for having the party at an off-peak time or day.
Skipping the paper and going with digital invitations can be kinder to the environment and also cut down on birthday party costs, since you won’t have to buy premade invites or stamps.
You can design your own digital invitation and send them via email or text, or you may want to take advantage of one of the many online (and free) e-invitation sites.
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5. Getting Creative With Decorations
One of the best things about the internet is that somebody’s probably already created precisely what you need. Rather than drop a chunk of money at the party store on themed decor, you may want to check out Pinterest for free printables.
You can also find ideas for DIY decorations on Pinterest (along with many other sites) using low cost supplies, possibly even things you already have on hand. Dollar stores can also be great places to shop for decorations and supplies.
If you do hit the party store, you may want to consider going with just one or two premium themed items and keeping the rest of the decor colorful and fun.
A custom bakery cake that serves just 15 to 25 people can run over $50, while a cake large enough for over 35 guests can easily run more than $70.
A cheaper option is to buy a cake mix, then make it look and taste homemade with a few simple baking hacks, such as swapping butter for oil and milk for water, adding an extra egg, and making your own buttercream frosting.
To make cupcakes that look like they came from a bakery, you can pipe icing on top using a ziplock bag with a tiny hole snipped in the corner.
7. Timing the Party Right
If the party takes place during lunch or dinner time, there’s a good chance people will expect to be fed a meal.
Choosing an off-time to celebrate — such as 10:30am or 2:30pm — means you can steer the party away from heartier, and costly, fare (like freshly delivered pizzas or a sandwich platter) and stick to serving finger foods and snacks instead.
If you’ll be giving each guest a swag bag, consider buying toys and trinkets in bulk sets and then dividing them up. This can be a real cost-saver when compared to purchasing items individually (even at the dollar store).
Fun items like paper airplanes, wooden yoyos, squishy toys, stampers, fidget spinners and Slinkys can often be purchased in packs at stores as well as online.
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.
9. Playing Some Free Games
You don’t necessarily have to rent a bouncy house or hire live entertainment to keep a birthday party lively and fun. There are a number of inexpensive ways to make sure there is plenty of action, activity, and laughter. Here are a few fun, free games you might consider:
• Duck Duck Goose
• Charades
• Musical Chairs
• Red Rover
• Rock Paper Scissor Tournaments
• Three Legged Races
• Marco Polo (you can even play on land)
• Hot Potato
• Simon Says
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The Takeaway
It can be tempting — and easy — to spend a lot creating a memorable birthday party. But with just a few cost-cutting strategies, such as trimming your guestlist, shifting the time of the party, choosing an inexpensive venue, and organizing some free games, you can throw a festive birthday bash without breaking the bank.
You can also make birthday celebrations more affordable by setting a budget and saving up in advance.
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SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
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Have you ever asked yourself this question: “When should I start saving for my child’s college?” If so, then the standard advice given is to start early. And with the rising costs of college tuition and fees, the sooner you can start, the better.
However, it’s never too late to start saving for your child’s college education now.
Getting a Late Start With College Savings
According to data presented by US News and World Report , the average cost of college tuition and fees for the 2022-2023 school year for in-state, public universities was $10,423, with the cost of private universities averaging $39,723 per year.
And that doesn’t include housing expenses, transportation costs, books, supplies, or anything else needed during that time.
So, what do you do if you’re late getting started?
Use the One-Third Rule
When figuring out how to pay for college, consider the one-third rule. This strategy involves saving enough money to cover one-third of the total cost of college expenses, planning to pay another third out of your current income, and relying on student financial aid for the final third. If you can save more than one-third, go for it. But if you can’t, at least you have this one-third plan as a baseline strategy.
Explore Scholarships
Another strategy could be to get the entire family to participate in this savings quest. Your child can play a big part, in fact, by performing well academically and then exploring which schools offer scholarships. Your child could also ask family members to donate to their college fund as a birthday or holiday gift.
Save With a 529 Plan
One way to save for college expenses is with a 529 plan, which is a qualified tuition plan that is sponsored by state governments, state agencies, and educational institutions. The two types of 529 plans are prepaid tuition plans and education savings plans. At least one type of 529 plan is available in each of the 50 states, plus in the District of Columbia.
Prepaid tuition plans allow you to prepay tuition at participating colleges and universities at today’s rates. These credits can then be used for tuition payments in the future, but usually do not cover additional college expenses, such as housing.
If your child ends up attending a college or university that isn’t part of the prepaid tuition plan, the money you’ve invested will transfer over to the chosen college, but you’ll have to pay tuition at today’s rates.
Education savings plans involve opening an investment account with funds available for college expenses.
When you withdraw funds from a traditional 529 savings plan, they can be put toward college tuition, fees, room and board, textbooks, and more. You can even use the funds to pay for K-12 tuition, if needed. Investment choices can include mutual funds, exchange-traded fund portfolios (ETFs), bonds, CDs, and short-term reserves.
What if you have a financial windfall, perhaps through an inheritance or large bonus? You can actually contribute up to five years’ worth of contributions in year one of your 529 plan, which would give you the opportunity to front-load your savings and take greater advantage of tax-free growth of your account.
Finally, here’s a question that’s sometimes asked about this strategy: When is it too late to start a 529 plan? The answer: If your child hasn’t yet started college, it’s not too late to take advantage of this type of plan.
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More Tips for Parents Starting Late
If you’re getting a late start to saving for your child’s college education and want to make college more affordable, and here are four tips to consider:
• Encourage your child to take advantage of advanced placement (AP) credits during their junior and senior years of high school, as many colleges will count those as college credit hours. The more credits your child starts with in college, the fewer they may need to take and pay for during college years.
• Explore what grants are available for your child. Grants are funds that don’t need to be paid back.
• Help your child apply for scholarships. School counselors can often help with this endeavor and, by doing so, your child can go after opportunities that may be lesser known.
• Consider using digital options for expensive textbooks. If your child rented all their textbooks from a library in digital form, you could potentially save thousands over a four-year period.
And finally, if you haven’t saved enough but don’t want to burden your child with debt, you could consider a private parent student loan to help with the ever-increasing expenses of college.
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SoFi® offers private parent student loans to help you pay for your child’s tuition. The application process is quick and easy, and SoFi® offers competitive rates, flexible terms and zero fees.
In the spirit of transparency, SoFi® strongly believes you should exhaust all of your federal grant, loan, and other student aid options before you consider SoFi® as your private loan lender.
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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.
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The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . The umbrella term “SoFi Invest” refers to the three investment and trading platforms operated by Social Finance, LLC and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 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.
Sure, there are lots of ways to get rid of your unwanted but still usable stuff. You could sell it online, haul it to a consignment shop…or maybe you’d just rather hold a garage or stoop sale and let people pay on the spot and walk away with their purchases.
No shipping, no schlepping, just a good old-fashioned transaction. You pick what you want to sell, you spruce it up, price it, publicize it, and then set up for your sale and staff it.
Whether you call it a “garage sale,” “yard sale,” or “tag sale,” you can boost the odds of success at an outdoor sale by following these tips and tactics.
1. Planning Your Garage Sale In Advance
Is it possible to pull together everything you need in a couple of days and hold a decent garage sale? Maybe. But your chances of success are likely to improve substantially if you put in some time planning your event.
Here are some things to consider ahead of time:
Knowing Your Goals
You’re probably hoping to make a profit and clear out some clutter. But knowing your top priority could help as you choose which items in your home you’re willing to part with and how you’ll price those goods.
Researching the Rules
Before you organize a sale, it’s a wise idea to check out how they’re handled in your community.
Some cities and counties require citizens who want to hold a garage sale to obtain a permit online or in person. There may or may not be a fee involved, but, either way, you could face a fine if a permit is required and you fail to get one.
There also may be limits on how early the sale can start, how late it can go, how many days it can last, the number of signs you can post, as well as the type of merchandise you can sell.
If you belong to a homeowners association (HOA), you might have to seek permission there as well. Some HOAs may allow only one or two neighborhood-wide sales a year (especially if you live in a community with a gate that would have to remain open all day).
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2. Setting Your Garage Sale Date
Once you know you’re able to have a sale, you can set a date and get the necessary permits.
Even if your schedule is pretty flexible, you may want to keep a few things in mind when you’re looking at your calendar:
• Consider choosing a day that falls just after a common payday (the first or the 15th of the month).
• You may want to avoid holding a sale on a holiday weekend, when many people will be away or have other plans.
• The most popular sale days are Fridays, Saturdays, and Sundays because most people are off from work. Keep in mind, though, that many families have activities or church on those days, so you may want to start early and end in the afternoon to attract the most shoppers. Or you could choose a weekday to avoid the weekend competition.
• You may want to hold a two-day sale and use the second day as an “everything must go” event.
• Mother Nature might not cooperate no matter when you hold your sale. Still, you can improve your chances of having better weather if you consider the season (not too hot, not too cold, not too rainy, not too windy) in your planning.
3. Stockpiling Garage Sale Items
A good strategy is to move through each room of your house (the attic, basement, garage, and sheds, too), and start boxing up items you might want to sell.
You might want to make a list of larger items you don’t want to move until you’re closer to the actual sale date, such as old furniture, artwork, or exercise equipment.
Kids who are reluctant to part with old toys, bikes, or sports equipment might be more willing if you offer to cut them in on the action. Consider negotiating a percentage of the profits, or offering to replace all the gently used toys they sell with one new one.
If you aren’t sure you have enough to grab shoppers’ interest on your own, you can ask friends and neighbors if they want to join in, or offer to sell their items on consignment.
4. Going All in With Publicity
It’s probably not the best idea to count on word of mouth to bring bargain hunters to your door. Consider advertising your garage sale at least a week in advance — and tempting shoppers with a list of desirable items.
Some places to consider publicizing your sale:
Newspapers
You may want to list your garage sale in the old-school print classifieds. You could see if your local newspaper charges a reasonable rate (and get a digital ad while you’re at it). You may want to keep the wording tight — you’ll likely pay more if you go over a pre-set maximum word count.
Many of these sites allow you to post a photo or photos with your ad, so it can help to have that ready, along with the wording you want to use.
Community Bulletin Boards
Some grocery stores, gyms, community centers and schools have bulletin boards where you can post a flyer. Consider making yours stand out with bold lettering, and including the sale date, hours, and address.
Signs for the Neighborhood
If signs are allowed in your area, consider putting out at least five or six on the day before the sale. You may want to make them easy to read from the road, with the address in bold print and an arrow pointing the way.
Also consider tying balloons and a big sign to your mailbox on sale day to make your home more visible.
💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
5. Preparing What You’ll Need for the Sale
A week before the sale, you may want to start considering, and gathering, everything you’ll need. This may include:
Sale-Day Supplies
It’s a smart idea to make sure you have as many folding tables as you’ll need to properly display your sale items, and enough chairs so you and your “staff” can sit comfortably. (It could be a long day.)
A payment station
You may want to set up a main payment station that’s easy for shoppers to get to when they’re ready to buy.
You could make or buy a box to hold the money you collect and for change. (It’s wise to start out with plenty of ones, fives, and quarters in case early shoppers show up with bigger bills.)
Or, you can wear a vendor apron with pockets for the money. You also may want to give family, friends and neighbors you know the option of using a P2P app to make their purchases.
Keeping some old boxes and plastic grocery store bags near the checkout table can be useful for customers who have a lot to carry home.
6. Setting Your Prices
One option is to set up a color-coded sticker system, with items grouped by cost. If you go that route, keep in mind that you’ll want to let those who are assisting at the sale know the code, as well as put up a sign for customers.
A simpler option might be to just tag most of the items individually with a roll of painter’s tape (which is typically easier to remove than masking tape). Larger signs can point out bundled prices, such as “5 CDs for $2” or “3 paperbacks for $1.”
It’s a good idea to remember your main goal when setting prices. If you want to get rid of everything, you may want to keep prices reasonably low.
To avoid cheating yourself, however, you may want to do some research ahead of time so you can get the best price for special items (antiques, collectibles, or anything that might be in high demand with garage sale regulars).
If possible, it’s wise to keep sentimentality from getting in the way of a solid sale.
Also, if several people will be working the sale, you may want to set ground rules for how low prices on certain items should go — and on haggling in general.
If someone offers a low price at the start of the day, and you think you can do better, you may want to exchange contact info, and agree to connect again later when the sale is over.
💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.
7. Making Your Garage Sale Appealing to Shoppers
You’ll likely want to give some thought to the presentation of your items. Organization can make the day go better for you and your customers. And a little extra effort could make a difference in how much you can get for your goods. Some ideas:
Cleaning Old Items
You can start washing, dusting, and polishing things as soon as you decide they’ll be included in your sale.
This might include Inflating balls and bicycle tires, putting light bulbs in lamps, and trying to have batteries and a power source available for customers who want to test an item before purchasing. (If something doesn’t work, it’s a good idea to mark it clearly.)
Arranging Things in a Way that Makes Sense
Consider making it as easy as possible for customers to find things using signs and a system.
For example, books, CDs, DVDs, and videogames could be grouped together. Toys, board games and puzzles might be another section.
You may want to place the biggest sale items out in front of the yard, if you can–both to attract attention, and so customers can get them to their cars without disturbing others.
If possible, hang clothing on a garment rack near hats, shoes, and purses, and set up a mirror close by.
If your sale goes well, you may have to rearrange your display several times during the day.
8. Being a Good Host
One way to keep garage sale shoppers from walking away without really looking is to make it fun to stick around.
Consider playing some energetic music and greeting customers as they arrive. You also may want to sell water, lemonade, and maybe even baked goods. (It can be nice to have snacks and beverages ready for helpers, too.)
You might also want to have some bottles of hand sanitizer available for customers to use.
If you know your neighbors, they may pop by for a chat. While you may want to be polite and chat, you may also want to remind them that you need to pay attention to your customers — and the money box.
9. Remembering Sale Day Safety
Early birds sometimes show up long before a garage sale is scheduled to start. The more you have ready ahead of time, the more you’ll be able to stay focused on keeping everything and everyone (people, pets, breakables, and the money you make) safe.
Here are some security tips:
Locking Your Doors
It’s wise to keep the doors to your home and your car locked, and to avoid letting strangers use your bathroom.
Getting a Sitter
A sitter can keep an eye on young children and pets so you don’t have to.
Stashing Excess Cash
As profits start to pile up, it’s a good idea to have a method for how you’ll transfer excess cash to a safe spot in your home. It’s also wise to avoid talking about how much you’ve made.
💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.
10. Having a Plan for Unsold Items
When your sale ends, you’ll likely have at least a few unsold items to deal with.
If your primary goal was to clear the clutter, you may want to donate those leftovers to Goodwill, the Salvation Army, or some other nonprofit group that takes used goods. (If you itemize deductions, you may be able to include your donation on your tax return. Just be sure to keep a list of everything you gave and an estimate of the value.)
If the charitable organization you choose offers a pickup service, you may want to schedule the truck for the first available day after your sale. If not, you can arrange to drop off your items as soon as possible. (It’s a good idea to understand beforehand what the charity will and won’t accept.)
If you want to try to squeeze a little more money out of what’s left over — or there are some high-ticket items you aren’t willing to give away — you may want to move on to the online marketplace and sites like Offerup , Facebook Marketplace , Varage Sale , or Swap.com .
Consider taking the time to include a photo with anything you list online. At the very least, it could save you from having to answer a lot of questions about your item.
11. Making the Most of Your Garage Sale Profits
One of the perks of holding a garage sale vs. a virtual sale is that you’ll be holding your profits in your hands (mostly in cash) when you’re finished.
That also could be a problem, though, because it might be tempting to spend it. (And maybe even buy more stuff!)
Instead, consider planning ahead what you’d like to do with your profits. This may also help keep you motivated while you’re putting in the work to plan and host your sale. If you don’t have a specific plan, consider putting the money you earned towards an emergency fund.
The Takeaway
Hosting a garage sale can be a great way to clear the clutter in your home and sell a large number of unwanted items all in one fell swoop.
A successful sale, however, requires some upfront work, as well a day (or two) or working the sale.
The process typically requires gathering and preparing your items, getting a permit, picking up sale supplies, advertising your event, and then setting everything up in an organized and appealing way early on the day of the sale.
The payoff? Newfound space in your home and (hopefully) a nice pile of cash you can take to the bank.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found 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.
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.
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.
A financial coach works with clients to help them better manage their money and to develop healthy, long-lasting, finance-related habits.
If you need help getting your finances organized or setting up a plan to effectively work towards your financial goals, you might benefit from the help of a financial coach. These professionals can help clients pay off debt, create an emergency savings fund, stabilize their finances, and develop an overall financial plan.
Unlike financial advisors, financial coaches spend more time helping their clients understand the fundamentals of finances, rather than recommending investments and managing their investment portfolios.
Read on to learn more about financial coaches, what they do, how much they cost, and how to find one.
What Does a Financial Coach Do?
According to the Consumer Financial Protection Bureau, a financial coach is a trained professional who collaborates with and guides their clients to reach their financial goals, including:
• Improved savings, debt levels, and credit scores
• More financial confidence
• Increased goal attainment
Financial coaches typically individualize their approach based on the needs of each client, with the goal of helping them make progress in the area of their financial life that they identify as most important. For example, a financial coach might help you reach your financial goals by teaching you how to build savings, avoid overspending, or pay down debt.
Financial coaches also often assist their clients with the behavioral and emotional components of managing money. A coach can help you uncover what drives your financial decisions, so you can create a healthier attitude that leads to better money habits.
Coaches often work with their clients over the period of several weeks to several months and may meet weekly or biweekly to provide advice and check on progress. The full coaching process may include:
• Building awareness around spending habits (usually by tracking daily, weekly, and monthly spending)
• Defining the client’s financial goals
• Developing a budget and a financial plan to achieve those goals
Accountability is also typically built into the process. So rather than managing a client’s person’s finances, a financial coach gives clients the tools to help make informed and responsible financial decisions.
What a financial coach can’t do: offer investment recommendations or help clients manage their investment portfolios. While coaches can provide basic advice on the concept of investing, they are not licensed to provide financial advice like financial advisors are, and therefore cannot provide specific product recommendations.
💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
Get up to $300 when you bank with SoFi.
No account or overdraft fees. No minimum balance.
Up to 4.20% APY on savings balances.
Up to 2-day-early paycheck.
Up to $2M of additional FDIC insurance.
How Much Does a Financial Coach Cost?
Coaching rates typically run between $100 to $300 an hour. But because of the wide range of fees charged by coaches, it’s a good idea to ask about costs upfront.
Unlike financial advisors, who typically charge their fees based on a percentage of the assets under management, financial coaches generally work on a fee-only basis. Some may charge a flat fee based on how long you plan to work together (such as three or six months), while others might charge per session.
💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.
How do I Find a Financial Coach?
While there is no required coursework or license, and there are no certifications to become a financial coach, there are training programs run by the Association for Financial Counseling and Planning Education (AFCPE).
You can begin looking for financial coaches in your area through the AFCPE website. It’s also a good idea to ask for personal referrals from friends and family, as well as other financial professionals you know or work with (such as an accountant or financial advisor).
Before selecting a coach, it can help to consider specifically what you are looking for in a financial mentor. This can involve thinking about your own financial strengths and weaknesses, and what your goals are. Are you, for example, struggling to save enough money for a down payment on a house? Or, do your credit card balances keep going up? Identifying your needs can help you suss out the best coach for your situation.
Once you’ve gathered a list of financial coaches, you may want to reach out to each candidate to get a sense of their personality, methods, and coaching style.
Some questions to consider asking:
• How long have you been a coach?
• What’s your business specialty?
• How long do you typically work with clients?
• What’s your plan to help me reach my goals?
• What is your availability?
• What are your fees?
💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.
The Takeaway
Maybe you’ve tried to make a budget but just can’t stick to it. Or perhaps you’ve run up so much debt between credit cards and loans that you don’t know the best way to pay it off. A financial coach can help you structure your budget, build a financial plan, and hold you accountable throughout the process.
Financial coaches also help clients understand and work through deep-seated emotions around money that may be preventing them from being “good with money,” building up savings, and reaching their financial goals.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found 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.
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.
