May
05
2023
What to Do When Your CD Hits Maturity

What to Do When Your CD Hits Maturity

By | Growing Wealth, Investing, money | Comments Off on What to Do When Your CD Hits Maturity

Opening a certificate of deposit (CD) account is one way to save for short- or long-term financial goals. You can deposit money, then earn interest for a set term until the CD maturity date rolls around.

At that point, you’ll have to decide whether to continue saving or withdraw the money. Your bank may renew the CD automatically if you don’t specify what you’d like to do with the account.

Understanding CD maturity options (and there are several) can help you decide what to do with your savings once the term ends. Here, learn more about:

•   What happens when a CD matures

•   What you can do with your CD when it matures

•   What to do if you miss the grace period to withdraw funds

•   What are the tax implications when a CD matures

What Can I Do When My CD Matures?

A certificate of deposit is a time deposit account. That means you make an initial deposit which earns interest over a set maturity term. You’re typically not able to make additional deposits to your CD, though some banks offer what are known as add-on CDs that allow you to do so.

You are not supposed to withdraw any or all of the funds until the CD matures; you’ve committed to keeping your cash there. That’s why CDs may pay a higher annual percentage yield (APY) than a conventional savings account.

Early withdrawal can trigger penalties, though there are some penalty-free CDs available, typically at a lower interest rate.

So what happens when a CD matures? It largely depends on your preferences, but there are four main possibilities for handling a CD once it reaches maturity.

Deposit It Into a Different Bank Account

If your financial goals have changed or you’d just like more liquidity when it comes to your savings, you could deposit CD funds into a bank account. For example, savings accounts and money market accounts are two types of deposit accounts that can earn interest.

You might deposit funds at the same bank or at a different bank if you’re able to find a higher rate for savings accounts elsewhere. Or you may choose to put your CD savings into checking if you were saving for a specific purchase and the time has come to spend that money.

Quick Money 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.

Deposit It Into a New CD

Another option is to continue saving with a new CD. You might prefer a certificate of deposit vs. savings account if you know that you won’t need the money prior to the CD maturity date.

Otherwise, you could end up paying a CD withdrawal penalty, as noted above, if you need to break into the new CD before it matures. The penalty for withdrawing money from a CD early can vary from bank to bank but it could cause you to forfeit a significant portion of the interest earned.

Automatically Renew the CD

Banks can renew CDs automatically if the account owner doesn’t specify that they’d like to make a withdrawal at maturity. In that case, your initial deposit and the interest you’ve earned would be moved into a new CD that would begin a new maturity term of similar length. The interest rate might be different, however, if rates have increased or decreased since you initially opened the account.

Continuing to save in CDs (or a savings account) can keep your money safe. When accounts are held at a FDIC-member bank, they’re protected up to $250,000 per depositor, per account ownership type, per financial institution by the Federal Deposit Insurance Corporation. If you choose to have a CD at an insured credit union, NCUA (the National Credit Union Administration) will provide similar insurance. So if you’re wondering, “Can CDs lose money?” fear not. You can rest assured knowing your savings are covered.

A point worth noting: When you invest in CDs, their security can make them a good way to balance out your holdings. They can be a wise move if you have some funds in the stock market or other more volatile uninsured investments.

Withdraw CD Savings In Cash

A fourth option is to withdraw your CD savings in cash. That might make sense if you need the money to pay for a large purchase. For example, if you were using a CD to save money so you could buy a car, you might use the proceeds to cover the cost.

How Long Do I Have to Withdraw My CD?

Banks typically offer a grace period for CDs which allows you time to decide what you’d like to do with the money at maturity. The CD grace period is usually around 10 days (say, one to two weeks), and the clock starts ticking on the day the CD matures.

Your bank should notify you in advance that your CD maturity date is approaching so you have time to weigh your options. You may also be able to find your CD maturity date by logging in to your account or reviewing your account agreement.

It’s important to keep track of CD maturity dates, especially if you have multiple CDs with varying terms. For example, you might build a CD ladder that features five CDs with maturity terms spaced three, six, nine, 12 and 18 months apart. Being aware of the dates and grace periods can help you plan in advance which of the maturity options mentioned earlier you’d like to choose.

What Happens If I Miss the Grace Period to Withdraw?

Once the CD grace period window closes, you’ll generally have to wait until maturity to make a withdrawal. As mentioned, banks can impose an early withdrawal penalty if you take money from a CD ahead of schedule.

The penalty may be a flat fee, but it’s more common for the fee to be assessed as a certain number of days of interest. The longer the maturity term, the steeper the penalty usually ends up being. For example, you might have to pay three months’ worth of interest for withdrawing money early from a 6-month CD but that might get bumped up to a year’s worth for a 5-year CD.

There is one way to get around that. If your bank offers a no-penalty CD, you’d be able to withdraw money at any time during the maturity term without paying an early withdrawal fee. There is something of a trade-off, however, since no-penalty CDs typically offer lower interest rates than regular CDs.

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Things to Think About When Your CD Matures

If you have one or more CDs that are approaching maturity, it’s important to have a game plan when deciding what to do with them. Otherwise, you could end up locked in to a new CD which may not be what you want or need.

Here are a few things to consider when weighing your CD maturity options:

•   Do I need the money right now?

•   Could I get a better rate by moving the money to a new CD or savings account elsewhere?

•   If I let the CD renew automatically, how much of a penalty would I pay if I decide to withdraw the money early later on?

•   Would it make more sense to keep the money in a savings account so that it’s more accessible if I end up needing it?

•   If I have multiple CDs in a CD ladder, does it make sense to roll the money into a new CD “rung” or use the funds for something else?

Thinking about your financial goals and your current needs can help you figure out which option might work best for your situation.

What Are the Tax Implications Once a CD Matures?

Here’s one more question you might have about CD maturity: Are CDs taxable? The short answer is yes. Interest earned from CDs is considered taxable interest income by the IRS if the amount exceeds $10. That rule applies whether the bank renews the CD, you deposit the money into a new CD or savings account yourself, or withdraw the money in cash. If you have a CD and it accrues more than $10 in interest, those earnings are taxable.

Your bank should send you a Form 1099-INT in January showing all the interest income earned from CDs (or other deposit accounts) for the previous year. You’ll need to hang onto this form since you’ll need it to file taxes. And if you’re tempted to just “forget” about reporting CD interest, remember that the bank sends a copy of your 1099-INT to the IRS, too.

The Takeaway

CDs can help you grow your money until you need to spend it. Assuming your goals line up with your CD maturity dates, that shouldn’t be an issue.

On the other hand, you might prefer to keep some of your money in a savings account so you have flexible access. When you open an account with SoFi, you can get Checking and Savings (and the ability to spend and stash your cash) in one convenient place. You’ll earn a competitive APY on balances, and you won’t pay any of the usual account fees. Those are two features that can really help your money grow and work harder for you!

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.

FAQ

Which should you do when your CD matures?

When a CD matures, you can roll it into a new CD, deposit the funds into a savings account, allow the CD to renew, or withdraw the money in cash. The option that makes the most sense for you can depend on your financial goals and whether you have an immediate need for the money.

Do you have to pay taxes when your CD matures?

Interest earned on CDs is taxable. Your bank will issue you a Form 1099-INT in January showing the interest earned for the previous year. You’ll need to keep that form so you can report the interest earnings when you file your annual income tax return.

Are there penalties if you withdraw a CD early?

Banks can charge an early withdrawal penalty for taking money out of a CD before maturity. You may pay a flat fee or forfeit some of the interest earned. The amount of the penalty can vary by bank and by CD maturity term. Generally, the longer the maturity term, the higher the penalty ends up being.

Photo credit: iStock/PIKSEL

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.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

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.

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

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May
05
2023
The Economic Cost of Daylight Savings Time

Does Daylight Savings Time Cost the US Money?

By | Family Finances, Life & Career, money | Comments Off on Does Daylight Savings Time Cost the US Money?

In most parts of the United States, people move their clocks back by one hour in the fall and move them forward by one hour in the spring. Many people have been doing this their entire lives, yet they don’t fully understand it. Perhaps still worse, many don’t know just how expensive daylight savings time can be.

Here, learning more about this topic, including:

•   What is daylight savings time?

•   What are the benefits of daylight savings time?

•   How much does daylight savings time cost Americans?

•   What would happen if daylight savings time was eliminated?

What Is Daylight Savings Time?

Daylight saving time (DST), commonly known as daylight savings time, refers to moving clocks forward one hour in the spring and back one hour in the fall. You may be used to hearing this referred to as “spring forward, fall back,” which is the clever phrase people often use to help them remember which way to reset the clock.

The idea behind DST is to sync times of activity (work and school, for instance) with daylight, so less energy is needed for artificial illumination. Using less energy is, in turn, a way to live more sustainably.

A couple of bits of DST trivia:

•   New Zealand entomologist George Hudson was the first to propose daylight saving time in 1895. Major countries adopted the standard shortly thereafter.

•   The United States adopted DST with the Standard Time Act of 1918 and later with the Uniform Time Act of 1966.

While most states observe daylight saving time, there are some exceptions. For instance, it is not observed in Hawaii and most of Arizona. It is also not observed in Guam, American Samoa, Puerto Rico, the Virgin Islands, and the Northern Mariana Islands. The places in the U.S. that don’t have DST generally have a lot of sunlight year-round, making the practice far less appealing.

Countries around the world observe daylight saving time as well. That includes most of Canada and Europe, plus parts of Asia and South America.

Recommended: The Benefits of Automating Your Finances

Who Benefits From Daylight Savings Time?

Given that daylight savings time has been a fact of life for many years, you might wonder why exactly it exists. What are the pros of this system? Here are some answers:

•   Typically, daylight savings time is credited with saving energy. Proponents of DST say it reduces energy usage, thus improving the financial health of the country.

One study from the Department of Energy showed that daylight saving time leads to a mere 0.5% reduction in energy usage, however. And economist Kurt Rankin notes the evidence around reduced energy usage is inconclusive, with some studies asserting that there would be no economic impact of daylight savings time on energy usage at all.

•   A common belief is that industries like tourism and retail might benefit from daylight saving time. The idea is that more hours of daylight in the warm months incentivizes more people to give these businesses their patronage. Again, though, there is debate about the efficacy of this. Rankin says there is no evidence to support this claim.

•   There could be certain social benefits of daylight saving time, such as a reduction in robbery and sexual assault. Longer days mean people spend less time outside after dark, which might reduce these crimes.

How Much Does Daylight Savings Cost Americans?

Now that you know what daylight savings time is and its goals, here’s some intel on the other side of the story: What is the cost of daylight savings time?

The exact cost (or benefit) of daylight saving time is difficult to estimate because there are many variables. A frequently cited study places the cost at $430 million annually, a figure that could lead to significant money depression. The research credited the time change with lowering productivity and increasing health issues.

But the true cost can be tough to estimate. Part of the difficulty of estimating the cost of DST is that the impact is not the same for everyone. For instance, some industries, such as agriculture, are negatively impacted by DST. But others, like tourism, sports, and retail, believe daylight saving time helps their businesses.

Daylight saving time can also lead to reduced productivity for workers after they spring ahead and lose an hour of sleep. Sleep experts say the change in sleep patterns can affect people’s circadian rhythm for weeks. While also difficult to measure, the cost of lost sleep can be significant.

Recommended: Tips for Saving Money Daily

What Would Happen if Daylight Savings Time Was Removed?

The immediate impact of removing daylight saving time is that clocks would stay the same year-round. No longer would you fall back in November and spring ahead in March. This could help keep sleeping patterns more consistent year-round, potentially increasing quality of life.

Without DST in the United States, you would also enjoy light later in the day in the winter months. However, the sun would rise later, which could mean groggy mornings. The inverse would be true for the summer. The sun would rise very early in the morning, but it would also set earlier.

(In parts of the world that are close to the equator, the length of days is not as varied throughout the year. Thus, changing the clocks would have little impact on these parts of the globe.)

Some groups suggest there could be a real benefit to removing DST for office workers. For instance, one study from the University of Alabama Birmingham suggests losing an hour of sleep in the spring increases the risk of heart attack. While some say DST contributes to increased traffic accidents and deaths, others say the difference is insignificant.

As you see, there are many viewpoints to consider in this debate about DST.

The Takeaway

Daylight saving time, or DST, involves setting the clocks back one hour in the fall and forward one hour in the spring. There is a debate about the value of this system, which is designed to provide daylight when it’s needed most. Some believe it boosts productivity; others say the cost of daylight savings time in the U.S. is actually hundreds of millions of dollars. In addition, there is a debate about the potential health impacts of changing the clocks.

3 Money Tips

1.    Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

2.    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.

3.    When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

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.

FAQ

Does daylight saving time save money?

The main way in which daylight saving time might save money is with lower energy costs. For example, it would cause people to have lights on for an hour less time in the evening, potentially saving energy. However, the Department of Energy released a study showing the energy savings to be just 0.5% per household on average.

How does daylight saving time boost the economy?

Some sectors, such as retail, believe daylight saving time can provide an economic boost by giving people an extra hour of daylight to go shopping. But the real-world evidence for this kind of idea tends to be mixed.

What are the downsides to daylight savings?

In today’s economy, the biggest downside to daylight savings might be the negative effect it has on workers when they lose an hour of sleep in the spring. For instance, it could lead to lost productivity due to drowsiness in the days and weeks after we spring ahead. Others believe it can lead to more severe consequences, such as an increase in the number of car accidents and heart attacks. However, the evidence for these more extreme impacts is inconclusive.

Photo credit: iStock/baona

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

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.

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May
05
2023
11 Financial Steps to Take After a Spouse’s Death

11 Financial Planning Steps to Take After a Spouse’s Death

By | Financial Independence, Life & Career, money | Comments Off on 11 Financial Planning Steps to Take After a Spouse’s Death

The death of a spouse can be one of the hardest things a person ever has to go through. It can be extremely difficult to process how we feel during such a difficult time. In addition, losing a spouse can also cause financial strain.

Depending on the circumstances, it could mean a loss of income or a bigger tax bill. Fortunately, there are certain steps you can take to avoid the worst impacts of an already precarious situation.

Here. you’ll learn 11 financial steps to take after a spouse’s death. This insight can help as you move through a deeply challenging time.

The Difficulty of Losing a Spouse

As you navigate this difficult and uncertain time, it’s important to surround yourself with the right people. A spouse can be someone’s biggest source of emotional support, and you may need someone to provide that support where your spouse would have in the past.

Who that person might be won’t be the same for everyone. Perhaps you have a relative or a close friend who will be there for you. If necessary and if you have the means, you could also consider working with a professional therapist. For many people, the best solution will be to talk to a few people.

During this time of tremendous grief and stress, it can be wise to remember to take care of yourself. While there will be a lot to manage during this time, it’s important to get the rest, good nutrition, and the other forms of self-care that you need.

11 Financial Steps to Take After Losing a Spouse

Taking the right steps after losing a spouse can help you avoid financial stress later. You should ensure you have documents in order, update records, and submit applications as necessary.

Here are 11 steps that will help with this endeavor and can provide a form of financial self-care as you get these matters under control.

1. Organize Documents

One of your first steps should be to gather and organize documents. You may need several documents, such as a birth certificate, death certificate, and marriage license. You will likely want to order or make several copies of each, as you might need them multiple times as you work through the steps ahead.

2. Update Financial Accounts

You may have several financial accounts that need updating, especially if you and your spouse had joint finances. For example, you might have checking, savings, and investment accounts with both names. You might also have credit cards in both names. Contact the financial institution for each account and let them know it needs updating.

3. Review Your Spouse’s Estate and Will

Review your spouse’s estate and will to see how their assets should be handled. Their planning documents, such as a will, are usually filed with an attorney or held in a safety deposit box. Contact the attorney with whom your spouse filed the documents to find the paperwork if necessary.

If they didn’t already have a will or estate plan, you can work with an attorney to determine next steps. State law will likely play a role in determining how assets are managed. Working with a lawyer skilled in this area can be an important aspect of financial planning after the death of a spouse.

4. Review Retirement Accounts

Your spouse may have left retirement accounts, such as a 401(k) or individual retirement account (IRA). Check whether you are the beneficiary of your spouse’s retirement accounts. If you are the beneficiary of any of them, you will need to establish that with the institution holding the account. When that’s settled, it will likely be up to you to determine how to handle the funds.

While it is possible to transfer all of the money to your accounts, that isn’t always the best move. For instance, if you roll a 401(k) into your IRA and need the money before age 59½, there will be a 10% penalty on the withdrawal. There may be tax consequences, too.

In some cases, the best choice may be to leave the money where it is until you reach retirement age, if you haven’t already.

5. Consider Your Tax Situation

A spouse’s death can also create tax complications. For example, the tax brackets when filing as an individual are lower than those for married couples filing jointly. If you are still working, you might find yourself suddenly in a higher tax bracket, especially if you are the breadwinner. As a result, you might decide to reduce your taxable income by putting more money in a traditional IRA or 401(k).

6. Review Social Security Benefits

Another financial step to take after a spouse’s death: Review Social Security benefits if your partner was already receiving them. If you’re working with a funeral director, check if they notified the Social Security Administration of your spouse’s passing; if not, you may take steps to do so by calling 800-772-1213.

If you were both receiving benefits, you might be able to receive a higher benefit in the future. Which option makes the most sense depends on each of your incomes.

For instance, if your spouse made significantly more, you might opt for a survivor benefit.

Recommended: 9 Common Social Security Myths

7. Apply for Survivor Benefits

Survivor benefits let you claim an amount as much as 100% of your spouse’s Social Security benefit. For instance, if you are a widow or widower and are at your full retirement age, you can claim 100% of the deceased worker’s benefit. Another option is to apply for a survivor benefits now and receive the other, higher benefit later.

You can learn more about survivors benefits on the Social Security website.

8. Review Your Budget

If you had joint finances with your spouse, you should revise your budget. Chances are, both your expenses and your income have changed. While you may have lost the income your spouse earned, your Social Security benefits may have increased.

Your revised budget should reflect all these changes and reflect how to make ends meet in your new situation. This kind of financial planning after the death of the spouse can be invaluable as you move forward.

9. Downsize if Necessary

As you review your budget, you may realize your living expenses will be too much to cover without your spouse’s income. Maybe you want a fresh start, or maybe you decide the big house you owned together is too much space these days. You might move into a smaller house and sell a car you no longer need.

Whatever the case, downsizing your life can be a way to not only lower costs but also simplify things as you enter this new phase. Financial planning for widows

10. File a Life Insurance Claim

If your spouse had a life insurance policy with you as the beneficiary, now is the time to file a claim. It might include a life insurance death benefit. You can start by contacting your insurance agent or company. Life insurance claims can sometimes take time to process, so it’s best to submit the claim as soon as possible.

Your spouse might have had multiple policies as well, such as an individual policy and a group policy through work. You might have to do some research and file multiple claims as a result. And, once you receive a life insurance benefit, you will need to make a decision about the best place for that money.

11. Meet With a Financial Advisor

These steps might be a lot to process, and you might feel overwhelmed thinking about everything you must do. And you may not know the best way to handle the myriad decisions — benefits, retirement accounts, investments, etc. You likely don’t want to make an unwise decision, nor wind up raising your taxes.

Fortunately, some financial advisors specialize in this very situation. It can be worth meeting with one at this moment in your life, at least for a consultation. They can help you decide how to handle your assets as you move forward and help you do some financial planning for widows. That can help to both reduce your money stress and set you up for a more secure future.

The Takeaway

For many people, there is nothing more emotionally challenging than losing a spouse. It can also be a financially challenging time as well. As you navigate this difficult time, there is no shame in seeking a helping hand. By taking steps like reviewing estate plans, filing a life insurance claim, and applying for survivor benefits, you can take control of your finances as you move into this new stage of life.

3 Money Tips

1.    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

2.    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.

3.    When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

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.

FAQ

Which is the most important financial step to take after a spouse’s death?

There isn’t one single step that is most important. However, filing insurance claims, reviewing your spouse’s will, applying for any survivor benefits, and updating financial accounts are among some of the important moves to make.

How can I help a widow financially?

How you can help a widow depends on your expertise and how long it has been since the widow lost their spouse. If the death happened recently, they might still need help submitting documents and updating accounts. However, they might need emotional support long after that process is done.

Are there any tax breaks for widows?

Widows may qualify for certain tax breaks, such as state property tax credits. Check with your state’s department of revenue to find out what tax breaks are available, if any.

Photo credit: iStock/martin-dm

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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.

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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.

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

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05
2023

Top 10 Fun Things to Do When Visiting Cincinnati

By | Credit, credit card, Money & Life | Comments Off on Top 10 Fun Things to Do When Visiting Cincinnati

If Cincinnati isn’t on top of your list of places to visit, reconsider! This is a vibrant, bustling city along the banks of the Ohio River with an abundance of attractions to enjoy. There are festivals, parks, museums, and historical sites to explore. Plus, you will definitely eat and drink well (Cincy is also well known for its eighty-plus breweries).

Whether you have just a weekend or a longer stay in mind, the city will have plenty to keep you busy. Here, you’ll learn the details on 10 cool things to do in Cincinnati, as well as tips to make planning and paying for your trip that much easier.

Ready to explore the best things to do in Cincinnati? Read on.

Best Times to Go to Cincinnati

Cincinnati has warm summers that typically don’t get scorchingly hot, as well as reasonably temperate spring and fall seasons. Those can be the prime seasons to visit.

Located in the southwest corner of Ohio, winters can be warmer than Ohio towns and cities further north, but they can get quite cold, snowy, and icy. In general, April through October is the best time, weather-wise, to plan a trip.

If you enjoy attending festivals, Cincinnati has plenty in the summer and early fall. So, choose ones of interest and plan accordingly. Some of the more popular festivals include:

•   Oktoberfest oktoberfestzinzinnati.com/

•   Cincinnati Music Festival www.cincymusicfestival.com/

•   Bunbury Music Festival bunburyfestival.com/

•   BLINK, a light and art festival in October blinkcincinnati.com/

If sports games are more your thing, check the schedules of the Cincinnati Reds MLB team and the Bengals NFL teams — or one of the many played by students at the University of Cincinnati.

If these fun things to do in Cincinnati have captured your attention, you may want to decide where to keep a travel fund and start saving.

Bad Times to Go to Cincinnati

You’ve already read that winters can be, well, wintery and perhaps not the best time to visit. If you’d like to walk around and enjoy the sights, you may be put off by the low temperatures and how roads can be snow clogged and slippery during that season.

Also, Cincinnati can experience traffic congestion, especially downtown. Hectic times can include opening days for the sports teams or when a big game is about to be played — or during an in-demand festival. So if you’re not planning to attend any of these events, consider avoiding those dates when downtown is likely to be especially crowded.

Also investigate the status of the bridge over the Ohio River that connects Cincinnati, Ohio to Kentucky. When there is bridge construction or people are traveling to Kentucky in higher numbers, traffic can get backed up into downtown Cincinnati.

Average Cost on a Cincinnati Vacation

On average, a trip to Cincinnati costs a solo traveler $146 a day or $1,025 weekly. Plenty of factors impact the price, however. If driving, gas prices play a role. If flying, knowing how to get cheap flights can reduce your costs.

Hotels range from budget inns to luxurious lodging with in-demand amenities and luxury add-ons, and restaurants can be quick bites at a fast food establishment or an indulgent meal at a steakhouse.

What you choose will of course affect the prices. To help with financial planning, consider your credit card rewards and how you can leverage them to splurge.

If some of things to do in Cincinnati, Ohio for couples catch your eye, know that an average Cincy hotel price for two is $163. Knowing how to save money on hotels can help to cut back the average weekly cost of $2,050 for two.

10 Fun and Affordable Must-Dos in Cincinnati

Cincinnati is an intriguing city with highly enthusiastic sports fans alongside those who have a passion for art and culture (and those who love both!). Not surprisingly, then, the things to do in Cincinnati, Ohio are quite diverse: art, nature, and history venues as well as dining, shopping — and even world-class amusement park experiences.

Here, you’ll find a list of 10 fun things to do in Cincinnati, gathered from top-ranking online reviews as well as city-smart travelers.

1. Visit the Cincinnati Zoo & Botanical Garden

Founded in 1873, this highly rated zoo is the second-oldest one in the United States. Although the initial collection of animals was quite small (including a talking crow), today’s zoo will introduce you to gibbons, gorillas, lemurs, manatees, hippos, and more. An international leader in wildlife conservation, this zoo is now one of the country’s largest and can be a terrific place to spend some time while in Cincinnati. cincinnatizoo.org/

2. Tour a Massive Museum

The Cincinnati Art Museum is one of the oldest in the country — and quite large with more than 67,000 pieces of art that span 6,000 years of creativity. The collection ranges from African and East Asian art to contemporary American works, European sculptures, musical instruments, and so much more. cincinnatiartmuseum.org/

3. Take a Walk in the Park

After touring the art museum, step outside! You’ll find yourself in Eden Park with the Hinkle Magnolia Garden, Mirror Lake, walking paths, eye-catching sculptures, playgrounds, and more. The grounds are also home to the Cincinnati Playhouse in the Park, the Krohn Conservatory, outdoor concerts — and an incredible view of the Ohio River with Kentucky located just on the other side. This can be a great place to spend a couple of hours if you’re traveling with a pet, plus it’s a free thing to do in Cincinnati. cincinnati-oh.gov/cincyparks/visit-a-park/find-a-parkfacility/eden-park/

4. Appreciate More Art

The Taft Art Museum is a terrific journey back in time. Housed in an 1820 National Historic Landmark that’s a treat to visit, the art collection includes French Renaissance enamels, Chinese porcelain, European and American paintings, and more. You’ll view works by Rembrandt, Goya, Whistler, and other prominent artists. taftmuseum.org/

5. Go for a Ride

When looking for fun things to do in Cincinnati, put Kings Island on the list! There are big-time roller-coaster adventures plus three dozen water slides. If you’re traveling with children, there are thrills for the smaller set, such as the Planet Snoopy kiddie rides. Plus, you’ll find plenty of mouthwatering in-park dining options along with quality live entertainment to applaud.

Look for coupons online or check with your hotel’s concierge; discounts can be a way for families to afford to travel. visitkingsisland.com/

6. Immerse Yourself in History

Located near the banks of the Ohio River — a geographic feature that once divided states where slavery was legal from those where it wasn’t — the National Underground Railroad Freedom Center contains permanent and traveling exhibits. Visitors will learn about this challenging time in history and the heroes of the Underground Railroad. freedomcenter.org

Across the street, there’s a sign spelling “Cincinnati” in script with plenty of people taking selfies there before they go.

7. Watch a Baseball Game

Also located by the Ohio River, this is the stadium for America’s first professional baseball franchise, the Cincinnati Reds. So, if in town on a game day, buy tickets! You’ll walk by a statue of the Hall of Fame baseball catcher, Johnny Bench, and can visit the Reds Hall of Fame and Museum to celebrate the glory days of the Big Red Machine and more. Plenty of exhibits exist, including interactive ones, and players sometimes schedule personal appearances. mlb.com/reds/ballpark

Recommended: What to Know About Credit Card Travel Insurance

8. Stroll Around an Arboretum

Although cemeteries aren’t typically on a vacation list, Spring Grove Cemetery and Arboretum is one of only two historic cemeteries to achieve Level III arboretum standards. Its stunning gardens focus on Midwest natives along with non-indigenous species with a focus on demonstrating the “vital relationship that exists between plants and people.” springgrove.org/arboretum/

9. Get Acquainted with an Aquarium

From white alligators to stingrays to penguins, the award-winning Newport Aquarium offers unique views of thousands of types of exotic aquatic life, along with amazing interactive adventures. Cross the world’s first rope bridge above a tank full of sharks, explore a sunken ship at “Shipwreck: Realm of the Eels,” and much more. newportaquarium.com/

10. Eat Well (Really Well)

If you are looking for delicious things to do in Cincinnati, Ohio, for couples or a family, stop by the Findlay Market. This is the state’s oldest surviving municipal market house. A huge range of good eats are available; if one of you is vegan and the other isn’t, no problem! There is something for everyone here: pho, arepas, BBQ, and more. Maybe take one of the market’s walking tours so you don’t miss anything. findlaymarket.org/

A Note About Getting Around

Although it’s not totally true that all of Cincinnati attractions are located downtown, many of them are. So, keep that in mind while engineering your itinerary for each day and when seeking convenient lodging.

•   If you want to avoid highly trafficked places to stay, spread out from the downtown area when looking for options, perhaps into Kentucky.

•   Although most attractions are open year round, check to ensure the ones you want stay open through the winter.

•   Consider the streetcar with its eighteen downtown stops if you’d like to see key places without having to drive.

•   If the attractions you want to see are quite far apart, you might look into renting a car to make sure you hit all the highlights.

Recommended: Credit Card Miles vs. Cash Back

The Takeaway

Fun things to do in Cincinnati take place throughout the year, depending upon your interests. Plenty of options exist for people who love art, nature, sports, music, food, and much more. Most festivals take place in summer and early fall, while football fun extends the fun of visiting further into the year. Whether you are traveling solo, with friends, or with family, you are likely to have more top things to do in Cincinnati than you can pack into a single trip.

Whether you want to travel more or get a better ROI for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that honeymoon, family vacation, or quick getaway — and we help you save too.


SoFi Travel can take you farther.

FAQ

What foods is Cincinnati famous for?

Chili! A Greek family brought its special recipes to the United States in 1949, and its been loved by Cincinnati residents and visitors ever since. This is also the city for beer lovers with its eighty-plus breweries and nightlife spots. Need a third one? Ice cream!

Is Cincinnati in two states?

Although you may hear portions of Kentucky and Indiana referred to as part of the greater Cincinnati metro area, the actual city lies within the geographical boundaries of just one state: Ohio.

Can you walk in downtown Cincinnati?

Yes! Cincy is a walkable city, and it isn’t unusual to see significant numbers of people strolling by on the sidewalks as well as in parks and other venues.

Photo credit: iStock/pawel.gaul


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


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May
05
2023

Top 10 Fun Things to Do When Visiting Columbus, Ohio

By | credit card, Family Finances, Life & Career | Comments Off on Top 10 Fun Things to Do When Visiting Columbus, Ohio

While cities like New York and San Francisco may soak up a lot of the travel attention, a trip to Columbus, Ohio, can offer a great getaway in the middle of the country. Columbus is a vibrant city with one of the country’s top Millennial concentrations — which means that dining, festivals, concerts, and other entertainment options are often (but certainly not always) targeted towards a youthful, energetic demographic. This large, bustling city is filled with diverse neighborhoods and communities, each with its own unique vibe.

So, check out these fun things to do in Columbus, Ohio. You’ll learn about the 10 best things to do in town, plus find tips on when to travel and how to make your visit as affordable and enjoyable as possible.

Best Times to Go to Columbus, Ohio

Consider the weather. Columbus tends to experience a nice spring (although spring and summer can both have rainy spells), and summers are warm without typically being too hot. Autumn can be gorgeous with mild temperatures.

Columbus is a city of festivals throughout the year, particularly as temperatures warm up, covering a wide range of interests and audiences. Explore ones of interest, and schedule your trip for a time that dovetails with the activities you want to attend. Bonus: Many festivals are free, ideal for the frugal traveler.

The jewel in the crown is the Ohio State Fair (ohiostatefair.com/), chock full of entertainment (including but not limited to live concerts), food, playgrounds, competitions, and so much more.

Other festivals of interest include the:

•   Columbus Arts Festival columbusartsfestival.org/

•   Pride Parade columbuspride.org/

•   Jazz and Rib Fest hotribscooljazz.org/

•   Dublin Irish Festival dublinirishfestival.org/

If you’re a college football fan, you’ll likely love visiting Columbus in the early fall and being surrounded by serious pigskin energy among some of the most passionate fans in the land. You’ll encounter tailgate parties, pep rallies, and random people on the street, shaping and shouting the letters “O” and then “H” before listening to people holler back and shape with their arms the letters “I” and then “O.”

Recommended: Credit Card Miles vs. Cash Back

Bad Times to Go to Columbus, Ohio

Two factors may cause you to reschedule: weather and traffic. From November through February, temperature can be darned cold with ice and snow often in the forecast. If you are flying into Columbus at that time of year, you may want to see if your credit card travel insurance will cover you, should your flight get significantly delayed or canceled.

March can be pretty chilly, too. Plus, if you aren’t going to Columbus for Ohio State-related activities, you might want to avoid steer clear; roads can be congested with restaurants, bars, and other venues likely to have long waiting times.

The same can be true when students are coming and going at the beginning and ending of semesters and when fair goers are flocking to the Ohio State Fair.

Average Cost of a Columbus, Ohio Vacation

Costs will vary based on how you’ll get there: driving, for example, or flying. If the former, current gas prices will play a role; if the latter, it’s wise to look into how to get cheap flights.

Here are more specifics:

•   If you’re traveling solo, expect to pay about just about $900 for a week’s trip. What you’ll spend, of course, depends on where you’ll stay and whether it’s a budget inn or a more luxurious hotel; where you’ll eat; and admission prices to anywhere you choose to visit.

•   No matter how frugal or freewheeling you plan to be, it’s helpful to know how to save money for a trip. You can then enjoy yourself without worrying that you don’t have enough cash for what you’d hoped to do.

•   The average price for a hotel room for a couple is $115 and, altogether, the average price of a trip for two is about $1,800 although the same caveats exist as described above. Here’s how to save money on hotels so you’ll have more in your pocket for dining, sightseeing, and so forth.

•   Using your credit card and taking advantage of credit card rewards can help with expenses, leaving you more for discretionary spending.

•   Columbus has walkable sections and an excellent public transportation system (more on that below). However, if you are looking to zip around from one end of the city to another, you may want to look into renting a car and add the amount needed to the goal you are saving in your travel fund.

Recommended: Where to Find “Book Now, Pay Later” Travel

10 Things You Must Do in Columbus, Ohio

Columbus truly is an exciting, diverse city — and so, when you visit for the first time, it just makes sense to enjoy that variety: art, music, science, nature, history, sports, architecture, shopping, and good eats. Then, when you return, you can explore the kinds of places you appreciated in more depth.

Here are 10 of the best things to do in Columbus, culled from top-rated online reviews and in-the-know travelers.

1. Tour Franklin Park Conservatory and Botanical Gardens

Stroll through 13 acres of lush gardens, exotic plant life, and seasonal beauty while also viewing art exhibits and cultural presentations. Attend a class — whether arts and crafts, culinary, gardening and so forth — and visit the iconic 1895 John F. Wolfe Palm House. fpconservatory.org

2. Revel in Some Art

To soak in more beauty, visit the Columbus Museum of Art, which focuses on outstanding American and European works of art from the late 19th and early 20th centuries: paintings, photography, folk art, glassworks, and more. Frequently changed special exhibits ensure that each visit can be fresh and interesting. columbusmuseum.org/

3. Explore German Village

This is a unique neighborhood where German settlers arrived in the mid-1800s, and it’s now one of the country’s largest privately funded historic districts. Homes from the 1840s to 1890s are preserved — not recreated — and visitors today can stroll through the neighborhood, appreciating the architecture and shopping and dining. germanvillage.com

4. Visit Capitol Square

Another fun thing to do in Columbus is to see its seat of power. Located just eight blocks from the German Village, Capitol Square includes the Ohio Statehouse, Senate Building, and Atrium where public tours are offered. The stunning Statehouse is designed in the Greek Revival style, a popular choice in the early and mid-1800s because democracy was born in Ancient Greece. ohiostatehouse.org

5. Cheer on the Team at Ohio Stadium

Ohioans love their Ohio State Buckeyes football team with its 39 Big Ten Championships and eight National Championships. Getting tickets to a game wouldn’t be easy, but the stadium itself is a sight to see, the fourth largest on-campus football facility in the nation with a seating capacity of 102,780. Since opening day in 1922, more than 36 million people have watched games here: ohiostatebuckeyes.com/sports/m-footbl/facilities/ohio-stadium/

6. Shop Til You Drop

Imagine more than 1.7 million square feet of shopping, dining, and entertainment venues with plenty of open air squares, parks, and fountain — and that’s Easton Town Center. This is one of the leading urban retail centers in the country with more than 30 million annual visitors and 200 retailers (including Gucci and Tiffany).eastontowncenter.com/

7. Be Surprised by Science

When thinking about things to do in Columbus, Ohio with kids, COSI Center of Science and Industry) jumps in front of mind. From skeletons of giant dinosaurs like T. Rex and pterosaurs to a planetarium that helps children and their families to explore space, COSI is full of engaging science exhibits and interactive experiences. The Big Science Park is perfect for play and the Little Kidspace is ideal for fun exploration.cosi.org/

8. Time-Travel at Ohio Village

Need another top 10 thing to do in Columbus, Ohio? Step back in time to see what village life in Ohio was like in the 19th century, watching artisans demonstrate old-fashioned skills. You can also tour period homes and other building, try circa-1800s activities yourself (which are also fun things to do in Columbus with kids), and perhaps watch a game of “base ball” using rules of the era, ohiohistory.org/visit/ohio-village/

9. Indulge in the Arts

This state-of-the-art center offers culturally diverse performances and provides art education in a 1928 building that was created and managed solely by African Americans. Jazz fans: This is a landmark location for this stellar form of music while also serving as a modern center for multiethnic and multigeneration arts. lincolntheatrecolumbus.com

Enjoy the Riverfront

When looking for free things to do in Columbus, Ohio, no trip is complete without a stop at the Scioto Mile. More than 175 acres of gorgeous parkland stretches along the riverfront in the heart of downtown Columbus. Besides being an ideal place to walk and bike, you can enjoy urban festivals, listen to outdoor music, and much more. If you’re traveling with a pet, this can be a terrific place to spend an afternoon. sciotomile.com/

Advice on Getting Around

Many of these fun things to do in Columbus, Ohio are located in or near downtown, but this is a large, sprawling city of more than 225 miles in size — the biggest city in Ohio. So, when planning your trip, map out where you’re going to ensure that you’ll spend less time traveling from one spot to another and more time enjoying the sights. Although most attractions are open year round, check to ensure the ones you want stay open through the winter.

Although individual areas and neighborhoods—such as German Village, Ohio Village, Franklin Park Conservatory and Botanical Gardens, and the Scioto Mile are all quite walkable, getting from one section of the city to the next requires transportation. Fortunately, the Central Ohio Transit Authority (COTA) provides bus service; in 2018 and 2020, COTA received the American Public Transportation Association’s Outstanding Public Transportation System Achievement Award. cota.com/

The Takeaway

The best things to do in Columbus, Ohio will depend on your taste, interests, available time, and budget — but one thing is for sure: This vibrant city is filled with places to visit and activities to enjoy. Our list of the 10 best things to do in Columbus, Ohio is a great starting point, and then you can branch out from there. From museums to parks to historical sites and excellent shopping, this city has something (or more) for everyone.

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FAQ

Is Columbus a walkable city?

Plenty of neighborhoods and venues are quite walkable and, whenever that isn’t practical, the city has an award-winning public transportation system. Some of the best free things to do in Columbus, Ohio, include parks and gardens, each of which is walkable for most people.

What food is Columbus, Ohio, famous for?

Foods include the Columbus-style pizza with thin crusts with toppings right up to the edge, then cut into squares. Buckeye candy — peanut butter and chocolate in a buckeye shape — are in demand. So is the peanut butter and chocolate doughnut from Buckeye Donuts.

Is Columbus, Ohio a fun city?

With its hipster-urban vibe and a plethora of fun things to do, the answer is “yes”!

Photo credit: iStock/Sean Pavone


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



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