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Have you ever watched somebody pull out a set of jumper cables and thought, “I really should learn how to jump-start a car someday”?

It isn’t a difficult process. But to avoid damaging your car or hurting yourself, you should perform each step carefully, in the correct order, and with the right equipment.

By learning how to properly jump-start a car battery by yourself, you can save time, money, and hassle. In this guide, we’ll cover how to jump-start a car, how long it can take, and what you’ll need to get the job done.

How to Jump-start a Vehicle

Whether your battery is temporarily drained of power or truly dead, there are a few ways to get your car back on the road. The most important step is learning how before you’re stuck on the side of the road.

The most common method is to use a set of jumper cables and another car’s battery to give yours the charge it needs to get started. Or if you keep a portable jump-starter in your car, you may be able to give your battery a needed boost without anyone else’s help. And if you drive a car with a manual transmission, it might be possible to “pop the clutch” or “push-start” the car.

By the way, it helps if you have a good battery without a lot of corrosion on the posts. (A 12-volt battery typically lasts around six years. Batteries can deteriorate faster if you don’t drive much.) You may want to make checking the battery part of your routine to help save money on car maintenance.

Recommended: How Much Does Insurance Go Up After an Accident?

How to Jump-start a Vehicle with Jumper Cables

Before you try to jump-start any vehicle for the first time, it’s a good idea to read the owner’s manual, just in case there is anything you should know about that specific model. But the steps are basically the same no matter what you’re driving.

Get Out Your Jumper Cables

Jumper cables come in sets of two: The positive cable has red clamp at each end, and the negative cable has black clamps. You’ll need both cables to jump-start a car.

Jumper cables aren’t standard equipment with most vehicles, so you’ll have to purchase a set to keep in your trunk. You can purchase a new set for about $20-$40. You may want to keep a pair of gloves and safety glasses with the cables.

Get Another Car to Cozy Up Next to Yours

If you’re at home and have a second car, you might even be able to do this by yourself. Otherwise you’ll have to call a friend or flag down a Good Samaritan. The two cars should be parked close enough that you can connect the cables without pulling them too tight, but leave enough room so you can move comfortably between the cars. Both cars should have their engine turned off and the emergency brake on.

Open the Hood on Each Car

Open the hood and locate the battery in each car. Then look for the negative and positive terminals on each battery. The positive terminal should have a plus sign (+) and/or a red cover. The negative terminal should have a minus sign (-) and/or a black cover.

Connect the Jumper Cables

Start with the dead-battery car. Attach one red clamp from the positive cable to the dead battery’s positive terminal. The clamp should “bite” through any corrosion and onto the metal terminal. If you have the black clamp of the other cable near the dead-battery car, be sure it isn’t touching any metal surfaces before you move over to attach both clamps to the booster (working) car.

Move over to the booster car. Attach the other red clamp from the positive cable to the positive terminal on the booster car’s battery. Then attach a black clamp from the negative cable to the booster battery’s negative terminal.

Go back to the dead-battery car. Attach the other black clamp from the negative cable to an unpainted metal surface on the engine. (You can look for an unpainted bolt or bracket that is several inches away from the battery.)

Check the cables to be sure they aren’t dangling or exposed to any moving parts in either vehicle.

Turn Off All Accessories

Before starting the booster car, check that all electronics are turned off in the dead-battery car. This includes hazard lights, the air conditioner or heater, radio, cell phone charger, etc.

Start the Booster Car

Put the booster car in park, start the engine, and let it idle for a few minutes. Don’t race the engine, but gently rev it to a bit above idle for 30 seconds or so to help the charge get to the dead battery. An older battery may take more time to charge.

Start the Dead-Battery Car

Try starting the car with the dead battery, and if it works, let it idle for several minutes. (Ask the driver of the other car to please wait while you do this.)

If the disabled car doesn’t start, disconnect the black clamp from the dead battery, check to make sure all your other connections are good, then replace the black clamp to the dead battery. Start the booster car again and let it idle for five minutes. Then try again to start the non-working car. If you repeat this process a couple of times and the car still won’t start, you may have to call for a tow truck.

Disconnect the Jumper Cables

Once the dead-battery car is running, you can disconnect the four clamps, working in reverse order. Be careful to remove the black clamp from the dead-battery car first, and keep it away from any metal and the other cable clamps while you work your way through the rest of the clamps. Then remove the black clamp from the working car, the red clamp from the good battery, and the red clamp from the dead battery.

Replace the plastic post protectors if either car has them. Keep fingers, clothing, and equipment away from any moving parts.

Keep the Dead-Battery Car’s Engine Running

Let the engine in the car you jump-started run for about 20 minutes so the alternator can recharge the battery. Drive somewhere safe (home or to a friend’s house, for example) before you shut off the car and try to start it up again.

If the car won’t start up again, you may have to get another jump-start or buy a new battery. You may even want to take the car straight to a mechanic to have the battery tested and, if necessary, replaced.

How to Jump-start a Car with a Portable Jump-starter Device

If you like the idea of being completely self-sufficient, you may want to purchase a portable jump-starter to keep in your car. The portable unit can take the place of a second vehicle when you need to charge your battery. Here’s how it works:

Confirm That the Unit’s Battery Is Charged

Before you stash the battery pack in your car, check that it has enough juice. Units typically plug into a common household outlet, and take an hour or longer to charge. Read the directions before you use the charger for the first time.

Attach the Cables

The unit will have two cables coming out of it: one with a red clamp and one with a black clamp. The unit and your car should be turned off. Then, with your car in park, attach the cable with the red clamp to the positive post on your car battery, and the cable with the black clamp to a bare metal area on the car. (Check your device’s directions for specifics.) Ensure that the unit won’t fall over or into the engine when you start the car.

Turn on the Power

When you’re ready, hit the power switch on the jump-starter device.

Start Your Car

Try to start your engine. If the problem is a dead battery, the engine should turn over.

Disconnect the Clamps

Just as you would when using jumper cables, let the car run above idle for a few minutes to help the battery charge. Then, with the car still running, turn off the power to the device and carefully disconnect the black and red clamps. Drive the car to a safe place or take it to a mechanic to have the battery tested.

To charge a motorcycle, the steps are pretty much the same if you’re using the portable jump-starter. It may be better for your bike than using a car battery, and easier than using another motorcycle. You also can try push-starting your motorcycle.

Recommended: How to Get Car Insurance

How to Push Start a Manual Transmission

This method is sometimes called “bump starting,” “clutch starting,” or “popping the clutch.” The idea is to get the car moving fast enough (by going downhill, getting some helpers to push it, or pushing it bumper-to-bumper with another car) that you can put it in gear, quickly let out the clutch, and get the engine to turn over. (If you enjoy learning new terms, consider adding some car insurance terms to your repertoire.)

When you get a push, warn your helpers that the car may jerk a bit when you pop the clutch. If someone offers to use their car to push you, be sure you can do so without denting or scratching either car.

Recommended: How to Get Car Insurance

Get into Gear

Depress the clutch pedal, and put the car into second gear.

Turn the Key Part Way

Turn the key one step to turn on the car, but not far enough to start the engine.

Get the Car Moving

If you’re at the top of the hill, you may be able to do this on your own, just by taking your foot off the brake and letting it roll. But you’ll likely need other people or another car to push your car. Keep the clutch pedal down.

Pop the Clutch

When the car is moving about 5 mph, quickly let your foot off the clutch pedal. The car may jerk a bit and the engine should turn over and start. If it doesn’t, you can try depressing and popping the clutch again while the car is still rolling.

Words of Caution Before Jump-starting Your Car

Once you learn how to do it, jump-starting your car can be fairly simple. But because there may be sparks, and batteries can explode, it’s always important to go through each step cautiously.

•   Do keep your face as far from the battery as you can while you’re attaching the cables.

•   Don’t let the clamps dangle near any metal while you’re attaching them. Don’t cross the cables when you’re attaching them to the batteries. Do keep the cables clear of the engine when you’re ready to start the cars.

•   Do avoid connecting all four clamps to battery posts. It’s safer to attach the black clamp to bare metal on the disabled car.

How Long Will It Take To Jump-start Your Car?

Once you know the basics of jump-starting a battery, you can expect it to take 15 to 20 minutes. Of course, waiting until you find another motorist to help you could add to the overall time.

If you’re a first-timer, it may take longer than 20 minutes. But you can cut down that time just by knowing where your jumper cables are, and where your car battery and battery terminals are located. (Speaking of first-timers, new drivers may benefit from these car insurance tips for first-time drivers.)

Calling for Help

If you don’t feel comfortable jump-starting a car yourself or don’t feel safe where you are, you can always call a pro for help when your battery dies. The jump-start or tow might even be free if you have a roadside assistance plan through your car insurance policy. Most plans include jump-starts as a basic service, but you should verify in advance what your coverage offers.

Recommended: How to Lower Car Insurance & Save Money

The Takeaway

Jump-starting a car isn’t that complicated, and it doesn’t take long — if you have the right equipment and know the proper steps. Still, it’s important to use caution as you go through the process to avoid hurting yourself or damaging your vehicle. The hardest part might be finding someone who will let you use their car for the jump (or give you a push, if you’re trying that method). And you’ll have to be in a spot where you can park two cars close enough together that you can use your jumper cables.

If you don’t want to — or can’t — jump-start your car, you may decide it’s easier and safer to call roadside assistance. You can purchase roadside assistance through an auto club, and many car insurance companies offer inexpensive plan options as part of their coverage. If you haven’t had a personal insurance planning session lately, this might be a good time to review your options.

And if you’re looking for the best car insurance for your needs, it can help to compare your current auto insurance policy to what other top insurers are offering.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

FAQ

How long does it take to jump-start a car?

The process — attaching the cables, starting the cars and running both for a few minutes, then detaching the cables — should take just a few minutes. It’s a good idea, though, to keep the booster car around for a few minutes after that, just to be sure the boosted car keeps running and can get back on the road.

How long should you let a car run after you jump-start it?

You should let a car idle for several minutes after you jump-start it, to be sure you have a sufficient charge. After that, it’s important to let it keep running or drive it for at least 20 minutes so the battery can fully charge.

Can you jump-start a car alone?

It’s possible to jump-start a car alone if you’re home and have a second car handy to use as a booster car, or if you have a portable jump-starting device with you.

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Photo credit: iStock/evrim ertik
Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

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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When something goes wrong with your car out on the road, most people have two options: Call an emergency towing service, or contact your roadside assistance program. Those two choices may sound like the same thing, but there are important differences.

Read on for a breakdown of what you can expect from each of these services, including pros and cons, and average costs.

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What Is Roadside Assistance?

Roadside assistance comes to your aid when your car breaks down or some other mishap keeps you from using your car. If you find yourself stranded, roadside assistance will send help (think a mechanic, locksmith, tow truck) to get your car back on the road, to a repair shop, or back home.

Roadside assistance packages vary from one provider to the next, but most include the following:

•   Flat tire change

•   Battery jump-starts

•   Fuel delivery

•   Lockout assistance

•   Winching/extrication

•   Quick-fix services

Any benefits you receive on top of these basics are determined by the roadside assistance plan you have. For example, some plans include trip interruption coverage or a guaranteed arrest bond if you’re charged with a traffic violation. Plans may also offer savings on car maintenance costs, car rentals, hotels, and other perks. Extra benefits may come at an extra cost, however, so it’s important to compare plans carefully.

There are a few different ways you can get a roadside assistance plan:

•   Many insurance companies offer some type of roadside assistance coverage, usually as an add-on to your auto insurance policy. If you’re concerned about cost, there are other ways to lower car insurance premiums.

•   Another option is to pay for an auto club membership that’s separate from your auto insurance.

•   Your car manufacturer may include a roadside assistance package as part of your warranty or as a limited free trial for a service you can later purchase.

•   Some credit card companies offer access to roadside assistance as a perk to cardholders.

Recommended: Why Personal Insurance Planning Is Important

What Can You Expect When Calling Roadside Assistance?

One of the benefits of participating in a roadside assistance program is that you’ll know exactly who to contact if you need help with your car. You can program the customer assistance number into your phone or download the program’s app, or you can tuck your membership card into your wallet or glove compartment.

Here’s what to expect when you call roadside assistance:

Calling for Help

First things first: If your child is locked in the car or you’re in a situation where you feel unsafe, you may want to make your first call to 911. The 911 dispatcher will determine whether to send an officer to help.

If you feel safe, you can go straight to calling roadside assistance. You may be asked to verify that you have an account or that the car is yours. It can help to be ready with your license and registration, proof of insurance, and your roadside assistance plan’s membership card.

Your roadside assistance dispatcher will send the appropriate help from a network of service providers to your location. A technician may try to fix your car on site. But if that isn’t possible, you can have your vehicle towed to a repair shop or your home, if that’s your choice and it’s within your plan’s mileage limit.

Getting Home

If your car needs to be towed to a repair shop, you probably will be able to ride with the tow truck driver. Once you’re finished there, it’s up to the tow truck driver (or company policy) if you can get a ride home. During busy times, you may be responsible for getting home on your own.

If you’re out of town when your car breaks down, roadside assistance coverage will sometimes pay for an overnight stay in a hotel. (If you travel a lot, you may want to see if this benefit is available when you’re comparing plans.)

Wait Times

Many roadside assistance programs work with a network of providers, so when you call, there may be someone nearby who can get to you quickly and offer the services you need. Generally, you can expect help to arrive in less than an hour.

Several factors can impact your wait time, however. If there’s heavy rain, wind, or a snowstorm, for example, you may have a longer wait. It can also take a while to get help if you’re in a rural location that’s far from a locksmith, mechanic, or towing service — or if you’re in a busy city at rush hour.

Some plans provide updates through texts or an app so callers can track their current wait time.

Payment

How the service provider who comes to your aid is paid depends on the plan you’re enrolled in. With some programs, if you use the toll-free number or an app, and the dispatcher sends a technician to help, you may not have to pay anything upfront for covered services. But if you contact a tow service, mechanic, or locksmith directly, you will likely pay out of pocket, then submit receipts to your plan for reimbursement.

Some plans don’t have a central dispatcher. In that case, you’d call a provider directly, pay for the services, and then file a reimbursement claim. No matter how your plan handles payments, it’s a good idea to keep a credit card on you when driving.

There is no deductible for roadside assistance. Most programs have very specific limits on what they will cover. For example, if a service technician delivers fuel to your car because you’ve run out of gas, the delivery may be free, but you may have to pay for the gas.

Recommended: How to Get Car Insurance

What Is the Average Cost of Roadside Assistance?

The price of a roadside assistance plan varies based on several factors, including:

•   how many vehicles or drivers you want to cover

•   where you live

•   whether coverage is through your auto insurance or another source

•   the level of coverage you choose

Some plans charge less for annual coverage and more for services received or vice-versa. It can be useful to compare online insurance benefits and quotes to get a sense of what’s available and at what cost.

Generally, you’ll pay less for a plan that’s an add-on to your auto policy versus a stand-alone membership. Allstate, for example, offers a roadside assistance insurance add-on for as little as $25 per year for one vehicle. Without an Allstate policy, the cost of a roadside assistance membership starts at $73 for the first year.

If your insurer doesn’t offer 24-hour roadside assistance, or you don’t like your insurer’s plan, you may want to check out what other insurance companies are offering.

Recommended: How Much Does Insurance Go Up After an Accident?

Pros and Cons of Roadside Assistance

One of the biggest pros of roadside assistance coverage is that you know you’ll have someone to contact any time you’re in need. You can call for advice or hands-on assistance, and someone will be there to help.

As noted above, some plans will post a bond if you’re charged with a traffic violation or reimburse you (within limits) if you need to stay in a hotel overnight. Plans may also include benefits that go beyond roadside breakdowns, such as discounts on travel and entertainment.

If you have to call roadside assistance even once, you may save enough on the services rendered to cover your cost for the year.

Still, no one likes the idea of paying for something they may never use. If you have a newish car that’s well-maintained or you seldom drive far from home, you may decide roadside assistance isn’t for you.

Coverage limits can also be disappointing. Enrolling in a roadside assistance plan doesn’t mean you’ve got a blank check that will cover any cost you incur. You may have to pay something for a tow if you go beyond the mileage limit, for example, or you may have to pay for a new battery or tire if yours needs replacing. There also may be an annual limit on the number of calls for service you can make.

Also, not all costs are covered upfront. Your plan may require you to submit receipts for reimbursement in some or all instances. If you’re averse to paperwork, that may be something to consider.

What Is an Emergency Towing Service?

The main purpose of emergency towing services is to move a vehicle when the driver can’t get back on the road without help. There are several circumstances that might require calling for an emergency tow, including:

•   When you’re in an accident, and either your car can’t be driven or you’re in no shape to drive

•   If your car isn’t running, and it’s blocking traffic or putting you and other drivers in danger

•   If you’re pulled over by law enforcement, and the officer determines you can’t drive

There are a couple of circumstances in which your car insurance may pay for a tow, even if you don’t have roadside assistance coverage:

•   After an accident and you have collision coverage

•   If your car is damaged in a flood, fire, etc. and you have comprehensive coverage

But in most cases, if you don’t have roadside assistance or “towing and labor” coverage through your auto insurance policy, an auto club membership, or a car warranty, you may be on your own when it comes to paying for your vehicle to be towed away.

What Can You Expect When Calling an Emergency Towing Service?

If your car breaks down close to home, you may be able to directly call a reliable repair shop or towing service you’ve worked with in the past. Having that connection can be a benefit if you want to choose the company that will come to your aid quickly.

But if you’re far from home and unfamiliar with the service providers available, you may have to cross your fingers and hope for the best when you call for a tow.

Here’s what you can expect when you call for emergency towing without a roadside assistance plan:

Calling for Help

If your regular mechanic or garage has the right equipment for your needs (a tow truck, a flatbed truck, a winch, etc.), you may be good to go. They can come pick up your car and get you the help you need.

But if you can’t call your favorite repair shop — because you’re out of town or it’s after hours — you may have to make a few calls before you find the appropriate help.

Some companies don’t require a subscription to use their towing and roadside assistance network, so you can try contacting them for help. But if their network doesn’t include services where you are, you may have to try your luck dialing local tow truck companies.

When a tow truck comes to your location, the driver may be able to offer on-site assistance with a flat tire, dead battery, or other problem. But you can’t necessarily count on getting the same help you’d get with a roadside assistance plan. The driver may be equipped only to tow your car back to your house or to a repair shop. And you can expect to pay in full for every service you receive if you don’t have roadside assistance coverage.

No matter who you call, it’s important to be clear about what you need. And of course, if you’re in an accident or feel as though you’re in danger, you should call 911 first.

Getting Home

You may be able to get a ride home from the tow truck driver after they take your car to the garage. But just as with a roadside assistance plan, it will likely be up to the individual driver’s discretion or company rules. If you aren’t sure if there will be a cost for the ride, you may want to ask before you get in the truck. And if you’re far from home, you also may want to ask for hotel recommendations.

Wait Times

Response times for tow trucks generally are determined by availability. If you call a tow company directly and there’s a truck close to your location, you may be able to get faster service than you would calling a roadside assistance plan because you’re eliminating the middleman.

But the same things that can hold up a truck coming through a roadside assistance dispatcher can slow down a company you call directly, including inclement weather, rush hour traffic, and distance.

Payment

If you call a tow truck directly, you can expect to pay the bill out of pocket. Depending on why you’re calling and the type of insurance coverage you have, you might be reimbursed for some costs. But if you’re calling about an overheated engine, dead battery, or flat tire, and you don’t have roadside assistance coverage, your insurance company typically won’t reimburse you for your costs.

What Is the Average Cost of Emergency Towing Services?

According to J.D. Power, towing rates in the U.S. can range between $2.50 and $7 per mile, and the average cost of a tow is about $109. But besides distance, several factors can affect the overall cost of a tow.

It may cost less to have your car towed after a breakdown than if you’ve been in an accident. And if the tow company needs to use special equipment — because your car is stuck in mud, snow, or a deep ditch, for example — that can also increase the price.

Many tow companies also include a base charge or “hook-up” fee that can range from $35 to $100. Some tow companies have a list of basic charges on their website, but if you can’t find pricing, you may want to ask so there aren’t any surprises.

Pros and Cons of Emergency Towing Services

One of the biggest upsides to using emergency towing service may be that you’re eliminating the middleman. You don’t have to wait for the dispatcher to find a network-approved provider to come and get you; you can call any company you like.

Of course, this can also be a drawback if you’re far from your favorite mechanic or repair shop. You may have to make multiple calls to find a tow truck that can come to your rescue.

Another plus to consider is that you won’t have to worry about paying for roadside assistance coverage every year whether you use it or not. You’ll only pay for services you actually use.

But if you do end up calling a tow truck even once and you don’t have coverage, it can mean a whack to the wallet. You can end up paying more for that one tow than you would for a year of roadside assistance coverage — and you won’t be getting the perks.

How To Decide Between Roadside Assistance and Emergency Towing Services

Because there are pros and cons to both roadside assistance coverage and emergency towing services, here are some things you may want to look at when you’re trying to decide between the two:

Your Comfort Level

Are you someone who likes having a plan when things go wrong, or are you OK with winging it? If you like the security of knowing you’ll have just one call to make if you need help on the road, you may prefer roadside assistance coverage.

Your Car

If your car is new or it’s well-maintained and the chances of a breakdown are slim, you may decide you don’t need to pay for roadside assistance coverage.

The cost of some roadside fixes may be covered if your car is still under warranty. And if you have collision or comprehensive coverage through your auto insurance policy, towing costs may be paid in some circumstances.

Your Family’s Needs

Maybe your car is an older model that isn’t exactly reliable. Or maybe you have some first-time drivers in the family, and you want to feel confident they’ll know who to call (besides you) if they run into trouble on the road. You might want to look into what it would take to get new drivers roadside assistance coverage for the whole family.

Value

You may want to list side-by-side the costs of having a roadside assistance plan versus what you might end up paying for a tow or other services out of pocket. Can you afford a plan that fits your needs and budget? Can you afford to not have coverage? (Keep in mind that if you use your plan just once, it may pay for itself for the year.)

Recommended: Auto Insurance Terms, Explained

The Takeaway

When the unexpected happens on the road, you can wing it and call for a tow truck. Or you can contact roadside assistance and feel confident that someone will come help you out ASAP. What’s more, some or all of the cost of getting your car back on the road could be covered under your plan.

Many drivers consider roadside assistance a good deal for the money: The cost of just one tow is often more than the annual cost of roadside assistance. If you travel a lot, or have young children or new drivers in the family, roadside assistance may be what you need.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

FAQ

What is emergency roadside assistance good for?

Roadside assistance coverage can help you deal with and pay for a range of unexpected costs you might run into while on the road — from fixing a flat tire on site to towing you to a repair shop for major repairs.

Is emergency roadside assistance worth it?

No one likes paying for something they may never use. But if your car breaks down just once, the convenience and savings you get through your roadside assistance plan may make it worth paying the annual cost.

What is the difference between emergency towing and roadside assistance?

Roadside assistance coverage is meant to help you get the service you need when you have car trouble — on the road or at a repair shop. Depending on the problem, roadside assistance may cover all or a portion of the costs. On the other hand, emergency towing is meant to get your car off the road and to a repair shop where it can be fixed. Generally, you can expect to pay for all the costs related to this service.

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Photo credit: iStock/sefa ozel

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

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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The term amortization is usually used to refer to the process in which debt is paid off on a set schedule, with fixed payments each month. An amortization schedule can show you the amount of your payment that goes toward the principal and interest each month. Because credit cards are considered revolving loans, amortization is not often used with credit cards.

However, a credit card amortization schedule can be helpful if you’re trying to pay down your balance. Understanding credit card amortization can help you decide how big your payments should be each month, as well as what the impact of additional credit card payments would be.

What Is Amortization?

Amortization is the process where debt is paid down on a set schedule, usually with fixed monthly payments. One common example is a 30-year mortgage — each month, you make a mortgage payment for the same amount.

Every time you make the mortgage payment, part of your payment is an interest payment, and part of the payment goes toward paying down your mortgage principal. Each month, as the principal balance goes down, more and more of your monthly payment goes toward the principal, until the mortgage is completely paid off.

Recommended: When Are Credit Card Payments Due

What Is Credit Card Amortization?

Because credit cards are considered revolving debt — meaning you can continually borrow and repay your debt — they don’t have amortization in the same way that a mortgage or car loan does. However, one area where a credit card amortization schedule may apply is if you’re trying to pay down a credit card balance.

In this instance, understanding the amortization schedule for your credit card can help you decide how making additional payments to your credit card issuer will impact your overall balance.

Recommended: How to Avoid Interest On a Credit Card

How Does Credit Card Amortization Work?

One of the credit card rules is that the higher your balance is, the more interest you’ll owe each month.

To be more specific, by only making the credit card minimum payment, it could take you many years to pay off your debt. If you’ve decided to rein in your credit card spending and pay down your balance, you can use a credit card amortization schedule to determine how long it will take.

Looking at credit card amortization will allow you to see how much less you’ll owe with each subsequent payment — assuming you’re no longer actively using your credit card. This schedule will take into account your current balance, your card’s annual percentage rate (APR), and how much you can afford to pay off each month. Then, you can determine how many months it will take until your balance is paid off in full.

Factors That Affect Credit Card Amortization

One of the biggest factors that affects a credit card amortization schedule is the interest rate on your credit card. The higher your credit card interest rate, the more of each monthly payment that will go toward interest. That will mean your amortization schedule will last longer.

Another factor to consider is the consequences of credit card late payments. If you delay credit card payments and incur late fees, that will increase your overall balance. That will also increase your amortization schedule and extend the length of time it will take to pay down your total credit card balance.

Guide to Calculating Credit Card Amortization Period

Since credit cards are considered revolving debt, it can make it difficult to calculate a credit card amortization period. If you continue to use your credit card for new purchases, you won’t be able to calculate an amortization period because your total balance will change each month.

One way you can calculate a credit card amortization period is if you decide to stop making any purchases on your card. If you have a $5,000 balance on your credit card, you can use any online amortization calculator and input the credit card payment amount you want to make each month. The resulting amortization schedule will show how long it will take to completely pay off your credit card, assuming you make payments by your credit card payment due date.

Debt Consolidation and Credit Card Amortization: What to Know

If you’re looking to lower your credit card debt, one option is credit card debt forgiveness. But because this isn’t always easy to get, another is to consolidate your debt by taking out a personal loan.

Unlike revolving loans which are what a credit card is, a personal loan is a type of fixed loan that has an amortization schedule. Following that amortization schedule lets you know when you’ll completely satisfy your debt obligation.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

The Takeaway

An amortization schedule shows how much of each loan payment goes toward interest and how much goes to principal. Because credit cards are considered revolving debt, they don’t have amortization schedules in the same way that fixed loans do. Still, you can use a credit card amortization schedule as a tool if you’re trying to eliminate your credit card balance.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What does credit card amortization payment mean?

If you’re looking to pay down or eliminate your debt, one strategy is to stop making any new purchases with your card. That way, you can concentrate on lowering your total payment. If you only make the credit card minimum payment each month, it could take years before you pay off your balance. Following a credit card amortization schedule can help pay off your debt sooner.

How can I calculate my credit card amortization period?

A credit card amortization period mostly makes sense if you stop making any new purchases on the card. If you’re still regularly using your credit card, your total balance will change with each purchase and payment. On the other hand, if you aren’t regularly using your card for new purchases, you can calculate your credit card amortization period using your total balance, interest rate, and monthly payment amount.

What is a credit card amortization term?

An amortization term is how long it takes to completely pay off a loan. If you’re making regular payments on the credit card payment due date each month, you’ll gradually lower your total credit card balance. A credit card amortization term can make sense if you are no longer actively using your card and focusing on eliminating your debt. You can use your total balance, interest rate, and the amount you’re paying each month to figure out how long it will take to eliminate your balance.

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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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You may or may not be able to reopen a closed credit card. More specifically, the reason why your credit card account was closed in the first place will make a difference, as well as whether your specific credit card issuer allows the reopening of closed accounts.

Though your request may get denied, it can still be worthwhile to ask to reopen a closed credit card account if you really want to do so. Here, a closer look at why your account may be closed and how to reopen a closed credit card account.

Can You Reopen a Closed Credit Card?

Whether or not you can reopen a closed credit card will depend on several factors, including:

•   The reason why your credit card is closed

•   Whether your credit card issuer allows cardholders to reopen accounts

•   How long ago the credit card account was closed

For instance, if the issuer closed your credit card account due to nonpayment, you most likely won’t be able to reopen it, given what a credit card is and the risk a lender assumes. However, if you chose to close the account yourself and now regret the decision, you may be able to get the credit card reinstated.

Why Your Credit Card May Be Closed

There are several reasons why your credit card may be closed, such as:

•   Your account was inactive: If you haven’t used your credit card in a number of months or years, your issuer may decide to close a credit card due to inactivity.

•   Your account was considered delinquent: Most issuers will close your account if you haven’t been paying your bills or are in default. Although the account is closed, you’ll still owe the amount borrowed when closing a credit card with a balance.

•   Your credit score dropped: Though not always the case, if a credit card issuer notices red flags, such as a sharp drop in your credit score or major negative remarks on your credit report, it may choose to revoke your card.

•   You didn’t agree to the new terms: Sometimes credit card issuers update their terms and conditions and need you to agree to them before continuing to use the new card. If you don’t agree to the terms, your card may be closed.

Recommended: Does Applying for a Credit Card Hurt Your Credit Score?

Reopening a Closed Credit Card Account

If you decide you want to reopen a closed credit card, here’s how you do it.

Review the Reason for the Account Closure

Assuming you didn’t contact the credit card company to cancel a credit card yourself, you’ll need to determine the reason why the issuer did. It’s most likely due to one of the five reasons mentioned above.

Consider when you last used the credit card, whether you’ve had to agree to new terms, or if you were behind on payments. Credit card issuers may not notify you when the account is closed, so if you’re unsure of the exact reason why, it’s best to contact them.

Gather Relevant Documentation

Before asking the credit card issuer to reopen your account, it’s best to be as prepared as possible so you’re as efficient as you can be. For one, you’ll need to ensure that you have the credit card account number — you can find it on your physical credit card or a previous credit card statement.

If you were delinquent on your account, you may need to provide other forms of proof, such as documentation like that you’ve paid back the credit card balance you’d owed. Your card issuer may also want other information, like your full name, address, and Social Security number.

Contact Your Card Issuer

Finding the best number to call can be as simple as checking the back of your physical credit card or looking up the issuer’s phone number on their website. Otherwise, you can try calling your credit card issuer’s general customer service number and asking to be transferred to the relevant department.

When you request to reopen the account, you may be asked to provide a reason why you want to do so. Additionally, you may need to address any concerns or issues that caused your account to get closed. For instance, if your card was closed because you didn’t agree to new terms, then you’ll need to do so.

If your request is approved, you should receive information about the account, such as whether the account number is the same and if you can keep any rewards you’d earned before the account closure. Some issuers may conduct a hard credit inquiry to make sure you can still qualify for the credit card in question.

Things to Know When Reopening a Closed Credit Card

If you’re reopening an account you held previously, you might find some differences in how a credit card works. Here’s what to look out for specifically if you reopen a closed credit card.

Fees and Interest Rates May Be Different

The annual percentage rate (APR) and fees for the credit card may have gone up or down. Before you reopen your account, it’s best to check all of the card’s terms and conditions to determine whether you want to proceed.

Recommended: How to Avoid Interest on a Credit Card

Your Credit Limit Might Be Lower

Depending on the issuer and other factors like your credit score, your credit limit may be lower than the original amount you were approved for. You may have to wait a few months or demonstrate that you can adhere to key credit card rules, like consistently make on-time payments, before you’re approved for a larger credit line.

Recommended: What is the Average Credit Card Limit?

You May Lose Out on Previously Unused Rewards

If you’d racked up rewards before closing your credit card account, you may not be able to access any unused points or miles after your credit card gets reopened. However, it doesn’t hurt to ask the credit card issuer if it can reinstate the rewards — though remember there’s no guarantee it will happen. This is why checking your credit card balance and your rewards balance is important to do before closing out a credit card account.

How Long Does a Closed Account Stay on Your Credit?

How long a closed account remains on your credit report will depend on whether it’s based on a negative remark. For accounts that were in good standing, the closed account can remain on a credit report for up to 10 years and will generally help your credit score. However, if the closure was due to an adverse remark, such as delinquency, it could remain on your report for up to seven years.

How Closing a Credit Card Can Hurt Your Credit

The decision to close a credit card can weigh negatively on your credit score. Specifically, here’s how closing a credit card affects your credit:

•   Increases your credit utilization: Once a credit card is closed, your overall credit limit is lowered. This typically increases your credit utilization ratio — the percentage of your total available credit that you’re currently using — even if your credit card balance remains the same. A high credit utilization ratio can lower your credit score.

•   Decreases your credit mix: Though it may not affect your credit score that much, closing a credit card means there may not be as many different types of credit in your credit history. If so, this could affect your score negatively depending on the other types of accounts you have.

•   Potentially lowers the average age of your credit accounts: If the closed credit card account was one of your oldest accounts, it could lower the age of your credit history. This can negatively affect your credit score.

Reopening a Closed Credit Card Account vs Getting a New Credit Card

Although there may be advantages to reopening a credit card, such as accessing a high credit limit or offered perks, you’ll have to open a new one if your issuer refuses your request. You might also look into getting a new card instead of going back to your old one if you think you could access better rewards or more favorable terms than your closed card offered.

Whatever your needs and credit score are, it’s best to do some research to find a card that you have a high chance of qualifying for and that offers features you want.

When Not to Reopen a Closed Account

Sometimes, it’s better to leave a closed credit card account closed. Instead, you could use the account closure as an opportunity to search for a better credit card that may have a lower interest rate or offer better rewards, for instance. You could even look into options offered by the same credit card issuer.

Plus, there are some valid reasons for when to cancel your credit card, like if it had an unnecessarily high annual fee. In those instances, it’s likely not worth second guessing your decision.

Alternatives to Consider if You Can’t Reopen Your Account

If you can’t reopen your account, you’re not out of luck. Here are some other options to consider in this scenario:

•   Consider applying for a different card with the issuer. One option is to see what other cards your issuer offers and open one of those instead. Before submitting an application, check to see what the terms and conditions are and whether it has the features you’ll want and need.

•   Take steps to build your credit. If your account was closed due to delinquency, you can focus for a few months on making on-time payments or taking other steps to build your score. Then, you could try again to reopen your card or simply apply for a different one.

•   Apply for easier-to-get funding sources. If you need funding, you can also consider applying for a secured credit card, which is backed by a security deposit that serves as collateral. Secured credit cards tend to be easier to qualify for due to the deposit you’ll make.

Using Your New Credit Card Responsibly

Whether you’re reopening a closed credit card or applying for a new one, using a credit card responsibly is critical. By doing so, you can work to remain in good standing with your credit card issuer and build your score over time. Here are some tips for responsible credit card usage:

•   Don’t spend more than you can afford to pay off each month.

•   Always try to pay off your balance in full to avoid incurring interest charges.

•   Make sure to submit payments on-time (setting up automatic payments can help).

•   Regularly review your credit card statements and credit report to check for any errors or indications of fraudulent activity.

Recommended: When Are Credit Card Payments Due?

The Takeaway

Reopening a credit card can be as simple as contacting your issuer. However, whether or not you’ll get your request fulfilled will typically depend on the reason your account was closed and how long it’s been since you last used the card.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Can you reopen a closed credit card due to inactivity?

You may be able to reopen a credit card closed because of inactivity. However, whether you can do so will ultimately depend on your credit card issuer and their policies on reopening credit cards.

Can you reopen a closed credit card due to nonpayment?

In most cases, you probably won’t be permitted to reopen a card that got closed due to nonpayment. You may be able to if you can demonstrate to your credit card issuer that you’ve paid back the balance due and can be responsible with payments.

Will I get back my rewards if I reopen a closed credit card?

You most likely won’t be able to get your rewards back. Still, it doesn’t hurt to ask your credit card issuer just to make sure.

Do all credit card issuers allow you to reopen closed credit card accounts?

Many credit card issuers won’t allow account reopening, though some do. To find out if yours does, you’ll need to contact them directly.

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Photo credit: iStock/insta_photos

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.

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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Figuring out how to live on one income, either by design or circumstance, can seem daunting. And it may put a lot of financial pressure on that one wage earner.

That said, plenty of American households live on a single income. According to the latest government statistics, only one spouse was employed in around a third of families with children and nearly one quarter of married couples without children. There’s strength in those numbers, proving that it can be done.

If you are learning how to live off one income, read on for 12 smart strategies that will help you make the most of your money and live well, including:

•   Making a realistic budget

•   Reducing food expenses but still eating well

•   Downsizing your home

•   Earning extra income

•   Focusing on what you have

Is It Possible to Live on One Income (After Living on Two?)

It’s certainly possible to live on one income, even after being accustomed to two. Maybe you or your spouse is now a stay-at-home parent or caring for an elderly relative, or one of you lost your job. Whatever the reason, going from a dual income to a single income household will likely take some careful planning and adjustments. For example, you may need to sit down and go through all of your household expenses, then make some adjustments — perhaps even consider downsizing your lifestyle. Adaptability and a proactive approach are key to successfully making this transition.

12 Tips for Living on a Single Income

How to make it on one income? Consider starting with a newly streamlined (but livable) budget and moving on to other changes one by one.

1. Making a Budget

First step, reality check. To successfully live off one income, you’ll want to document your household’s take-home pay. It’s also a good idea to take stock of the kinds of income you could count among your assets, such as money you might earn from a side hustle or dividends from any stocks you might own.

Then, tally all expenses that are musts, such as:

•   Mortgage or rent

•   Groceries (even that annual Costo membership fee)

•   Health insurance costs

•   Transportation, such as car payments, gas, insurance, and repairs

•   Utilities

•   Child care

•   Work-related expenses (commuting, clothing, etc.)

Discretionary income is what is left after your “fixed” or “necessary expenses” are covered. This would be money to use on a weekend brunch with friends, taking the kids to the theme park, or other moderate splurges. But you don’t necessarily want to spend all of that money; you also want to allocate some towards paying down debt and saving towards other financial goals, such as an emergency fund or retirement. For savings you may need in the next few months or years, consider opening a high-yield savings account, then setting up an automatic recurring transfer from checking into this account on the same day each month.

To streamline the budget-making process, you may want to use an online tool (many banks provide them) or try an app that helps with this process. If you’re raising kids on your own with one paycheck, it can be especially important to learn how to budget as a single parent.

2. Freezing Extra Food

This can save a lot of money and consolidate your food prep time, too. Consider taking a few hours a week to cook foods that freeze and reheat well, such as lasagna, chili, soup, or pot pie. You might also bake and stash muffins and bread for weekday or game-day breakfasts. The homemade food you prepare is likely to be more wholesome (no preservatives) and less expensive than store-bought.

To make freezing a breeze, make sure you have some containers and foil wrap on hand; then use masking tape or stickers to mark and date contents and reheating instructions.

3. Transitioning to One Car

Becoming a one-car household is not only better for your budget (gas, insurance, new tires, car repairs) but it helps the planet, too. Perhaps your partner can take public transportation to work and leave the car home for grocery runs, doctor appointments, and shuttling kids.

If one of you has to drive to work and thereby leaves the other without wheels, drill down on clear communication and scheduling. For instance, you need the car back by 6 p.m. to make a meeting. Otherwise, you might take public transportation or call the occasional Uber to get places. Carpools can also work for kids’ activities and work commutes.

If you’re a newly single parent balancing car costs along with everything else, you’ll want to create a reasonable post divorce budget to guide you. Transportation is often vital but can often be obtained at a reasonable price.

4. Monitoring Utilities and Electricity

Saving money on utilities is increasingly easy with tools like smart thermostats. A good rule of thumb is to lower your thermostat when the family is out (say, during school hours) and at night when everyone is under blankets in winter. In summer, consider keeping the house warmer if you’re at work; no need to cool an empty house.

It’s also wise to keep up with maintenance appointments for your home’s heating and cooling systems; just like a car, it needs tune-ups to run best. Teach the whole family to switch off lights and T.V. when they leave a room. Target “phantom” energy use, which is the energy appliances (especially electronics) use when “sleeping” but still plugged in. These dollars add up.

5. Downsizing Your Home

If you’re living on one income and housing costs are eating up a big chunk of your budget (which is common in today’s housing market), you might want to consider moving to a smaller house, apartment, or condo. You’ll be on trend with the tiny-house movement and the shift toward minimalist living.

When you shrink your footprint, you generally save money on property taxes, utilities, electricity, and lawn and snow care. In most cases (depending on location), the smaller the space, the lower the bills. All of this can feel freeing.

Another way to downsize (though not literally) can be to move to a home with fewer amenities or one that’s in a neighborhood a bit farther away from downtown. You may be able to get the same square footage for less.

Recommended: What’s Net Worth vs. Income?

6. Doing Meal Planning and Buying Groceries on Sale

Even on a budget, you can eat well — even better than grabbing unhealthy, overpriced takeout. Consider planning meals around what’s in your pantry and what’s on sale each week. It can be fun to explore the budget-priced recipes online; plenty of sites have “meals under $10” and similar categories to help provide inspiration.

You might enjoy scheduling meals by day of the week (Meatless Monday, Taco Tuesday, and Sunday Roast Chicken are a few examples), and shop based on what’s in season and on sale. Summer tomatoes (maybe from your garden) yield gazpacho or homemade spaghetti sauce. Winter vegetables like carrots are perfect for roasting and or adding to soups.

Recommended: 23 Tips to Help Save Money on Groceries

7. Paying Off High-Interest Debt

High-interest debt, the kind you accumulate on credit cards, can have steep annual percentage rates (APRs). The currently average APR on credit cards is 27.62%. If you carry a balance, that means everything you buy with plastic is costing you significantly more than what the receipt says because you take on that hefty APR.

If you’re dogged by this kind of debt, you’ll want to work whittling it down. You might also consider consolidating your debt with a lower-interest personal loan or making the switch to a balance transfer card that offers no or low interest for a period of time.

Recommended: How Does APR on Credit Cards Work?

8. Getting a Roommate

Sharing housing expenses by renting out a spare room can immediately free up funds in your budget. This option actually comes with more than one advantage. Many people get a budget boost by sharing the costs of rent, laundry detergent, coffee, utilities, and the cable bill. And you may also like having an additional member of the household with whom you can chat and bond.

9. Using Credit Cards Responsibly

The old rule still holds: Don’t use credit, generally not even for gas or food, unless you can pay off the balance every month. If not, you will incur interest that will build and build.

Before making a big, unplanned purchase, you might try the wait-and-see method, which means walking away for anywhere from 48 hours to 30 days (it’s your choice), and then seeing if, after some time has elapsed, you still feel you have to have it. In many cases, the desire has faded.

Still having trouble with debt? Consider working with a non-profit like the National Foundation for Credit Counseling (NFCC ).

10. Earning Extra Income

Another angle on being a single-income household is to see how you might bring in more money. It’s not just side hustles (moonlighting as a writer or web designer, for instance) or cleaning offices at night after your full-time job at school.

Consider new ideas for how to create your own passive income, from rental properties to advertising on your car.

Recommended: Ways to Create Residual Income

11. Finding a Travel Buddy

When budgeting for single-income life, you don’t have to give up vacations indefinitely. Instead, find ways to save money on travel. Whether you’re visiting the West Coast or the Mediterranean, sharing a hotel room or Airbnb with a friend can bring big savings.

A travel buddy can also chip in for the rental car, gas, tolls, park entrance fees, and taxi/Uber costs. Or you could consider camping with a friend or family member; that’s another great way to enjoy an inexpensive getaway.

12. Focusing on What You Have

As you trim expenses and get into your groove as a one-paycheck household, don’t lose sight of the gifts you have, riches that can supersede a second income. That includes more family time, good health, companionship, a roof over your head, heat, food in the freezer, a car that runs. Remember, wealth comes in many forms.

One last tip: If luxury-focused social media accounts are making you feel as if you’re missing out on the good life, unfollow them! Most are unrealistic representations that fail to reflect real life.

The Takeaway

Learning how to live on one income after having two may take practice and require some smart budgeting hacks, but it can often be done without major deprivation. By experimenting with a variety of strategies, you’ll find the ones that work best for you, financially and personally. You’ll also likely feel a surge of pride when you hit on the right combination of moves that lessen any money stress and enhance your financial well-being.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How do you budget for a single income?

To budget for a single income, start with the take-home earnings you will live on and subtract essential expenses, such as a roof over your head, food, debt, and health insurance. Then look at wrangling your negotiable costs, such as owning one car vs. two or how much you budget for meals, to make ends meet. An online budgeting tool or consumer finance app can help.

How many families live off of one income?

According to the latest government statistics, only one spouse is employed in 33% of families with children and 23.5% of married couples without children.

What is the average income for a single person in the U.S.?

The average U.S. annual salary in Q4 of 2023 was $59,384, according to government data.

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

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

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See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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