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Whether or not $70,000 is considered a good salary depends on a number of factors. These include where you live, your lifestyle, what kind of work you do, your financial goals, and how many people are in your household.

While $70,000 is higher than average U.S. salary, it may be difficult to live well on this salary in certain parts of the country where the cost of living is high or if you’re supporting a family.

Here’s a closer look at whether or not earning $70,000 is a good salary and what factors influence this.

Factors to Determine if a $70,000 Salary Is Good

A $70,000 salary can be considered good or not depending on various factors such as where you live, your lifestyle, and your financial obligations. Let’s explore these considerations in more detail.

Where you live: Living expenses vary significantly depending on where you live in the U.S. Your dollars won’t go as far in a metropolitan city as they would in a rural area. It’s a good idea to look into the costs of housing, groceries, transportation, and other necessities in your area and weigh them against your salary to determine if $70k is enough for you to live comfortably.

The size of your household: Whether you live alone or have a family has a major impact on how far your $70,000 salary can go. A single person may be able to live well on this income in many places. But if you’re supporting a spouse and children, it may prove more difficult. If you’re supporting others, consider your family’s monthly expenses to determine if $70,000 is enough to pay for everyone’s needs.

Debt and other obligations: You’ll also want to factor in any debt and other payments you must make each month when determining if your $70k salary is enough. If you have student loans, credit card debt, and/or mortgage payments, that could eat up a significant portion of your monthly take-home salary. Run through your essential monthly expenses and then see how much is left over for discretionary purchases. Paying down debt could help make your $70k go further.

Where Does a $70,000 Salary Compare to the American Median Income?

According to the Bureau of Labor Statistics’s most recent data (May 2022), the mean, or average, salary nationwide is $61,900.

That means that on a nationwide scale, you’re earning more than most people. However, the cost of living in your area, personal lifestyle choices, and your financial expectations and goals also play a crucial role in determining whether $70k is a good salary for you or not.

What Percentage of Americans Make Over $70,000 Annually?

U.S. Census data reports that in 2022 (the most recent data available), 49.8% of Americans made $75,000 and more, and 16.2% earned between $50,000 and $75,000. Based on these statistics, at least half of Americans make $70,000.

$70,000 Salary Breakdown

Here’s a look at exactly how a $70,000 annual salary breaks down. Keep in mind that these numbers look at gross income, which is what you earn before any taxes and other withholdings (such as health insurance, social security, and retirement contributions) are deducted from your paycheck.

•   Monthly income: $5,833.33

•   Biweekly income: $2,916.66

•   Weekly income: $1,346.15

•   Daily income: $191.78

•   Hourly income: $7.99

Your actual take-home pay will depend on where you live, your household income, whether you’re a full-time employee or self-employed, and what employee benefits you participate in.

Can You Live Individually on a $70,000 Income?

If you’re single and have a salary of $70k, you are part of above-average earners in the U.S. Depending on where you live, you may be able to live comfortably on a $70,000 salary as a single person. You may even be able to save for goals, like building an emergency fund, contributing to a retirement fund, and saving for a downpayment on a home.

However, in high-cost-of-living areas, this salary might require careful budgeting to maintain a good standard of living. Indeed, economists estimate that someone making $70,000 a year in other parts of the country would need to make $166,000 in New York City to enjoy the same standard of living.

Can You Live as a Family on a $70,000 Income?

Living as a family on $70,000 could be challenging. According to the Economic Policy Institute’s Family Budget Calculator, the monthly household cost for two adults and two children living in Dayton, Ohio, for example, adds up to $7,658, including housing, food, childcare, transportation, healthcare, and taxes.

If your monthly gross income is $5,833.33 (which it would be if you earn 70k a year), that would likely not be enough to support a family in a midsize midwestern city. You might find it easier, however, if you live in a more rural part of the country.

How Much Rent Can You Afford Living on a $70,000 Income?

One popular guideline is to spend no more than 30% of your gross income on rent. So if your monthly gross income is $5,833.33, you would ideally try to spend no more than $1,750 per month on rent.

However, this guideline isn’t realistic for everyone. Sticking to spending 30% on rent may not be feasible in a place like New York City or San Francisco, for example, where median rents for a one-bedroom apartment are over $2,000.

If you need to spend more than 30% of your $70 salary on rent, you may need to watch your spending in other areas, such as clothing, entertainment, and dining out.

Best Places to Live on a $70,000 Salary

The following cities each have a median household income of below $70,000 and a lower-than-average cost of living, making them among the best places to live on a $70,000 salary.

•   Decatur/Hartselle, Alabama

•   Charleston, West Virginia

•   Rockford, Illinois

•   Knoxville, Tennessee

•   Amarillo, Texas

•   Waterloo/Cedar Falls, Iowa

•   Oklahoma City, Oklahoma

•   Anniston, Alabama

•   Winston-Salem, North Carolina

•   Great Falls, Montana

•   Morristown, Tennessee

•   Springfield, Missouri

Worst Places to Live on a $70,000 Salary

Here’s a look at the 12 most expensive places to live in the U.S. — and some of the worst places to live on a $70,000 salary.

•   San Diego, California

•   Los Angeles, California

•   Honolulu, Hawaii

•   Miami, Florida

•   Santa Barbara, California

•   San Francisco, California

•   Salinas, California

•   Santa Rosa, California

•   San Juan, Puerto Rico

•   Vallejo, California

•   Fairfield, California

•   New York City, New York

Recommended: Cost of Living by State

Tips for Living on a $70,000 Budget

Living on a $70,000 budget requires careful planning and smart financial decisions. Whether you’re just starting out or looking to improve your financial situation, these tips can help you make the most of your income.

💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).

Saving Up for Retirement

One of the most important aspects of managing your finances is saving for retirement. Even on a $70,000 budget, it’s crucial to prioritize saving for your golden years. Consider contributing to a 401(k) or IRA, which can provide tax advantages and help your money grow over time. A good rule of thumb is to try to save at least 10% to 15% of your income for retirement, and increase this amount as your income grows

Getting on a Budget

Creating and sticking to a budget is key to living within your means on a $70,000 budget. Start by tracking your income and expenses to get a clear picture of where your money is going. Then, set realistic goals for saving and spending. Consider using budgeting apps or tools to help you stay on track.

Getting Out of Debt

If you have debt, such as credit card balances or student loans, it’s important to prioritize paying it off. You might start by paying off high-interest debt first, as this will save you money in the long run. Consider consolidating your debt or negotiating with creditors to lower your interest rates. Once you’ve paid off your debt, focus on staying debt-free by living within your means.

Saving Your Money

Saving money is a crucial part of living on a $70,000 budget. Look for ways to cut expenses, such as dining out less often or shopping for discounts. Consider setting up automatic transfers to a savings account to make saving easier. Additionally, consider building an emergency fund to cover unexpected expenses, such as car repairs or medical bills. This will help you avoid running up high-interest credit card debt in the event of the unexpected.

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Managing Finances With SoFi

Whatever your salary, it’s important to not only live within your means but also to put some money into a high-yield savings account each month. This will give you a cushion for emergencies and help you work towards — and reach — your financial goals.

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

FAQ

What jobs pay over $70,000?

According to the U.S. Bureau of Labor Statistics, occupations that make over $70,000 include jobs in the medical and healthcare field, managers (in a variety of industries), engineers, software developers, financial advisors, jobs in the legal field, commercial pilots, economists, and actors/producers/directors, among many others.

Is making $70,000 a year common?

According to the Bureau of Labor Statistics’s most recent data (May 2022), the average salary nationwide is $61,900, which means that $70,000 is a common salary — but above the national average.

Can I make a living on $70,000?

You may be able to live comfortably off $70,000, depending on where you live and how many people are in your household. If you’re single and live in an area where the cost of living is below average, you can likely live well on $70,000.

About the author

Sarah Li Cain

Sarah Li Cain, AFC is a finance and small business writer with over a decade of experience. Her work has been featured in numerous publications, including Kiplinger, Fortune, CNBC Select, U.S. News & World Report, and Redbook. Read full bio.

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Photo credit: iStock/Eleganza

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.

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

SOBK0124051

Checks seem a pretty mundane bit of banking, but when they say “Do not convert to ACH,” that means the payer doesn’t want the funds transferred electronically. Rather, they are requesting manual processing.

Here, learn more about the implications of these five little words on a check.

ACH System 101

First, understand what ACH is. It stands for Automated Clearing House, which is an electronic system that transfers funds throughout the United States. This network allows individuals and businesses to move money from one financial institution to another, quickly and securely.

Every time you set up automatic bill pay or receive your paycheck by direct deposit or write an eCheck, that’s ACH at work. Apps such as PayPal and Venmo also use the ACH network to send and receive money.

💡 Quick Tip: Did you know online banking can help you get paid sooner? Feel the magic of payday up to two days earlier when you set up direct deposit with SoFi.

How Does ACH Work?

ACH transfers are initiated by either making a withdrawal or deposit into an account. You can send money to another account on a one-time basis — such as through an ACH debit to a utilities company or transferring money to a friend for your share of a restaurant meal — or opt into recurring payments. For example, some companies allow you to make automatic payments, such as for subscription services. In either case, you give permission for the receiver to initiate a withdrawal from your account.

You can also get money via an ACH credit. This happens when people receive a direct deposit of their paycheck or Social Security.

Once you or someone else initiates a transfer, the request will be processed first by your financial institution, usually by the next business day. You may be able to expedite the request, as well as schedule a transfer for a future date.

Typically, ACH transfers are faster than other types of transactions, though a potential downside is that it’s only available for transfers within the U.S. (That’s one of the distinctions between an ACH vs. wire transfer, incidentally; the latter has global reach.)

What Is Check Conversion?

Check conversion refers to the process of transforming a check payment into an electronic payment. This usually happens at one of these three points:

•   Point of Purchase (POP), meaning when a purchase is made, say, at a store

•   Accounts Receivable Conversion (ARC), when a business receives a check by mail and then processes it electronically

•   Back Office Conversion (BOC), or when a check is processed electronically after acceptance at, say, the office of a retail location

What Does Conversion to ACH Mean?

ACH conversion describes the fact that a paper check will be converted to a payment that’s processed through the ACH network. In other words, even though a paper check was written and used as payment, it will become an electronic ACH transfer.

Recommended: How to Cash a Check with No Fees

Why Might a Check Be Converted to ACH?

The main reason why a check may be converted is to save time and money when processing payments. Plus, converting a check payment to ACH could be more efficient, as it can help financial institutions detect potential bank fraud earlier, make fewer mistakes, and even result in fewer returned payments. The service of ACH transfers is typically free to consumers.

Can a Check Be Converted to ACH?

A check can be converted to ACH in many cases (unless it says “do not convert to ACH”) to help it move swiftly and securely; there’s no check to get lost or be forged, for instance.

How the conversion usually happens: When the check gets deposited in a checking account, the payment details are captured from the check. Then, the check itself will be stored securely by the financial institution — unless you have the physical check and are making a mobile deposit. If the check is converted in person, then the original check will be voided and given back to the payer.

If the check was converted for ACH, it will typically appear on a bank statement as a direct payment (or withdrawal) in the same section as ATM withdrawals or other forms of electronic payments. It could also appear as a check payment — some banks include a scanned image of the check or include the payment details.

Recommended: How Much are the Average ATM Fees?

What Does It Mean When a Check Says ‘Do Not Convert to ACH’?

When a check says “do not convert to ACH,” it means that the payer does not want to make a payment electronically. Instead, the payment needs to be processed manually from one financial institution to another through the check collection system.

More specifically, it means the financial institution will contact the other financial institution to request the funds, which are then delivered through a local clearinghouse exchange or other form organization like the Federal Reserve Bank.

It’s rare to receive a check that says this on it, but if you do, there’s not much to be done to alter the payer’s request.

What Is the Benefit to the Drawee if a Check Says ‘Do Not Convert to ACH’?

Checks that say “Do not convert to ACH” may sometimes be printed when a payer is issuing multiple checks; for example, if a class action suit is being paid out. In this case, perhaps the check issuer does not want the much faster electronic processing of their checks. Perhaps it suits them to have a slower payment process.

What Is the Difference Between ACH and a Check?

The difference between ACH and check payments is the network by which they’re processed. ACH payments are processed electronically through the ACH network, whereas non-converted paper checks are processed manually. In many cases, ACH transfers are processed faster than paper checks, since you may have to wait for a check to clear.

The Takeaway

When it comes to getting paid, converting a check to ACH is most likely the fastest, safest way. Unfortunately, there’s not much you can do if the check you receive says “Do not convert to ACH,” however rare they may be. You’ll probably need to deposit it and allow the extra time required for it to become available cash.

Most of us love the conveniences of banking today, and if you want to make a good thing even better, why not check out your options?

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

FAQ

Can an ACH payment be declined?

Yes, an ACH payment may be declined or rejected for a few reasons, the most common one being that the payer doesn’t have enough funds in their account for the transfer. Other reasons include the account was closed by the time the transfer took place, the funds have been frozen, or the payer has stopped the payment request.

What does “ineligible for conversion” mean on a check?

If a check says “ineligible for conversion,” it means the check can’t be converted to an ACH payment. This may be due to the paper the check was printed on. The payee needs to either cash or deposit the actual check at a local branch.

Why would a bank reject a check?

There are several reasons a bank would reject a check, including:

•   You don’t have an account at the bank where you want to cash the check

•   You don’t have proper identification to show to the bank

•   The amount may be too large for the financial institution to process

•   The check is void (for example, the check is old and the payment is no longer valid)

•   The signature on the check doesn’t match what the bank has on file

About the author

Sarah Li Cain

Sarah Li Cain, AFC is a finance and small business writer with over a decade of experience. Her work has been featured in numerous publications, including Kiplinger, Fortune, CNBC Select, U.S. News & World Report, and Redbook. Read full bio.

You may also be interested in:

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Photo credit: iStock/fizkes

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.

*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.

SOBK-Q224-1902266-V1

Pets can bring love, companionship, and fun into your life. But they can also bring a lot of added expenses. In fact, the lifetime cost of owning a dog can run anywhere from $19,893 to $55,132, while owning a cat for its full natural life can range between $4,250 to $31,200.

If you’re yearning for a furry companion, but the high cost of owning a pet gives you worry, you don’t necessarily have to give up on the idea. There are actually a number of cheap pet options out there, and many are also low maintenance and adapt quickly to their new homes.

From small birds to bunny rabbits, here are nine cheap, easy-to-care-for pets you may want to consider adding to the family.

Guinea Pigs

If you’re looking for something cuddly that’s easier on the wallet than a puppy, you may want to consider a guinea pig. These entertaining creatures live about five to seven years, so they also typically require less of a time commitment than a cat or a dog.

A guinea pig can cost anywhere from $10 to $70. If you go for an exotic guinea pig from a local breeder, you can pay up to $120. In addition to the guinea pig, you’ll need to have a cage that has enough room for it to move around and some bedding that will get changed fairly often.

Guinea pig food is relatively cheap — around $15 for a five-pound bag. But these affordable pets can also live off leftover vegetable and fruit scraps.

Guinea pigs thrive as social creatures, so you may want to purchase more than one guinea pig or ensure you’re spending ample time with your furry companion.

Recommended: Ways to Pay for Unexpected Vet Visits

Hermit Crabs

While hermit crabs aren’t cuddly, they can make great pets if you’re looking for a low-key companion that doesn’t require much supervision.

The cost of owning a hermit crab is pretty low (a crab runs around $3 to $25 through a breeder or at a pet store). You’ll also need to get a tank with a vented lid, drinking and humidity sponges, a water dish, climbing wood, and a humidity gauge. Once crabs have outgrown one shell, you’ll need to buy their next, larger shell, which is a small cost.

Hermit crabs need humidity levels between 70% and 80%, which means you’ll need to mist them and their tanks at least once a day to keep these creatures happy and healthy. It’s also important to clean their quarters and change their water often.

Being small creatures, crabs don’t cost much to feed. You can feed these cheap pets vegetable scraps, fruit, or pellet food.

Sea Monkeys

Sea Monkeys are a novelty pet marketed as “instant pets.” They’re actually a type of brine shrimp sold in kits, usually targeted to children.

Developed in a lab in the 1950s, sea monkeys are sold as packets of eggs that hatch when you add water. These small pets will hatch in a few days and stay alive for about two years. They also reproduce, so you could have a steady supply for some time.

Sea monkey kits, which include the eggs, an aquarium, and growth food, only run around $16. To keep your Sea Monkeys alive, all you need to do is to top up water levels occasionally and feed them once a week.

Dwarf Frogs

African dwarf frogs are small, completely aquatic, and among the easiest types of frogs to keep as pets. This species can be a good beginner frog for owners who are content to look-only — handling them is not a good idea.

Dwarf frogs grow to around 1½” and live up to five years with good care. They can live in an aquarium alongside docile fish like tetras if you want to own a few creatures.

Besides the frog, which typically only costs around $5, owners of these low-cost pets will need to purchase a tank with a tight-fitting lid (which you may be able to find second-hand), gravel or sand for the bottom, and some decorative hiding spots, such as live or silk plants and small terra cotta plant pots placed on their sides.

Keeping dwarf frogs healthy is really just a matter of making sure that their aquarium water is clean and offering them a proper dwarf frog diet — they like to munch on frozen mysis shrimp, bloodworms, food pellets, and brine shrimp.

💡 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.

Goldfish

Goldfish can add interest to any room, are fun to watch, and pretty low maintenance. The fish themselves usually only run between 20 cents and $5, depending on the type of goldfish.

While you may picture this fish living in a classic goldfish bowl, these days many experts recommend investing in a filtered tank in order to keep their habitat clean. Aquariums with filters and decor aren’t super cheap, but the only additional cost after that is the food. Purchasing a container of fish pellets or flakes will set you back about $5.

To save some money, you may want to search for used equipment at yard sales and thrift stores or through online marketplaces. Once you’ve invested in a tank and decor, these items will last indefinitely and can be re-used for future fish.

Leopard Geckos

These tiny lizards are friendly and fun to have around, and don’t require a lot of upkeep. As with goldfish, the biggest cost is likely to be a habitat. You may be able to save here by buying one second-hand from an online marketplace.

In addition to the cost of the leopard gecko (normal breeds run around $20 to $40) and tank, you’ll also need to get some type of lighting (with an incandescent bulb), a hide-out, and possibly a heat pad, depending on temperatures in your home.

Other than that, you’ll need to regularly feed them a diet of insects, including crickets and waxworms, as well as fresh vegetables and clean water.

Ants

If you’re looking for one of the cheapest pets, that is also low-maintenance, an ant farm may fit the bill. While ants don’t provide bonding or cuddling opportunities, it can be fun and fascinating to watch an ant farm grow, particularly for kids.

Depending on the kit, ant farms will set you back anywhere from $14 to $34 and some include ants (you can also purchase live ants online or at your local pet store).

While kits have traditionally been made from sand, modern ant farms are now often made with a clear, edible gel that lets you watch your ants tunnel much more closely.

After you get the farm and the ants, there isn’t much to do other than making sure you provide water and the occasional bits of food.

Recommended: Dog-Friendly Vacation Ideas — Plus Tips for Traveling with Pets

Canaries

Canaries can be great pets that offer companionship and melodies, and can even learn to do little tricks like playing with a ball or stepping onto your hand. These types of birds live around 10 years and aren’t as expensive as more exotic breeds.

Costs include a cage, small toys, food, and the occasional veterinary visit (if they’re sick). You can purchase canaries from pet stores or breeders — the latter may offer more options depending on where you live.

You could pay around $300 for a bird, so it’s not necessarily the cheapest pet on the list. However, it’s still considered a low-cost pet compared to a dog or cat.

Recommended: How Much Is Pet Insurance?

💡 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.

Rabbit

While rabbits are as large as some cat and dog breeds, they qualify as a cheap, low-maintenance pet. If you buy a rabbit from a breezer, you can expect to pay around $50 for a non-pedigreed rabbit. However, you may be able to adopt a rescue through the Humane Society or ASPCA for considerably less.

Rabbits also need both hay and veggies, which can run about $40 per month. These fluffy companions will also need a rabbit hutch, but you may be able to find one cheaply through a second-hand marketplace. Or, you can build one yourself.

Rabbits are happy to live outside or in (they can actually be potty trained). If you opt for indoors, you may want to keep in mind that they can chew on wires and furniture legs if allowed to roam free. Some breeds, such as angora rabbits, also require grooming.

These furry friends live about seven to 10 years.

Recommended: 15 Tips to Cut Costs When Traveling with Pets

The Takeaway

Whether furry, feathered, or reptilian, owning a pet doesn’t need to cost a small fortune. As you can see from the list here, there are plenty of cheap pets that are easy to care for and waiting for you to take them home.

Before you make a commitment to a pet, however, you may want to make sure your little companion will fit into your lifestyle and that you have time to take care of it.

And since even an inexpensive pet will add to your household expenses, you may want to start putting some money aside in some type of savings account to cover your start-up and ongoing pet expenses.

About the author

Sarah Li Cain

Sarah Li Cain, AFC is a finance and small business writer with over a decade of experience. Her work has been featured in numerous publications, including Kiplinger, Fortune, CNBC Select, U.S. News & World Report, and Redbook. Read full bio.

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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.

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Brokerage checking accounts combine the everyday usability of a checking account with the investment potential of a brokerage account, allowing you to manage both your bills and investments from a single platform. Often referred to as a “cash account” or “cash management account,” these accounts offer flexibility — you can buy, sell, or trade securities whenever you wish without facing penalties.

Understanding what a brokerage checking account is and how it works can help you determine if this type of account makes sense for your banking needs.

Key Features of Brokerage Checking Accounts

Investing can become quicker when you have an investment checking account, especially for active traders or those combining their checking and investment accounts. It gives you direct access to the stock market without the delays of traditional transfers between accounts.

Similar to other brokerage investment accounts, these accounts are not tax-advantaged. Here are some other noteworthy features.

💡 Quick Tip: Are self-directed brokerage accounts cost efficient? They can be, because they offer the convenience of being able to buy stocks online without using a traditional full-service broker (and the typical broker fees).

Linked to Brokerage Investment Accounts

Brokerage checking accounts let you invest directly from your account, so there’s no waiting for transfers to start investing. Instead of opening one with a bank or credit union, you’ll need to go through a brokerage firm to get a brokerage checking account. Brokerages typically charge fees for opening and maintaining them.

Debit/ATM Card Access to Funds

Brokerage checking accounts generally offer checks, a debit card, and ATM access, similar to other types of checking accounts. Depending on the brokerage you choose, you might also get perks like ATM fee refunds or earn interest on your account balance.

Some brokerages may even waive foreign transaction fees when you travel abroad.

Benefits of a Brokerage Checking Account

Brokerage accounts with checking offer features like traditional bank checking accounts, but they often come with additional benefits not typically found in standard checking accounts.

Easily Move Money Between Investments

For active investors who trade regularly, investment checking accounts may simplify the trading process. Depending on your brokerage’s rules, you may be able to buy securities straight from it. This can make investing quicker and more convenient, streamlining the whole process.

💡 Quick Tip: Look for an online brokerage with low trading commissions as well as no account minimum. Higher fees can cut into investment returns over time.

Potential for Higher Interest Earnings

Depending on the brokerage you choose, some accounts stand out by offering high annual percentage yields (APYs), allowing you to earn more interest on your money compared to regular checking accounts. This can make them a good choice for growing your savings while still having easy access to your funds.

Integrated Money Management

Instead of juggling separate accounts for savings, spending, and investing, investment checking accounts let you manage all your money under one umbrella. This means you can handle everything from one place, making it potentially easier to keep track of your finances.

Potential Drawbacks

While brokerage accounts with checking have many advantages, there are a few drawbacks to consider.

May Require Minimum Balances

While some brokerages let you open accounts with no upfront cost, others require an initial deposit. Additionally, you may need to keep a specific balance in your account to avoid incurring maintenance fees.

Fees for Certain Transactions

While brokerage checking accounts typically have low relative fees, you might still encounter some costs for opening and maintaining your account. Additionally, certain brokerages may require you to connect a separate investment account, which could come with additional fees. It’s a good idea to check the specific terms and conditions of each brokerage to understand all potential costs.

No In-Person Service

If you choose an online brokerage firm, remember that you may not have access to in-person services. These firms operate entirely online, so you won’t be able to visit a physical branch for face-to-face assistance. Instead, all your interactions will be digital, through their website, app, or customer service hotline.

Eligibility and Account Opening

Before selecting a brokerage account with checking, make sure to compare your options by looking at fees, interest rates, and accessibility. Then once you’ve picked a brokerage firm, you can usually get started by opening your account online. If you opt for an online brokerage firm, that’ll be your main route.

You’ll need to have your personal details ready and transfer money from another account to fund your investment checking account. Most of the time, there’s no need to meet a minimum balance requirement just to get things up and running.

Comparing To Traditional Checking

Choosing asuitable checking account depends on what you need and what you’re looking for in your banking experience. Whether it’s easy access, fees, or extra features, understanding the differences between traditional and brokerage checking accounts can help you make a smart choice. Let’s break down the main factors to compare.

•   Opening and maintenance fees: Traditional checking accounts usually have minimal opening fees and low maintenance costs, especially if you use your account abroad or maintain a minimum balance. Brokerage checking accounts also tend to have low fees, but some may require a significant initial deposit or a linked investment account, which could involve additional fees.

•   Access: Traditional checking accounts offer convenient in-person access through branches and ATMs. On the other hand, brokerage accounts with checking linked to online brokerages may not have in-person services, although they typically provide ATM access.

•   Features: Both account types generally include essentials like check-writing, debit card access, and online bill pay. Brokerage checking accounts often go further by offering investment options such as direct investing from the account and sometimes perks like ATM fee reimbursements.

•   FDIC Insurance: Money in traditional checking accounts are FDIC-insured up to $250,000, ensuring your money is protected. Similarly, some brokerage checking accounts may hold your uninvested funds in FDIC-insured banks, providing comparable security. But you may need to opt-in, and generally, this may not be standard practice.

The Takeaway

Brokerage checking accounts may give you the best of both worlds:allowing you to handle your everyday banking needs while also offering investment opportunities. In effect, you can manage your bills and investments all in one place, with direct access to the stock market. However, before you decide if a brokerage checking account fits your needs, be sure to compare fees, interest rates, and how accessible it is for your financial goals.

Invest in what matters most to you with SoFi Active Invest. In a self-directed account provided by SoFi Securities, you can trade stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, options, and more — all while paying $0 commission on every trade. Other fees may apply. Whether you want to trade after-hours or manage your portfolio using real-time stock insights and analyst ratings, you can invest your way in SoFi's easy-to-use mobile app.

FAQ

What banks offer brokerage checking?

Online and traditional brokerages may offer brokerage checking accounts, but keep in mind they can differ significantly. So, take your time to shop around and find one that really suits your needs, with the features you want and fewer fees.

Can I have multiple brokerage checking accounts?

Similar to how you can have multiple investment accounts, you can have multiple brokerage checking accounts.

Are brokerage checking accounts FDIC-insured?

Brokerage accounts are backed by the Securities Investor Protection Corporation (SIPC) if your brokerage firm shuts down. For uninvested money, brokerage checking accounts usually keep it in FDIC-insured banks, just like regular banks do. Some firms might also offer extra FDIC coverage by using multiple banks.

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.