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Student athletes typically have extra busy schedules along with the usual college expenses. Between classes, course work, practices, and games or competitions, finding the time for a job to make some money can be tough.

Fortunately, there are many ways for college athletes to make money — through coaching, training gigs, remote work options, and more. With a little creativity, it’s possible to earn some cash doing what an athlete does best: playing to your strengths.

Here, you’ll learn more about how college athletes can make money while working on their degree.

Rising Cost of College

There’s no doubt that college is a big-ticket item: In the 2023-2024 school year, the average cost of tuition and fees at a public college was $11,260 for in-state residents, and $29,150 for out-of-state residents. For private college, the average cost was $41,540.

Between 1963 and 2021, the average cost of an undergraduate degree went up by more than 135%.

Even if you’ve been awarded a scholarship, student athletes still need money for everyday expenses and all those protein bars. If you’re wondering how to make ends meet, read on to learn how you can make money as a college athlete.

12 Smart Ways to Make Money as a Student Athlete

If you need to balance athletics and academics, there are an array of part-time job opportunities well-suited for the student athlete.

Here are 12 ways you can use your skills and talents to add to your college bank account.

1. Working for the Athletics Department

Landing a job in your school’s athletics department can be a convenient way to earn money while figuring out how to get involved at college and meet other students. Many college athletic departments can provide part-time gigs — in the office or the locker room.

Try asking your coach or athletic director about money-making opportunities. Athletic departments often need the support and, since they’ll be helping out a student athlete, the arrangement can be a real win-win.

2. Training Younger Athletes

Your athletic talents can help nurture the next generation. You could earn an hourly wage working in an after-school sports program for kids — either directly at a school, with a private league/program, or with an organization such as the YMCA.

Parents are often looking for role models to coach and train their children. Some college athletes offer their expertise in a private one-on-one or small group setting for an hourly rate — often between $20 and $25.

Your coach or athletic director may have insight on opportunities for working with children. Bonus: Running around with those energetic kids can help keep you in shape.

Recommended: 15 Low-Cost Side Hustles

3. Personal Training

Still curious about how a college athlete can earn money? Think about all those hours spent training, whether your sport is baseball or gymnastics. You can parlay your workout know-how into income. As a personal trainer, you could make a $20-plus an hour working with a client, and schedule sessions around your availability.

However, some clients (definitely gyms) may require you to have a personal trainer certificate from an accredited program, which could take time and money to acquire.

4. Managing Social Media

In addition to hours in the weight room, college athletes, like most young people, have likely spent a lot of time on social media. Why not turn those hours of screen time into cash?

Some small businesses don’t have a social media presence. You could check with your campus pizza joint, a local fitness center, or your team’s favorite coffee bar and see if they might hire you to set up or maintain their social media accounts. You could arrange for an hourly rate or flat monthly fee.

Recommended: Finding Jobs That Pay Off Student Loans

5. Vlogging

Some student athletes start their own YouTube vlog relating their experiences or testing sports equipment. If you’re able to grow your audience, you may be able to eventually monetize it by using income-producing programs such as Google Adsense.

The flexibility of vlogging can be great for a busy college athlete’s schedule, but it might take a while for you to learn how to get paid for social media and start bringing in income.

6. Writing Sports Articles

You might be able to make some extra dough by writing about your experiences as a college athlete, such as personal stories or articles about your triumphs and challenges, or perhaps an insider’s scoop on the big match.

Check with local newspapers or online sports publications for submission requirements and pay scale.

7. Working Seasonal Jobs

Many college athletes may have more hours for a job during the off-season. If the bulk of your athletic commitments are in the spring, you might consider an easy way to make money in the winter, whether shoveling driveways or ski detailing in a sporting goods store.

If your sport primarily takes place in the winter, you might have free time for an athletic summer job, such as being a lifeguard or a counselor at a sports camp.

8. Selling Old Sports Gear

Student athletes can clean out their closets and earn extra money by selling their gently used sports equipment, apparel, and footwear. Online marketplaces such as SidelineSwap and Geartrade deal specifically in used sports products. Or you can always list your items on Ebay, Facebook Marketplace, and/or Craigslist.

9. Selling Sports Cards

Like many college athletes, you may have spent your childhood collecting trading cards of your sports heroes. Now your hobby could really pay off. There are many websites and antique stores that might be interested in buying individual cards or your whole collection.

Only one problem: Some of your sports cards may have high sentimental value. You may not be able to part with them!

10. Starting an Online Business

Being your own boss can be a great way to ensure a flexible schedule for a college athlete, so think about tapping your entrepreneurial instincts and off-the-field talents. The possibilities are endless — editing services, translation services, online T-shirt sales with a unique logo for your team. You might also hire your teammates to help out.

11. Modeling

Yet another way student athletes can make extra money on the side: Many are physically fit, which might make them good candidates for modeling work. You could submit photos to a local talent/modeling agency and mention your athletic skills as a plus. A photo shoot for a print ad or an on-camera commercial can yield good money for a few hours of work.

12. Cashing in on Endorsements

In 2021, college athletes earned the legal right to profit off of their names, images, and likeness (NIL). Essentially, NIL allows college athletes to market their personal brands in a variety of ways. including endorsements, sponsorships, social media posts, and more. While some student athletes have raked in six-figure (and higher) endorsement deals, the average income from NIL deals for student-athletes ranges from $1,000 to $10,000.

While the ruling may be controversial, for some, it’s an easy way to benefit from your years of hard work and dedication to your sport.

The Takeaway

Many student-athletes are able to leverage their years of training and discipline into finding a part-time job. You may be able to channel your sports knowledge and work ethic into coaching, personal training, vlogging, writing sports articles, or launching an online business.

It may take some time, effort, and creative thinking, but you can likely find an income source that is financially rewarding and won’t put your studies or athletic performance in the penalty box.

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

Is it legal for student athletes to make money?

Student athletes are allowed to hold on-campus and off-campus jobs.

How many hours are student athletes able to work?

The NCAA dictates that student athletes are limited to participate in school athletic activities for a maximum of four hours a day, or 20 hours a week. Depending on a student’s course load, that leaves a few hours a day for a part-time job.

Do student athletes get paid?

Student athletes don’t receive salaries from colleges. However, they are allowed to monetize their name, image, and likeness, and benefit financially from commercial endorsements.

Photo credit: iStock/GCShutter

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

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

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.

SOBNK-Q324-066

When it comes to changing bank accounts, inertia often sets in. But is it wise to sit tight with your current banking situation?

Big banks may count on you to do so. They know that once you start a relationship with them, it can be hard to change. Maybe you’ve signed up for direct deposit or you’ve had your account since college. You may like that there’s a brick-and-mortar branch near you and are reluctant to switch to online banking. Or maybe you have an online bank and figure they’re all about the same.

Whatever the case, now may be the time to rethink your banking relationship. Rising interest rates have encouraged some banks to offer more attractive rates as well as plenty of features and services with low or no fees.

Take a look at these five reasons why you may benefit from switching banks.

Smart Reasons to Switch to a New Bank

1: Higher Rates

The Federal Reserve (a.k.a., “the Fed”) raised the federal funds rate — a key borrowing benchmark — 11 times between March 2022 and July 2023. In response, some, but not all, banks have increased the annual percentage yield (APY) they pay on their savings and checking accounts. While the national average savings account rate is only 0.42% APY as of December 16, 2024, some online banks are offering rates higher than 3.00% APY. An increase like that can add up over time and boost your savings.

It’s important to remember that your bank won’t automatically raise rates in line with the Fed. Some banks find that an increase doesn’t fit with their business plan. Or they may figure they won’t lose many customers if they don’t offer an increase.

Thanks to lower overhead costs, online bank accounts tend to offer higher rates than bank accounts offered by traditional banks. It makes sense to check what APY you’re currently earning on your bank account and see how that compares with other banks. That’s a tip for both checking accounts and savings accounts; there’s no reason not to earn top dollar.

Recommended: All About Interest Rates and How They Work

2: Low or No Fees

You may also want to make sure any extra interest you’re earning isn’t eaten up by fees. In fact, avoiding the usual fees can be a good reason to switch banks. Minimum balance fees, maintenance fees, paper statement fees, savings withdrawal fees, out-of-network ATM fees, and overdraft/non-sufficient funds (NSF) fees can add up over time and take a chunk of your savings.

In some cases, the fees you pay will depend on the way you bank. People who have a high monthly balance or who link their checking and savings accounts may never incur fees. Or, if your bank offers a wide network of ATMs in your area, out-of-network ATM fees will hardly ever apply. That said, many institutions, particularly online banks, offer no-fee banking with competitive APYs, so you can avoid paying any account fees at all. This can be a wise move if you are being charged costly banking fees.

3: Better Online and Mobile Banking

When it comes to managing a bank account, today’s consumers generally want it to be fast and simple. Many have gotten accustomed to 24/7 banking. It used to be that online banks offered the most advanced digital services. To compete, many brick-and-mortar banks have improved their websites and mobile apps. But whether it’s an online or traditional bank, not all portals are the best they can be.

When looking for a new bank account, you’ll want to make sure the bank you’re considering offers a secure, easy-to-use, state-of-the-art platform. Can you pay bills, scan mobile deposits, check your real-time balance, change your password, report possible fraud, and complete other functions at any time and almost anywhere you have a secure connection? Is there a chat or phone function available to get help if you need it? If possible, talk to other customers to see if they’ve experienced any glitches or compromised security.

If you are lacking the convenience of online and mobile banking, you may want to rethink where you bank for these reasons. There are many pros to online and mobile banking, and you should be enjoying them.

4: More Banking Features

Many banks offer lots of extras when you open a new account or agree to maintain a certain minimum deposit. Waiving fees is common. So is a monthly reimbursement for out-of-network ATM fees. Some banks may offer a limited amount of no-fee overdraft protection coverage.

Also available: Connected checking and savings accounts with combined interest, discounts on personal loans from the same institution, and budgeting tools included in the banking app. In addition, many banks offer incentives for setting up direct deposit and early pay options that offer faster access to your paycheck.

Once you’ve created a list of banks with favorable APYs, it’s a good idea to compare the various features each bank offers to help determine which is the best fit for your needs.

5: Sign-Up Incentives

While switching banks isn’t necessarily complicated, it’s probably not a good idea to do so solely because of a temporary sign-up promotion. If the fees are high, or the bank lacks other features you need, the bonus or other incentive likely isn’t worth the trouble.

That said, if you’re shopping for a new bank, whether it’s a small or a large bank, and all other things are equal, it might make sense to take advantage of a special bank promotion. Who wouldn’t want some extra cash or a higher interest rate?

Recommended: 8 Ways to Make Your Money Work for You

Meet the new SoFi Plus!

Get access to higher APY, credit card cash back rewards, discounts, and more.

The Takeaway

The process of switching banks does entail some time and paperwork. So it’s easy to understand why consumers often avoid this task. But additional banking features, low or no fees, and a higher interest rate are some of the reasons why making the switch can make sense. Choosing a bank that’s a better fit can help improve your overall financial picture.

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.

Photo credit: iStock/NicolasMcComber

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

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

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.

SOBNK-Q324-046

Mail-in rebates sound simple: To submit one, you purchase a qualifying product, fill out its rebate form, and mail the form – and its requested proof of purchase – back to the product manufacturer. If accepted, you should receive a refund in roughly two to four months.

This kind of incentive has become quite popular. You’ve probably seen them in-store (say, an offer of $5 off a purchase of shaving cream) and online, where pop-ups may promise $100 back after buying a smartphone.

It sounds like the path to easy money, but the truth is, many rebates never get claimed. To avoid that scenario, here’s how to claim your savings via a rebate.

What Exactly Is a Mail-in Rebate?

A mail-in rebate is an offer for a full or partial refund on a product purchase in exchange for providing proof that you bought the item. Rebates are offered directly from manufacturers for any number of reasons. They may be conducting market research, enticing the sale of a pricey item, or looking to empty their inventory of a product that hasn’t captured the consumer’s imagination.

Whatever the motivation is, it gives consumers the opportunity to purchase items at a lower cost if they invest a bit of time and effort. That can mean some extra money to put into your checking account.

How Do You Submit a Mail-in Rebate?

The concept of mail-in rebates has been around for years, and the process of applying for them largely remains the same. Following these five simple steps can help you successfully submit your rebates.

Step 1: Look in the Right Places

A rebate can appear in many forms. Tear-off pads on product displays or sticker tabs directly on products that say “rebate” are some of the most obvious. Others can be found in the coupon section of a newspaper, on couponing websites, and even the direct websites of the manufacturers. Sometimes, they will come inside the box along with something you’ve ordered or as a tear-off section at the bottom of your receipt. Knowing how to spot them is the first step toward claiming them. But of course, you don’t want to buy something just because it offers a rebate. Many of us are trying to cut back on spending, so only snap up products that you really need.

Step 2: Purchase the Right Product

Rebate offers are very specific about the products to which they apply. This means that when purchasing a product, you should double-check (maybe even triple-check!) that it matches the item specified on the rebate form. If a product is simply the wrong color or size, you run the risk of your rebate being rejected by a manufacturer.

When purchasing a product for rebate, carefully check details such as the brand name, style, color, model number, quantity, and even weight or size against the details on the rebate form to make sure they match.

Step 3: Complete the Rebate Form

The rebate form itself is what outlines the specific parameters of the rebate offer, but it is also where contact information must be provided so that the rebate can be issued upon acceptance. Expect to include contact details such a full name, address, and a phone number in order to fully submit a rebate claim.

Step 4: Collect the Proof of Purchase

The crux of rebate submissions relies on being able to prove that a product was purchased. Rebate forms will specifically outline which forms of proof they require to be submitted, and they can vary from product to product. Two of the most common forms of proof are the purchase receipt and the UPC barcode from the product’s packaging. Be sure to gather the specific proof requested for each product before submitting a rebate.

Step 5: Mail and Wait

After filling out a rebate form and collecting the proof of purchase, the rebate can be mailed to the manufacturer. Use the specific address outlined on the rebate form, and prepare to wait anywhere from 6 to 12 weeks (or even longer) to receive your rebate upon its approval. Processing times vary widely across manufacturers but the fine print on a rebate form will outline what return date to expect for that specific product.

Rebates are submitted by countless people worldwide, so the process can take time. Often, when your rebate does arrive, it will be in the form of a check or a prepaid debit card loaded with the amount of the rebate.

Recommended: Understanding the Different Types of Bank Accounts

Mail-in Rebate Tips

Even though the process for submitting a mail-in rebate is fairly simple and straightforward, there are few things to know that can help make the process even easier to manage.

1. Always Get a Receipt

More often than not, a rebate will require a receipt as a proof of purchase. Opting for a receipt with every purchase can help ensure you always have one when you need it. Bonus: Keeping track of receipts and spending can go a long way towards helping you create a budget and stick to a budget.

2. Take Note of Expiration Dates

Always check the expiration date on the rebate form, and aim to mail the rebate at least a week prior to the date. This tactic can help ensure that the rebate arrives to the manufacturer on time. Otherwise, your effort to submit will be in vain, and you’ll wind up “leaving money on the table,” as the saying goes.

3. Don’t Consolidate Purchases

It’s common to find multiple product rebates in a single shopping trip, and purchasing them in the same transaction would seem like common sense. However, in the case of multiple rebates, it’s wise to process each rebate in its own separate transaction, whether you pay in cash or with a credit card. Because rebate requirements can differ and each submission will require its own proof of purchase, collecting a unique receipt for each product purchased will help avoid any confusion. You don’t want to be stuck with a single proof of purchase that needs to be sent to multiple locations.

4. Keep the Packaging

Proof of purchase requirements for product rebates can vary, but they all require the product to be in possession of the buyer. The UPC barcode is one of the most commonly requested details, and it’s not uncommon for the manufacturer to request that the barcode be cut out and physically submitted. Depending on the packaging, the UPC barcode can appear on inner or outer product packaging, and without paying attention, it can be easy to discard the packaging altogether without collecting it.

Keeping product packaging until all mail-in-rebate requirements have been collected and submitted can help avoid any mishaps during the process. Once you’ve filed your rebate (or, better still, received your money back), go ahead and declutter.

5. Prepare to Follow Up

Though rebate refunds typically take six to eight weeks to arrive, it’s not uncommon for that time to stretch to 12 weeks or longer, if they arrive at all. It can be wise to put a reminder in your calendar to see if the rebate has arrived when expected so you can plunk it into your bank account, and, if not, to follow up.

Also, make sure to keep copies of everything that has been mailed off — the receipt, the UPC code, and anything else you sent. When contacting a manufacturer for a rebate status, having a detailed tracker and copies of your rebate materials to reference will help the process of claiming your rebate run more smoothly. Yes, it’s an extra (possibly annoying) step, but if you’ve made the effort to get money back, you do want to follow through!

Recommended: 7 Tips for Managing a Checking Account

The Takeaway

Mail-in rebates provide great opportunities to save money on everyday products, but they do require a bit of effort to redeem. With a little attention to detail, your diligence could result in a moderate stash of savings that could be used toward other financial goals.

That said, rebates will only get you so far! Opening a new bank account can help you store those savings and snag you some interest.

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

How do I send mail-in rebates?

Sending in a rebate typically requires getting a rebate form, purchasing the right product, filling out the rebate form, including your proof of purchase, and mailing all the required documents in.

Is a mail-in rebate worth it?

A mail-in rebate can take some time and effort to complete, but in return, you can get part of your purchase price returned. Not completing a rebate is akin to “leaving money on the table.”

Why do companies do mail-in rebates?

Companies may do mail-in rebates to entice consumers to buy an item, introduce a new item, or clear out an item that is being discontinued.

Photo credit: iStock/AndreiDavid

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.

*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.

SOBNK-Q324-058

Good car value estimates will factor in as many as a dozen data points, including geographic and economic influences. Less precise tools base estimates only on make, model, year, and mileage. If you’re looking to sell your car, or you’re in the market for a used vehicle, it’s important to familiarize yourself with how automobile valuations work.

Here’s what you need to know to help you increase your chances of getting the best deal.

What to Know About Instant Dealer Trade-In Quotes

A number of dealerships and websites — such as Carvana, Truecar and Kelley Blue Book — offer instant cash or instant dealer trade-in quotes for your car. Often, all you have to do is share a few details, such as the vehicle identification number (VIN) or license plate number, and the company will come back to you with a cash offer for your vehicle.

Though a lot of companies make it sound like the process is as simple as that, know that there is likely an in-person review of your vehicle before anyone will cut you a check.

What Do Dealers Base Their Car Estimates On?

Instant quotes and valuations usually look at a few quick measures, such as year, make and model, and mileage. This information is enough to provide a rough estimate of value. However, other factors will also come into play. Here’s a closer look.

(Keep in mind, these terms apply only to cars you own outright; different calculations go into valuing a leased car.)

Make and Model

You can think of the make and model of a car as the brand and the specific product on offer. For example, Toyota is a make of vehicle, while the Corolla is a model. Some makes and models are more popular, which helps them hold their value longer. For example, a certain make and model might be known for fuel efficiency or to be safer or more reliable.

There may be numbers or letters next to a car’s make and model that further delineate different features or trim level. Generally speaking, the higher a vehicle’s trim level — the more features it has — the more valuable the car will be.

Style

A vehicle’s body style is its shape. It might be a minivan, hatchback, or pickup truck. Information about a vehicle style is contained in its make and model. And certain styles are more valuable than others. For example, trucks tend to retain their value better than other car styles. In other words, they depreciate more slowly.

Condition

Your vehicle’s condition means both cosmetic issues like scratches, dents, and wear to upholstery, and also the wear and tear on the engine and other components. The better condition a car is in and the fewer impending repairs needed, the more valuable it will be.

Mileage

Mileage is an important factor to consider because it serves as shorthand for potential wear and tear. The more a car has been driven, the more likely it needs repair or will soon. As a result, cars with smaller odometer readings are worth more.

Accident History

Accidents big and small will hurt the value of a vehicle. Even if a car was in a minor accident and shows no outward signs of damage, value can decrease. Buyers can look up vehicle history reports on sites such as Carfax and AutoCheck, using a car’s VIN.

Car Add-ons

When you buy a car new, you may be offered a series of add-ons, such as splash guards, alarm systems, and tinted windows. While these are often pricey to add to a new vehicle, that doesn’t always translate into increased value for used cars. In fact, according to some experts, once a car is two or three years old, add-ons have little effect on its value. Condition, mileage, and accident history often matter much more to the average used car buyer.

Number of Previous Owners

Used cars that have been owned by only one person may be seen as preferable because the vehicle will have had a consistent driving history and maintenance schedule. Multiple owners will not necessarily hurt the value of a car, but it may raise a red flag if there have been many owners in a short period of time.

Warranties

If a car is still under warranty and that warranty is transferable to a new buyer, it can add value.

Location

Geography can have an effect on car value. For example, the harsh winters and salted roads of the Northeast can take a toll, causing more wear and tear than a warm, dry climate.

Additionally, some types of vehicles may be in higher demand in certain areas, driving up price. For example, you might have an easier time selling a pickup truck in a suburban or rural area than in a big city.

Timeline

The less time an individual has to sell their vehicle, the more likely it is that they may have to accept an offer that’s less than the fair market value, especially in areas where there is not much demand.

The Economy

The value of used vehicles can fluctuate with changes in the economy. For example, a softer-than-expected labor market and a slowdown in economic growth in 2024 drove down the price of new and used vehicles. As of August 2024, the average price of used cars was $25,251 — down from $28,000 in 2022, according to CarEdge.

Rising interest rates can also make borrowing to buy a vehicle more expensive, putting downward pressure on demand, as can a struggling stock market or a recession.

Recommended: What Credit Score Is Needed to Buy a Car?

What Buyers Are Looking For

Ultimately, supply and demand drive the value of used vehicles. If buyers are looking for hybrid vehicles over gasoline-only cars, value for hybrids increases. If a certain color falls out of favor, a car may end up being worth less than an otherwise identical model in a different hue.

How to Prepare Your Car and Your Expectations

Prepare your car for the highest valuation by tackling as many repairs as you can, from fixing a broken brake light to replacing worn out brake pads. A budget planner app can help you figure out how much you have to spend on the fixes. Before an in-person valuation, you’ll also want to have your car washed and detailed to make sure it looks like it’s in the best condition possible.

Manage your expectations for values by doing a bit of research. If you’re looking to sell your car, check out valuation estimates from multiple sources, including Edmunds, Kelley Blue Book, and online dealers. You may even want to bring your car to a local dealership to see what price you might get there.

Similarly, if you’re looking to buy a new or used car, you can look up the value of various makes and models to help you understand whether the price you’re quoted is close to fair market value.

Recommended: Does Net Worth Include Home Equity?

The Takeaway

Good car value estimates will factor in as many as a dozen data points, including geographic and economic influences. Tracking your car’s value is especially important as you plan your budget and save up to buy a used or new car. The reason: Your current car’s value can have a big impact on what you can afford.

SoFi’s money tracker app now has an Auto Tracker feature that can give you a better understanding of your net worth and help you identify good times to sell.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is the best way to determine the value of a car?

Find out the value of a car through trusted online resources such as Kelley Blue Book or Edmunds. Enter the VIN, license plate number, or the year, make, model, and mileage of your car or truck to get an idea of what it may be worth.

Which car value estimator is most accurate?

Kelley Blue Book and Edmunds are two of the most trusted car value estimators.

How do you know if a car deal is too good to be true?

Red flags that may suggest a car deal is too good to be true include a seller who is rushing you, a seller who won’t give you an accident report, signs of rust or disrepair, and a price that is much too low compared to fair market price.

Photo credit: iStock/Talaj

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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.

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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Turning a new space into a home can be daunting. By far the hardest part of furnishing a house from scratch is figuring out where to start. One good first step is deciding on a budget — ideally, before you move out of your old place.

However you proceed, recognize that it’ll take some trial and error: At some point, you’re going to realize that something you had your heart set on is not what you want to spend your money and time on after all.

Whether you’re a minimalist or maximalist, we’ll show you tips for furnishing a home on a realistic timeline and budget.

6 Tips for Furnishing a Home

The key to finding the right home furnishings is to follow your instincts. There isn’t one universal definition of good taste. This is your taste, and your home. Here are a few guidelines.

1. Consolidate Your Stuff

Before you set a budget for new home furnishings, walk through your old place and identify what you want to keep (if anything) and what you’ll need to purchase. A new home is the perfect opportunity to say goodbye to pieces that don’t suit your lifestyle anymore. (“What would Marie Kondo do?” is still a good mantra.)

Start with the key pieces of furniture you’ll need for your home to be functional — beds, couches, dining table, area rugs. Did you recently purchase your dream bed, or have you had the frame since college? Decide what to move and what to chuck.

You can sell or donate furniture, depending on value.

2. Prep Before the Schlep

A rule of thumb for interior decoration: Pulling up carpeting and painting the walls are much easier to do before any furniture is brought into the house. Before move-in day, create a list of any changes you would like to make to the existing interior. Ask yourself if you want to include minor home repairs in this budget or create a separate one.

Here are some basics to consider before furnishing a house:

•   Walls and ceilings: Choose a paint color, patch holes, remove popcorn ceilings

•   Floors: Remove or add carpet, put in hardwood floors, refinish floors

•   Appliances: Select kitchen appliances, bring in a washer and dryer, install ceiling fans and lighting fixtures

•   Kitchen and bath upgrades: Redo the kitchen counters, choose a backsplash, retile the bathroom

•   Laundry room: A laundry room remodel can create a more efficient space or a room with a dual function.

Once you’ve made the list of potential changes, determine what needs to be tackled now and what can wait. You may be able to live with the blue tile in the kitchen, for instance, but the pink walls in the bedroom aren’t going to cut it. Next, determine what you can do yourself and what will require professional attention. You may want to research reliable contractors in your new neighborhood before you need one.

3. When Buying Furniture, Start with Key Rooms

The living room and main bedroom are two places you likely spend the most time in, so these are good rooms to prioritize. You don’t need to have a fully organized pantry before you have an acceptable place to sleep.

A bed and a couch may be worth spending extra money on in order to get something that will last for years and tie the room together.

•   Bedroom: A good bed frame and mattress are wise investment pieces. And it can be a good idea to choose a whole bedroom vibe before buying new pieces so that you have a cohesive theme.

•   Living room: A couch is the centerpiece here, so that’s the investment piece (and a good decor starting point). Consider size, comfort, and color. A big TV or entertainment center may also be part of the equation.

•   Home office: You may be able to offset some of the cost with a home-office tax deduction.

4. Keep Things Organized While You Unpack

The two elements that really shape the feng shui of a home are organization and decor. An organized pantry or closet makes life easier, while a curated bookshelf can subtly affect the feel of an entire room.

See what you already have that can be functional — baskets, bins, and such. As you unpack your belongings, use these tools to stay organized. Depending on your lifestyle, organizational outlays for your new home could range from slimline hangers to a closet remodel.

5. Little Things Add to the Big Picture

Lay out all the decor pieces you own, including art, books, family heirlooms, photographs, trays, candles, and vases. Ideally, you’ve gone through most of this stuff in the consolidation phase and kept only things that are meaningful to you or fit your home’s aesthetic.

Once you see everything in one place, begin picking out things that go together. There are no wrong answers here — you might choose travel books for your office and a series of family heirlooms and photographs for your bedroom. This is the most forgiving aspect of interior decoration because smaller decor pieces can be easily shifted.

Once all of your belongings are in place and the art is hung, you can browse online to find some great pieces that resonate with you and your space. Now may be the time to frame that print you’ve been hanging on to, or to splurge on the perfect pillows for your couch. These may seem like small additions, but they can make a huge difference.

Recommended: Four Ways to Upgrade Your Home

6. Space Out the Purchase of Big-Ticket Items

It’s OK if your home looks like a work in progress for a while. Once you’ve consolidated, organized, and decorated, you may want to buy your investment pieces. Pick three or four non-negotiables — perhaps a bed, sofa, television, and live edge dining table — and get those into the house. Then focus on buying art, rugs, and lights you’ve been eyeing.

How Much Does It Cost to Furnish a House?

One way to estimate interior costs is to set a budget that’s a percentage of your home’s price. This can range from 10% to 50%, depending on your finances. For a $400,000 home, for instance, you’re looking at a baseline of $40,000.

Remember, that includes any painting, flooring work, and minor updates in addition to new home furnishings. That figure also accounts for all interior-related costs in your first few years of home ownership: the inexpensive starter pieces you tolerated until the perfect item materialized, the well-intentioned mistakes, and so forth.

If you don’t have a separate fund earmarked for new home furnishings, it can be hard to come up with a chunk of cash right after closing. One option is taking out a personal loan. In fact, funding home updates and furnishings is one of the most common uses for personal loans.

There are different types of personal loans. Typically, you can borrow between $5,000 and $100,000, and pay it back in equal installments over a term of up to seven years. Fixed interest rates for personal loans tend to be lower than for credit cards.

Here are some cost ranges for key pieces to help you create a budget.

Recommended: Personal Loan Calculator

Painting: $966 and $3,071

The cost of paint supplies will depend on the number of rooms, amount of trim for doors and windows, and the quality of the paint. Paint is about $20-$30 per gallon, but a designer brand can cost much more than that. A gallon of paint covers about 400 square feet, and two coats may be recommended. Factor in all the myriad paint supplies to buy if you DIY.

Expect to pay a painter $2 to $6 per square foot for labor and materials, according to Home Advisor. For a 2,300 square foot home, you can pay from $4,000 to $11,000.

Bed: $200 to $2,000 and Up

Simple bed frames are available from IKEA or Wayfair in the $100-$200 range. Inexpensive bed frames and headboards are also easy to find at thrift stores and yard sales. While you may not want to furnish your entire house with thrifted pieces, one or two second-hand items can free up a lot of cash to put toward a couch or higher-end mattress.

You can also find mid-priced selections from $300 to $1,000 at those retailers as well as more design-driven vendors such as West Elm, Raymour & Flanigan, and Crate and Barrel.

Mattress: $300 to $2,000 and Up

Mattress-in-a-box brands such as Zinus, Allswell, and Nectar offer mattresses starting at a few hundred dollars. Higher-end brands like West Elm, Raymour & Flanigan, and Tempur-Pedic can run upwards of $3,000.

Sofa: $200 to $3,000

The IKEAs, Wayfairs, and Targets of the world offer many starter pieces for a few hundred dollars. Midrange selections run from $300 to $1,000 from these and other retailers, such as Ashley Furniture, West Elm, Raymour & Flanigan, Crate & Barrel, and CB2.

At the higher end of the spectrum, more sophisticated designs are available at Roche Bobois, Ligne Roset, Design Within Reach, and other luxury brands. And don’t forget second-hand designer marketplaces — such as Apt Deco, Kaiyo, 1st Dibs — and antique stores.

Dressers and Wardrobes: $200 to $5,000 and Up

Bedroom furniture can be found at the same kinds of retailers and run from modest to extravagant. While coordinating bedroom sets used to be de rigueur, in recent years they’ve been replaced by a less matchy-matchy aesthetic.

Recommended: 25 Tips for Buying Furniture on a Budget

Rugs: $30 to $1,000 and Up

Rugs are a cost that’s easy to forget about, and they can be a lot more expensive than you expect. A high-quality Persian rug can run thousands of dollars, but some of the midrange retailers discussed have area rugs starting at $100. Look out for Labor Day and Black Friday sales, too.

Organizational Pieces: $20 to $300 and Up

Baskets, bins, storage ottomans, and closet systems can bring order to chaos. The Container Store offers inspiration.

What Home Decor Style Fits Your Personality Quiz

The Takeaway

When furnishing a home, start with a budget. One rule of thumb suggests putting aside 10% to 50% of your home’s price for interior decorating. Before you move, cull your belongings and prepare the new space for move-in (pulling up carpet, redoing countertops, remodeling a closet). Then identify initial key purchases. Many homeowners today choose a mix of high- and low-end furnishings, plus second-hand items from thrift stores and online designer dealers.

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

FAQ

What is a good budget for furnishing a new home?

Some experts recommend setting your home furnishings budget as a percentage of your home’s price: say, 10% to 50%. That includes any cosmetic work done on the interior before you move in, as well as new home furnishings and decor pieces.

Can you furnish your home with a personal loan?

If you have an emergency fund tucked away and feel comfortable making another monthly payment on top of your mortgage, a personal loan can be a good option. In fact, home furnishings and updates are one of the most common uses for a personal loan. Just be prepared to prove to lenders that your debt-to-income ratio will remain below 36%.

Can you furnish a new home with a $10,000 personal loan?

A personal loan can be a good option for covering new home furnishings. Just make sure $10,000 will cover your costs — you can’t add to a personal loan amount after the fact. One rule of thumb suggests budgeting 10% to 50% of your home’s price for furnishings and interior updates.

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