money Archives | Page 20 of 165

Sep

2024

21 Productive Things to Do on Your Day Off

By Jacqueline DeMarco | Family Finances, Life & Career, money, Money & Life | Comments Off

Some days off are meant for purely relaxing. Others are meant for checking things off our to-do lists that we can’t get done during the course of the work week.

If you’re looking for productive things to do on your day off — including ideas that may improve your money mindset and financial fitness — we have 21 good ways to get started.

How Staying Productive Can Improve Your Money Mindset

If you have a lazy day off, it might wind up costing you. The temptation to spend when bored is real. When you have nothing to do, you may turn to online shopping, dining out, or other pricey leisure activities to fill your time.

There is of course a time and place for spending on leisure, but there’s a big question to ask yourself before spending that money. Specifically, are you plunking down that cash because you will get something out of the experience or purchase or are you simply doing so because you’re bored?

Staying productive on days off can be a form of financial self-care. It can help you avoid unnecessary spending which, in turn, can make other leisure time feel even more enjoyable.

Productive Things to Do on Your Day Off

Not sure what to do on a day off? Consider checking one or more of these positive activities off your to-do list. Any of them can help you feel more organized and in control of your life.

1. Planning a Vacation

Instead of going out and spending money, consider staying home and planning your next vacation. The money you save can go towards your upcoming trip. Not only that,, research and advance planning can help you spend less on your vacation and make sure everything goes smoothly. You might even open a travel fund account and begin saving.

2. Checking Your Credit Card Statements

If you get paperless statements, you may not regularly look closely at your credit card spending. This can be a smart thing to check off on your day off. Simply Log into account and scan your recent statements. Make sure all charges are accurate and see if your spending is in line with your budget. If you’re carrying a balance, you might hatch a plan to pay it off.

3. Taking Quality Time for Yourself

“Qualify time” means different things to different people. For you, taking time for yourself might mean pursuing a hobby like painting, reading a good book, going for a long run, or taking a long bath. There are plenty of relaxing activities to enjoy that don’t cost any money and recharge you for the work days ahead.

Recommended: 30 Fun and Inexpensive Hobbies

4. Reviewing Your Career Goals

While it may not sound fun to sit down and think about work outside of working hours, there’s a lot of value to be found in peaceful reflection. Spending time reviewing career goals when there are no Monday-to-Friday stressors or distractions can make it easier to find clarity.

5. Starting a Side Hustle

Whether you could use some extra income or you’re thinking about changing careers, you might use some of your day off to investigate freelance opportunities and other types of side hustles. Look into options that you might enjoy that also provide the opportunity to learn new skills.

6. Catching Up on Important Errands

Running errands isn’t always fun, but not having them hanging over our heads almost always feels good. If you have a day off, you might want to use a couple of hours in the morning to tackle errands — this can leave the rest of the day wonderfully free. Plus, you’ll get that “I’ve got this!” boost from knowing you’re in control of those to-do’s.

7. Exercising

Getting in a workout — or just some physical activity — can boost your mood and energy level and lead to a happier and more productive day off.

8. Mapping Out Your Money Goals

Similar to setting career goals, a day off can be the perfect time to think about your money goals. Consider what you’d like to accomplish in the next several years — such as buying a car, going to Europe, or putting a down payment on a home. Then figure out how much you’ll need to save each month to do it. You might even open a high-yield saving account and set up an automated monthly transfer to help accomplish your goal.

9. Getting a Haircut

A fresh haircut can put a bit of pep in anyone’s step — a definite self-esteem booster for most of us.

10. Volunteering

Giving back to your community can be a great way to spend free time. There are so many different causes worth getting involved in, from food banks to animal shelters to park cleanups. Volunteering can also expand your network and help you learn new skills, which could pay off in other ways down the line.

11. Updating Your Online Resume

If you’re looking for a new job, the weekend can be a great time to update any resumes you have posted on social media platforms or job searching websites. There are loads of templates online that can help you spiff up your resume, too.

12. Reading a New Book

With so many distractions on busy days, it’s hard to find the time to read. Why not make reading a new book (or an old favorite) a priority on your next day off? There’s nothing like the escape of a good story, whether it’s historical fiction, a murder mystery, or whatever else catches your attention.

13. Taking an Online Class

Whether you want to learn a new work-related skill or explore a personal interest, there’s likely an online class out there that can help you productively use your time off. From coding to cooking, almost any topic is available these days.

14. Spending Time With Loved Ones

Productivity can mean a lot of different things, including spending time with loved ones. Maintaining connections with the people you care about most can help you build a support system and provide personal gratification.

15. Unsubscribing From Unwanted Emails

Have half an hour to kill before meeting up with friends? Chip away at unsubscribing from all those unwanted emails. The lack of digital clutter can be super freeing, even if you don’t achieve “inbox zero” just yet.

16. Updating Your To-Do List

Want to get things done on a day off, but don’t know where to start? Sit down with a pen and some paper (or your phone or laptop) and write an updated to-do list. Of course, it’s not necessary to tackle the entire list in one day, but do try to schedule when you’ll tackle each item on your list.

17. Checking How You’re Doing With Your Budget

Budgets only work if you check in periodically to see how well you’re sticking to the plan. Every few months, it’s a good idea to look at your bank statements and make sure your spending and saving aligns with your goals. You can also use a budgeting app to simplify the process.

Recommended: Guide to Emergency Funds

18. Planning for Next Week

Another good use of free time is to get organized for the week ahead so it feels less stressful and intimidating. Do meal prep, clean up the house, organize your bills, and make sure all work clothes are washed and ready to wear.

19. Finding Networking Opportunities

Nowadays, you can do a lot of professional networking from home online. If you have some downtime, consider hopping on LinkedIn, checking your notifications, and sending some connection requests or messages to help broaden your network.

20. Adjusting Your Tax-Withholding if It’s Not Right

Sick of owing taxes each year? Check your tax withholdings to make sure the correct amount is being deducted from your paychecks. Adjust it accordingly if needed. That quick move could save you some money headaches when tax season rolls around.

21. Cleaning Your House

A good cleaning session can help make your home more comfortable, efficient, and enjoyable to live in. Imagine your place freshly vacuumed or the bathroom scrubbed as motivation.

The Practical And Financial Benefits of Being Productive

We all need downtime, but being productive on a day off also has numerous benefits, including feeling happier, less stressed, and more in control over your life. It can also have a positive impact on your finances. For one, being productive can help beat the boredom that can lead to filling your time with shopping or other expensive activities. And if you use your free time to organize and stay on top of your finances, it can help you make the most of your money and reach your financial goals.

Banking With SoFI

As you can see from this list, there’s no shortage of productive things to do on your day off. Whether you choose to spend your free hours taking an online class, reviewing your budget, or outside running, putting your time to good use can leave you feeling less stressed and more in control over your personal, professional, and financial life.

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 4.20% APY on SoFi Checking and Savings.

FAQ

What is considered wasting time on your day off?

When deciding what things to do on a day off, only you can decide what’s a waste of time or what’s not. For one person, organizing their receipts is a waste of time; for another, it’s productive. The same holds true for reading a book. The key is to find a way to balance productivity and relaxation as you define them.

How can I productively treat myself on my day off?

There are numerous ways you can treat yourself on a day off while also being productive. Examples include going for a hike, listening to a podcast, reading a new book, or taking a class online. All of these options have positive benefits in terms of self-care and fun but don’t cost much (if anything).

Is traveling considered productive?

Traveling and gaining new experiences and insights beyond your local community can indeed be productive. Travel can help us learn, grow, relax, and return home with a new, refreshed perspective.

Photo credit: iStock/MesquitaFMS

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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.

SOBNK-Q324-019

Sep

2024

5 Reasons to Switch Bank Accounts

By Walecia Konrad | Budgeting & Goals, money | Comments Off

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

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

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

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

Smart Reasons to Switch to a New Bank

1: Higher Rates

The Federal Reserve (a.k.a., “the Fed”) raised the federal funds rate — a key borrowing benchmark — 11 times between March 2022 and July 2023. In response, some, but not all, banks have increased the annual percentage yield (APY) they pay on their savings and checking accounts. While the national average savings account rate is only 0.45% APY as of October 21, 2024, some online banks are offering rates higher than 3.00% APY. An increase like that can add up over time and boost your savings.

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

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

2: Low or No Fees

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

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

3: Better Online and Mobile Banking

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

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

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

4: More Banking Features

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

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

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

5: Sign-Up Incentives

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

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

Recommended: 8 Ways to Make Your Money Work for You

The Takeaway

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

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

Photo credit: iStock/NicolasMcComber

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.

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

SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

SOBNK-Q324-046

Sep

2024

21 Ways to Make Money During Winter Break

By Jacqueline DeMarco | Budgeting & Goals, money | Comments Off

If you’re a student with some downtime over winter break, you could spend it catching up on sleep and binge-worthy shows. Or you could take on a temporary job and learn some new skills, make connections, and earn some cash. Extra money could help cover holiday presents, the cost of shopping the post-holiday sales, and of course with school expenses.

Not sure where to start job-wise? Keep reading to learn how to make money in the winter with these 21 ideas.

Winter Break Gigs and Cash Ideas for College Students

It may seem difficult to find a job that will only last a few weeks during winter break, but that’s actually a great time of year to find temporary work and make supplemental income as a college student. Whether helping out with the holiday rush, tapping your creative side, or otherwise digging into a project, there are many options.

Here, consider 21 popular ways to make quick cash.

1. Wrapping Gifts at a Store

When trying to figure out how to make money in the winter, it can help to think about what types of jobs are more in demand at that time of year. For example, many department stores and boutiques hire gift wrappers only for the holiday season. The temporary nature of this role makes it a great fit for students who only want to work for a few weeks over winter break. And there’s something so satisfying about creating a perfectly wrapped gift.

2. Working as a Server for a Caterer

Another seasonal job students can pursue is working as a server for a catering company. You may find that many businesses need extra hands to help with holiday parties. Catering hiring needs shoot up once office and personal holiday parties get scheduled. You may be able to save enough money to start on the path to financial security.

3. Pet Sitting

The holidays are a time when many people travel, but they don’t always take their furbaby with them. That makes it prime time to earn some cash by pet sitting. Feeding a Siamese or walking a Pomeranian could be an easy way to make money in the winter, not to mention a really fun one.

4.Tutoring

Are you an algebra ace? Almost fluent in Spanish? You could share your knowledge and earn some cash in the winter. Plenty of parents hire tutors over the holidays to help their kids catch up on subjects they’re struggling with or to help them get a head start before the new semester begins. This is also a great side job to keep during the school year. That way, you can open a savings account and start putting money away for the future.

5. Doing Holiday Shopping

How else to make money over winter break? Some busy professionals and families need help with errands and holiday shopping and prep in the winter. Ask around if any friends or family know someone who could use this kind of assistance. Or you could check online freelance job boards like Fiverr and TaskRabbit.

Recommended: 8 Ways to Make Your Money Work for You

6. Selling Unwanted Clothes or Goods

Plenty of people are searching for a bargain at the end of the year. Consider digging through your closet and selling clothes (or other belongings) that are no longer being used online or to a used clothing store (like Buffalo Exchange or Crossroads) or a consignment shop. This can help you save money for college expenses next term or use the cash for something fun, like concert tickets.

7. Knitting and Crocheting

If you have a skill like knitting and crocheting, you can sell your wares (scarves, mittens, and more) at a local holiday fair or through an online portal like Etsy. The same holds true for other crafts or creative pursuits, like ceramics, jewelry making, and photography.

8. Start a YouTube Channel

If you’re on social media all the time, why not try to monetize it? Many people make money from their YouTube accounts, not to mention Instagram, TikTok, and other platforms. The holidays could be the perfect time to make and upload some shopping or unboxing videos. You could make some cash in the short term, as well as set up a passive income stream for future earnings.

9. Selling Old Textbooks

To make money over winter break, students can have an edge: selling last semester’s textbooks. Used textbooks might be bought back by a bookstore, whether a bricks-and-mortar or online one. You get the cash, and other students can nab a good deal by purchasing your old books.

10. Get a Restaurant or Café Job

Your local coffee bar or Italian eatery is likely to be extra busy this time of year. Whether you have barista or table-bussing skills, check for “Help Wanted” signs in windows and online job boards for opportunities to join the team.

11. House Sitting

Similar to pet sitting, house sitting is one of the easiest ways to make money during the winter, but with even less responsibility than taking care of a pet. As people travel to see relatives and vacation, they may need someone to occupy their home, water plants, pick up the mail, and more.

12. Shoveling Snow

One way to get a workout in and make some extra cash at the same time is to offer snow shoveling services. Walking around your neighborhood after a snowstorm and offering to clear driveways can be a big help to busy professionals and the elderly who need a helping hand.

13. Selling Christmas Trees

Christmas tree lots hire a lot of seasonal help to assist customers with their tree buying needs. It can be a fun way to earn extra cash and practice some financial self-care, plus tree lots smell great and can really get you in the holiday spirit.

14. Babysitting

Holiday parties leave parents with a lot of babysitting needs. Have some fun watching holiday movies with the kids while mom and dad get a night off. Check through your network or on local community boards (try online ones like Facebook groups or Nextdoor, too) to see who could use a hand.

15. Driving a Snowbird’s Car South for Them

Some people choose to flee colder climates in winter months and may need help getting their car to their new location. People who move south during the winter often hire someone to drive their car down so they can fly and skip the long drive. Yes, you’d have to finance a way to get back to your home base, but it could still net you a chunk of change.

16. Selling Baked Goods

Baking is a great way to make money from home easily. If there are holiday parties coming up or local fairs, cookies and cakes are likely to be in high demand; see who could use some of your famous coconut chocolate-chip treats.

17. Cleaning Houses

Everyone wants a clean home before their guests arrive for the holidays. Offering cleaning services is a great way to make some extra cash over winter break. Also, post-holiday cleanup is likely to be in demand, after the family has visited, feasted, and opened gifts.

18. Lawn Mowing and Landscaping

It doesn’t snow in every part of the country. If you live somewhere warm, you can offer lawn mowing and landscaping services to neighbors who may be too busy during the holidays to get their home looking sparkling clean for guests.

19. Drive for a Rideshare App

From airport pickups to post-holiday party pickups, a lot of people choose to use a rideshare service during the winter months. Signing up for one of these apps can also give you the flexibility to work only when it suits you. Another benefit of a side hustle like this is that it’s easy to continue during the school year.

20. Food Delivery

With the rise of food ordering and grocery apps, many people are ordering online. Getting their grub to them could be a way to earn extra cash. Also, the holidays are a busy time, so more people may be willing to pay a little extra to have their takeout or groceries delivered straight to their home. This could mean more opportunities for you.

21. Dog Walking

About 82 million American households have a pet, according to 2024 American Pet Products Association data. And a lot of those pets are dogs in need of walking. This can be one of the most fun ways to make money during winter break: taking a doggo out for a walk and perhaps a game of fetch.

Banking With SoFi

Now that you know how to make money in the winter, consider how you can make that money work for you. For instance, setting up the right bank account could help you work towards your savings goals, manage your money, and plan for the future.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

FAQ

Is it better to make passive income or active income during the winter?

Earning passive income (say, from a YouTube channel or investments) is great, but it can take a lot of upfront work to get that stream of money flowing. Students who need cash ASAP may want to focus on earning active income during the winter. They can also use their time off to set up a passive income stream that can pay off down the road.

Can I put these winter jobs on a resume?

Yes — students can put a winter job on their resume. They will want to be honest about how long they held the job, but there’s no harm in showing off skills and experience gained even if it was only for a short period of time.

Photo credit: iStock/Alena Ivochkina

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.

4.20% APY
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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.

SOBNK-Q324-045

Sep

2024

Mail-In Rebate Guide: How to Submit & Extra Savings Tips

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

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

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

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

What Exactly Is a Mail-in Rebate?

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

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

How Do You Submit a Mail-in Rebate?

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

Step 1: Look in the Right Places

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

Step 2: Purchase the Right Product

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

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

Step 3: Complete the Rebate Form

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

Step 4: Collect the Proof of Purchase

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

Step 5: Mail and Wait

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

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

Mail-in Rebate Tips

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

1. Always Get a Receipt

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

2. Take Note of Expiration Dates

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

3. Don’t Consolidate Purchases

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

4. Keep the Packaging

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

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

5. Prepare to Follow Up

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

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

Recommended: 7 Tips for Managing a Checking Account

The Takeaway

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

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

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

FAQ

How do I send mail-in rebates?

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

Is a mail-in rebate worth it?

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

Why do companies do mail-in rebates?

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

Photo credit: iStock/AndreiDavid

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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

SOBNK-Q324-058

Sep

2024

What Are Money Affirmations? Do They Actually Work?

Guide to Money Affirmations

By Alice Garbarini Hurley | Budgeting & Goals, Family Finances, money | Comments Off

Money affirmations are phrases you repeat aloud or write down to help promote positive thinking and good financial habits. Some people find these mantras to be a helpful tool in reducing money stress. That can be a good thing: In one 2024 survey, 88% of respondents said they were experiencing financial stress, with 65% noting that money was their single biggest source of worry.

Here, learn about what money affirmations are and how you might find them useful.

Key Points

• Money affirmations are phrases repeated aloud or written down to promote positive thinking and good financial habits.

• Money affirmations are based on the premise that by envisioning what you want, you can guide your thoughts and behaviors to achieve it.

• Affirmations may help reduce money stress and encourage a positive attitude.

• Repeating affirmations may help avoid impulsive or unwise money decisions.

• The effectiveness of money affirmations is subjective and varies from person to person.

What Are Money Affirmations?

Affirmations about money are positive statements about personal finances, from the dollars that pass through your hands (or are growing in your savings account) daily to long-term goals. Some people value these as being a step towards visualizing and achieving financial success. Some points to know:

• An affirmation can be as simple as “My finances will get better.” That can be a motivating and calming message if, say, you are a recent graduate who is struggling to find a job. Looking on the bright side in this way can encourage a positive attitude as you learn how to become financially independent.

• Fans of finance affirmations say that repeating them can help you believe in and actualize (or manifest) them. By keeping such thoughts top of mind, you might avoid impulsive or unwise money decisions, such as splurging on a vacation when it isn’t in your budget.

That said, others may not believe in money affirmations and question if there’s proof that this kind of positive thinking works. It’s a very personal decision whether to implement these affirmations or not.

Recommended: Personal Finance Basics for Beginners

What Is the Law of Attraction?

When exploring money affirmations (or any kind of affirmation, for that matter), you may hear the phrase “law of attraction” used. This principle says that by focusing on what you want to attract into your life, you can help yourself actually attain those goals. To put it another way, by envisioning what you want, you can guide your thoughts and behaviors to achieve that vs. dwelling on what you don’t have.

For instance, if you want to retire by age 50, you would push away negative thoughts of “I’ll never have enough money to do that.” Instead, you might regularly conjure up the image of leaving your job to pursue your passions at age 50 and say, “I am on a path to save enough money to retire early.” That could perhaps help you pass up impulse buys and instead save money to help you realize your dream. That can be a valuable step on the path to financial freedom.

25 Money Affirmations

If you want to give affirmations about money a try, here are 25 examples you can try out (whether you say them aloud, internally, or write them down) to hopefully build a more positive approach to your finances.

1. I control money; money doesn’t control me.

2. I can become financially free.

3. I have the power to be financially successful.

4. My income will exceed my expenses.

5. My hard work will bring in more money.

6. I am worthy of making more money.

7. I am a magnet for prosperity, and it flows toward me effortlessly.

8. I deserve the money coming to me.

9. I have more than enough money.

10. My finances will get better.

11. I accept financial success.

12. I will achieve my financial goals.

13. I deserve financial success and happiness.

14. I will use the money I earn for good.

15. I am wise with my money.

16. I can make smart financial decisions.

17. I have the ability to overcome reckless spending.

18. I can make my dreams a reality.

19. My future self will thank me for being wise with money.

20. Having wealth is integral for life.

21. I can achieve my financial goals and more.

22. Debt will not stop me from reaching my financial goals.

23. Saving money is a challenge I can accomplish.

24. My investments will pay off.

Do Money Affirmations Actually Work?

There’s no guarantee that if you repeat money affirmations, your financial well-being will improve. No matter what you see online, read in books, or watch on YouTube, no one knows 100% whether money affirmations, even if repeated 100 times, will truly improve finances and build wealth.

That said, proponents believe in them, so whether to use money affirmations is your call. One note in favor of money affirmations: They might help you focus on the positive and alleviate some money stress, which can be a good thing.

One recent survey found that almost half of respondents (47%) said money negatively impacted their mental health, and that included causing stress. Reinforcing positive self-talk with money mantras might relieve worry and result in a calmer, steadier, more productive financial mindset.

Money Affirmations vs Money Mantras

The phrases “money affirmations” and “money mantras” are typically used interchangeably. They are also sometimes called “abundance affirmations” or “wealth affirmations.” Occasionally, a money affirmation may be distinguished as being a sentence vs. a money mantra being just a phrase (like “less spending, more success”).

Whatever you call them, money affirmations for financial abundance may be a way to boost your positivity when it comes to managing your cash. The words are meant to help you stay the course in reaching your financial goals.

How to Choose and Write Your Money Affirmations

To choose and write your money affirmations, first identify negative beliefs about money that may be holding you back. Perhaps you see yourself as an impulse shopper, incapable of resisting sales or making frugal decisions. Maybe you’ll decide that “I am wise with my money” would be a good affirmation to try because it could counteract negative money self-talk.

You can also write a money mantra based on your personal challenges to state your goals as if it is already true. For example:

• If your checking account is often lower than you’d like and you’re tightening your budget, the negative statement, “I will not order food delivery ever this year” may be discouraging and hard to live up to.

• A better affirmation might be a positive phrase, like, “I will budget well and spend my grocery money mindfully.” That way, when you do order the occasional pizza, you will likely have planned for it and can feel good.

Your money mantra can help you focus on the positive.

How Do You Use Money Affirmations?

Those who believe in affirmations suggest using them in whichever way feels comfortable and meaningful.

• You might say them aloud or to yourself.

• You could jot them on a sticky note to post on your computer, mirror, fridge, and/or car dashboard.

• Some people like to put the words on their phone lock screen.

• Others may prefer to write their phases (whether that’s “I am working to increase my bank account” or “Abundance is flowing my way”) in a notebook or journal.

Saying or writing your money affirmation daily can be a good practice, but it’s up to you to set the cadence that works best for you. The goal is to repeat the affirmations often enough to impact your outlook, enabling you to visualize financial security and move towards it.

The Takeaway

Money affirmations, aka money mantras or abundance affirmations, are sayings that people can repeat to replace a negative money mindset with a positive one. They can express a financial goal or good habit. Some believe that saying or writing these words can help banish negative self-talk and instead create an optimistic outlook that can encourage good money management and financial wellness.

Another aspect of financial health is choosing the right banking partner.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

FAQ

How do I choose the best money affirmation for me?

Choosing the right money affirmation is a very personal decision. You may want to opt for (or write) a money affirmation that counteracts negative thoughts. So if you often tell yourself, “I will always be in debt,” a good money affirmation might be, “Every day, I am moving towards eliminating debt.”

What is the affirmation number for money?

Each person can decide if they believe in affirmation numbers (or “lucky numbers”) for money and, if so, what it might be. Some think the number eight is associated with building wealth (say, in numerology), though it’s unlikely to find scientific proof of such a connection.

How often do I need to say my money affirmations?

Money (or wealth) affirmation fans say you should repeat the phrases as often as you need to so that you believe in them and they can help guide your financial habits. That could mean saying your money mantra daily perhaps. If you choose to write down your money mantras, the general advice is to post your affirmations where you will see and read them often. A couple of good spots might be on the refrigerator or mirror.

When is a good time to repeat money affirmations?

An ideal time to repeat money affirmations can be when you’re feeling overwhelmed or stressed about your finances. For instance, if your credit card payment is late, rather than sinking back into negative self-talk, you could repeat your money mantra. Doing so might help you accept your current burden and refocus on your goals. Other people may find they like to repeat money mantras in the morning, to encourage a positive money mindset all day.

Photo credit: iStock/s-cphoto

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q324-090

21 Productive Things to Do on Your Day Off

How Staying Productive Can Improve Your Money Mindset

Productive Things to Do on Your Day Off

1. Planning a Vacation

2. Checking Your Credit Card Statements

3. Taking Quality Time for Yourself

4. Reviewing Your Career Goals

5. Starting a Side Hustle

6. Catching Up on Important Errands

7. Exercising

8. Mapping Out Your Money Goals

9. Getting a Haircut

10. Volunteering

Earn up to 4.20% APY with a high-yield savings account from SoFi.

11. Updating Your Online Resume

12. Reading a New Book

13. Taking an Online Class

14. Spending Time With Loved Ones

15. Unsubscribing From Unwanted Emails

16. Updating Your To-Do List

17. Checking How You’re Doing With Your Budget

18. Planning for Next Week

19. Finding Networking Opportunities

20. Adjusting Your Tax-Withholding if It’s Not Right

21. Cleaning Your House

The Practical And Financial Benefits of Being Productive

Banking With SoFI

FAQ

What is considered wasting time on your day off?

How can I productively treat myself on my day off?

Is traveling considered productive?

5 Reasons to Switch Bank Accounts

Smart Reasons to Switch to a New Bank

1: Higher Rates

2: Low or No Fees

3: Better Online and Mobile Banking

Get up to $300 when you bank with SoFi.

4: More Banking Features

5: Sign-Up Incentives

The Takeaway

21 Ways to Make Money During Winter Break

Winter Break Gigs and Cash Ideas for College Students

1. Wrapping Gifts at a Store

2. Working as a Server for a Caterer

3. Pet Sitting

4.Tutoring

5. Doing Holiday Shopping

6. Selling Unwanted Clothes or Goods

7. Knitting and Crocheting

8. Start a YouTube Channel

9. Selling Old Textbooks

10. Get a Restaurant or Café Job

Get up to $300 when you bank with SoFi.

11. House Sitting

12. Shoveling Snow

13. Selling Christmas Trees

14. Babysitting

15. Driving a Snowbird’s Car South for Them

16. Selling Baked Goods

17. Cleaning Houses

18. Lawn Mowing and Landscaping

19. Drive for a Rideshare App

20. Food Delivery

21. Dog Walking

Banking With SoFi

FAQ

Is it better to make passive income or active income during the winter?

Can I put these winter jobs on a resume?

Mail-In Rebate Guide: How to Submit & Extra Savings Tips

What Exactly Is a Mail-in Rebate?

How Do You Submit a Mail-in Rebate?

Step 1: Look in the Right Places

Step 2: Purchase the Right Product

Step 3: Complete the Rebate Form

Step 4: Collect the Proof of Purchase

Step 5: Mail and Wait

Earn up to 4.20% APY with a high-yield savings account from SoFi.

Mail-in Rebate Tips

1. Always Get a Receipt

2. Take Note of Expiration Dates

Student Loan
Refinancing

Personal
Loans

Online
Investments