money Archives | Page 123 of 167

Sep

2023

Should You Sign a Cohabitation Agreement With Your Partner?

By Janet Siroto | Budgeting & Goals, Life & Career, money | Comments Off

Do you live with your romantic partner but aren’t hitched? Or did you and your significant other just decide to move in together? If so, it could be worth considering whether you’d like to both sign what is known as a cohabitation agreement.

Of course, sharing a household can bring many benefits. But there are also complicated situations that can emerge and some financial and legal risks.

A cohabitation agreement is a mutually agreed-upon document that helps protect you legally and make sure that both members of the couple are aligned on key aspects of living together. It also typically covers what would happen if you two decided to split up.

Here, you’ll learn the definition of a cohabitation agreement, what it covers, and key considerations when you and a partner decide to share a home.

What Is a Cohabitation Agreement?

Also known as a living together agreement, non-marital contract, or “no-nup,” a cohabitation agreement is a legally binding contract signed by two people who live together or are planning to move into the same home.

Like a prenup or postnup agreement, a cohabitation agreement is designed to address the variety of personal and financial issues you and your partner may face in the event of an emergency or a breakup, such as who will retain ownership of property acquired before the relationship started and who will keep property purchased together.

This formal agreement not only protects assets that you bring into the relationship, but can also be a way to ensure clarity during your relationship and help you and your partner start talking about money.

Your cohabitation agreement might, for example, detail how living expenses will be divided or whether your money will be kept separate, fully combined, or partially combined.

A cohabitation agreement can also include health care directives and address issues involving your children or children from previous relationships.

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Who Should Get a Cohabitation Agreement?

People who are older, and therefore tend to have more assets and more complex financial lives, may be more likely to benefit from the protection provided by a cohabitation agreement than those who are younger and just starting out.

However, any couple can benefit from a cohabitation agreement because your lives automatically become financially intertwined when you move in together.

When you live with someone, you will likely both be responsible for paying the rent or mortgage (and related expenses) and for paying any bills, such as utility bills. And, both of your names may be on the lease or the mortgage.

Plus, you’ll both be counting on this as a place to live. You also may join other aspects of your lives, such as buying furniture together, getting a pet together, or having children together.

A cohabitation agreement can spell out how you will share responsibilities during the time you are living together. It can also help you in the event that you decide to part ways and need to determine who gets what. It can be easier to discuss and agree on these issues when you’re in love than during a potentially difficult separation.

(If you are unmarried and buying a property together, that will likely require a different agreement.)

How Do I Get A Cohabitation Agreement?

Because cohabitation agreements are legal contracts, it can be a good idea for each partner to get an attorney to help negotiate and draft the agreement. Getting legal help ensures that the contract will be enforceable and that each party knows his or her rights.

If you’ve already discussed and agreed on most of the parameters, hiring a lawyer to draft the document shouldn’t be all that costly (and can save you a great deal of money if a dispute arises down the line).

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If you’d prefer not to hire a lawyer, you can find free templates for cohabitation agreements online. You can also write your own contract, but you may want to keep in mind that this may make it less likely the agreement would be legally enforceable. The contract can still be useful, however, if you’re both willing to abide by it.

Regardless of how you choose to create your agreement, here are some things you may want to consider including in your cohabitation agreement:

• Whether one or both names will be on the lease.

• How rent will be divided.

• Whether owned property will have both names on the deed and who will be responsible for paying the mortgage.

• Who will pay bills, utilities, insurance, and other household expenses.

• Whether you will keep finances completely separate or create a joint account.

• How shared purchases, such as furniture, will be made.

• Who will remain in the home in the event of a breakup and how the other partner would be compensated.

• What property is considered separate and what property is considered joint (say anything from furniture to a joint brokerage account) and how will the latter be divided in the event of a breakup.

• Who will assume responsibility for any pets if a breakup occurs.

• Who is responsible for managing or paying off debts incurred by the couple during cohabitation.

• Who is responsible for debts incurred prior to cohabitation.

• Whether a higher-earning partner will be responsible for paying any support to the other partner after a breakup.

• Whether or not the agreement will remain in effect if you get married.

• What happens to shared property if either party passes away.

If you have children and/or are planning on having children together while cohabitating but not married, there may be additional issues you will want to address in your agreement. In this case, getting legal advice can be a wise idea due to the added complexity of your situation.

Once the agreement is written, each partner will need to sign it and keep a signed copy for themselves. It can also be a good idea to have your signatures notarized. While notarization won’t guarantee that a court will find your agreement legal, it will make it easier to prove that both of you signed and agreed to it if you ever have to go to court.

The Takeaway

When you move in with a romantic partner, you will likely be sharing more than a place to live but also expenses and other financial interests.

A cohabitation (or living together) agreement protects the assets you acquired before living together and also specifies how assets and debt acquired during cohabitation will be shared.

A cohabitation agreement can protect your rights and also help you and your partner communicate about big issues, such as how you will divide up the rent and other household expenses and purchases, and whether you will keep your finances separate or open up a joint account.

If you decide to merge at least some of your money, you may want to consider opening a new bank account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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.

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.

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.

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.

This article is not intended to be legal advice. Please consult an attorney for advice.

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Sep

2023

Reasons to Balance Your Bank Account Every Month

By Kim Franke-Folstad | Budgeting & Goals, Financial Independence, money | Comments Off

You may wonder if anyone balances their bank account manually anymore given how many aspects of personal finances have become electronic.

Today, paychecks are deposited digitally, automatic bill pay whisks money from one account to another, and smartphones enable check deposits anytime, from anywhere.

Nevertheless, tracking withdrawals and deposits via a checkbook ledger and tallying up amounts can have value.

Monitoring your checking account in this way can help you identify errors or fraud. It can reveal charges and fees you may not have known you were being assessed. It can also put you in better touch with your money and your spending. All those things are definitely positives.

This guide will help you learn the step-by-steps for balancing your checkbook as well as its benefits.

What’s The Purpose Of Balancing Your Checking Account?

Back in the not-so-distant past, most people who had a bank account received a paper statement once a month in the mail.

On the first few pages, the statement listed the past month’s transactions — checks that had cleared, deposits that had posted, ATM and other withdrawals — along with the account balance as of the day the statement was printed.

On the back page, there was a reconciliation worksheet. There, account holders could add or subtract anything that was missing on the statement (deposits or withdrawals that hadn’t yet posted) to be sure the balance they thought they had actually matched the one the bank was reporting.

While some considered the process of balancing or monitoring a bank account tedious and frustrating, others diligently did the math every month.

Times have changed. Though financial institutions are legally required to mail those old-school statements to customers who want them, most have been touting the benefits of going paperless for years. Plus, customers now have 24/7 access to their account information using a website or an app.

Many banks also will provide a monthly online statement with the same data as the old paper statement, usually in the same or a similar format. They’ll even send a notification when the statement is ready.

But since this requires taking the time to log on, review the numbers, check for errors, and maybe do some math, many people procrastinate or simply skip regular account reviews. This can be especially true if they have multiple bank accounts.

But monitoring and balancing a bank account still plays an important role in responsible money management.

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People – and Institutions – Sometimes Make Mistakes

Even if you are a fastidious record keeper, logging every cash withdrawal, bill payment, and deposit into a paper ledger, spreadsheet, or app, we all make mistakes from time to time.

Maybe an ATM receipt went missing or bill payment was forgotten or recorded incorrectly. By reconciling an account regularly, these little mistakes can be quickly fixed. This will allow you to have an accurate picture of your account, and help avoid overdraft charges and/or bounced checks.

Banks also can make errors. Duplicate charges are rare, but they can occur. Automatic payments may occasionally go awry. And it’s possible for deposits to land in the wrong account.

Even though the mistake might be the bank’s fault (because of human or technical error), it’s up to the account holder to bring it to someone’s attention — either by calling or writing to the financial institution.

In most cases, the Electronic Fund Transfer Act (EFTA) gives an account holder 60 days after receiving the bank statement with evidence of an error to challenge a problem with a direct deposit, ATM use, phone transfer, and other transactions.

But the time frame for reporting other bank errors may vary — rules may differ from bank to bank. Consumer advocates advise making contact as soon as possible upon spotting a mistake.

Reviewing an account regularly can help limit a consumer’s liability.

It also can be a good idea to check on vendor charges. Reviewing debit card, pay-by-phone, and even recurring automatic charges on a bank statement every month can help catch small errors before they become bigger problems.

A bank statement can provide the official documentation needed to dispute the charge with the vendor or financial institution.

Scammers Hope People Aren’t Paying Attention

Every time a person makes an ATM withdrawal, pays for gas with a debit card, or places an order online, there’s a chance someone is out there, waiting to steal their identity and their money.

Scammers sometimes start by making small purchases and, if no one seems to notice, bump up the spending to a more serious level.

Consumers who check their accounts regularly may have a better chance of spotting fraud faster, limiting their own liability and helping the bank deal with potential problems.

Reconciling Regularly Can Help Manage Automatic Payments

Automatic bill payments are convenient and can help an account holder avoid late payments (and late fees).

But the downside is that those bills might not get the same attention as those we have to make some effort to pay ourselves every month by check, phone or online. Ready or not, the money comes out of the bank account as scheduled, and if the account is low on the payment date, it can lead to bounced checks and overdraft fees.

Account holders who check their statements regularly may find they’re more aware of and prepared for the amount and timing of their autopay charges. They also might find they’re ready to dump or reduce the cost of some of the services and subscriptions they’ve been paying for every month or year.

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

Reviews May Offer Insights into Spending and Saving Behaviors

Reviewing their bank statements may help those who need or want to take more control of their spending to see exactly where their money is going every day, week, or month.

Regularly scheduled reconciliations enable people to see exactly how much they’re spending every week on nonessentials, such as in-app purchases or happy hours. This kind of information can help people budget more effectively and help bring them closer to their savings goals, such as a downpayment on a home.

Identifying Unnecessary Fees Can Save Money

Bank fees can eat away at a bank balance so slowly, an account holder might not even notice. The average monthly fee for a checking account now runs around $12. An out-of-network ATM withdrawal fee currently averages more than $4. Overdraft fees are typically $35 a pop.

Those charges can quickly add up — but if it’s all laid out there in black and white on a statement, it might be harder to ignore how much money is slipping away every month. (It also might provide more motivation to find a way to avoid those fees in the future.)

How to Balance Your Checking Account

Of course, account holders can always check on their available balance by using an ATM, or by logging into their account online or with an app. But that’s just a snapshot — and the picture could change in just a few minutes, depending on what transactions hit the account throughout the day.

By reconciling your records with your monthly online or paper statements on a regular basis, account holders can dig into the details of where their money is going, and be confident they aren’t missing any mistakes or paying fees or bills they aren’t aware of.

• Start by gathering the receipts and records for any spending and deposits for the period chosen. (If you use a check register, grab that. If you write your purchases down in a notebook or use software or a spreadsheet, use those. If you collect ATM receipts, pull that pile together, too.)

• Match those records with the bank statement. If you missed something the bank has listed and you’re sure it’s accurate (an ATM fee, for example, or a birthday check you deposited and forgot about), add it to your records.

• Take the statement balance and subtract payments that are in your records but haven’t yet cleared the bank, and add in any deposits that haven’t yet been posted.

• The amount you come up with should match with the balance you have in your register/notes/spreadsheet. If it doesn’t, you may have to do a closer check to see what you might have missed or if your math is a little off.

• If you’re confident that the bank made a mistake or you notice anything else askew, contact the bank by phone, email, messaging, or in-person right away to let them know about the inconsistency.

The Takeaway

With so many other tech tools available to help track saving and spending, reconciling a bank statement every month may seem unnecessary or even archaic.

But the process can serve as an important backup and safeguard, especially for those who have multiple accounts, or who have turned over certain financial tasks (deposits, withdrawals, bill-paying, and budgeting) to automation and apps. It can also help you avoid unnecessary fees and spot mistakes or fraud.

It might even point the way toward better budgeting and money management, and help you reach your short- and long-term financial goals sooner.

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Sep

2023

How Do Banks Make Money?

By Krystal Etienne | Budgeting & Goals, money | Comments Off

If you wonder how banks make money, here’s the answer: They do so by charging money for providing services as well as financial products. Among the ways they profit are by collecting interest on loans and assessing fees for banking services.

Here, you’ll learn more about how banks make money, the different kinds of banks that offer services, and the kinds of fees you may pay as a customer. By knowing these details, you’ll be better able to choose the right financial institution for you and probably hold onto more of your cash.

What Exactly is a Bank?

In general, a bank is a financial institution licensed to receive deposits and make loans. Some banks also offer financial services, such as safe deposit boxes and currency exchange.

There are several different types of banks, and though they all generally provide similar services, each type has a few unique traits that can make it especially useful for certain types of customers and goals. Here are some of the most common types of banks.

Retail Banks

Traditional banks that serve the general public, such as Wells Fargo, Bank of America, and Chase, are retail banks. Their focus is to help people manage their personal wealth.

Retail banks are generally easily accessible, often having hundreds of branches across the country and they provide the most basic of financial services for regular use.

Commercial or Corporate Banks

These banks specialize in providing financial support and assistance to small and large-scale businesses. Many also have retail divisions as well.

Where a standard retail bank might only be able to provide small personal loans, commercial banks often have the capacity to provide larger and more substantial loans, as well as other services, to help support new and expanding business ventures.

Online Banks

These are institutions that provide financial services just like any other bank, except they do not maintain any actual storefronts. To apply for an account with an online bank, such as Ally, SoFi, or Synchrony, applications must be submitted online and the entire banking experience is primarily conducted remotely via an internet browser or app.

Because online banks generally don’t have the expenses that come with maintaining a storefront, they can often offer higher interest rates and lower fees than many brick-and-mortar banks.

However, because they don’t have storefronts, you typically can’t make cash deposits.

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

Central Banks

In many countries, banks are regulated by the national government or central bank. In the U.S., the Federal Reserve System is the central bank of the U.S. It consists of 12 Federal Reserve banks that stretch across the country.

These central banks are responsible for implementing monetary policy, maintaining the stability of the financial system, controlling inflation, and providing financial services to banks and credit unions. The Federal Reserve banks are essentially banks for other banks, as well as the government.

Investment Banks

Morgan Stanley and Goldman Sachs are examples of investment banks. These banks specialize in managing some of the largest and most complex types of commercial transactions, such as merger and acquisition activity, initial public offerings, or financing large infrastructure projects like building bridges. Investment bankers often work on deals that involve raising capital and acquisitions.

How do Banks Make Their Profits?

With the wide variety of financial products and services that banks offer, they create many opportunities for revenue. Those revenue streams generally fall into one of three categories:

Interest

One of the primary sources of income for banks and financial institutions comes from interest collected on the various loans that they offer.

Banks use the money from their clients’ checking and saving accounts to offer loan services. They then charge interest on these loans (based on the credit history of the borrower and the current federal funds rate). Banks then profit from the net interest margin. That’s the difference between the higher interest income charged for their loans and the lower interest paid out to clients on their bank accounts.

Interchange Fees

When people use their bank-issued credit and debit cards at a store, that store typically pays a processing fee, known as an interchange fee.

These fees are paid by the merchant’s bank to the consumer’s bank for processing a card payment. This fee is to help ensure security, payment, fraud protection and a speedy transfer of funds, and is typically a small flat fee plus a percentage of the total purchase.

Interchange fees help explain why some establishments maintain minimum purchase amounts for credit or debit card purchases.

Banking Fees

Banks typically bring in a significant amount of their money by charging customers fees to use their products and services. Banks may charge fees to create and maintain a bank account, as well as to execute a transaction. They may be recurring or one-time only charges.

All banks should be upfront about all of their fees and disclose them somewhere accessible to their customers. You can often find a bank’s fee schedule online or in the documents you received when you opened your account.

It can be a good idea to learn about the types of fees that your bank charges in order to avoid or minimize fees and also catch any errors. If fees seem unreasonably high, you might also decide to switch to a different bank or financial institution that charges less.

Some of the more common bank fees include:

Service fee: A monthly fee charged for keeping an account open.

Account maintenance fee: A monthly fee charged for managing an account.

Withdrawal limit fee: Charged when a customer exceeds the maximum number of monthly withdrawals allowed on a savings account.

ATM fee: Charged when withdrawing funds from an ATM terminal outside of your bank’s network.

Card replacement fee: Charged when a lost or stolen debit or credit card is reissued.

Overdraft fee: Applied when a customer’s bank balance falls below zero. Interest can also accrue on the overdrawn amount, as the bank may see this as a short-term loan.

Non-sufficient funds (NSF) fee: Charged when a customer makes a transaction but doesn’t have enough money in their account to cover it. The transaction “returns” or “bounces,” and the bank charges the customer an NSF fee.

International transaction fee: Charged when making a debit card purchase in a foreign currency or withdrawing foreign currency from an ATM.

Cashier’s check fee: A fee for purchasing an official check from your bank.

Stop payment fee: Applied when requesting that a bank stop payment on a pre-written check from your account.

Wire transfer fee: Charged for electronically transferring funds from one bank to another.
Paper statement fee: A fee for providing monthly bank statements in the mail rather than digital statements online.

💡 Quick Tip: Bank fees eat away at your hard-earned money. To protect your cash, open a checking account with no fees online — and earn up to 0.50% APY, too.

Credit Unions vs Banks

Are you wondering about the difference between a credit union vs. a bank? A credit union is a nonprofit, member-owned financial institution that, like a bank, makes loans and offers checking and savings accounts.

Members purchase shares in the credit union, and that money is pooled together to provide a credit union’s services. Individuals interested in banking with a credit union must fit specific eligibility requirements (sometimes regional, employment-related, or requiring direct relation to an existing member) and apply for membership.

Unlike a bank (which is a for-profit business), a credit union returns its profits to members, which means it may have lower fees and better interest rates on savings accounts and loans than traditional retail banks.

Because they are often smaller entities, however, credit unions tend to provide a limited range of services compared to banks. They may also have fewer locations and ATMs.

Recommended: Alternatives to Traditional Banking

The Takeaway

To make a profit and cover their operating expenses, banks typically charge for the services they provide.

When a bank lends you money, for example, it charges interest on the loan. When you open a deposit account, such as a checking or savings account, there are typically fees for that as well. Even fee-free checking and savings accounts often come with some fees.

It can be wise to take a second look at the fees outlined in your banking contract in order to get ahead of any surprise charges down the line. And to look for a fee-free bank if you are getting hit with fees.

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.

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.

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.

SOBK0823020

Sep

2023

Can You Spend Money From A Savings Account?

By Kylie Ora Lobell | Budgeting & Goals, Financial Independence, money | Comments Off

Sure, savings accounts can be a good place to stow extra cash and build wealth. You’ll typically earn interest, helping your money grow and boosting your progress towards your financial goals.

However, unlike checking accounts, you usually can’t spend straight from a savings account. What’s more, you may find that there are limitations on the number of withdrawals or transfers you can make from out of your savings account.

If you want to avoid getting entangled with savings account rules and restrictions or triggering fees, here’s advice. Read on to learn the ins and outs of spending money from a savings account.

How Does a Savings Account Differ From a Checking Account?

You might think the main difference between a checking account and a savings account is how you view them–namely, one is for now, and one is for later. But the bank also views these two accounts very differently. Here’s a closer look at how savings accounts work vs. checking accounts.

• Savings accounts typically earn interest while checking accounts which generally earn zero or very little interest.

• Savings accounts may come with cash transfer and withdrawal limits. A federal rule called Regulation D used to limit certain types of transactions from a savings account to no more than six per month.

• In the wake of the coronavirus pandemic, the Federal Reserve lifted this rule to allow people to have easier access to their savings. Many banks, however, still enforce the six-per-month cap on savings account transactions.

• Savings accounts don’t usually come with debit cards that can be used to make purchases with money from that savings account. Only a few banks offer this service.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

Can You Write a Check From a Savings Account?

Typically, you can’t write checks from a savings account. Of course, it’s always possible to transfer money from a savings account to a checking account and then write a check from there.

If you want to save money and have the ability to write a check with the money you save, you may want to consider opening up a money market account.

Money market accounts are a type of savings account that often pay a higher interest rate than traditional savings accounts and generally include check-writing and debit card privileges.

However these accounts often come with minimum monthly balances, and falling below the minimum can trigger fees. Like other savings accounts, money market accounts may limit transactions to six per month (which includes writing checks and debit card payments).

How to Spend (and Save) With a Savings Account

To take advantage of the interest you’re earning on your savings, and avoid triggering penalty fees or the closure of your account, you may want to keep these savings account spending tips in mind.

Keeping Track of Your Withdrawals

It can be a good idea to find out what your bank’s policy is regarding monthly transactions from savings. Many institutions are sticking with the standard limit of six “convenient transactions” per month, while some are allowing more, such as nine transactions per month.

Convenient transactions include money transfers you make online, by phone, or through bill pay. Transactions, including ATM withdrawals and those that you make in person at the bank, do not typically count towards the monthly cap.

Paying Bills From Your Checking Account

Scheduling automatic bill payments from your savings account may put you over the savings withdrawal limit. It can be a better idea to have automatic bill payments or recurring transfers come out of your checking account.

Withdrawing Money Only for Large Expenses

If you withdraw money from your savings account for everyday spending, it can reduce the amount of interest you earn, and make it harder to reach your savings goals.

It can be wiser to only touch your savings when it’s necessary to cover an emergency expense or a large purchase (ideally, one you’ve been saving up for).

Building Your Savings

A savings account can help you work towards your financial goals, such as creating an emergency fund, making a downpayment on a home, or going on a great vacation. In some cases, you may even want to have different savings accounts for different goals.

To help achieve those goals faster, you may want to set up an automatic transfer from your checking account into your savings account on the same day each month (perhaps after your paycheck gets deposited). It’s perfectly fine to start slowly. Even small monthly deposits will add up over time.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

Maximizing the Interest You Earn

The higher the interest rate, the faster your savings will grow. That’s why it can be worthwhile to do some research into which institutions and which types of savings accounts are paying the highest rates.

Some options you may want to look into include: A high-interest savings account, money market account, certificate of deposit (CD), checking and savings account, or an online savings account.

The Takeaway

Savings accounts generally aren’t designed for making frequent transactions. Instead, their main purpose is to provide a safe place to store money for the medium- to long-term. This is one of the key differences between checking and savings accounts.

Savings accounts still allow you to have access to your money, of course. To avoid exceeding transaction limits, you can visit the bank in person or use the ATM to make withdrawals or initiate transfers (since these transactions typically don’t count towards transaction caps).

To make the most out of your savings account, you may also want to look for an account that pays a higher-than-average interest rate.

Open a SoFi Checking and Savings Account

Another savings option you may want to consider is opening a checking and savings account, which can combine the best features of each kind of financial vehicle.

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.

SOBK0823019

Sep

2023

31 Ways to Save for a Home

By Kylie Ora Lobell | Financial Independence, Home Ownership, money | Comments Off

You want to become a homeowner but aren’t sure how you’re going to save up for your down payment. Typically, you’re going to need at least 3% to 5% for a down payment for a conventional mortgage, or 20% on a loan that doesn’t require private mortgage insurance.

Fortunately, there are a number of methods you can use to stash away money for your future home. Here are some of the best ways to save for a house and get one step closer to your dream.

1. Creating a Budget

Living on a budget may not be easy, but in the long run it can help you save money to put toward a home purchase. Creating a budget to track where your money is going is a good first step in a house savings plan.

Some effective ways to do this are recording expenses in a spreadsheet or using a budgeting app to determine your spending practices and identify where changes can be made to meet your savings goal.

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.

2. Using Cash Envelopes

The theory behind this method is that it may be harder to part with cash than it is to swipe a debit or credit card. The cash envelope budgeting method involves distributing cash each month (or pay period) into envelopes based on categories you establish. When you’re out of cash for each category, you stop spending.

3. Deleting Your Stored Cards

Do you store your payment information on Amazon or other e-commerce stores? If so, it’s time to consider deleting them from each store or from your browser settings. If you have to manually input your card each time you want to make a purchase, you may just stop spending so much money online.

4. Downsizing Your Life

Another one of the tips for saving for a house involves downsizing your life. This could mean moving to a smaller rental or to a more affordable area of town. Just keep in mind that there is always a flip side to downsizing. For instance, your smaller apartment may not include parking, so you might be taking on an expense you didn’t have before. Moving to a different part of town might mean spending more on transportation costs getting to work each day. It’s a good idea to weigh the pros and cons before making any big decisions.

5. Setting Up Automatic Transfers

Reaching your savings goals might happen faster by setting up automatic transfers from checking account to savings account each time you’re paid. If your paycheck is direct-deposited, you may also be able to split the deposit into more than one account, on a percentage or dollar-amount basis.

6. Postponing Vacation

This method can reap plenty of savings if your usual vacation is a costly one. Instead of taking a big trip, a staycation may be entertaining and less expensive. Check out your local newspaper’s website to find free activities and events in your area. Art museums sometimes offer free admission days, and area nature trails are generally free and can be a good way to have fun and get exercise in one fell swoop. Now is the time to be creative since you’re working on your house savings plan.

7. Tackling Your Debt

If you get 4.50% APY in your high-yield savings account, but you carry a credit card balance with an interest rate of 23.99%, it may make more sense to put your money towards your debt right now rather than savings.

8. Eating at Home

Dining out is expensive. The average American household spends more than $3,000 per year on eating out. By skipping the takeout and restaurants and cooking your meals at home, you can add that money to your house savings plan.

9. Making Your Own Coffee

It’s a cliche, but it’s true: If you skip the lattes, you could boost your savings. The average American spends $92 per month on coffee, which adds up to about $1,100 per year. Purchasing a coffee maker and brewing your own cup of joe as opposed to hitting up a coffee shop every day will likely improve your home savings plan.

10. Using Coupons at the Grocery Store

Looking for coupons for items you normally buy anyway can trim your grocery bill. Coupons can be found on coupon websites and on brands’ websites.

Recommended: Tips for Grocery Shopping on a Budget

11. Buying Things on Sale

Just because you want something doesn’t mean you need to have it right away. Waiting to buy things when they go on sale is another one of the best tips for saving for a house. Along with looking at stores’ advertised sales, you could always create a Google alert to find out when things go on sale by typing in your favorite stores’ names + sales on Google Alerts.

12. Using Promo Codes

Promo codes are like coupons for online purchases. Browser extensions that search the web for deals can bring those promo codes to you and save you precious search time and effort.

13. Cutting Out Cable

Cable television can be a major monthly expense for some households, sometimes hundreds of dollars every month. One of the best ways to save is to cut the cord, switch to streaming services, and potentially pay much less per month on your favorite entertainment by saving on streaming services.

14. Canceling Your Subscriptions

You may be spending money on monthly subscriptions without realizing how much. Canceling subscriptions to things like lifestyle boxes you aren’t using anymore or magazines you don’t read can add up to significant savings.

15. Making the Most of the Library

The local library is a fantastic resource. You can borrow books, magazines, and movies instead of buying them, and some libraries even offer access to free audiobooks. Libraries are funded by taxes, so you’re probably already contributing to this resource—there’s little reason to pay twice for items it provides as a public service.

16. Canceling Your Gym Membership

Gym memberships can be pricey, but exercise is not. Using free, online workout videos and things in your home as exercise equipment (e.g., stepping on your stairs, doing wall or table pushups, or using a chair for barre exercises), or walking around your neighborhood can save money over a gym membership.

17. Shopping Around for Insurance

You may be overpaying for insurance. Comparing rates and getting different quotes for your car, renter’s, pet, health, and other types of insurance can ensure you’re getting the best deal possible.

18. Steering Clear of Checking Account Fees

Is your bank charging you a monthly maintenance fee just to keep your account open? If so, it might be worth looking into switching banks or asking your bank how you can avoid these fees. For example, if you have a direct deposit into the account or maintain a minimum daily account balance, you may be eligible for a fee-free account.

19. Selling Your Stuff

Do you have things you never use anymore? Could they fetch some cash? Holding a garage sale or selling your stuff online might net a few dollars to add to your house savings plan. You’ll probably want to buy new things for your new home anyway, and selling your old things will allow you to save up.

20. Asking Your Boss for a Raise

During your annual performance review, consider asking for a raise, highlighting your accomplishments and why you deserve more money. Be specific about improvements you’ve made to the company by backing up your accomplishments with data.

21. Switching to a Better Job

If you aren’t making enough money in your current position, then consider switching to a higher-paying job. It’s a good idea to keep your current job until you find a new one, though.

22. Taking on a Side Hustle

If you have the time and energy, earning extra money on nights and weekends with a side hustle might be an option. For instance, you could start a dropshipping business, take up freelancing, or do affiliate marketing.

23. Signing Up for a Travel Rewards Credit Card

If you need to travel or you are still planning a vacation, using a travel rewards credit card may be a good idea. These cards offer certain rewards for different categories such as travel, gas, and dining out, and allow you to put your rewards towards flights, hotels, rental cars, and more. Plus, many of them offer other ways to save, such as providing you with rental car and baggage delay insurance or no foreign transaction fees.

24. Getting a Cash Back Credit Card

With a cash-back credit card, you can earn cash rewards every time you spend. Putting that cash back toward a statement credit or bank transfer will help accelerate your savings.

25. Renting Your Spare Room

If you have an extra room in your apartment that you aren’t using, you could get a roommate or list it on a rental site to reduce your overall living expenses. Just make sure that you get permission from your landlord before inviting anyone else to move in.

26. Renting Out Your Storage Space

Another one of the best ways to save for a house is to rent out your unused storage space on a peer-to-peer site. You could generate income without having to do much work at all, and you won’t have to live with someone else—just their stuff.

27. Making Your House Savings Plan Known

Your Aunt Mildred may always get you boxes of chocolates for your birthday, and your dad might give you gift cards for Amazon. But letting your family and friends know you’re trying to save for a home might plant the seed for them to give you cash instead. If you’re getting married, this is a time to tell people about your plans so that instead of registry gifts, they might give you cash for your future home.

28. Opening a High-Yield Savings Account

Putting your money into a regular savings account may not result in much of a return. However, putting money in a high yield savings account may net more interest and get you closer to reaching your savings goals. A high-yield savings account typically offers 20 to 25 times the national average of a typical savings account.

29. Hiring an Accountant at Tax Time

If you’ve been doing your taxes on your own every year, you may have missed potential tax savings you might be eligible for. A tax professional may be able to maximize your savings, possibly resulting in a larger refund, or minimize taxes you owe.

30. Saving Your Tax Refund

If you get a tax refund, consider saving it instead of spending it. The money can be a nice addition to your down payment, possibly even earning interest in high-yield savings account until you need it.

31. Changing Your Tax Withholding

Among the best ways to save for a house is by keeping more money from your paycheck. If your withholding is too high, the IRS is essentially holding your money for you all year round. Instead of getting a large tax refund, keeping your money now and investing it in an interest-bearing account will help you save up for your home.

The Takeaway

Saving for a house takes some time and effort, but there are many different ways to do it. For instance, by eating out less, you could potentially save thousands of dollars a year. Launching a side hustle could increase your income. And opening a high-yield savings account, which typically offers considerably higher interest rates than a traditional savings account, could also help your money grow — and help you achieve your dream of home ownership.

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.

Photo credit: iStock/Talaj

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.

4.00% APY
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.

SOBK0923005

Should You Sign a Cohabitation Agreement With Your Partner?

What Is a Cohabitation Agreement?

Who Should Get a Cohabitation Agreement?

Get up to $300 when you bank with SoFi.

How Do I Get A Cohabitation Agreement?

The Takeaway

Reasons to Balance Your Bank Account Every Month

What’s The Purpose Of Balancing Your Checking Account?

People – and Institutions – Sometimes Make Mistakes

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Scammers Hope People Aren’t Paying Attention

Reconciling Regularly Can Help Manage Automatic Payments

Reviews May Offer Insights into Spending and Saving Behaviors

Identifying Unnecessary Fees Can Save Money

How to Balance Your Checking Account

The Takeaway

Looking for Something Different?

How Do Banks Make Money?

What Exactly is a Bank?

Retail Banks

Commercial or Corporate Banks

Online Banks

Central Banks

Investment Banks

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How do Banks Make Their Profits?

Interest

Interchange Fees

Banking Fees

Credit Unions vs Banks

The Takeaway

Can You Spend Money From A Savings Account?

How Does a Savings Account Differ From a Checking Account?

Can You Write a Check From a Savings Account?

Get up to $300 when you bank with SoFi.

How to Spend (and Save) With a Savings Account

Keeping Track of Your Withdrawals

Paying Bills From Your Checking Account

Withdrawing Money Only for Large Expenses

Building Your Savings

Maximizing the Interest You Earn

The Takeaway

Open a SoFi Checking and Savings Account

31 Ways to Save for a Home

1. Creating a Budget

2. Using Cash Envelopes

3. Deleting Your Stored Cards

4. Downsizing Your Life

5. Setting Up Automatic Transfers

6. Postponing Vacation

7. Tackling Your Debt

8. Eating at Home

9. Making Your Own Coffee

10. Using Coupons at the Grocery Store

11. Buying Things on Sale

12. Using Promo Codes

13. Cutting Out Cable

14. Canceling Your Subscriptions

15. Making the Most of the Library

16. Canceling Your Gym Membership

17. Shopping Around for Insurance

18. Steering Clear of Checking Account Fees

19. Selling Your Stuff

20. Asking Your Boss for a Raise

21. Switching to a Better Job

22. Taking on a Side Hustle

23. Signing Up for a Travel Rewards Credit Card

24. Getting a Cash Back Credit Card

25. Renting Your Spare Room

26. Renting Out Your Storage Space

27. Making Your House Savings Plan Known

28. Opening a High-Yield Savings Account

29. Hiring an Accountant at Tax Time

30. Saving Your Tax Refund

31. Changing Your Tax Withholding

The Takeaway

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