Jan
24
2023
11 Tips for Saving Money While in the Military

11 Money Management Tips for Military Members

By | Budgeting & Goals, money | Comments Off on 11 Money Management Tips for Military Members

Are you a member of the military? Whether on active duty or a veteran, in the Reserve or National Guard, you have unique opportunities to improve your money management. Taking advantage of things like military discounts and special mortgage loans are smart ways for military members to prioritize their finances. What’s more, there are additional actions military members and their families can take to protect and grow their finances.

Read on to learn how to budget and grow your money in the military, including:

•   How to save money in the military

•   How to snag discounts

•   How to shop wisely on base

•   How to access tax breaks

The Importance of Saving Money in the Military

Saving money is always a good thing when planning for your future. Members of the military — whether single, in a relationship, or married with kids — may especially benefit from making some careful money moves now. That way, you may be in top financial shape after the final deployment ends.

Recommended: 5 Ways to Achieve Financial Security

11 Tips for Military Members to Manage Their Money

Wondering how to save money while in the military? We’ve got 11 tips that you may find useful if you’re a military member thinking about your financial futures.

1. Creating a Budget

Having a monthly budget is a good way to track your expenses against your income. While it may be tempting to spend all of your paycheck each week during deployment, you might want to consider funneling away some money into savings or retirement to help achieve long-term financial goals and build wealth. A budget can help you do this, whether you use a journal, a spreadsheet, or an app to keep tabs on your money.

Budgeting for beginners can be overwhelming, but it’s an important step. Seeing your finances laid out in a clear budget makes it easier to determine how much you can afford to set aside from your paycheck, whether it’s to pay down debt or build your savings.

Recommended: Why You Should Pay Yourself First

2. Opening a Savings Account

As part of your budget, it’s a good idea to open a savings account, if you don’t already have one. You can set aside money here for everything from a down payment on a house after your service to a new car to a wedding. If you intend to leave money in the account for the duration of your deployment, it’s especially wise to find a high-yield savings account that pays high interest on all your deposits.

3. Automating Your Savings

Once you have a savings account, you might benefit from automating your savings, if your financial institution offers this. When you set up automatic transfers from checking to savings, the money gets whisked away before you see it sitting there, connected to your debit card, and tempting you to spend it.

Recommended: What Is an Aggressive Savings Plan?

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.00% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


4. Avoiding Overspending

An important reason to create a budget is to avoid overspending, especially with credit cards. When you build a budget, you’ll be able to identify how much you can safely spend each month while working toward your goals. Whether actively deployed or in between deployments, it’s a good idea to rein in any unnecessary expenses and recognize common reasons for overspending.

Before making a major purchase, you might try the 30-day rule: Wait a full 30 days to see if the urge to buy the item passes. If it does, you’ve avoided an unnecessary expense.

5. Utilizing Military Resources (Like Military Discounts)

How else to save money in the military? Many retailers, restaurants, and services offer discounts to members of the military, usually if you provide proof of military identification. While military discounts may seem small, they can add up over time. They are especially helpful when making larger purchases, like a new car.

Some businesses extend military discounts to spouses as well. If you are deployed with a spouse back home, make sure your partner knows to ask about military discounts when shopping as well.

Wondering how to find the best military discounts? One route is to check out Military.com’s discount page and subscribe to their deals and discounts newsletter.

6. Shopping on Base

Shopping on base is a great way to scale back your expenses as a member of the military. For example, gas is typically cheaper on base, and you can usually get great discounts on groceries by shopping at the commissary because it doesn’t charge a sales tax.

Recommended: Feeling Guilty About Spending Money?

7. Investing in Education

If you want to pursue education after your service, check out the GI Bill. This bill can help veterans pay for college, graduate school, and training and certification programs. Head to the VA website to find out how you can take advantage of this education assistance and potentially save money by being in the military.

You can also see if you qualify for military student loan forgiveness.

8. Taking Advantage of Veterans Administration (VA) Home Loans

Buying a home can be a stressful experience, from saving for a down payment to getting approved for a mortgage loan to making an attractive offer fast enough to actually get the house you want.

As a servicemember, veteran, or surviving military spouse, you likely have unique access to a Veterans Administration (VA) home loan through private lenders.

When you purchase a home using a VA home loan, you typically don’t need a down payment, you’ll get a low interest rate, you won’t have to pay for private mortgage insurance, and closing costs are limited. And this isn’t a one-time deal: You can use a VA home loan for multiple homes over the course of your life.

9. Getting a Life Insurance Policy

The U.S. Department of Veterans Affairs offers Servicemembers’ Group Life Insurance (SGLI). In fact, if you qualify as a servicemember, the VA automatically signs you up (but note – it isn’t free!). You can update the life insurance coverage as you see fit, change your beneficiaries, and extend coverage beyond your service, all by logging in with your CAC or DS Logon.

Learn more on the official SGLI page . But remember: SGLI is not your only life insurance option during and after your service. You might find better terms by shopping around for other life insurance policies.

10. Learning About Tax Breaks

The IRS offers unique tax benefits to members of the U.S. Armed Forces. These include tax breaks, tax deadline extensions, free tax help from volunteers, and more. If you’re unsure of how your service affects your tax situation, browse the free IRS resources or work with a certified tax professional.

Recommended: Tax Write-Offs for Young Adults

11. Planning for Retirement

Retirement may seem like a long way off, especially if you have just enlisted. But it’s a good idea to start planning for retirement early to maximize your income in retirement. A popular option for members of the military is the Thrift Savings Plan (TSP), a federally sponsored retirement and investment plan. This plan is akin to an employee-sponsored 401(k). Some members of the military supplement this coverage with other retirement plans.

Banking With SoFi

Ready to start saving money while in the military? You can open an online bank account with SoFi to make budgeting, spending, and saving happen in one easy-to-access place. It’s not only more convenient — it’s more rewarding, too. SoFi Checking and Savings accounts offer a super competitive APY and no fees, which can help your money grow faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Is it easy to save money in the military?

Saving money while in the military can be easy if you take advantage of several helpful military programs, including VA home loans, military discounts, federally sponsored retirement plans, and even cheaper gas and groceries on base.

What expenses do military members have?

Members of the military may incur the same expenses as the average person, including housing, food, and clothing. However, in addition to a servicemember’s paycheck, the Department of Defense also offers allowances that members of the military can use for basic necessities, which can help lower daily expenses.

How much do military members earn?

Members of the military make different amounts depending on their rank and years of service. However, servicemembers’ full payment includes not only their basic pay and military benefits but also military allowances, which go toward the cost of basic necessities like food and housing. Military members, whether servicemembers or officers, can earn additional pay through the Department of Defense’s Special and Incentive Pays program.

Photo credit: iStock/YakobchukOlena

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.

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.

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 4.00% 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 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Jan
24
2023
19 Jobs That Pay Daily

19 Jobs That Pay Daily

By | Life & Career, money | Comments Off on 19 Jobs That Pay Daily

Workplaces typically pay employees once every other week (or just twice a month). But sometimes, you want to get your hands on cash more quickly. Fortunately, it’s possible to find jobs that pay daily, from babysitting to blogging to mowing lawns.

Some of these are true jobs that pay every day, while others are freelance gigs (commonly referred to as side hustles) that may pay invoices as you submit them. If you manage enough side hustles or have enough clients for a single side gig, you can stagger invoices so that payments are coming in every day — or at least multiple times a week.

If you are interested in bringing in income ASAP or often, this guide can help. Read on to learn:

•   The benefits of being paid daily

•   Jobs where you get paid daily

•   Tips for finding work that will pay you daily

Benefits of Being Paid Daily

What are the benefits of jobs that pay you daily?

•   Flexibility: Many of the daily paying jobs on this list allow you to make your own schedule. You can work longer hours if you want, but you also don’t have to worry about getting approved to take time off to go to the doctor or embark on a low-cost road trip with friends.

•   Faster payment: Some of the jobs that pay everyday listed are gigs that pay daily, meaning when you kick off your shoes at the end of the day, you’ll have more money in your wallet or checking account than when you started. Some of the other jobs involve invoicing when the work is done. If you have enough invoices being paid out from different clients for different work, you should have a steady stream of income flowing into your bank account regularly.

•   Work remotely: A lot of the daily paying jobs on this list allow you to work right from the comfort of your couch or a nearby cafe. Getting paid while wearing sweatpants and having your dog by your side can be a pretty sweet gig. It can also cut out transportation costs and make household chores like cooking and cleaning easier to manage.

Recommended: Highest Paying Jobs by State

19 Daily Paying Jobs

Are you looking for a daily flow of cash into your bank account? Here are 19 jobs that pay daily:

1. Waiting on Tables

Servers are tipped employees who earn a reduced minimum wage. When you work this way, you may still earn a regular paycheck with your hourly wage and any tips paid by debit or credit card. However, you are often able to pocket cash tips at the end of each shift. Other tipped workers, like hairdressers, manicurists, and bellhops, may also bring home money every day.

2. Collecting and Recycling Metal

If you have a truck or van, you can spend the day collecting scrap metal from construction sites, local businesses, and dump sites. You might be able to use resources like Craigslist or even social media to find scrap metal ready to be picked up.

Once you’ve gathered enough scrap metal, you can take it to a local recycler, who will typically pay you by the pound for quality materials.

Another angle on this is collecting recyclable bottles and cans and exchanging them for cash. This may be as simple as taking them to your local supermarket.

3. Babysitting

As a babysitter, you can set your own rates and hours and typically get paid at the end of a shift. While word of mouth is still a good strategy for finding clients, many people now use find babysitters digitally, like through Care.com, UrbanSitter, and Bambino; it’s a good idea to get vetted and have a profile on such platforms.

Bonus points if you are CPR- and first aid certified!

Recommended: 15 Low-Cost Side Hustles

4. Pet Sitting

Pet parents need a break too. Whether through word of mouth or through apps like Rover and Wag!, you can find people who need help with their pets while on vacation or even just during their days in the office.

In addition to pet sitting, you may be able to find clients who just want someone to walk their dogs during the day. With good word of mouth and some marketing, you may achieve an array of jobs that pay everyday.

5. Selling Your Photos

If you like to take photos, whether while traveling or just of everyday life, you might be able to make money from them. Uploading photos to a stock photography site means you’ll make money every time a person pays to use your photo.

If you’re a skilled photographer with professional equipment, you can make money on the side by taking family portraits or even photographing weddings.

6. Reselling

Another way to potentially be paid every day is by getting into reselling on sites like Amazon and eBay. But what is a reseller? As a reseller, you will buy products (ideally greatly discounted and in bulk), then list them for sale at a higher price online.

Becoming a successful reseller can require patience, hard work, and a lot of time at the post office. But once you have a process nailed down, it can be an easy way to get paid regularly.

Recommended: How to Turn Your Side Hustle Into a Full-Time Business

7. Crafting

Opening a shop on Etsy is a great way for hobbyists to make supplemental income from their crafts. Here, artisans can showcase and sell their work, from custom jewelry to knitted blankets to hand–carved signs. If your items are popular enough — and you can keep up with demand — it’s possible to make sales every day.

8. Renting Out Your Space

Have an extra bedroom in a location that tourists often visit? You might be able to list your space on Airbnb and VRBO. If you can attract guests every night, you could potentially get a payout every day.

9. Mowing Lawns

Offering to mow multiple neighbors’ lawns each week — and then staggering when you mow them — is a simple way to get paid every day of the week. While this can be an easy evening side gig after a full-time job, it also has the makings of a full-time hustle itself. If you have the right equipment and transportation, plus enough clients, you could launch your own lawn mowing company.

10. Ride Sharing

If you’re a safe driver with a decent car, you might have a future as a rideshare driver. While Lyft typically pays out each week (on Tuesdays), Uber allows drivers to opt in to Instant Pay — with up to five payments a day!

11. Delivery Driving

If you’d rather drive food than people, you’re in luck. Delivery drivers for services like Uber Eats, GrubHub, and DoorDash can all opt in to instant payouts. Getting paid instantly (as opposed to the services’ traditional payment timelines) may come with a fee, however.

Recommended: Careers That Pay Off Student Loans

12. Doing Online Surveys

You can make money while sitting on the couch listening to music, simply by taking surveys. Popular paying survey sites include Swagbucks, InboxDollars, and LifePoints. Each survey may take several days to pay out, and you’re likely to just earn a few dollars a day. Still, every bit counts, and you can eventually get deposits each day by making surveys a daily habit.

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.

13. Participating in a Focus Group

Online surveys are an easy way to make money from home, but their payouts are low. You might be able to make more by participating in focus groups. Studies usually pay $50 to $200, but some might pay more than $1,000.

Recommended: Great Paying Careers Without a Degree

14. Being a Virtual Assistant

As a virtual assistant, you support businesses, typically working remotely rather than on-premises. You can work for multiple companies that need help with basic tasks, like scheduling, data entry, travel arrangement, and bookkeeping. Some companies may have more specific tasks, like managing their social media. The more skills you can offer, the more likely you are to land clients.

Sites like Indeed, LinkedIn, and Upwork are helpful for landing virtual assistant jobs. It’s a good idea to have an up-to-date LinkedIn profile and resume showcasing relevant experience.

15. Tutoring

Teaching online or in person is an easy way to earn money every day if you have deep knowledge on a topic and a knack for making things clear to others. Students may be looking for tutors for standardized tests or learning a musical instrument. Sometimes parents might just want a tutor to help a child improve in a certain school subject.

If you have a background in multiple subjects and a website or profile showcasing relevant certifications, you could potentially get enough students to earn money each day.

Recommended: What Happens to Your 401(k) When You Leave Your Job?

16. Proofreading and Copy Editing

Having eagle eyes (and a degree in English) can qualify you to be a proofreader. Brushing up with well-known reference resources, like the Chicago Manual of Style or the Associated Press Stylebook, can help hone your skills.

You can find individual job postings online for one-off projects (like proofreading a novel) or recurring work with clients. Indeed, Fiverr, FlexJobs, and Upwork are good places to start. If you can get a few projects going, you may be able to get jobs that pay every day.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.00% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


17. Creating Content

If you are a strong writer, you might be able to find work as a freelance writer for news sites, blogs, or marketing clients. Having a portfolio that showcases existing work is usually the best way to get your foot in the door. Freelance writers are usually paid per word or per piece.

Another route to getting paid every day with your content: You can create your own personal blog and run ads on the site. You’ll earn money for pageviews, so getting traffic to your website is crucial. But don’t forget: There are also costs to run a blog.

Creating content means more than writing; it also means videos and podcasts. Many people make money off ads on their YouTube videos. And if you have enough followers on sites like Instagram or TikTok, brands may pay you to advertise their products.

Recommended: 39 Ways to Make Passive Income

18. Affiliate Marketing

Ads on your blog are a great way to make money off your writing, but you can also add in affiliate links to certain products that you review and recommend. If someone clicks on the link for a product you’re talking about and then buys that product, you can earn a commission.

Podcasters, vloggers, and social media influencers can also participate in affiliate marketing, often by giving fans a promo code. If you get traction with this, you could be getting paid daily.

Recommended: Jobs That Pay for Your Degree

19. Transcribing

Transcription jobs are an easy way to make money from home. If you have enough clients, you might be able to have money flowing in every day. Companies such as GoTranscript and Rev are helpful when you’re just starting out.

Tips for Finding Jobs That Pay Daily

Having a daily stream of income isn’t always easy. Here are some ways to achieve your goal of getting paid everyday:

•   Taking on multiple gigs: Wearing many hats means more opportunity for earning income. You might be a rideshare driver on weekends, take online surveys while binge watching Netflix in the evenings, transcribe during the workday, and write ad-supported blogs in your free time.

•   Staying organized: If you have multiple purchase orders, invoices, and clients to juggle, it’s a good idea to find an organizational method that works for you. Planners, spreadsheets, dry-erase boards, and sticky notes can all be effective ways to keep organized.

•   Persevering: You likely won’t immediately achieve a daily paycheck when starting your freelance lifestyle. Often, success means taking on whatever work you can, being proactive to find new gigs, and being willing to accept that you might not always get a paycheck at the end of each day — at least not at first!

Recommended: 25 Tax Deductions for Freelancers

The Takeaway

If you’re looking to get paid quickly, you have many options. Jobs that pay daily are often side hustles or freelance gigs by nature, but it’s possible to turn side hustles into full-time gigs that pay you every day. If you are willing to wear many hats and learn new skills, you may find great success working several jobs that pay you daily.

Have you launched one or more successful side hustles? Don’t let that hard work go to waste. Open a SoFi bank account. Our Checking and Savings account lets you budget, spend, and save in one convenient place, plus we offer a hyper competitive interest rate and no fees, which can help your money grow faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Is it better to be paid daily or biweekly?

Being paid daily means more immediate access to your funds, but it can sometimes be less predictable and involve smaller amounts of cash. If you prefer more predictable income for easier budgeting, you might prefer a biweekly paycheck.

Are daily paying jobs full-time?

Most daily paying jobs are a form of freelance or side hustle. However, many people are able to turn their freelance side gigs into full-time careers — for example as writers, photographers, marketers, and contractors.

Can I work multiple jobs that pay daily?

Many people with jobs that pay daily do work multiple gigs. Because some jobs may not actually pay every day, some workers will juggle multiple side hustles (like ridesharing, delivery services, and tutoring) to ensure a steady flow of paychecks.

Photo credit: iStock/SDI Productions

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.

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 4.00% 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 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SOBK0822032

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Jan
24
2023
21 Items You Can Recycle and Make Money

21 Items That You Can Recycle for Money

By | Budgeting & Goals, money | Comments Off on 21 Items That You Can Recycle for Money

Most of us are aware that diverting waste from landfills can be a go-green practice that’s good for the planet. But did you know that recycling everyday items — from metal cans to cooking oil — can also put some green in your wallet?

With a little time, effort, and know-how, you can recycle the following 21 items to generate some additional bucks. After all, one man’s trash is another man’s treasure. Read on to learn more.

Is Recycling Financially Worth It?

The practice of waste diversion can help households and businesses save money while helping to protect the planet. It can also be a satisfying way to make money from home (or mostly from home).

However, you may need to do the following:

•   Seek out a recycling center or collection point.

•   Prepare the items for recycling (washing, sorting) according to the center’s specifications.

•   Make a tax-deductible donation vs. receiving a cash payment.

Recycling can be a positive way to earn a bit of extra money during your off-hours from your full-time job. If you are a freelancer, you’ll need to determine whether the time spent is worth it, as it might take away from higher-paying hourly work.

Recommended: 39 Passive Income Ideas to Build Wealth

How Much Do You Get Per Item You Recycle?

Recycling can become a green way to earn money, but it can be a challenge to estimate how much you’ll make.

Redemption centers for clothes, glass bottles, or scrap metal pay varying amounts from state to state. For example, in New York State, you can get 5 cents for every returned aluminum can, while Michigan offers 10 cents per can.

You can do a little research to determine where you’ll get the most cash for what’s otherwise considered trash and which items yield the most money back.

Quick Money Tip:Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. An online bank account is more likely than brick-and-mortar to offer you the best rates.

21 Everyday Items That You Can Recycle for Money

Whether your goal is downsizing your life and decluttering, making additional dollars, or both, purging your household of unused items can lead to a cleaner environment and fuller piggy bank.

Wondering what you can recycle for money? Here are 21 ideas:

1. Cans

On the list of what to recycle for money, aluminum beverage cans are quite popular. They are light and easily compacted and can often be redeemed at your local supermarket for five or 10 cents a piece.

Beyond bagging up the recyclable cans in your home, you can collect them from your workplace, friends, and family members. Or you might find many after an event, such as a block party or community concert.

2. Glass Bottles

As with cans, you can collect around five to 10 cents for each glass bottle. Some recycling centers may require you to empty and rinse them before returning.

3. Plastic Bottles

Another item to recycle for money: plastic bottles, which are everywhere. Did you know that an estimated 2.5 million of them are being thrown away every hour in the United States? You can earn around five to 10 cents for every plastic bottle recycled, depending on its size.

4. Scrap Metal

Another item that can be recycled for money is scrap metal. It’s one of the more lucrative items to sell. At some scrap yards, you can get over $2 per pound for copper and 40 to 70 cents per pound for aluminum. To find it, look for local construction sites where workers might appreciate your hauling it away, and also check local community boards, Freecycle, Craigslist, and the like.

5. Cardboard

Most of us get a lot of home deliveries these days, resulting in numerous boxes waiting to be recycled. You can get cash for your cardboard, around $45 a ton.

A literal ton of boxes is, of course, a lot, and more than will fit in your garage. But you can research local places that take considerably less. There are websites, like BoxCycle, that will buy your cardboard and reuse it.

If you reach out to friends, family, offices, and restaurants, you can accumulate a big bundle to tie up and sell. You might also check any local college campuses after move-in day.

6. Junk Cars

If you want to cash in on your rusty pickup truck, scrap yards will pay for it, perhaps basing the price on the metal they can recycle from it. There are also a lot of companies that will buy your car regardless of its condition. Do an online search, and review the possibilities. You might find charities that you know and like (such as Habitat for Humanity) have programs in which they pick up your car and you then can take a tax credit.

Recommended: 25 Tax Deductions for Freelancers

7. Clothes

Perhaps it’s time to clean out your closet to make some cash. You can sell your gently used clothes for quick cash. Websites (such as Poshmark, thredUP, eBay, and Etsy), in-person consignment stores, and hybrid businesses such as The RealReal are just some of the options.

8. Cooking Oil

When wondering, “What can I recycle to make money?” bet you never considered the vegetable oil in your kitchen. Okay, this option is mainly for restaurants. But if you own an eatery, there are companies that will pay for rancid or used cooking oil. It can be reused as biofuel.

9. Hair

Hair can be a surprisingly lucrative thing to repurpose. Wig makers and hair extension companies may pay $500 to $2,000 dollars for long, uncolored human hair. Typically, you need at least 10 inches to sell. In addition to searching for wig and extension businesses online, you might even find buyers on CraigsList and Ebay.

10. Makeup Containers

Many beauty supply stores will take back your old lipstick, eyeshadows, and other makeup containers. They’ll recycle it properly and, in many cases, give you cash-back reward points towards a product purchase.

11. Gift Cards

Sometimes, a well-meaning person will give you a gift card you have no intention of using. If you have unused gift cards lying in a drawer, there are websites, like CardCash or ClipKard, that will buy them from you or provide a marketplace where you can sell them.

These websites will collect a fee, however — you won’t get what your card was worth. But better to collect some cash than have the card collect dust in a drawer.

Recommended: Can You Buy Gift Cards with a Credit Card? Everything You Need to Know

12. Electronics

Some electronics contain hazardous materials and can’t be disposed of in your regular trash or recycling. But that doesn’t mean that taking care of e-waste is a losing proposition. Certain companies will offer money for your old electronics — computers, rechargeable batteries, and calculators, to name a few. Apple may let you trade in a laptop, tablet, or other devices for a credit, or recycle it for free.

Just make sure the company isn’t greenwashing. Here’s what greenwashing means: It’s a practice whereby companies profess to be environmentally friendly with their e-waste, but actually aren’t. Do a bit of research before you hand off your electronics.

13. Cell Phones

Need more inspiration for things you can recycle for money? There are financial benefits to not just tossing your old phone. Many cell phone providers like AT&T and Verizon will give you a gift card or vouchers for a phone you’re no longer using. These can be used toward purchasing a new product.

Recommended: Tips for Overcoming Bad Financial Decisions

14. Car Batteries

Has your car battery stopped working? This is another item you can recycle to make money. There are auto part stores and junk yards that will give you cash for your car battery — anywhere from $7 to $30 dollars. Some auto part retailers will give a store credit toward future purchases.

15. Ink Cartridges

There are many office supply stores, including Staples and Office Depot, that will recycle your used ink and toner cartridges and offer cash-back rewards.

There may be limits on how many ink cartridges you can bring back per month and certain spending requirements in order to qualify for the rewards.

16. Wine Corks

Do you love drinking wine? If so, don’t toss the corks when you open a bottle. Some craft enthusiasts, manufacturers, and other businesses are willing to buy popped wine corks. Artistic types can turn them into anything from picture frames to wall art and beyond. By listing yours on sites like Ebay and Craigslist, you can get about 5 cents per cork.

Recommended: Different Ways to Earn More Interest on Your Money

17. Holiday Lights

Those strands of holiday lights that once brought you cheer can now bring you cash. You can box up and ship your old, broken lights to companies such as Holiday LEDS and Christmas Light Source. They’ll typically give you up to 10% or 15% off your next purchase.

18. Toys

You can earn money selling gently used toys to consignment shops, second-hand shops, and online. You’ll give your budget a boost and bring joy to another child.

19. Bed Sheets

Here’s another way to recycle and earn some cash: If you recently upgraded your mattress from, say, a full to a king, you can sell your used bed sheets, as well as your towels, curtains, and other fabrics, on sites such as Facebook Marketplace and Ebay.

Recommended: 37 Places to Sell Your Stuff

20. Tennis Balls

Around 125 million tennis balls get tossed out as garbage in the U.S. every year, but you might be able to make some money on them. One savvy person packaged gently used tennis balls in a four-pack muffin container and wound up earning thousands of dollars for a local charity. See if you can try your own version of her clever idea.

21. Trash

While this way to recycle and earn cash may not directly improve your bank account, it’s a good one to know about. Small businesses, schools, and nonprofits with a lot of garbage can turn it into a fundraising opportunity. Companies such as TerraCycle will donate money to your cause for every piece of trash, often including hard-to-recycle items. There are paid and sponsored opportunities, and your school could earn $50 for every five shipments you send them.

Recommended: 5 Ways to Achieve Financial Security

The Takeaway

With a little research and effort, you can turn your used and unwanted items into extra money. Recycling items can be a big win for your pocketbook and the planet. Whether you focus on collecting cans, unwanted clothes, cardboard, or corks, you can wind up with some extra cash while doing good.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

How many items are recycled a year?

America recycles around 69.1 million tons of material a year. Paper makes up about 66.5% of recycled materials, followed by metals (12.6%), wood (4.5%), plastics (4.5%), and glass (4.4%).

What can you recycle for money?

There are lots of items you can recycle for money: cans, metal, old cars, used clothing, electronics, and even human hair and cooking oil.

What are the non-financial benefits of recycling?

Even if you don’t get paid, recycling reduces the amount of waste sent to a landfill, prevents pollution, and conserves energy and natural resources.

Photo credit: iStock/Eric Panades Bosch

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.

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 4.00% 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 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SOBK1022007

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Jan
24
2023
11 Ways to Make Money While Driving

11 Ways to Make Money While You Drive

By | Financial Independence, Life & Career, money | Comments Off on 11 Ways to Make Money While You Drive

If you’re like many people and are happy when driving, you may be able to use that everyday skill to make money. If you have access to a reliable vehicle and a valid license, there are numerous ways to earn money while driving, whether through ridesharing, delivering food, or being a tour guide.

Not only is this an easy way to bring in some cash, it can be a very flexible gig. You can set your own hours or get behind the wheel when your schedule allows.

Want to learn more about all the ways you can get paid for driving? Then read on, and get ready to start your engine. Here are 11 tips on how to make money while driving.

What to Consider Before Using Your Car to Make Money

Before you set out on your new road to passive income, it’s wise to make sure that driving to make money is right for you. There are risks and complications when using your personal vehicle that may outweigh the potential side hustle benefits you would reap.

Consider the following before embarking on using your car to make money:

•   Wear & tear on your car. Using your car to earn money while you drive can rack up a lot of miles. An uptick in use will put stress on your vehicle, leading to its overall depreciation and potentially more trips to the mechanic.

•   Age of your vehicle. The age of your car may impact your ability to earn money. For example, some rideshare companies require newer cars.

•   Car insurance. You will need proper insurance to cover yourself and possibly a passenger. There are usually specific insurance requirements to be eligible for ridesharing and other driving gigs, so scrutinize your policy to see how car insurance works for you in this situation.

•   Taxes. If you earn more than $400 while driving your car to make money, the IRS considers you an independent contractor. Along with a Form 1040, you’ll have to fill out a Schedule C form, or a Schedule C-EZ if you earn less than $5,000 a year. You’ll also be subject to the self-employment tax.

•   Cost of doing business. You’ll be responsible for gas, vehicle maintenance, and repairs. But as a self-employed worker, you’ll be able to write off those expenses and others, such as mileage, on your tax return.

Bottom line: Make sure you know what you and your car are getting into. You don’t want a scenario where you end up wasting money and your valuable time instead of earning more income.

Quick Money Tip:Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. An online bank account is more likely than brick-and-mortar to offer you the best rates.

11 Ways to Earn Money by Driving

How can I make money driving my own car?

The answer depends on where you live, the kind of car you own, other skills you may have, and your personal preferences. But whether you own your car or lease it, the opportunities are out there if you’re willing to grab them.

Here are 11 suggestions on how to make money by driving:

1. Ridesharing

If you’ve ever hopped in an Uber, then you likely understand what ridesharing is all about. A driver uses their car to pick up passengers on demand. This has become a popular way to earn money while driving in recent years. You can drive as suits your schedule, and rideshare companies such as Uber and Lyft strive to make the driver sign-up process as streamlined as possible.

If you have a good driving record, a flexible schedule, and newer 4-door vehicle, working for a rideshare app can potentially be a great source of extra income, especially if you’re willing to give up your Friday and Saturday nights to earn prime-hour cash. Your specific earnings will depend on how often you drive, when, and for how long, as well as where you are located. In New York City, a driver might make about $45,000 annually for full-time hours; $20 or more being the hourly rate.

Recommended: Leasing vs. Buying a Car: What’s Right for You?

2. Food Delivery Service

Another way you can be driving to make money: by delivering anything from a smoothie to Pad Thai and back again. When you sign up with food delivery apps such as Uber Eats, Seamless, and Grubhub, you’ll get notifications to pick up food from participating restaurants and drive them to hungry patrons. For every delivery, you’ll get paid.

DoorDash says their national average pay is $25 per hour, and Dashers (as they call them) also keep any tips.

3. Delivering Groceries

If you want to earn money driving without the smell of takeout in your car, consider delivering groceries instead of prepared meals. Apps such as Instacart rely on independent drivers to shop and deliver groceries to people’s homes.

Grocery deliverers can make between $10 and $25 an hour, depending on how busy the local area where you live is. Be sure and check for any requirements. For example, to work for Instacart, you need to be age 18 or older and able to lift at least 50 pounds.

4. Delivering Goods to Others

Food isn’t the only thing you can deliver to earn money while driving. There’s a whole world of goods out there that people want delivered. Apps such as Shipt work with drug stores and shops like Target and Bed,Bath & Beyond to get people what they need.

Looking for another idea? Amazon Flex allows independent drivers to deliver packages on their own schedules for an hourly wage. They do require you to have a mid-size, 4-door sedan or larger.

Recommended: 15 Low-Cost Side Hustles

5. Moving Large Items for Others

If you own a van, SUV or truck and can do some heavy lifting, you could use your vehicle and your strength to make big bucks by helping move items.

Maybe a recent grad can finally afford to move out from their parents’ place, or someone has just switched houses to be in a certain nearby school district. People like these often need help moving oversized items such as furniture or multiple heavy boxes a short distance.

You can check out websites like Taskrabbit or Craigslist to see if someone needs moving assistance, or register with an online service such as Dolly or GoShare that will connect you with clients.

6. Shuttling Children

With the proper qualifications, you can drive to make money by transporting children. Many working parents need help getting their kids to and from school or to their after-school activities. You can search Care.com or other childcare employment sites for part-time gigs, driving children where they need to be.

Companies such as HopSkipDrive work with school districts and independent drivers to solve child transportation issues. Most of these types of jobs require around five years of experience working with kids, in-person interviews, and background checks.

Recommended: 8 Great Flexible Part-time Jobs in 2022 for Gen Z and Millennials

7. Transporting Elderly People

Some seniors need help getting around town but prefer not to use rideshare services. Check with elder-care services in your community. They may need drivers to help get their clients to a store, an activity, or a doctor’s appointment.

You will likely need similar vetting to that mentioned for chauffeuring children.

8. Driving Tours

If you have the gift of gab and knowledge of your area, being a tour guide could be a fun way to make money while driving. You could register with online companies such as ToursByLocals and create a private driver profile to promote your insider savvy. This could involve showing tourists local highlights so they can take some photos for social media, or sharing hidden treasures that they might not otherwise learn about. It’s a win-win when you use your hometown smarts to boost your financial security.

9. Putting Advertising on Your Car

Here’s a passive income idea that works, though it’s not for everyone: Consider turning your car into a mobile billboard. Companies such as Wrapify and Carvertise will match you with a local advertising campaign and supply you with temporary “wraps” for your car that promote a product. Depending on where you drive and the size of your car, you could make between $50 and $300 a month.

Typically, these businesses want to wrap cars that are on the road and visible for much of the time. If you are doing deliveries by car, this might be a way to bring in more cash.

10. Renting Out Your Car

You can make money off your car without even driving it. Companies such as Turo and Getaround allow you to rent out your vehicle à la Airbnb. They will vet borrowers, cover insurance, and provide you with a device that allows renters to unlock your car without a key.

If you don’t want to do ridesharing, let others do it for you. Companies like HyreCar arrange to lend your car to other vetted drivers who want to earn money for Lyft or Uber. But to really make some dough, you would have to be willing to part with your vehicle often.

11. Being a Safe Driver

Here’s another way that driving can bring in some cash: If you are a safe driver, you may be eligible for a bit of money. For example, Allstate will reward you with a Safe Driving Bonus every six months if you don’t get in a fender-bender.

The State Farm insurance app will track your car to determine if you are driving safely — it monitors things like staying within the speed limit and coming to a complete stop versus a rolling one. You could get up to a 30% discount on your auto insurance.

Recommended: Guide to Practicing Financial Self-Care

The Takeaway

If you have a vehicle, you can make extra money. Signing up with the right apps and online services can get your car (and your new income stream) up and running. Whether it’s doing deliveries, transporting a sofa, or helping a person get to their destination, you can turn your vehicle (plus your driving skills) into a profit-mobile.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

What are the pros of making money while driving?

By using your car to make money, you may be able to set your own hours and be your own boss. It’s also a pursuit that doesn’t require much specialized training. In many cases, you are using a skill you already have.

What are the cons of making money while driving?

Using your car to make money can place a lot of stress and miles on your vehicle. Gas and maintenance prices can really add up. Plus some pursuits, such as helping people move furniture, can be physically challenging.

Is making money with your car better as a side hustle?

Earnings from most car-driving gigs can be sporadic and unpredictable, unless you live in a major city with consistent high demand. For this reason, it may be best to have another form of steady income and drive for cash on the side.

How much can you potentially earn with your car?

How much you can make driving your car depends on the type of job and where you live. A New York City Uber driver can make around $25.91 per ride, while an Uber driver in Utah makes an average of $20 per ride.

Photo credit: iStock/Hispanolistic

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.

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 4.00% 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 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Jan
23
2023
How Much Electrician School Costs and How to Pay for It

Paying for Electrician School and How Much It Costs

By | Building Your Career, Life & Career, student_loan | Comments Off on Paying for Electrician School and How Much It Costs

Becoming an electrician can lead to a fulfilling, rewarding, and high-paying career. However, electrician school costs up to $20,000, depending on the program.

Paying tuition costs up front may not be possible. To help manage this hefty electrician trade school price tag, there are a few different program and financing options to consider.

Key Points

•   Electrician school costs can range from $1,000 to $20,000, depending on the program and institution.

•   Typical programs at community colleges prepare students for apprenticeships and careers as electricians, usually taking one to two years to complete.

•   Courses in electrician school cover mathematics, electrical code standards, electrical theory, and practical skills like wiring and safety.

•   Hands-on practical experience is a significant component of the training, complementing classroom instruction.

•   Financial aid options for electrician school include federal grants, scholarships, work-study, and federal student loans, depending on the school’s eligibility.

How Much Does Electrician School Typically Cost?

A profession as an electrician is among the list of high-paying, no-degree jobs that can be a lucrative career. If you decide to enroll in electrician trade school to help you along your path to becoming an electrician, it can cost anywhere from $1,000 to $20,000 to complete the program. This might depend on the program you enroll in and the school you attend.

How Long Does Electrician School Take?

Community college electrician school programs prepare students for apprenticeship and a future career as an electrician. Typically, it takes one to two years to complete electrician trade school.

What Are Classes Like at Electrician School?

Although each program is different, generally, electrical school guides you through relevant mathematics, standardized electrical code, electrical theory, and fundamental techniques regarding wiring, safety, conduit bending, and other skills.

In addition to in-class knowledge, electrician school often includes hands-on practical application.

Can You Make Money As an Electrician While In School?

It might be challenging to secure paid electrician work, if you’re in the middle of electrician school. However, if you’ve been accepted into an electrical apprenticeship program, and are attending electrical school on the side, the apprenticeship often involves paid, hands-on learning opportunities and possibly health benefits.

Pros and Cons of Electrician School

If you’re unsure whether enrolling in electrician school is worth it, weigh the advantages and disadvantages of going this route.

Pros

 Cons
Might be a fast way to get in the door toward an electrical career State might still require an apprenticeship program
Sets you apart when applying for apprenticeship Potentially high-cost and might incur student debt
Might count toward required apprenticeship hours Not an “earn as you learn” option

Financing Electrician School

Although you can choose to pay entirely out of pocket for electrician trade school costs, it’s not always feasible. Fortunately, there are a handful of ways to get your trade education financed — some of which must be repaid while others don’t need to be paid back.

Financial Aid

Future electricians attending an eligible trade school may be able to qualify for federal student aid including grants, scholarships, work-study, or federal student loans. Not all trade or vocational schools qualify for federal aid.

To find out if the program you are considering is eligible, take a look at the Federal School Code Search administered by the U.S. Department of Education. Another option is to check in with the financial aid office at the school.

To apply for federal financial aid, students will need to fill out the Free Application for Federal Student Aid (FAFSA®).

Grants

Federal grants, like the Pell Grant, are available to students who are pursuing a bachelor’s degree and demonstrate financial need. Pell Grants typically don’t need to be paid back, and offer awards up to $6,895 for the 2022-23 academic year.

Recommended: FAFSA vs. Pell Grants

Scholarships

Scholarships are another type of gift aid that doesn’t need to be repaid. They can be found through your state, local government, school, and nonprofit institutions. For example, the American Public Power Association offers lineworker and technical education scholarship awards of $2,000 to chosen recipients.

Employer Sponsoring

If you’re already employed, and want to enroll in an electrician school to enhance your job-related skills, ask your employer if it’s willing to sponsor your electrician school cost. Some companies offer this benefit as long as you successfully complete the program and agree to apply your training within the company for a certain number of years.

Federal Student Loans

Through the FAFSA, you can see if you’re eligible for subsidized or unsubsidized student loans. This type of aid must be paid back, plus interest at a fixed rate.

Private Student Loans

If the above financing sources aren’t an option and you need funds, private student loans may help pay for electrician trade school costs. Private student loans are offered by banks, credit unions, trade schools, and other financial institutions. Be aware that they typically don’t offer the same level of protections as federal student loans, such as extended forbearance or deferment options if you face financial hardship.

Recommended: Guide to Private Student Loans

How to Select an Electrician Training Program

Deciding how you want to pursue an electrician training program highly depends on the amount of time you’re willing to commit, and your preferred learning style. Below is an overview of the program options available.

Apprenticeship

Learning the electrical trade is commonly done through apprenticeship. This option is typically a four-year commitment with a mix of classroom and field training. This option lets you learn the hands-on skills and knowledge needed to become an electrician while earning a wage.

Certificate

Certification can take about 1 to 2 years to complete. You can enroll in an electrician certification program through a local community college or trade school. In some states, like California, an electrical certification might be required to perform work for contractors with a certain license class.

Associate Degree

An associates degree can offer more comprehensive education, though it’s not typically a requirement to be an electrician. Associate degrees might be offered through a trade school or community college, and can help boost applications for apprenticeship programs.

Bachelor’s Degree

If you’d like to pursue a bachelor’s degree as an electrician in a highly academic setting, a four-year program might make sense for you. Students typically enroll in programs, like electrical technology and learn about regulation, electrical theory, and more.

This option provides the greatest flexibility in terms of transferable courses for related industries, like electrical and/or systems engineering.

Military Training

Another way to obtain electrical school training is through the U.S. Armed Forces. By enlisting as a service member, you’ll first receive basic military training, and afterward, can receive electrical job training if you meet program requirements.

For example, the U.S. Army offers interior electrician job training for soldiers who complete 10 weeks of basic training, and seven weeks of Advanced Individual Training, and earn an ASVAB score of 93 in Electronics.

Electrician Job and Income Prospects

According to the U.S. Bureau of Labor Statistics, the job outlook for electricians from 2021-2031 is expected to grow at an average pace at 7% growth.

PayScale.com estimates that an electrician journeyman earns an average base salary of $61,886 per year, while a master electrician earns a higher salary at $73,334 per year. Salaries, however, depend on a variety of factors, such as skill certifications, years of experience, and location.

Alternatives to Becoming an Electrician

If after learning how much electrician trade school costs you feel it’s not the right profession for you, pursuing another trade or performing a hands-on field job might be of interest. Some alternative jobs include being a:

•   Construction laborer

•   Automotive service technician

•   Equipment operator

•   HVAC installer

•   Home inspector

•   Project manager

The Takeaway

Electrician school costs can range widely, from $1,000 to $20,000, depending on factors like the program, location, and more. Paying for electrician school costs can be an incredible investment for your career advancement and to enhance your technical knowledge, but it’s also a financial commitment.

If you’ve exhausted your financing options, and find that you need additional aid, a private student loan from SoFi might help (though SoFi’s student loans aren’t available for those attending trade school or community college). Undergraduate student loans may be available for those pursuing a four-year electrician degree.

Qualifying borrowers can secure competitive private student loan rates and SoFi loans have zero fees, and up to the total cost of your school’s certified cost of attendance. Plus, it only takes three minutes to check your rate online.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

How long does electrician school take?

An electrician school program can take about four years to complete for an apprentice to acquire the training necessary to become a state-licensed Journeyman electrician who’s able to work unsupervised. However, this time frame varies, depending on the training path you decide to take and the licensing requirements of your state.

How much do the highest paid electricians make?

Master electricians are the highest level in the field and command an average base salary of $82,000 per year, according to PayScale data. Where you’re located and your years of experience impacts your earning potential.

What are the highest paid trade jobs in the U.S.?

A profession as an electrician makes up the top five highest-paid trade jobs in the U.S., along with licensed practical nurses, HVAC technicians, home inspectors, and plumbers.

Photo credit: iStock/Davizro

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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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