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May

2023

10 Tips for Finding Cheap Cruises

By Michael Schreiber | Budgeting & Goals, Financial Independence, money | Comments Off

The high seas, sun, 24/7 dining, and stops at exotic ports of call: What’s not to love about a cruise? Sometimes, the answer is the price. A cruise can be a big-ticket vacation item that’s a challenge to afford.

But for the people who crave an all-inclusive travel experience, there are smart ways to snag a deal. Whether your fantasy is navigating the dramatic Alaskan coastline or floating through the Caribbean’s crystal waters, there are hacks that can help make it a reality.

Read on to learn insider strategies for finding the cheapest ways to cruise.

Buyer Beware

First, a word to the wise: As just about every frugal traveler knows, sometimes deals really are too good to be true…or at least not all they’re cracked up to be. It’s important to read the fine print and be sure of what’s included and not included in cruise deals you may find.

When considering the cheapest way to cruise, you’ll want to think about airfare, meals, excursions, room type and location, and other amenities that can lead to upcharges. That way, you can budget appropriately and make sure you have enough money in your travel fund to ensure you can afford your trip.

You’ll also want to pay close attention to cancellation policies. Many people plan trips far in advance, and situations can change between the time you book and the time you are supposed to board the ship. It can be wise to consider the costs and benefits of trip insurance. Note: Some credit card travel insurance may have you covered; check with your card issuer for details.

Next, the money-saving tips.

1. Read Cruise News

There are countless sites and blogs devoted to the cruise industry, staffed by both insiders and frequent cruise passengers. These sites cover both industry trends as well as specific deals and offers from particular cruise lines. In addition to finding cruise deals, they are great for learning about unique cruise offerings and locales. Some noteworthy sites include CruiseFever (cruisefever.net/), CruiseHive (cruisehive.com/) and CruiseCritic (cruisecritic.com/).

2. Search the Travel Sites

CruiseDirect.com (cruisedirect.com/), CruisesOnly.com (cruisesonly.com/), Cruise.com (cruise.com/), and others are searchable databases of cruise offers. They are similar to Expedia, Travelocity, and other general interest travel websites, except they are devoted to cruises. These sites typically have sections focused on cruise deals and may at times have exclusive offers that aren’t available elsewhere.

Cruise line websites typically have their own deals section, as you’ll see on Carnival (carnival.com/cruise-deals), Princess (princess.com/cruise-deals-promotions/), and Royal Caribbean’s (royalcaribbean.com/cruise-deals) sites.

3. Scan Social Media

The sites already mentioned and many others have social media presences on Twitter, Facebook, and other platforms. They often broadcast limited time deals through these accounts, so following them could be a good idea. Some good examples are CruiseDeals on Twitter, Best Travel Deals’ cruise account on Twitter, and the travel agent-led private Facebook groups Cruise Deals! and Vacation Packages & Cruises.

4. Look for Bundles

Both travel websites and cruise lines themselves often encourage passengers to bundle a variety of services and amenities when booking. These cruise bundles can offer real savings. Some of the options that are typically bundled include airfare, meal and drink packages, transport to and from the ship, free WiFi, and more. (About that WiFi: While some cruise lines have free WiFi, others charge $20 or $30 a day for this.)

When evaluating these packages, it’s worth taking the time to review each item, what it includes (there are various levels of perks available on ships, after all), whether you really want everything in the bundle, and what it would cost if you were to purchase the items separately.

5. Travel With Friends

If you have a big family and/or lots of friends, or if the idea of going on a cruise with your coworkers isn’t terribly off-putting, you might be able to score a group rate on a cruise. For example, Norwegian Cruise Lines features a group deal that offers bonuses for every five cabins booked. People traveling on group deals may qualify for bonus packages that include food and drinks, excursions, free WiFi, and more.

Recommended: How Families Can Afford to Travel

6. Book Well in Advance…Or Last Minute

Popular cruises, particularly the more luxurious ones, tend to fill up quickly. And the best rates are usually available when tickets first go on sale, which can be as much as a year and a half in advance. After tickets begin to sell (often between November and March, when promotions kick in) and the sail date nears, prices typically start to rise. The other benefit of booking early is that you’re more likely to get your choice of cabin and dining options. Early bookers may also get access to other special perks, like free airfare, upgrades, and free drinks.

That said, there are also plenty of stories of people scoring incredible last-minute deals on cruises. As the departure date grows closer, if a ship hasn’t sold out, the cruise line may offer serious incentives in order to fill up those empty rooms.

7. Sail During Shoulder Season

Determining peak cruising season when demand is the highest can be tricky because of all the variables involved. First and foremost (and perhaps most obviously), different parts of the world experience the seasons and corresponding vacations at different times. So peak season in one part of the world may be very different from peak season in another.

Many think that off-peak season, when demand is the lowest, is the best time to find a cruise deal, though that may not always be the case. If a cruise line cuts back on the supply of cruises too much because of seasonal drops in demand, there may not be many deals or even much availability to be found.

That’s why many point to “shoulder season,” the period between the peak and off-peak seasons, as the best time to find deals on cruises. Keep in mind that the weather might not be as great as it is during peak season, but you’re also more likely to avoid crowds both on the boat and on shore excursions. You’ll also want to consider seasonality when looking for the cheapest days to fly to and from your cruise’s point of departure and return.

8. Check for Special Discounts

Factors such as what organizations you’re a member of and where you live can help you lower the price of your dream cruise, whether that means exploring the Mediterranean or waters around Mexico.

You may find that belonging to a group like AARP can score you a cruise discount. In fact, American Express and other card issuers may offer cruise benefits. There may also be general discounts for seniors, military families, teachers, and even frequent cruisers.

You might also be able to take advantage of resident cruise deals if you live in a particular area. Carnival, for example, offers deals to residents of states including Arkansas, Arizona, California, Colorado, Iowa, Illinois, Indiana, Kansas, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio, and Pennsylvania.

9. Pay in Full

Even if you’ve found a fantastic deal on a cruise, vacations are expensive, so it’s important to consider your financial options. If you don’t have the funds to cover the entire cost of the trip, then you may want to consider waiting until you do.

Keep in mind that if you put the trip on a credit card and carry that balance over from month to month, you’ll be paying relatively high interest rates, perhaps 20% or higher. That adds to the cost of the trip significantly, even if you’re using a cash back rewards credit card.

Some people opt to use personal loans for vacations, which typically come with lower interest rates than credit cards. But personal loans, though often more affordable than credit cards, aren’t free, and they’ll add to your vacation budget as well.

10. Maintain a Budget

When planning your cruise, it’s important to drill down and really think through the budget. If you don’t have a truly all-inclusive deal, you’ll want to to itemize everything, such as:

• Cruise tickets

• Flights

• Ground transportation

• Food and drinks

• Excursions

• Souvenirs

• On-ship entertainment

• Gambling

• Pictures

• Travel insurance

• Gratuities

• WiFi

• International calls

• Fees for any travel visas

• Currency exchange

There are plenty of great budgeting trackers that can help you monitor spending on vacation and more. But when it comes to vacation planning, it’s best to earmark the money before you’ve spent it, add a cushion of 10% or 20% to cover the unexpected, and then stick to it. You’ll enjoy the vacation more knowing that you’ve got it covered and won’t stress out when it’s over because you’ve spent more than you can afford.

Also don’t forget to see how you might apply your credit card rewards for travel; you might be able to apply cash back or otherwise lower costs this way.

The Takeaway

Taking a cruise doesn’t have to be expensive. If you’re wondering how to get cheap cruise tickets, there are luckily myriad ways you can get cruise discounts, ranging from going during the off or shoulder seasons to bundling your vacation expenses.

The cheapest way to cruise may be to avoid paying with credit cards, personal loans, or other methods that will end up costing you in interest. So if you need extra help budgeting for that cruise vacation, SoFi Checking and Savings could help. With a SoFi Checking and Savings Account, you can set savings goals for your next vacation.

SoFi Checking and Savings: The smart way to start saving for your next cruise.

Photo credit: iStock/nantonov

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.

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.

SOCC0323050

May

2023

How to Budget for a Baby

By Kim Franke-Folstad | Budgeting & Goals, Family Finances, money | Comments Off

Having a baby can fill your house with love. It also can take a toll on your finances.

And you can expect the costs to keep growing right along with your baby. In fact, according to a 2022 estimate, it costs more than $18,000 a year to raise a child through age 17.

That means you’ll have to reconfigure your household budget more than a few times through the years. If you break down the process and do a little at a time, it can make the task less daunting.

Read on for tips on getting started with the budgeting-for-baby process.

Assessing Your Income

As you create your budget, begin by looking at your household income after taxes and other deductions come out of your paycheck each month. That’s the money you have to work with, not the gross amount. Also, if one parent plans to stay home with the baby full- or part-time, plan your budgeting accordingly. Be sure to consider the loss of any non-cash forms of employee compensation, such as insurance and retirement contributions.

Looking at Your Current Expenses

Some things won’t change at all, but there may be costs that will go down or go away after you have the baby. For example, the amount you spend on movies, dinners out, and travel might be reduced for a while.

If one parent decides to stop working, their wardrobe budget might drop. But you’ll also be adding plenty of expenses. And then there are some forgotten expenses, like maintenance for your home, yard and car, you’ll need to factor in.

This is a good time to identify your priorities and be prepared to make some trade-offs to curb spending. For instance, can you live without some of those streaming subscription services? Can you make coffee at home instead of going out?

Planning Ahead For Recurring New Expenses

Child Care

Typically, child care is the biggest ongoing expense for a family with a new baby. The cost will vary depending on where you live, the type of care you choose, and whether you need part-time or full-time care, but according to the Care.com 2022 Cost of Care Survey, 51% of families now spend 20% or more of their annual household income on child care.

The survey found national averages ranged from $226 per week for a child-care center to $694 for a full-time nanny.

Feeding

Even if you plan to nurse the baby, you’ll need to prepare for the possibility that breastfeeding might not work out and formula could become a regular expense. The average cost of powdered formula is about $400 to $800 a month.

When your baby starts on solid foods, typically at about 4 to 6 months old, you’re likely looking at a cost of $98 to $230 a month.

Diapers

The average baby uses 2,500 to 3,000 diapers in the first year. That could add up to about $960 a year in disposable diapers.

House and Car

Maybe you’re lucky enough to have an extra room in your home that’s ready to be transformed into a nursery. And maybe a baby car seat will fit into your current ride without a struggle.

But if that’s not the case, and you have to make some adjustments for your growing family, you may have to add more expensive house or car payments to your get-ready-for-baby budget.

Recommended: How to Manage Your Money Better

Miscellaneous Expenses

You’ll need to furnish a nursery for your baby, which can range from several hundred to several thousands of dollars. You’ll also need a car seat; stroller; high chair; toys and books; pacifiers, tiny outfits and socks; lotions, shampoos, and creams — the list goes on and on. This is where you can prioritize.

You may get some of these items at your baby shower, and friends and family might supply you with some hand-me-downs, which will help save money on clothes and cut costs. But there will still be plenty of items you’ll need to buy.

Preparing for Some Upfront Costs

Depending on your insurance coverage, you could be going home from the hospital with a bundle of joy and a bundle of bills. Check your health insurance plan to gauge what your costs could be. To give you a sense, many new parents end up paying about $3,000 in out -of-pocket costs for pregnancy and delivery.

The amount of your hospital bill will depend on a lot of factors, including the part of the country in which you live, the size and location of the hospital, the length of your stay, and how much extra care you or your baby might require.

You’ll also need some starter equipment — a crib, changing table, dresser, and a baby monitor, for instance.

Smaller ticket items include a diaper bag and Diaper Genie, a baby bathtub, bedding, and towels. Here’s another place where hand-me-downs and resale shops can help you save.

Recommended: 10 Most Common Budgeting Mistakes

Ready, Set, Transition

Remember those current expenses you thought about letting go of, like fancy coffees and some streaming services? You don’t have to wait until the baby arrives to make changes. You might want to practice by giving your new budget a test run before your delivery date.

To take it a step further, if one parent plans to quit working, even for a short while, you could start living on just one salary a few months early and put the extra income into an emergency fund. That money could come in handy later when unexpected expenses crop up.

Recommended: 5 Ways to Achieve Financial Security

Overwhelmed? Take Baby Steps

Preparing for a new baby, especially your first, can be exciting. It also can be a little overwhelming.

Doing a few breathing exercises may help reduce any financial stress you’re feeling as you’re working on your budget. Starting now with baby steps could help get you on track well before your little one arrives.

3 Money Tips

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.

If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

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.

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.

SOBK0423052

May

2023

woman budgeting looking in wallet mobile

Pros & Cons of a Cash Diet

By Pam O’Brien | Budgeting & Goals, money | Comments Off

These days, many people’s spending habits are ruled by plastic. Debit cards, credit cards, and mobile wallets make transactions easy and effortless, but they can also make it easy to wind up with a mountain of debt and risky financial habits.

As of 2022, U.S. consumers owed more than $986 billion in credit card debt. For some people, it might be worth trying out an all cash diet to help develop healthier spending habits.

Read on to learn some of the pros and cons of a cash diet plan, and how using cash may help you think about your money habits in a new way.

What Is a Cash Diet?

For people who are dealing with debt, a cash diet may provide an opportunity to develop more transparent spending — which may help in getting a handle on existing debt and manage money better.

A cash diet plan involves using only cash for all of your day-to-day expenses. This could include paying for your groceries, filling up your gas tank, or covering the bill for a meal out with a friend. Fixed expenses, such as rent, bills, or any existing debt payments, generally aren’t included.

What Are Some Pros of a Cash Diet?

One of the biggest potential benefits of an all cash diet is seeing what you spend. When using cash to pay for daily expenses, you can feel the immediate loss of a dollar spent. When using credit or debit cards, the impact of the money you’re spending is delayed, potentially making it easier to overspend or rack up debt.

Another possible benefit of a cash diet is that it may provide more oversight over your expenses and budget. If you take out a specific amount of money, it’s easy to keep track of how much you’ve spent by simply looking at the amount of cash you have left. This could help you learn how to be better with money.

Overall, adopting an all cash diet could provide you with more control and awareness over your spending decisions.

Recommended: Five Ways to Achieve Financial Security

What Are Some Cons of a Cash Diet?

Though a cash diet plan can provide some sound opportunities for becoming mindful of your spending, there may also be some downsides. In some places, restaurants and other businesses are increasingly going cashless. Depending on which establishments you usually go to, an all cash diet could prove to be a challenge.

Additionally, unlike many major credit cards and debit cards, cash isn’t covered in case of theft or loss. This is something worth considering depending on how much money you plan to carry with you at a time.

Credit cards often offer perks that can incentivize signing up and spending, such as credit card rewards points and miles, and cash back programs. Using cash comes with no such rewards. If you’re considering switching over to an all cash diet for the long term, it’s worth considering how losing access to these kinds of benefits may impact you.

It’s also worth noting that an all cash cash diet may not strengthen your credit score. That’s because your credit score is derived from data on how you manage credit month to month and over time.

Starting a Cash Diet?

If you’ve decided to try out an all cash diet, you might want to start by creating a budget. Once you’ve determined your average monthly net income, outline the fixed expenses you have — such as rent, bills, and debt payments — and figure out how much money you have left over after paying them.

Whatever money is left over represents the maximum you’re able to spend on day-to-day costs, such as food and gas. Cash dieters typically withdraw this amount in cash. Some might prefer to budget for the amount of time between pay periods or to stick to a monthly cash diet plan. The choice is up to you.

From there, a common way of organizing a cash diet is to use the envelope method. This includes outlining each of your spending categories — such as social activities, food and groceries, and shopping — and distributing your money across each area based on how much you typically spend. The cash for each of these categories is put in a separate envelope, which may make it easier to stay on top of your spending.

Since life isn’t exactly predictable, you might want to consider creating an additional envelope for unexpected expenses that may not fall into a regular category. An emergency fund could help cover unexpected costs like a car repair.

Managing an All Cash Diet?

Though it may sound simple in principle, using a cash diet isn’t always smooth sailing. For instance, if you run out of cash before it’s time to replenish your envelopes — whether that’s at your next paycheck or at the beginning of the month — a cash diet dictates that you won’t be able to buy anything else.

Though an all cash diet may be helpful in improving your understanding of your spending habits and helping to curb impulse spending, it can also mean that you may have to get creative about how you deal with cash shortages without reaching for your credit card.

On the other end of the spectrum, there is a chance you may have some cash left over. If this happens, you could consider depositing it in your emergency savings account.

If you don’t already have a fund for emergencies, you may want to start one with any cash you have left over. If you have enough to save and put towards your current debt, then you might consider using the cash to make an extra payment on your highest interest debt.

Understanding Your Spending Habits

Depending on your individual situation and goals, a cash diet may be a temporary experiment or a long-term strategy. You could try it out for a month to see how you feel.

Whether you’re in it for the short-term or the long haul, you may find that a cash diet gives you space to reflect on your money habits and develop a better understanding of where your money is going. A cash diet plan can be a valuable experience and can make it easier to build a more sustainable financial future.

3 Money Tips

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.

If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

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.

SOBK0423054

May

2023

22 Money Moves To Make This Month

By Austin Kilham | Budgeting & Goals, Financial Independence, money | Comments Off

Getting more from your money doesn’t have to be a long-term project. Making some simple and strategic money moves over the next 30 days can help you reduce spending and increase savings, and take some of the stress out of dealing with finances.

The methods below can put you on track to achieving your financial goals.

Steps to Manage Your Personal Finances

As you put these personal finance moves into practice, remember that you’re aiming for progress, not perfection. You may want to do a bunch of them at once, or choose just a few to focus on.

1. Set Financial Goals

If you haven’t done so already, set some important long-term goals, like saving for retirement or your child’s child’s education. This can help you figure out how much money you need to dedicate to these milestones.

Setting short-term goals can be helpful, too. Maybe you’re saving for a special vacation next year. Or perhaps you’re planning to buy a new car in five years. Mapping out your game plan could help get you there.

2. Create a Budget

Start by adding up your necessary expenses, such as housing costs, utilities, insurance, car payments, and groceries, and subtract that amount from your monthly take-home income. Put what’s left toward paying down debt, and then make deposits into a high-yield bank account where your money can grow.

3. Set Up Direct Deposit

Are you still trekking to the bank to deposit your paycheck? Sign up for direct deposit so your money can go directly to your bank account.

While you’re at it, set up an automatic transfer so that a portion of your paycheck goes into savings every month.

4. Increase Retirement Contributions

If you’re eligible to participate in your company’s 401(k) plan, make sure your contributions are enough to take advantage of your employer’s matching funds, if they offer a matching contribution.

Each matching contribution varies by company. Many companies match 50 cents for every dollar you contribute, up to 6%.

5. Make $10 or $25 in Spending Cuts

Look for small expenses you can cut, and then direct the extra cash to savings or paying down debt, such as credit card debt. For instance, bring lunch to work a couple of days a week instead of eating out.

6. Look for Helpful Apps

A good app can help you monitor your spending and savings, keep you on budget, and set financial goals. Check out SoFi where you can track all of your money in one place.

7. Negotiate Your Bills

Call your Internet and cell phone providers to ask about lowering your monthly bills. There may be discounts or cheaper plans you can take advantage of.

When you call, be firm but courteous. Check out competitors’ rates, and if they’re lower, use those prices as a bargaining chip in your conversation.

8. Review Insurance Policies

Do you have enough car and home insurance to cover your needs? Do you have too much? Review your policies and add or subtract coverage as necessary. And shop around for providers that offer good coverage for less money.

9. Check Your Credit Score

Your credit score is a number that represents your creditworthiness. Lenders use it to determine whether to let you borrow money and at what interest rate. Check your credit score. If it needs some work, try it by doing such things as reducing debt and paying your bills on time.

10. Review Your Credit Report for Potential Mistakes

You can request a free credit report from the major credit reporting bureaus — Experian, Transunion, and Equifax — at Annual CreditReport.com. Review your report for mistakes that could be negatively affecting your credit score, and contact the credit bureaus about any errors you find.

11. Look for Credit Cards that Offer the Best Rewards

Earn on your spending with credit cards that offer rewards. Look for those that match your interests. For instance, if you love to travel, find a card that offers travel rewards. But watch out for cards with high interest rates. If you’re not someone who pays their card off every month, it may be worth steering clear of these.

12. Use Credit Card Points

Your credit card rewards aren’t doing you any good if you don’t redeem them. So have some fun and plan a trip or a new purchase with the rewards you’ve accumulated.

13. Consider Refinancing Your Loans

If you have outstanding loans, such as a mortgage or student loan debt, explore refinancing at a lower interest rate.

A lower rate could help you save money in the long run. You may even be able to accelerate your repayment, depending on the terms you select when you refinance.

14. Sell Some Stuff to Make Money

If you’ve done some decluttering of the extra items around your house, think about selling the things you no longer need. They’ll go to a new home, and you’ll get some extra cash in your pocket.

15. Consider Cutting Costly Habits

The cost of certain habits can really add up. If you’ve been meaning to quit smoking or stop impulse shopping, for instance, use financial planning as an incentive to do so. You’ll save money and potentially get on the road to a happier, even healthier, you.

16. Talk about Money with Your Partner

Set aside some time to discuss finances with your significant other. Discuss goals for your money, spending habits, repaying debts, and so on. Conversations like this help make sure you’re both on the same page, and can help prevent money conflicts in the future.

17. Figure Out Your Market Value

Has it been a while since you’ve had a pay raise? Do some research to determine what you’re worth and how much you should be making. Then, use that information to ask your boss for a salary increase, or to find a job that pays you more.

18. Negotiate Credit Card APR

If your credit cards carry a high-interest rate, ask the credit card company to lower your APR to help you manage your debt. If you have a low credit score, they may say no. But you won’t know unless you ask.

Even if they turn you down, speaking to the credit card company may be helpful. For instance, they should be able to tell you what you can do to make lowering your interest rate more likely.

19. Use Your FSA Funds

If flexible spending accounts (FSAs) are part of your employee benefits package, be sure to use them for doctors appointments or qualified purchases. Money in these accounts may not carry over year to year, so if you don’t use it, you lose it.

20. Cancel Unused Subscriptions and Memberships

Did you subscribe to a music service or for a gym membership you rarely use? A 2022 survey found that 42% of people pay for a subscription they don’t use and have forgotten about. Score extra savings by canceling unused subscriptions.

21. Talk to a Financial Planner

When it comes to making money moves, you don’t have to go it alone. A financial planner can help you develop your goals and suggest strategies to help you reach them. You can look for a qualified planner with an hourly fee you can afford. It may be worth it if it can help you save more overall.

22. Consider a New Bank Account

As you take steps to improve your financial health, it makes sense to evaluate your bank account. There may be options that offer you more, such as a minimum balance or higher interest. Explore what’s out there to see what’s most beneficial for you.

The Takeaway

If you’re ready to switch to a new bank account, a SoFi Checking and Savings account could help you reach your money goals. You’ll earn a competitive APY and pay no account 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.

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

SOBK0423050

Apr

2023

Traveling the National Parks on a Budget

By Ashley Kilroy | Budgeting & Goals, events, money | Comments Off

America’s national parks are legendary: You can probably conjure up images of Old Faithful at Yellowstone, El Capitan at Yosemite, and the Great Smoky Mountains without too much trouble. But what you may not realize is that our country’s network of over 400 national parks can also be a terrific, budget-friendly vacation destination.

Planning a road trip to a national park with the family or your BFFs can be an amazing way to see the natural beauty of the U.S. And it’s a popular idea: In 2022, the parks welcomed 312 million visitors, up 5% from the previous year.

By doing some prep work, you can be among those travelers who revel in the iconic landscapes of the parks while having an environmentally friendly, low-cost adventure. Here, you’ll learn the ropes, from advice on destinations to ideas for keeping expenses down.

Cheap National Parks to Visit

Unlike other standard vacation destinations (theme parks, etc.), most national parks don’t charge an entrance fee. Over two-thirds of these sites, including the Great Smoky Mountains National Park on the border of Tennessee and North Carolina, are free to enter. So the vast majority of these destinations are indeed cheap national parks to visit!

Even if you choose one that does charge, you’ll most likely pay by the carload, like the 7-day pass for your group at Rocky Mountain National Park in Colorado for $35. The ever-popular Yosemite and Acadia National Parks charge the same fee.

If you want to see which parks charge a fee, check out the National Park Service’s website .

Here’s an important warning, however: During peak times, you may need a reservation simply to drive into a park. You may gain admission if you have another kind of reservation (hotel room, say, or campsite), but double-check. Keep this top of mind if you are thinking you can just cruise on over and take selfies at, say, Half Dome for a day in August. Probably not going to happen without advance planning.

You can also take advantage of fee-free days. The National Park Service selects certain holidays and special occasions each year to offer admission-free entrance to everyone. So, you can visit over 400 sites at no cost in 2023, like on Great American Outdoors Day on August 4.

To find parks conveniently located near you, use the National Park Service’s “Find a Park ” tool online. Then you can compare options and see what type of landscape you’d most like to visit.

Setting a Budget for Visiting National Parks

If you have a vacation in mind, you might have already started budgeting for it. Saving money for a trip is an important step and allows you to explore the world guilt-free. But to make the most out of your visit to a national park, you need to know exactly what type of costs to expect. That way, you never have to worry about not having enough money on hand to enjoy yourself.

Here are some expenses you should account for in your national parks budget.

Food & Drink

Saving money on a road trip is often challenging since you don’t have all your basic necessities ready at your disposal. That includes food and drink, whether your style is more drive-through or sit-down dining or “I’m happy to cook for myself.” You’ll need to factor the cost of meals into your travel budget.

One budget-smart option is to rent a cabin with a kitchen. With that, you can pick up groceries once you arrive and cook your meals instead of ordering out. That’s a big savings right there!

You may not be the type to cook on vacation, though. If not, you can look for affordable options near you for meals. But keep in mind: You’ll need to budget for your three meals a day, plus you’ll probably want some water and a snack here and there, lots of liquids to fuel you on hikes, and perhaps to go out for a beer or two one evening. There will likely be taxes and possibly tips involved. See how it all adds up and what you can afford.

One very dollar-smart move to stay well-fed and not blow your budget: Use a backpack cooler. If you want to spend your days hiking and walking, you’re going to get thirsty and hungry pretty quickly. You can load a cooler up with protein bars, nuts, apples, and granola, preventing you from buying potentially pricey food throughout the day.

Gas & Travel

When it comes to the expense of traveling to national parks, the nice news is that a destination might be closer than you think. Many of us hear the phrase “national park” and think of large, sweeping spots in the West, like the Grand Canyon. But that’s just one iconic site. There are actually hundreds of places in the U.S. under the National Park Service’s care, from historic sites to scenic trails. So you may not have to plan out a cross-country trip to enjoy what this country has to offer.

However, if you have to travel a significant distance, why not whittle your transportation costs? For example, if you need to fly, it can pay to be flexible with your dates and look for the lowest possible fare. Sites like Expedia and Kayak can notify you when prices drop on flights you are interested in. Another smart move is to pack light so you won’t pay those ouch-inducing baggage fees.

Perhaps you’re driving to your destination, though. If you want to improve gas mileage and get the most out of your trip, try to choose a park that isn’t isolated. For example, there are multiple national parks near Las Vegas, such as Death Valley National Park and Zion National Park, which are about two and a quarter hours apart. Once you’re at Zion, you might decide to hop over to Bryce Canyon National Park, barely an hour and a half away, and see the incredible rock formations known as hoodoos.

You’ll be able to visit multiple parks without too much drive time, save money on gas, and see all the more spectacular sights. It may be the best way to travel around America on a budget.

Recommended: Guide to Renting a Car

Lodging

You know the law of supply and demand: When demand is high, supply gets scarce — and potentially pricey. With that in mind, note that the peak season for visiting national parks is summer. Kids are off from school, temperatures are warmer, and international travelers may visit our lovely landscapes. So that means bigger crowds, which impacts local lodging. It will be harder to find accommodations, and their prices will be higher, too.

Because of this, it’s best to book your lodging in advance so you don’t get shut out of affordable rooms. National Parks have a wide range of accommodations; during spring 2023 at Yosemite, for instance, rooms ranged from $101 to $500+ a night. A location farther out from the park will be cheaper as well. Those who accumulate points on a travel credit card or cash back rewards credit card may find lodging nearby at a discount.

Of course, that’s not your only option. You can also rent an RV or stay at a campground. If you choose to camp, check to see if you need a reservation. At national parks, the average price is around $20 per night, though prices can range from $5 to $30 or so. These sites usually offer electricity hookups, water, camp stores, and fire rings. Research what your campground offers to help plan out your packing needs. If you snag one of these spots at a free-admission park and already have tents and other gear on hand, congrats! You may have scored one of the cheapest national park visits to be found.

Activities and Entertainment

If you have never visited a national park before, you might not know what they offer. While part of their appeal is just being in the great outdoors and soaking in the views, you also have activities available to you. There may be anything from guided walks and museums to talks and films, and they all typically come at no extra cost. It can be a great way to learn about local wildlife, fossils, history, and more.

In addition to that, you might seek other activities. For instance, if you are visiting Florida’s Everglades National Park, perhaps you want to go on a kayak adventure with a guide. It can be a terrific way to see the mangroves and sawgrass marshes the area is famous for. That will be an additional cost to keep in mind.

There’s also every chance that you may pass all kinds of mini-golf, waterparks, multiplexes, and other attractions as you explore the area near a national park. If a vacation isn’t a vacation without indulging in these offerings, factor that into your budget, too.

Permits & Passes

Again, most parks are available to the public for free. But if you want to visit multiple national parks, consider opting for a National Park Annual Pass. It typically costs $80 ($20 for seniors) and gives you unlimited entrance to over 2,000 federal recreation areas, such as national parks.

Recommended: How Credit Card Travel Insurance Works

Saving for Your Travel

Saving up for your trip can be pretty straightforward. One way is to set up a dedicated travel fund. Separating your vacation money from your regular savings account will make your progress that much easier to track. You can also maximize your savings by setting up automatic contributions to your travel fund. That way, you never forget to put in a few dollars on payday.

If that sounds appealing, you need to pick the correct type of account. Some options, like a high yield bank account, promise higher interest rates than your standard version. However, your choice will depend on your timeline. For example, someone taking a trip in a year has more time to accrue interest than someone taking a trip within a few months.

Let’s say you don’t have much time, though. Even if you can’t build much in the way of interest, you can still find extra cash in your life. You might need to budget a bit differently. For example, if you have a streaming service membership, you can cancel that for a while. Or perhaps you can pick up a side hustle on the weekends, whether that means driving for a rideshare service or walking dogs.

The Takeaway

Vacations are a time to relax, enjoy yourself, and make memories with your loved ones. The last thing you need is for that time away to leave you deeply in debt and saddled with stress. That’s why a trip to a national park can be such a terrific destination: You’ll explore the great outdoors but can do so without breaking the bank, thanks to low fees, free activities, and the smart saving advice you learned here.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

SoFi, your one-stop shop for travel.

FAQ

Is it expensive to visit national parks?

In many cases, it’s a more affordable vacation than other options. Over two-thirds of national parks offer free admission year-round. Plus, there are many throughout the country, meaning you can pick one that’s close and may not have to spend much on travel costs. The main expenses will come from your lodging, food, and additional activities.

How many days should you spend at a national park?

The length of your stay should depend on the type of itinerary you want to build and the size of the park you are visiting. There are many itineraries for Yosemite online that involve staying three to five days, but you could certainly spend much longer or shorter periods of time. Worth noting: Some smaller parks and historic sites may not be open every day. Larger parks may close due to weather events. Always check in with a park (either online or by calling) beforehand.

How much does it cost on average to visit a national park?

Most national parks are free. The National Park Service allows you to see the entrance rates for each fee-charging national park. Use their listings to see if the park you want to visit charges an entrance fee. The per-vehicle prices are often between $20 to $35 for seven days.

Photo credit: iStock/MargaretW
**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

10 Tips for Finding Cheap Cruises

Buyer Beware

1. Read Cruise News

2. Search the Travel Sites

3. Scan Social Media

4. Look for Bundles

5. Travel With Friends

6. Book Well in Advance…Or Last Minute

7. Sail During Shoulder Season

8. Check for Special Discounts

9. Pay in Full

10. Maintain a Budget

The Takeaway

How to Budget for a Baby

Assessing Your Income

Looking at Your Current Expenses

Planning Ahead For Recurring New Expenses

Child Care

Feeding

Diapers

House and Car

Miscellaneous Expenses

Preparing for Some Upfront Costs

Ready, Set, Transition

Overwhelmed? Take Baby Steps

3 Money Tips

Pros & Cons of a Cash Diet

What Is a Cash Diet?

Get up to $300 when you bank with SoFi.

What Are Some Pros of a Cash Diet?

What Are Some Cons of a Cash Diet?

Starting a Cash Diet?

Managing an All Cash Diet?

Understanding Your Spending Habits

3 Money Tips

22 Money Moves To Make This Month

Steps to Manage Your Personal Finances

1. Set Financial Goals

2. Create a Budget

3. Set Up Direct Deposit

4. Increase Retirement Contributions

5. Make $10 or $25 in Spending Cuts

6. Look for Helpful Apps

7. Negotiate Your Bills

8. Review Insurance Policies

Get up to $300 when you bank with SoFi.

9. Check Your Credit Score

10. Review Your Credit Report for Potential Mistakes

11. Look for Credit Cards that Offer the Best Rewards

12. Use Credit Card Points

13. Consider Refinancing Your Loans

14. Sell Some Stuff to Make Money

15. Consider Cutting Costly Habits

16. Talk about Money with Your Partner

17. Figure Out Your Market Value

18. Negotiate Credit Card APR

19. Use Your FSA Funds

20. Cancel Unused Subscriptions and Memberships

21. Talk to a Financial Planner

22. Consider a New Bank Account

The Takeaway

Traveling the National Parks on a Budget

Cheap National Parks to Visit

Setting a Budget for Visiting National Parks

Food & Drink

Gas & Travel

Lodging

Activities and Entertainment

Permits & Passes

Saving for Your Travel

The Takeaway

FAQ

Is it expensive to visit national parks?

How many days should you spend at a national park?

How much does it cost on average to visit a national park?

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