10 Ways to Save Money on Your Utility Bills

When you think about your basic living expenses, your mortgage or rent may be top of mind, but utilities are a considerable component for most people. Doling out money for electricity, water, maybe natural gas, garbage/sewer/recycling, cable television, and internet access can really add up. The average American household can spend anywhere from $300 to $450 a month or more on utilities.

Here, you can learn smart ways to save money on your utility bills. Some are simple ways to cut costs by tweaking your daily habits, and others may require investment, such as buying an energy-efficient appliance that will cost less over the coming years.

Read on to see which money-saving tips work best for you.

5 Ways to Save Money on Your Electricity Bill

The average electric bill in the US is currently $142.73 per month, with an average cost of 16.11 cents per kilowatt hour (kWh). Here’s advice on saving money on electricity.

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1. Unplug!

It may be possible to save $100 or more each year by unplugging your appliances and devices when they’re not in use. Bonus: When you unplug, you’re also protecting them from damage that could occur during power surges.

What’s known as standby power can add up to 5% to 10% of your monthly electricity bill, according to the US Department of Energy. Electronics can draw power when not in use: Your laptop’s sleep mode, for instance, is different from being turned off, and it can still use energy.

Your home entertainment system can use electricity to keep some indicator lights on, including the ones, ironically enough, that tell you the system is off. And if you are the type who has one or two mobile phone chargers always plugged in, ready to revive your low-battery phone, know that those too are raising your bill.

Granted, it may be too much of a hassle to unplug your washer/dryer when not in use, but you work on not letting your phone charger, coffee maker, and computer eat up electricity when not in use.

2. Replace Old Appliances

Is your dishwasher, refrigerator, or clothes dryer reaching the end of its lifespan? Do yourself and your budget a favor and opt for an energy-efficient model.

Although this strategy means you need to spend money up front, ENERGY STAR®-certified appliances can save significant dollars in the long run. In general, a home appliance lasts for 10 to 20 years, on average, with ENERGY STAR-designated ones can save you up to $450 a year on your utility bills, according to the US EPA (Environmental Protection Agency).

Plus, you can sometimes get federal, state, or local rebates (like those made available by the Inflation Reduction Act) when you purchase energy-efficient appliances, so it might be wise to research this before you buy. You could wind up with even lower costs this way.

3. Wash Clothes in Cold Water

When you wash your clothes in cold water, you save significantly on energy usage, while also being kinder to your clothes. ColdWaterSaves.org shares that 90% of the energy used while washing clothes goes towards heating the water.

To put a dollar figure on this, the site calculates that the average household could save $200 per year by switching from washing laundry in warm or hot water to using cold instead. And guess what? Today’s detergent technology uses enzymes that actually work more effectively in cold water.

Also make sure your loads are full to save even more money; you’ll do your laundry less frequently that way.

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4. Dial Down Your Hot Water Heater

Here’s an especially easy hack—heck to see where your hot water heater’s thermostat is set. If it’s above 120 degrees Fahrenheit, consider lowering it! For every ten degrees that you dial it down , you could save 3% to 5% on your energy bills. Plus, you’ll make it less likely that someone in your family gets burned by hot water.

5. Dry Clothes More Efficiently

According to Energy.gov, in a standard household, the appliance that uses the most energy is the dryer. To calculate your costs, try the calculator they provide, and follow the following tips. They’re ideas for how to save on utilities.

•   Right-size your loads. Too full, and it takes too long for your clothes to dry. Too small? You’ll be spending too much energy per item as you dry them.

•   Air-dry on a rack when you can.

•   Add wool or rubber dryer balls to cut down drying time.

•   Regularly clean your dryer’s lint filter.

•   Use the lower heat settings to use less energy.

•   If your dryer has a cool-down cycle, use it.

•   If your dryer has a moisture sensor option, use that as well.


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2 Ways to Save Money on Your Water Bill

The national median water bill is about $30 or $35 a month, though some people may pay two or three times that amount. Follow this advice to take your costs down a notch.

1. Invest in Efficient Appliances

Is it time for a new washer? If so, note that energy-efficient washers typically use 40% to 50% less energy and use 55% less water than conventional models. This switch can save you up to $60 a year on utility and water bills.

2. Shower Smarter

By going with a lower-flow showerhead, you can significantly reduce water usage, to the tune of $70 a year. Want to save even more? Become a fan of the five-minute shower, and quit sending money (quite literally) down the drain.

Recommended: 10 Personal Finance Basics

3 Ways to Save Money on Your Gas Bill

The average gas bill in the US is about $63 but could be even lower if you follow these tips.

1. Save on Heating and Cooling Costs

By resetting your thermostat, you may be able to save a significant amount.

You might be able to save about 1% of your energy costs for each degree that you adjust for an eight-hour period, and the Department of Energy recommends that you adjust your thermostat by seven to ten degrees (up in summer, down in winter) for an eight-hour period each day to annualize savings of as much as 10%.

If you have a smart thermostat, you could set it to be higher or lower when you’re out at work. You might also reset it overnight, when you’re sleeping.

For example, the Department of Energy recommends keeping your thermostat at 68 degrees when you’re up and about in winter, and at 58 when you’re away from home or sleeping. When the season is warm, their recommendation is to keep your thermostat at 78 degrees when you’re home, and at 85 when you’re not. If you do this, you can save an average of $83 or more annually.

Recommended: How to Automate Your Finances

2. Go Solar

If you really want to invest in your energy efficiency, you could also consider solar panels to create clean electricity and minimize your gas usage. You can potentially receive tax credits for going green this way. Living sustainably can really pay off in multiple ways!

Yes, installing solar panels requires a big investment; one that will take years to amortize. But by starting on the path to passive energy, you’ll be on your way to saving for decades to come.

3. Seal up Your Home

Ready for another idea for how to save on utilities? In cold weather, warm air can escape through drafty windows and doors; in hot weather, the cool air your air conditioning is pumping out can vanish the same way. By weather sealing your home, you can save up to 10% of your energy bill. That means weather stripping and adding insulation (important ways to help maintain your home’s value) can really pay off.

Saving with SoFi

No matter the strategy you choose, stashing your money in a bank with minimal fees and a solid interest rate is an important move.

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 3.80% APY on SoFi Checking and Savings.

FAQ

What’s a good way to save on electricity costs?

One good way to save on electricity costs is to unplug electronics and other devices (your laptop, phone chargers, coffee maker) when not in use. Keeping them plugged in costs money.

What runs up your electrical bill the most?

Heating and cooling are the single biggest portion of your energy bill, accounting for up to 40% of your costs.

How can I save on my gas bill?

Calibrating your thermostat can be a big money saver, as can weather sealing your home.



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As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

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Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://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.


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How Much Is My Car Worth Really?

How Much Is My Car Worth Really?

The value of a car depends on a lot of factors, from the make and model to age, condition, and mileage. How quickly you want to sell and where you live can also play a big part in how much money you get for your car.

It’s important to understand these factors as you appraise your vehicle. Here’s a closer look at resources you can consult as you determine how much your car is worth.

What Is a Good Price for My Used Car?

In 2023, the average used car price hovered around $29,000. Whether you’re able to sell your car for above or below that price will depend on a lot of things. First of all, mileage has a big impact on price. The more you’ve driven your car, the less it will be worth.

A car’s condition is also important. Are there repairs that have to be made or parts that need replacing? Does the car have an accident history? If so, the value of the car may be negatively impacted.

The older a car is, the more wear and tear it’s likely to have experienced. As a result, older cars usually cost less than newer counterparts.

Some factors that can impact car price are more surprising, such as where you live and how quickly you need to sell it. The weather in your area can take its toll on your vehicle. Harsh New England winters and salted roads, for example, can cause metal components to rust. Sunny climes have their own issues; too much sun can cause paint and other finishes to lose their luster.

Last, if you need to sell your car quickly, you may find yourself accepting less money than you would have if you’d the time to wait for a buyer willing to pay full value.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

Understanding the Different Estimated Values

There are a few different ways to calculate estimated car value. (Keep in mind, these terms apply only to cars you own outright; different calculations go into valuing a leased car.) Here’s a look the most common terms:

Market Value

The market value of a used car is a reflection of how much buyers are usually willing to pay for a given vehicle. It will depend on factors such as location, make and model, mileage, and condition. See below for resources to determine market value.

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Trade-In Value

Trade-in value comes into play when you’re considering buying a used car or a new vehicle. It’s the amount of money a dealer is willing to give you for your old car that you can then put toward the purchase price of another vehicle.

The trade-in value is often lower than top market value. That’s because the dealer needs to turn a profit when they resell the vehicle.

If you’re trading in your car for a new or new-to-you model, your credit score will impact how much your next car really costs including interest. There is generally no baseline credit score required to qualify for auto financing, but lower scores will pay significantly higher interest rates. Similarly, higher credit scores will get better deals on auto leasing.

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Check your credit score for free. Sign up and get $10.*


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

Private Party Value

You may encounter the phrase “private party value” as you research how much your car is worth. This usually means the fair market value when selling your vehicle to an individual rather than a dealership.

Instant Trade-In Dealer Quotes

Brick-and-mortar dealerships and websites, such as Kelley Blue Book, Vroom, TrueCar, and Carvana, may offer instant cash or instant dealer trade-in quotes.

The process is similar to looking up the value of your vehicle online. You often need to share only a few details about your car, such as vehicle identification number (VIN) or your license plate number, and the company will come back to you with an offer of cash for your car.

Once you receive an offer, there will likely be an in-person follow-up to review your vehicle before you receive any money.

Recommended: What Is The Difference Between TransUnion and Equifax?

Common Car Value Estimate Resources

There are a variety of resources available where you can research car prices and estimate the value of your vehicle.

Kelley Blue Book

The Kelley Blue Book, or KBB for short, is an online resource for finding the value of new and used vehicles. It dates back to the 1920s, when the company published an actual blue book dealers would look at to establish pricing information and car values.

To research your car’s value, you can provide your vehicle identification number (VIN), license plate number, or year, make, model, mileage, and zip code. You can also input the equipment that is included on your vehicle and the color of your car to further narrow down the value.

Black Book

Similar to the KBB, Black Book offers VIN-specific valuations. However, it also integrates vehicle history report data from Autocheck, such as reported damage to the vehicle. The company then offers an adjusted valuation based on this information.

National Automobile Dealers Association

The National Automobile Dealers Association (NADA) provides resources for shoppers looking for new and used vehicles. Use the website to compare prices on similar vehicles to your own to help determine what the going market rates are. The company also provides shopping guides that can help you learn more about the car buying and selling process, and glean tips for what buyers are looking for in a used vehicle.

Edmunds

Edmunds offers an “Appraise My Car” tool that also allows you to search vehicle values by VIN, license plate number, and year, make, and model. The California-based company was founded in 1966 “for the purpose of publishing new and used automotive pricing guides to assist automobile buyers.”

Who Gives the Most Accurate Car Value Estimate?

Kelley Blue Book and Edmunds are two of the most widely used and trusted general reference sites when it comes to valuations of particular makes and models of used cars and trucks.

Each site may show different values for the same vehicle, but no site consistently provides higher or lower estimates than the other.

Car Brands With the Highest Resale Value

The brand of a car, also known as its make, can have a big impact on resale value. Some makes are more popular than others, often due to a reputation for safety, fuel economy, or durability.

According to research by iSeeCars, the following 10 cars had the lowest depreciation in 2023.

Make and Model

5-Year Depreciation

1. Porsche 911 9.3%
2. Porsche 718 Cayman 17.6%
3. Toyota Tacoma 20.4%
4. Jeep Wrangler/Wrangler Unlimited 20.8%
5. Honda Civic 21.5%
6. Subaru BRZ 23.4%
7. Chevrolet Camaro 24.2%
8. Toyota C-HR 24.4%
9. Subaru Crosstrek 24.5%
10. Toyota Corolla 24.5%




💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Importance of Add-On Options

Pricey add-ons, such as splash guards, alarm systems, and tinted windows, don’t always add value to used cars. In fact, once a car is two or three years old, they may have little effect on value at all.

Recommended: Does Net Worth Include Home Equity?

The Takeaway

The value of your car will change from year to year as it ages, and supply and demand shift. Staying on top of your car’s value can help you make informed decisions about your net worth, as well as decisions about when to sell or trade in your vehicle for a new car.

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

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

How do you estimate the value of a car?

You can estimate the value of your vehicle using online tools such as Kelley Blue Book, Edmunds, or Black Book.

How do I find the fair market value of my car?

You can estimate the fair market value of your vehicle using online tools such as Kelley Blue Book, Edmunds, or Black Book.

What is the difference between market value and fair market value?

Fair market value is an estimate of what a potential pool of buyers might pay, while the market value is what they are actually willing to pay.


Photo credit: iStock/DjordjeDjurdjevic

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

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

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How to Save for a House While You’re Still Renting

Owning your own home is typically a foundation of the American Dream, and many people are saving for a down payment right this minute. But when you are already paying rent, it can be a challenge to save for a down payment on a house, especially if you live in an area with a high cost of living or are dealing with the impact of inflation.

But that doesn’t mean it can’t be done. You can save up for your home purchase by following some wise financial advice and simplifying the process of socking away your cash.

If buying a home is a priority for you, read on. You’ll learn how to grow your down payment savings while still paying rent.

5 Tips to Save for a Home While You’re Still Renting

Rent can take a big bite out of your take-home pay, but it doesn’t rule out saving for a down payment on a house. Here’s some smart budgeting advice to help you set aside money for your future homeownership.


💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

1. Pay Down Your Debt First


In order to save for a house, it’s wise to figure out a plan to pay down your existing debt. This will free up more money for you to save for that down payment. Also, when you do apply for a mortgage, you will likely have a lower debt-to-income ratio, or DTI ratio. Reducing you DTI ratio can help your application get approved.

Student loan debt is a common kind of debt to have; the average American right now has $37,338 in loans. If you’re a full-time employee, reach out to your company’s HR department to learn more about student debt repayment assistance. A recent survey by the Employee Benefit Research Institute found that 17% of companies in the U.S. currently have this type of assistance, so it’s worth a try.

Gain home-buying insights
with the latest housing
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As a more drastic measure, you could always think about going into a profession that offers partial or total student loan forgiveness (such as teaching in certain public schools) or moving to a state that will help pay off your student loan debt just for moving there (currently Kansas, Maine, Maryland, and Michigan).

For an easier fix, you could consider student loan refinancing options, which might lower your rate. By dropping your interest rates, you could significantly reduce both your payments and the length of time you’ll be making them.

However, a couple of points to note. If you extend your term to lower the payment, you will pay more interest over the life of the loan. Also, do be aware that, when refinancing federal loans to private ones, you may then no longer be eligible for federal benefits and protections. However, by getting a lower interest rate, you may accelerate your path to saving for your down payment and getting keys to your very own home.

Credit card debt can also play a role in preventing you from saving for a down payment. This is typically high-interest debt, with rates currently hovering just below 25%.

There are a variety of ways to pay down this debt, such as the debt avalanche method, which has you focus on your highest-interest debt first; the debt snowball; and the debt fireball methods.

If none of these techniques seems right for you, you might look into getting a balance transfer credit card, which will give you a period of zero interest in which you may pay down debt. Or you might take out a personal loan to pay off the credit card debt and then potentially have a lower interest loan to manage.

2. Create a Budget That Will Help You Spend Less and Save More

Another way to free up funds for that down payment is to budget well. Creating and sticking to a realistic budget can help you spend less while saving for a house. While budgeting can sound like a no-fun, punitive exercise, that really doesn’t have to be the case. A budget is actually a helpful tool that allows you to manage your income, spending, and saving optimally.

To get there, you can pick from the different budgeting methods. Most involve these simple steps.

Gather your data: Figure out how much you’re earning each month (after taxes), along with how much you’re currently spending. Add it all up including cell phone bills, insurance, grocery bills, rent, utilities, your coffee habit, the dog walker, gym membership, etc. Don’t miss a dime.

List your current savings: Are you currently putting money into an IRA, 401(k), or other savings plan? List it, so you can see what you’ve already got in the bank.

Really dig into and optimize your spending: Can you cut back anywhere? You might trim some spending by bundling your renters and car insurance with one provider. Perhaps you can save on streaming services by dropping a platform or two. And how’s your takeout habit? If you really want to save for a house, you may need to learn to cook. You might even consider taking in a roommate or moving to a less expensive place to turbocharge your savings for your down payment while renting.

Making cuts, admittedly, can be the toughest step in the budgeting process, but it’s crucial to be honest with yourself about your spending. Remember: However much you cut back can help you get a new home that much sooner.

Finally, check in on your budget every so often and adjust as needed. For example, if you land a new job, get a promotion, or are given an annual raise, perhaps you can add that money to your savings account or put it toward paying off your loans. Whichever one feels more important to you is OK, so long as that extra cash isn’t vanishing on impulse buys.

3. Investigate How Big a Down Payment You Actually Need

Many prospective homebuyers think they must have 20% down to buy a house, but that is not always the case. That is how much you need to avoid paying for private mortgage insurance (PMI) with a conventional conforming loan. Private mortgage insurance typically ranges from 0.5% to 2% of the loan amount, and it’s automatically canceled when your equity reaches 78% of the home’s original value.

Here are some valuable facts: You may be able to take out a conforming loan with as little as 3% down, plus PMI. Certainly, that’s a sum that can be easier to wrangle than 20%, though your mortgage principal will be higher. According to National Association of Realtors data, the average first-time homebuyer puts down about 6%.

In addition, you might qualify for government loans that don’t require any down payment at all, such as VA and USDA loans.

You might also look into regional first-time homebuyer programs that can provide favorable terms and help you own a property sooner.


💡 Quick Tip: Don’t have a lot of cash on hand for a down payment? The minimum down payment for an FHA mortgage loan is as little as 3.5%.

4. Grow Your Savings

If you’ve paid off your debt, set realistic budgeting goals, and are raking in some dough to add to a savings account, you’re already on the right track. A good next move is to put your money to work for you. Among your options:

•   Open a high-interest savings account. These can pay multiples of the average interest rate earned by a standard savings account. You will frequently find these accounts at online vs. traditional banks. Since they don’t have brick-and-mortar branches, online financial institutions can save on operating costs and can pass that along to consumers. Just be sure to look into such points as any account fees, as well as opening balance and monthly balance requirements. (Features such as round-up savings can also help you save more quickly.)

You can also look into certificates of deposit (CDs) and see what interest rates you might get there. These products typically require you to keep your funds on deposit for a set period of time with the interest rate known in advance.

•   If you have a fairly long timeline, you might consider opening an investment account to grow your savings. The market has a historical 10% rate of return, though past performance isn’t a guarantee of future returns. You could try using a robo advisor, or you could work with a financial advisor who will walk you through investment strategies for beginners and beyond and help you invest. Just be aware that investments are insured against insolvency of the broker-dealer but not against loss.

Recommended: First-time Homebuyer Guide

5. Automate as Much of Your Finances as Possible

This is a lot of information to process, but once you get through all the work upfront, you can start automating as much as possible. For example, have a portion of your paycheck automatically go into your savings account each month to plump up that down payment fund.

You might set up the direct deposit of your paycheck to send most of your pay to your checking account and a portion to a savings account earmarked for your down payment. You can check with your HR or Benefits department to see if this is possible.

Another way to automate your savings is to have your bank set up a recurring transfer from your checking account, as close to payday as possible. That can route some funds to your down payment savings without any effort on your part. Nor will you see the cash sitting in your checking account, tempting you to spend it.

The Takeaway

While saving for a down payment isn’t exactly a piece of cake, it doesn’t have to feel overwhelming. By trying five effective strategies, which can include budgeting, paying down debt, and automating your savings, you can accumulate enough money to start on your path to homeownership.

Once you have the down payment taken care of, you’ll be ready to shop for a home mortgage that suits you.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.


SoFi Mortgages: simple, smart, and so affordable.




*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


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


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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What Is a Rent-to-Own Home?

Buying a home can at times feel like quite an uphill climb, what with socking away cash for a down payment and getting approved for a mortgage. One option that may promise to ease the path for some people is what is known as a rent-to-own arrangement.

If you enter into this agreement, you may be able to rent and then decide to purchase the property at the end of the lease. That can give you some time to build your savings and your credit. What’s more, while renting, part of your monthly payment may be earmarked for your down payment.

However, in addition to these positives, there are potential downsides, such as losing a nonrefundable upfront fee if you decide not to buy. If you’re curious about rent-to-own homes, read the following guide. You’ll gain important insights that can help you decide if this form of homebuying is right for you.

What Is Rent-to-Own?

Renting vs. buying a home is a big decision, but in some cases, you may be able to do both. With a rent-to-own home, you lease a property and have the option to buy it at the end of that period. Your monthly rent (which may be higher than the going market rate) can include a portion that is earmarked as down payment money should you decide to buy.

A key benefit of rent-to-own agreements is that they can help make homeownership possible for people who might not otherwise be able to purchase a property. Someone who doesn’t have a hefty chunk of change saved for a down payment may be able to buy a home. Or it might give a prospective homebuyer a chance to build their credit history en route to applying for a mortgage a little later on.

In these ways, rent-to-own could put you on the path to buying a property while still renting.


💡 Quick Tip: Thinking of using a mortgage broker? That person will try to help you save money by finding the best loan offers you are eligible for. But if you deal directly with an online mortgage lender, you won’t have to pay a mortgage broker’s commission, which is usually based on the mortgage amount.

How Do Rent-to-Own Agreements Generally Work?

Now that you know what a rent-to-own home is, here’s a closer look at how they work. With these agreements (also sometimes called “lease with option to buy”), the renter typically commits to renting the property for a specific period of time, with the option (or obligation) to buy.

•   In many cases, the renter pays an upfront nonrefundable option fee. This is what can secure the option to buy, and it typically ranges from 1% to 5% of the purchase price.

•   Another feature of a rent-to-own agreement can be that a portion of the monthly rent goes toward the down payment at the end of the lease, should you decide to buy. So if the going rental rate is $1,700 in your area, you might pay $2,000 a month, with that $300 additional going toward the down payment. (You may have to hunt if you want a rent-to-own home with low monthly payments.)

•   It’s important to note that there are two different kinds of rent-to-own arrangements. There’s lease-option, which means you will have the choice of whether to buy the property, and there’s lease-purchase, in which you are committing to buy the property in the future. The latter can be a legal obligation, so proceed with caution.

•   With these rent-to-own or “lease with option to buy” deals, you can either decide on the purchase price upfront or agree that the sale will be contingent upon an appraisal at the time of purchase. It is generally recommended to get a home appraisal and inspection upfront before entering into a contract.

•   The appraisal, if done up at the start, can set the market value of the home and can also give a rent schedule showing rents paid in the area for the same type of home. The rent schedule confirms the base rent charged is reasonable before any option to buy surcharge is added on top.

Mortgage LoanMortgage Loan

Benefits of Rent-to-Own Homes

Here are some of the potential advantages of a rent-to-own agreement.

•   A rent-to-own property may offer a way to get into your dream house before you’re totally ready to buy. Perhaps you don’t have enough money saved for a down payment and don’t see a path to accruing enough to buy a home in today’s market. Rent-to-own could open a door to home ownership.

•   Another benefit of renting to own is that it buys you time to build your credit. Maybe you’re still cleaning up a past credit problem that’s keeping you from qualifying for a mortgage. Renting first could give you time to accomplish this.

•   You can potentially save money on repairs. With a rent-to-own arrangement, a landlord and tenant often split the cost of repairs. In some situations, the landlord agrees to cover larger expenditures. This can be helpful to those trying to save money to buy a home.

•   There’s flexibility. You get to try on homeownership of a property by living there as a renter first. At the end of the rental period, you can choose to buy or move. That is, unless you’ve entered into a lease-purchase arrangement, in which case you can be legally obligated to buy.



💡 Quick Tip: You never know when you might need funds for an unexpected repair or other big bill. So apply for a HELOC (a home equity line of credit) brokered by SoFi today: You’ll help ensure the money will be there when you need it, and at lower interest rates than with most credit cards.2

Some Problems with Rent-to-Own Agreements

There are usually pros and cons of buying a starter home, but doing so via a rent-to-own arrangement can have its own set of considerations. Now that you know the potential upsides of renting to own, consider these potential disadvantages before you sign on the dotted line.

•   Selection may be limited. If you have your heart set on a certain neighborhood or home style, you might be out of luck. Unless you can find a seller in your target neighborhood who’s willing to do a rent-to-own or lease arrangement, you’ll likely have to stick with the conventional choice of renting or buying.

•   You could lose money if you decide not to buy. That option fee discussed above is often nonrefundable, and any surcharge you pay on the monthly rent (to go toward a down payment) may not come back to you either. The bottom line: If you walk away at the end of the lease, your finances could take a hit, which could be a significant homebuying mistake.

•   What’s more, if you’ve signed a lease-purchase document, it can be legally binding in terms of having to buy at the end of the rental. If you can’t or don’t want to purchase when the time comes, you could be in a very difficult spot.

•   If you agree to a purchase price at the beginning of your rental term, there is the chance that the home’s value could drop with market fluctuations. Then, when it’s time to exercise your option to buy, you might be faced with an overpriced property.

•   Just because you have entered into a rent-to-own agreement doesn’t mean you will qualify for a mortgage at the end of the rental term. Yes, you may have more money set aside for a down payment or you might have built your credit, but again: There are no guarantees that a lender will approve you to move ahead with the purchase.

•   If the owner stops making payments and the property goes into foreclosure, you may be out of luck. And you may not have much say if the property isn’t maintained to your standards.

Recommended: Is Now a Good Time for Buy a House?

Do These Contracts Compare to Qualifying for A Mortgage?

A rent-to-own home may seem helpful if you are not quite ready to buy a home outright; say, you might need more time to accumulate a down payment or build your credit history. Or perhaps you think you want to buy a property, but you’d like to live in it before committing 100%.

Keep in mind, however, that signing a rent-to-own agreement doesn’t mean you’ll necessarily qualify for a home loan. At the end of your rental term, if you decide to buy, you will still have to apply and be approved for a mortgage. Your financial credentials will be reviewed in depth to determine your creditworthiness.

If you’re serious about becoming a homeowner, a traditional home purchase along with a mortgage may offer a wider array of options. With a traditional mortgage, you take out a loan to cover the purchase price of your new home minus your down payment. A mortgage loan allows you to immediately purchase your home, as opposed to renting first.

In addition, there may be some tax benefits to owning right away vs. renting first; you might talk with a tax advisor to get more details.

If you don’t feel ready to put down as much money as you’d like, you might consider conventional loans that let you put down as little as 3% to 5% down or government-backed loans that may even allow you to buy with no money down. You could also look for down payment assistance programs you might be eligible for in your area. These can help make a purchase more affordable.

Recommended: Quiz: Should You Buy or Rent a Home?

The Takeaway

Rent-to-own homes can offer a way to buy a home after leasing it. This can provide time to the prospective homebuyer to save up funds for a down payment or to build their credit. However, an option fee (usually nonrefundable) and a higher rent can be part of the arrangement, so it’s wise to consider this carefully. Having a lawyer review the agreement up front can be a good idea so you fully understand the potential risks and rewards.

If you think you’re ready for homeownership (whether after renting or right away), you may want to check out your mortgage options: what kinds of home loans are available at what interest rates from which lenders. That can help you understand your home-buying budget.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

What does it mean when someone says rent-to-own?

Rent-to-own arrangements allow a person to rent a property and then have the option (or obligation) to buy at the end of the lease. There is usually a nonrefundable option fee to be paid up front, and the rent may be higher than the norm in the area. That’s because a portion may be earmarked to go toward a down payment at the end of the rental.

Is it smarter to rent or own a home?

Deciding whether to rent or buy a home is a very personal decision. It can depend upon your financial situation, your need for flexibility vs. your desire to put down roots, and other factors.

What is the main reason to avoid renting to own?

Renting to own can have a few drawbacks. However, here’s a key one: There are often nonrefundable fees and rent surcharges, which could cause financial loss if you decide not to move ahead and buy.




*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


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


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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

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 .

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Filling Out FAFSA for Divorced Parents

The Free Application for Federal Student Aid or FAFSA® form is required for students who are interested in receiving federal financial aid. This task can be challenging and can increase in complexity when a student has parents who are divorced.

The federal government treats divorced parents differently than parents who are married. Understanding the requirements for the financial information required by the FAFSA could help students improve their chances of receiving federal student aid and potentially lowering the amount of student loans they need to obtain a degree.

Continue reading for more information on filling out the FAFSA if your parents are divorced or separated.

What Complicates FAFSA for Divorced Parents?

The FAFSA treats parents who are divorced differently than it treats parents who are married. If a student’s parents are married, the FAFSA requires both of the parents to submit their financial information. Students who have divorced parents will usually include the salary and other financial information of the parent that he/she lived with for the majority of the time for the past 12 months. This parent is considered the custodial parent.

If a student lived with each parent for equal amounts of time, they’ll provide information on the parent that provided the most financial support during the year.

If the parent has remarried by the time a student is filing the FAFSA, the financial information of the parent’s new spouse will also typically be required on the form.

Recommended: Important FAFSA Deadlines for Students and Parents

FAFSA Tips for Students with Divorced Parents

Here are some important questions to ask yourself and tips for completing the FAFSA application with divorced parents:

Who to Count as Parents for FAFSA

If your parents are divorced, the FAFSA generally requests information on the parent whom you live with for the majority of the time during the previous 12 months. In the case of shared custody where you live with each parent equally, you’ll provide information on the parent who provides the most financial support.

If your parent is remarried, you’ll provide information on the stepparent, as well.

What Is a Custodial Parent?

As briefly mentioned, a custodial parent is the parent you spend the most time living with during the year.

What About Stepparents and Common-Law Spouses?

Generally, you’ll need to provide the financial information for a stepparent who is married to the custodial parent.

Should Alimony Be Included as Income?

Any alimony or child support received by the custodial parent should be reported on the FAFSA.

Parent’s Education Level

The FAFSA will ask you to include the education levels of your parents. You only need to include information about either your birth or adoptive parents. In this section, the FAFSA does not need information about your stepparent.

What If My Divorced Parents Still Live Together?

If your parents live together, but are divorced, the marital status should be “Unmarried and both legal parents living together.” You need to provide information about both of them on the FAFSA form.

If your parents live together, but are separated, the marital status should be “married or remarried.” Do not use “divorced or separated.” You should provide information about both of them on the FAFSA form.

Additional Sources to Finance Tuition

Many students seek alternative financial aid to finance college if they do not qualify for federal aid or if the amount of federal aid allocated will not cover the entire tuition cost.

About half of college tuition and living expenses are paid by the income and savings of a student’s family members, according to a Sallie Mae study, “How America Pays for College in 2024 .”

Federal Aid

There are many other sources that could help a student obtain funding for tuition, books, and living expenses. When filling out the FAFSA, students are applying for federal financial aid. This includes federal student loans, the federal work-study program, and some federal grants.

Some colleges also use information provided on the FAFSA to determine awards for scholarships. Federal aid is provided on a first-come first-served basis, so it can potentially be helpful to file your FAFSA early. Check out even more detailed information in SoFi’s FAFSA guide.

Federal student loans can be either subsidized or unsubsidized.

Subsidized federal loans are given to students based on financial need. The interest on these loans is subsidized by the federal government, which means students will not be responsible for repaying the interest that accrues while they are enrolled at least part time or during their grace period.

Unsubsidized loans are not awarded based on need and will begin accruing interest as soon as the loan is disbursed.

Recommended: Types of Federal Student Loans

Scholarships

If federal aid is not enough to cover the cost associated with attending college, there are other options available to help you pay for college. Two sources of funding are grants and scholarships. These are highly sought after by students because they do not have to be repaid. Many of them require students to apply annually.

SoFi’s Scholarship Search Tool can help you find scholarships based on your location, level of study, and more.

Part-Time Job

Some students may also consider getting a part-time job to help pay for tuition or living expenses. Consider looking both on and off campus, or even online.

Private Student Loans

Private student loans could be another option for students to fill the gap to pay for tuition and other necessities, such as room and board and books.

Private student loans are offered by private organizations, like banks or online lenders, and can be more expensive than federal student loans. They also don’t come with the same borrower protections as federal loans, like deferment or income-driven repayment plans. That’s why private student loans are generally considered an option after students have exhausted all other sources of financing.

The loan terms and interest rate will vary from lender to lender and will likely be determined by the borrower’s financial history and credit score. Those interested in borrowing a private loan should consider shopping around with various lenders to find the best fit for them.

SoFi’s Private Student Loans

If your federal student aid, scholarships, and grants do not cover the entire amount of your tuition and living expenses, you can consider an undergraduate private student loan from SoFi. In just a few minutes, students can see if they pre-qualify for a private loan, what the interest rates are, and if a cosigner is needed.

SoFi has four repayment options for its undergraduate loans, giving students financial options to meet their budgets and financial circumstances.

SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no fees.

FAQ

Does FAFSA require both parents’ income if they are divorced?

If your parents are divorced, you’ll generally report the information for the parent you lived with for the most amount of time in the past 12 months. If your parents have joint custody and you spend an equal amount of time with both parents, you’ll report the financial information of the parent who provided the most financial support during the previous 12 months.

How do you determine who parent 1 and parent 2 are for FAFSA?

Parent 1 and Parent 2 will be determined by how their information was entered into the FAFSA when the form was being completed. If the mother’s information was entered first, she would be Parent 1 and vice versa. If you cannot recall who was listed as Parent 1 or Parent 2 on your FAFSA, you can look the information up by navigation to the “Personal Information for Parent” page of your application and reviewing the information provided.

What is the maximum parent income to qualify for FAFSA?

There are no income limits when it comes to filling out the FAFSA or qualifying for federal financial aid. Even if your parents are high earners, you could still qualify for certain types of aid, such as scholarships or federal student loans. The FAFSA application is free to fill out, so it’s almost always worth taking the time to do so.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).


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.


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

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

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