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Whether you’re buying a home or getting a college education, taking on debt can allow you to invest in your future. The downside? Whatever you borrow will eventually need to be repaid, and that can add up to a considerable portion of your monthly expenses. Add in credit card bills or an unexpected financial emergency, and getting out of debt could start to feel like an overwhelming task.

Fortunately, it’s possible to break the debt cycle. Here are some steps you can take now to help get your finances in order.

Review Your Credit Card Statements

Credit card debt prevents many people from breaking the debt cycle. Reviewing your credit card statements closely can be a great first step.

Make note of your expenses and see exactly where all of your money is going. Are you spending hundreds of dollars a month on take-out? Are there a few subscriptions you enrolled in but have since stopped using? Be honest with yourself as you assess your spending, and note any areas where you can adjust or cut back.

Set a Budget

After you’ve reviewed your spending, consider making a budget. You can start by tallying your monthly income and monthly expenses. Don’t forget to include savings goals, and be sure to set up new limits for your discretionary spending.

If you’re new to budgeting, there are several different methods to consider. The 50/30/20 budget rule, zero-based budget, and the envelope budget system are three common examples. Whatever method you decide to use is up to you — what really matters is that you find a system that works for you.


💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.

Accelerate Your Repayments

If you’re paying off debt, one way to speed up your repayment is paying more than the monthly minimum. Making additional payments on your debt each month could not only help you eliminate your debt more quickly, it could also potentially reduce the money you spend in interest in the long term. Even just $25 a week could have an impact on your repayment.

There are a couple of debt repayment strategies that could help get you back on track. One is the debt snowball method, which prioritizes paying off the smallest debt first while making the monthly minimum payment on all other debts. Once the smallest balance is paid off, you’d focus on the next-smallest debt.

While this method may not reduce the money you spend in interest, the rewarding feeling of seeing your debt dwindle could encourage you to stick with your repayment plan.

Another debt repayment strategy is the debt avalanche, or debt-stacking method. Here, you’d make a list of all your debts by order of interest rate, highest to lowest. While making your minimum monthly payments on all the debts, “attack” the highest interest rate loan with as many extra payments as you can.

Unlike the snowball method, the avalanche method is about streamlining your debt repayment so that you save the most money on interest. It can require more discipline, but keeping track of how much you are saving in interest can be a great motivator.

Establish an Emergency Fund

You can’t predict the future, but you can do your best to prepare for it. Having an emergency fund can help cover unexpected costs and avoid having to use a credit card, which could send you deeper into debt.

Using a windfall, like a bonus at work or your tax refund, is a good way to start an emergency fund. You can put this money in a dedicated savings account or another cash equivalent, if you prefer.

Then each week, aim to save a specified amount of money in your emergency fund. Even saving just $10, $15, or $20 a week can help you be more prepared when a financial emergency strikes. If possible, plan to save somewhere between three and six months’ worth of living expenses.

Recommended: How Much Money Should Be in Your Emergency Fund?

Pay For Things With Cash or Check

While you’re paying down debt, consider storing your credit cards somewhere safe and instead paying for purchases in cash or by check. Doing so can help you keep tabs on how much you’re spending and spot areas where you may be able to cut back.

If you must use a credit card to make a purchase, consider what it might cost you in interest if you aren’t able to pay off your balance at the end of the month. A credit card interest calculator can help you estimate how much interest you will pay on the debt.

Live Within (or Below) Your Means

It can be easy to get swept up in having the best of everything, but living in debt to sustain that lifestyle can ultimately add stress. You can rise above this by living within or below your means. This means spending less money than you make, which in turn can allow you to focus on preparing for a rainy day, building wealth, and achieving financial freedom.

Recommended: Living Below Your Means: Tips and Benefits

Determine Needs vs. Wants

Is that new pair of shoes or the latest video game really a must-have?

As you’re trying to break your debt cycle, it’s a smart move to evaluate your wants against your needs. For example, before you make a purchase, carefully think about whether you need it or simply want to have it. If it’s something you can live without, consider holding off until you’re on firmer financial ground.

Breaking out of a debt cycle requires discipline and determination. While skipping out on wardrobe upgrades or the newest tech gadgets now can seem like a huge sacrifice, when you start making headway on paying down what you owe, odds are you’ll feel the reward.

Get a Side Hustle

Another great way to help end the debt cycle: find some extra income by getting a side hustle. You could use money you earn from your new gig to make extra payments on your debts.

Not sure where to look for work? Take a look at your skills and interests and see where you may be able to find an extra job or make some passive income.

Consolidate Debt with a Personal Loan

If you’re juggling multiple high-interest debts, you may want to explore a debt consolidation loan. Typically, this involves using a new loan or line of credit to pay off existing debts, consolidating several payments into one.

By consolidating those debts into a single loan — ideally one with a lower interest rate — you can streamline payments and potentially reduce your monthly payments or save on interest.


💡 Quick Tip: With average interest rates lower than credit cards, a personal loan for credit card debt can substantially decrease your monthly bills.

The Takeaway

It can feel overwhelming and frustrating to feel stuck in a debt cycle. But the good news is, there are strategies that can help you get ahead of your debt and regain control over your finances.

Being more mindful about where your money goes, building up savings so you’re prepared for unexpected expenses, and paying for things with cash instead of credit cards are all good steps you can take now. And if you’re trying to pay down multiple high-interest debts, you may want to explore whether a debt consolidation loan is right for you.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

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.

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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There are plenty of times when, in life, you may want to take out a personal loan. Say, you are getting married (and can’t get the guest list below 150 people), are finally renovating your dated bathroom, or got hit with some unexpected bills that took your credit card debt uncomfortably high.

Taking out a personal loan can be a smart financial move, but you may want to get out of debt faster than the usual five-year term. One strategy is to accelerate the repayment of your loan. You may be able to do that in a variety of ways. Read on to learn the details of how this works so you can decide if it’s the right path for you.

Paying More than Your Minimum Loan Payment

If you’re looking for ways to manage your debt, exceeding your minimum loan payments on a regular basis may improve your financial outlook. It could also potentially build your credit score. Ultimately, getting out of debt sooner may give you greater financial freedom to do the things you want to do with your money.

But before you start prepaying your loan, be sure to check with your loan holder to confirm their policies regarding loan repayment. Some lenders charge additional fees for paying extra each month or paying your loan off earlier than planned.

There are a couple of ways you might look at paying off a personal loan sooner:

•   You can pay more than your minimum payment each month (again, checking if this will trigger fees) to get out of debt sooner.

•   If you receive a financial windfall, such as a bonus at work, a gift, or a tax refund, you could see about putting that money towards your loan.

•   If you make biweekly payments instead of monthly payments, you will wind up making an extra payment per year, which can help you get out of debt faster.

One option, if you currently have a loan that comes with prepayment fees or penalties, is to consider looking for an alternative lender. While you’re at it, maybe you can find a loan with a lower rate and better terms. In other words, you would refinance your loan.

If your current personal loan has prepayment penalties, check out our personal loan payment calculator to see if you might benefit from making a switch.

💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.

Rethinking Your Debts

One of the biggest challenges that comes with exceeding your minimum loan payment is budgeting that extra money to pay toward your loan. Once you’ve decided that this is your goal, take the time to review your finances and look at your overall debt. If you are carrying a few loans with different rates and terms, it could be time to reevaluate them.

Think of this as an opportunity to simplify and align all of your debt and optimize your monthly payments. If you’re trying to consolidate credit card debt, a personal loan might be the right solution. Ideally, you would be looking for a personal loan with a low-interest rate and reasonable repayment terms. Before you commit to a new loan, it’s a good idea to consider the agreement in its entirety, including fees, penalties, and terms.

In addition, you may want to review a few of the different budgeting methods available. You may want to look for ways to unlock more funds to put towards debt repayment and speed up your repayment schedule.

Your Long-Term Financial Strategy

While debt consolidation is one piece of the puzzle, your long-term financial strategy could also include bigger goals like saving for retirement or perhaps buying a home.

It’s also a good idea to put extra money aside in an emergency fund for unexpected expenses.

As your earning power increases, it can be wise to avoid lifestyle creep. Instead, you can pay more than the minimum on your debt and start to move closer to debt freedom. In turn, this may allow you to then reallocate funds to other areas of your financial life, such as financing your child’s education or saving for retirement. And just like that, you could be on your way to building the financial life you truly want.

Recommended: Can You Refinance a Personal Loan?

The Takeaway

Paying off a personal loan more quickly can have a positive impact on your financial situation. You can potentially do this by putting a lump sum toward your loan, paying biweekly instead of monthly, or paying more than your minimum due. Just check to find out if your loan has prepayment fees. Another option could be to refinance your loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

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.

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 .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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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The median home size in the US is currently about 2,014 square feet, but there’s lots of interest in tiny houses these days. How big is that? A typical definition of a tiny house is that it’s smaller than 500 or 600 square feet. Some people pride themselves on living in a mere 225 square feet or even under 100 square feet.

Living in a tiny house can be affordable, eco-smart, and part of a minimalist ethos, whether your tastes run towards cottage charm or contemporary. But how much does it cost? And what if you’re in a small home and want to remodel it; is that even possible?

Read on to learn more about tiny houses and the related costs to decide if this style of living is right for you.

Creative Tiny House Designs

Sixty-three percent of Millennials said they’d consider living in a tiny home, according to a survey by Technovio. That’s a lot of people, with a lot of different tastes and preferences when it comes to home styles.

There are small houses that look like classic woodsy cabins, A-frames, treehouses, charming Victorian structures, ultra-modern boxes, and more.

Some are built on site; others are fabricated wholly or partially elsewhere and brought to your site. You may see terms like prebuilt or prefabricated used.

House Beautiful, Country Living, and other design publications often highlight inspiring tiny house designs, and you can also find ideas on Pinterest, Instagram, and other social media platforms.

Typically, tiny houses are all about flexibility and functionality. Just as you budget your money, the square footage in a small home must be allocated. Some are one open room with different zones for living. Others may be divided into separate spaces with privacy, but there is usually an element of multifunctionality to allow the house to serve whatever the resident’s needs are, from working to relaxing, from sleeping to entertaining.


💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.

Downsizing into a Tiny House

If you’ve recently purchased a home that’s tiny and are seriously considering doing so, you will probably need to downsize more first. If you’re the kind of person who has drawers’ full of workout wear, hundreds of books, and/or a growing art collection, you may need to do some pruning. Here are some tips:

•   In a tiny house, virtually everything needs a purpose—and ideally, can have multiple purposes. Dishes that are purely decorative, for example, are less likely to have a place in your home than beautiful ones that are also functional. Have an adorable cup that you love? Great, but will it double as a pencil holder?

•   Most people who downsize their home quickly realize that a good percentage of their belongings have been kept for sentimental reasons. Some people moving into tiny houses have found that, if they carefully photograph these items and then find an excellent new home for them, then a scrapbook containing these photos provides pleasure without taking up much space.

•   It can help gamify the process of downsizing to challenge yourself to toss, regift, or give away an item a day.

•   Do consult the works of Marie Kondo, of the “KonMari” method fame, for guidance on deciding how to keep what truly sparks joy and jettison the rest.

•   Hold a “take it or pack it” party. Set up a table full of stuff you don’t want for friends to take as they help you box up what you do want to take with you when you move.

•   Sell your stuff that you no longer want or need to raise funds for your new home.

•   Keep furniture that has multiple purposes. A sofa, for example, may be what the family uses during the day and a guest sleeps on at night.

Recommended: How to Lower Credit Card Debt Without Ruining Your Credit

Tiny House Design Tips

As you move towards tiny house living, consider these design pointers to help ensure that your little kingdom works as well as possible for you. This advice can also help if you are remodeling a tiny house.

•   Prioritize your needs so the space can accommodate what is truly important. Do you need to be able to work from home and be on Zoom calls regularly? Or is this a place where you want to carve out room to cook with your best friend? Be ultra-clear about your top priorities because there is no room for error in these compact homes.

•   If you are renovating a tiny home, don’t forget to consider how your remodel can impact your house’s value. You likely want to add value to your home vs. invest money that can’t be recouped. Using a home project value estimator can help you understand your project’s potential return.

•   Think storage, storage, storage. For instance, consider adding a sleeping loft and then using the space beneath the stairs leading to the loft for more storage. Drawers can be built into loft stairs and there can be a space reserved for hanging your clothes. You can store plenty beneath your bed, or even try drawers under your couch.

In your kitchen, you can hang appliances beneath cabinets (which can extend right up to the ceiling) to keep counter space free, add drawers to the kick plates of your cabinets—and even choose plug-in kitchen appliances (including a stovetop) that can be put away, as needed, for extra space.

💡 Quick Tip: Home improvement loans typically offer lower interest rates than credit cards. Consider a loan to fund your next renovation.

Costs to Expect with a Tiny House

The cost of a tiny home can vary tremendously, as you might imagine. Here are some guidelines to get you started:

•   Overall, tiny houses tend to be less expensive to build and own than a larger home, due to economies of scale. However, the per-square-foot costs are typically higher. To build a tiny house may run $300 per square foot vs. $150 per square foot for a standard-size home.

•   Prebuilt tiny homes can cost around $75,000 (this doesn’t include the land they are on), and purchasing a pre-owned one can be as little as $30,000. Building your own can easily cost $100,000 or more, depending on the complexity and detailing. However, when you compare this to the average home value of $410,200 mid-2023, you see that the savings can be significant.

•   Tiny homes can use a fraction of the energy (even less than 10%) vs. a typical-size home. This is due to the smaller size, certainly, as well as there may be other efficiencies in terms of their design.

Using a Personal Loan for Your Tiny House Expenses

If you already own a tiny home but want to renovate it or are buying one and want to remodel your home right away, it may be tempting to put the costs on your credit card. After all, a small home means small expenses, right?

Not necessarily. Even if the costs are low, by putting them on a credit card, which probably charges a high interest rate, you can wind up with debt that is hard to pay off. That interest can have a way of accumulating quickly.

A better solution might be a personal loan vs. a credit card, which can offer a significantly lower interest rate. You’ll have a fixed, predictable monthly payment instead of potentially multiple fluctuating credit card bills.

If you think a personal loan could be the right move for you and your tiny home plans, shop around to see what offers are available.

Picking a Personal Loan

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

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.

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 .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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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Most Americans swipe and tap their way through the day, using credit cards for a variety of purchases. Plastic is quick and convenient, and it can help a person make purchases they otherwise wouldn’t be able to afford in a single transaction.

But with credit cards come high interest rates…and fees. Often, many different kinds of fees are levied on a single transaction.These charges may be part of the reason why there’s so much credit card debt right now. The average American carries an approximate credit card balance of $7,951.

If you’re trying to control your costs, read on to learn more about these fees, plus smart tips on how to dodge them. It can be a good path to taking control of your credit and your cash.

Breaking Down the 6 Main Credit Card Fees

The best way to sidestep credit card fees is to know what they are. Sounds obvious, but it can be your primary defense in the battle against fees. Here’s a summary of some of the most common credit card fees and advice on how to avoid them.

1. Annual Fees

An annual fee is the yearly price you pay to use a credit card. Not all credit cards have annual fees, but many reward-heavy and premium cards do. It’s not inherently bad to pay an annual fee on a credit card, but it does require busting out a calculator and doing some math. To justify paying an annual credit card fee, you should earn enough in rewards to cover the fee and then some.

How to avoid this fee: Lots of cards have no annual fee or will waive an annual fee in the first year. When choosing a credit card, you’ll want to do some comparison shopping and annual fees should be something you pay close attention to. Ultimately, if you’re going to pay a fee for using a rewards card, you should make sure you’ll be cashing in on rewards you’ll actually use.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

2. Late Payment Fees

Late payment fees are pretty self-explanatory. Basically, some banks will ding you if you miss a payment. Currently, late payment fees can run up to $41, but there’s a movement afoot to cap these. The Consumer Financial Protection Bureau, for instance, has proposed a limit of $8. But for the time being, these fees are still quite steep.

There are other consequences of late payments worth noting. Your interest rate could go up, for instance.

How to avoid this fee: Consider automating your finances. Specifically, you could set up an automatic payment for at least the minimum monthly payment. That way, you are in a good position to avoid late fees.

If you do miss a payment, call your credit card company and ask them to waive the fee. (If you’re a first-time offender, they might be amenable to it.)

3. Cash Advance Fees

When you use a credit card to withdraw cash from a bank or ATM, you will almost always be charged a cash advance fee. Credit card cash advance fees generally cost 5% of the amount you withdraw or $10, whichever is higher. Also be aware the interest rate on a cash advance is likely to be higher than on “normal” credit card purchases, and interest accrues immediately.

How to avoid this fee: Don’t use your credit card like a debit card. If you’re going to take out cash, it should be with a debit card. If you do have to take out a cash advance on your credit card, try to pay it back as soon as possible. And to avoid needing to take out a cash advance in the future, establish a cash emergency fund that’s easily accessible.

Recommended: Credit Card Interest Rate Calculator

4. Balance Transfer Fees

When you transfer a credit card balance to a new card with a lower interest rate (often 0% interest for a promotional period of, say, 18 months), the new credit card issuer may charge you a fee. The fee is usually 3% to 5% of the balance being transferred. Balance transfer cards usually offer 0% interest rates to new customers who want to transfer their credit card debt — so charging a fee allows them to make some money on the initial transaction.

How to avoid this fee: If a balance transfer card would stress you out with its tight timeline before its interest rates change, you could instead consider taking out a personal loan to pay off your credit card debt. A personal loan will usually charge a lower interest rate than your credit card, but it can allow you to pay off your debt on a timeline that’s right for you.


💡 Quick Tip: Swap high-interest debt for a lower-interest loan, and save money on your monthly payments. Find out why credit card consolidation loans are so popular.

5. Foreign Transaction Fees

If you use a credit card while traveling outside of the country, you may be charged a foreign transaction fee of around 1% to 3%. Once very common, these fees are declining in popularity thanks to the rise of cards with no foreign transaction fees.

Also know that banks may charge currency conversion fees in addition to foreign transaction fees.

How to avoid this fee: Choose a card that doesn’t charge foreign transaction fees. There are lots of options out there, it’s just a matter of shopping around. Airline cards often don’t have foreign transaction fees, but plenty of other cards have dropped these fees as well.

You may also be able to use a debit card in a foreign country.

6. Interest

Interest is how credit card issuers stay in business, to a large extent. They are extending you credit to make a purchase, and interest is what you pay for that privilege. Credit card issuers assess interest on any balance that remains on your card after the due date. You will also see this interest rate called the purchase APR.

How to avoid this fee: Pay off your credit card balance in full each month. If you’re unable to do that, pay as much as you can — every dollar counts.

Recommended: Taking Out a Personal Loan to Pay Off Credit Card Debt

The Takeaway

Credit cards can be a convenient way to purchase, and most Americans use them. However, these cards can also charge fees that can add to any debt you carry. It’s worthwhile to acquaint yourself with these fees and work to avoid them so your balance doesn’t grow.

If you’re currently chipping away at a balance, you may want to consider taking out a personal loan to pay off your credit card. This can lower your rate of interest and make your debt less of a burden.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

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If you own a home, you probably always have a list of improvements you’re considering. Maybe you desperately want to replace those dated kitchen appliances that scream year 2000, or you want to focus on ways to lower your energy bills, whether that means some strategic air sealing or adding solar panels.

Chances are, you also want any upgrades you pay for to increase the value of your home. You want to know that if and when it comes time to sell your place, you’ll recoup a good percentage of what you invested.

So, whether you have the cash saved up for home investment or you are looking to borrow for your next home project, consider these wise investments.

1. Improve Your Attic Insulation

We get it: You’re not going to invite friends over to see your new attic insulation.But it’s one of the best ways to increase your home’s energy efficiency.

You’ll not only profit when it’s time to sell, but you’ll also see immediate savings from the ongoing energy efficiency this upgrade provides. A properly insulated attic, combined with sealing air leaks throughout your home, cuts an average of 15% off your heating and cooling costs, allowing you to pocket the savings month after month. And who doesn’t want a lower energy bill?

Cost: $600 to $1,200 for blown-in insulation for a 1,000-square-foot attic. You may also need to rent the machine that blows in the fiberglass if you’re a DIY type. If you hire a pro, labor will run about $40 to $70 an hour.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

2. Treat Yourself to New Windows

New windows can do double duty. Not only do they update a room’s tired appearance, they can also have energy-efficiency benefits. Depending on how many windows you replace, this can be a very big-ticket item. The average cost for a vinyl window replacement is $850, and a whole-home job can ring in at $20,091, according to Remodeling magazine. (Wood windows are pricier still.)

But here’s some good news: Replacing those windows adds value to your home. Typically, to the tune of 69% of the cost of the window-replacement project.

Cost: Anywhere from $850 per vinyl window to $20,000+ for the whole house. Again, if you go for wood vs. vinyl windows or need custom size ones (or several French doors), the price can ratchet up significantly. In that case, you might want to look at home improvement loan options.

3. Build a Deck

You and likely anyone who might buy your home in the future will love what a deck can do, lifestyle-wise. Weather permitting, you can have your AM coffee there, type away on your laptop during the day, and host friends, read, or just listen to the birdsong during off-hours. Here’s another nice thing about adding a deck: Your ROI is typically around 68% of the money you pay.

Cost: A new wood deck will cost on average $16,766. A composite one can cost more; on average, these are $22,426.

Read Next: How to Create a Renovation Plan to Match Your Budget

4. Refresh Your Bathroom

Who doesn’t love a beautiful new bathroom, whether your style is sleek and all white or if you prefer a warmer country cottage vibe? A bath remodel will cost, on average, between $6,627 and $17,494, according to Angi, the home renovation site. While an updated bath can definitely add to your home’s value, keep in mind that the sky’s the limit with the price tag. If you move the fixtures around and add one of those egg-shaped soaking tubs or a spa shower that has half-a-dozen mist settings, you may go well beyond the average range of costs.

Also, keep in mind that if you do something really singular (say, you pick tile in a super-bright shade), it may be harder to get your money out if and when you sell your property.

Cost: The average cost is $11,944, with cabinets and shelving accounting for 25% of the total, the shower and tub eating up 22% of costs, and your contractor’s fees usually being about 13% of your total expense. Of course, you can do a small bathroom remodel, perhaps repainting, adding some new artwork and a fresh shower curtain.


💡 Quick Tip: Home improvement loans typically offer lower interest rates than credit cards. Consider a loan to fund your next renovation.

5. Cook up a Cooler Kitchen

If you’re stuck with outdated appliances or hideous cabinets, a kitchen remodel is likely high on your list of improvements. It’s a great way to refresh your kitchen’s style and function.

But increasing home value with a new kitchen can fry your bank account: A remodel typically runs $14,612 and $41,392 according to Angi, but can cost much more if you move appliances’ position, opt for marble countertops, or fall in love with custom cabinetry. On average, you’ll recoup about 60% in ROI.

To update for less and wow your kitchen in a weekend, make some wallet-friendly upgrades: fresh paint, a new faucet, updated lighting (pendant lights are a good choice), and new cabinet pulls.

Cost: While you could just swap out cabinet pulls, which start at about $2 each, and repaint (plan on around $200), a larger kitchen remodel averages $26,849. Again, however, it’s worth noting you could spend multiples of that, depending on how large a project, how luxe the details, and where you live (cost of living can impact the price of goods and services in your area).

Recommended: Secured vs. Unsecured Personal Loans

The Easy Way to Finance HGTV-Worthy Upgrades

Even budget-friendly home improvements can set you back quite a bit. If you haven’t set aside the budget to bring more value to your home, you don’t necessarily have to dip into your retirement account or pay less on your student loans each month. You might want to consider a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi Loan Products
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