Dec
12
2022
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How to Buy a House From a Family Member

By | Home Ownership, mortgage | Comments Off on How to Buy a House From a Family Member

Sometimes, home sweet home is right under our noses. Buying a house from a relative may be the perfect solution, but everyone should be aware of how to negotiate and seal the deal.

An adult child may have her heart set on buying her parents’ home because of the memories it holds. Another might want to purchase Grandma’s home so he can retire in Florida. Others may have a relative who wants to give them a good deal.

Whatever the case, if you’re buying a house from family, you’ll want a harmonious handoff.

Key Points

•   Buying a house from a family member involves unique considerations, including the potential impact on relationships and the importance of clear communication.

•   Professional assistance from lawyers or real estate agents is advisable to ensure legalities and fair market value are respected.

•   Determining a fair purchase price can involve appraisals and should reflect the home’s market value unless a gift of equity is involved.

•   Non-arm’s-length transactions, like those with family, often face greater scrutiny to prevent fraud and ensure fair dealings.

•   Understanding the implications of gifts of equity and potential tax consequences is crucial for both parties in the transaction.

Buying a House From a Relative

It’s important to understand the home buying process before making any real estate purchase.

And knowing what is needed to buy a home is useful before, erm, buying a home.

Buying a house from family, though, is a bit different than a deal between strangers. First of all, whether you’re a first-time homebuyer or not, it’s important to consider how crafting the deal can affect familial relationships.

Not hiring real estate agents might keep negotiations and planning all in the … family. If that’s the case, it’s a good idea to have regular check-ins to ensure that both parties feel good about the next steps and are ready to move forward.

It can be helpful to take notes about the arrangement after an initial meeting and make a copy for everyone involved so that all important details are in writing and available for review. That way, everyone is clear on what is expected of them.

Do We Need Real Estate Agents and Other Pros?

Even though buying a house from family is a personal affair, it can be helpful to bring in professionals to make sure the process goes smoothly, everything is done legally, and both parties walk away feeling satisfied and respected.

A lawyer or real estate agent can help make sure the purchase contract is done properly, state-required property disclosures are made, and the house sells for fair market value — what the property would sell for on the open market.

A title company can protect the buyer from any liens and ensure that no one else has a claim on the home. Even with a high level of trust between family members, this can be a smart step to take to protect the buyer.

And it can be helpful to consult a tax professional in order to be aware of any tax implications of the agreement.

Determine the Purchase Price

Deciding on the fair market value can be done by reviewing comps or hiring an appraiser to conduct an objective property valuation. Keep in mind that lenders usually require an appraisal.

Once both parties have an idea of the market value, they can decide how much the buyer will pay. In some cases, this will be the fair market value. In other scenarios, a family member may offer to pay closing costs, or provide a cash gift or gift of equity (described below).

Draw Up the Purchase Agreement

When both parties are ready to move forward, it’s time to draw up a purchase agreement. The legally binding real estate purchase contract will outline the price and payment terms.

Buyers who need a home loan can send the contract to their lender when applying for a mortgage.

Prepare for Scrutiny

There are two main types of real estate transactions: arm’s length and non-arm’s length.

In an arm’s-length transaction, the buyer and seller do not have a relationship and are acting in their own self-interest.

When someone buys a home from a family member, it’s a non-arm’s-length transaction. These deals may be subject to more scrutiny because the chance of mortgage fraud increases.

The sale price of the home must equate to what it would be between strangers unless a gift of equity is on the table.

A heads-up for anyone whose elder family member needs to go to an assisted living facility or nursing home and plans to fund their stay with Medicaid: To prevent Medicaid applicants from simply giving away a home or other resources to qualify for the low-income medical program, the federal government has a “look-back period” of five years (the exception is California, which has a 2.5-year look-back period). A Medicaid applicant is penalized if assets were gifted or sold for less than fair market value during that time.

Know How the Gift of Equity Works

One thing sellers may want to consider is giving the relative a gift of equity, or selling for less than fair market value.

The maximum amount of the discount without reporting it as a gift to the IRS is $16,000 per recipient in 2022.

Spouses “splitting” gifts may contribute $32,000 a year. Spouses splitting gifts must always report the gift.

That doesn’t mean sellers have to pay a gift tax; they can apply it to their lifetime gift exclusion. The lifetime gift and estate tax exemption is $12.06 million, or $24.12 million for a couple, in 2022.

So for the vast majority of people, the gift and estate tax exemption allows for the tax-free transfer of wealth from one generation to the next. Homeownership in general helps build generational wealth.

Here’s another plus for buyers: Most lenders allow the gift to count as a down payment.

A lender will require a gift letter signed by the sellers for a cash gift or a gift of equity sale. The letter will confirm that the gift is not a loan.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Know How to Finance the Home

When buying a home from a family member, many buyers will still need to take out a home loan. Even with a discount or a special offer from a family member, it can be hard to purchase a home outright.

Go with a mortgage broker or direct lender? Each has pluses and minuses.

Any mortgage loan officer or broker should be willing to answer your mortgage questions, including those about fees, points, and mortgage insurance.

Weighing different types of mortgage loans (including conventional conforming mortgages, jumbo loans, and government-backed loans) and loan terms (usually 30 years) can help you make a more informed decision.

After applying for mortgages, you’ll receive loan estimates. It’s important to compare mortgage APRs, fees, and closing costs.

After you choose a mortgage and close on the home, your mortgage servicing outfit will handle your payments.

The Takeaway

How to buy a house from a family member? For starters, consider calling in professionals and understand the gift of equity. Buying a house from a relative can be seamless.

As you shop for a mortgage, see what SoFi offers. Why SoFi? Because the terms are flexible, the down payments are low, the closing time is guaranteed, and the rates are competitive.

Get a rate quote in just minutes.

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

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.

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

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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Dec
06
2022
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The Envelope Budgeting Method: What You Need to Know

By | Budgeting & Goals | No Comments

Many Americans would like to get on top of their spending and control their debt, but it can be a struggle. The most recent numbers show that in the U.S., credit card balances rose $121 billion to a staggering total of $925 billion in a single year.

How can you do your part to get on top of your spending and debt? With a budget. Think of it as both guidance to reach your financial goals as well as guardrails to keep your spending and saving on track. Finding the right system to suit your style can take a bit of experimentation, and one path definitely worth considering is the envelope budgeting system. This is a very tangible, physical system in which you divide up a month’s worth of cash to be spent into (you probably already saw this coming) good old-fashioned envelopes, organized by category.

This method can be a great way to literally get in touch with your money and see how it’s spent.

Here, you can take a closer look at this system:

•   What is the envelope budgeting method?

•   How does the envelope budgeting method work?

•   What are the pros and cons of the envelope budgeting method?

What Is the Envelope Budgeting Method?

There are many methods to help you build a budget. The envelope method for budgeting money (also sometimes called the envelope saving method) is a system that helps you track your spending by limiting it to cash transactions. In this way, an otherwise fairly abstract concept — your spending — is turned into something you must literally hold in your hands.

You determine your spending categories, such as entertainment, food, and so forth. You label an envelope for each, and then you divide your monthly available money into the appropriate categories.

Then, as the month goes by and bills come in, you pay with the funds allocated in each envelope. Here’s one of the key points for envelope method budgeting: When the money is gone, it’s gone. The idea is to not dip in elsewhere to come up with cash for, say, a pricey sushi dinner you indulged in on impulse. The point is to get used to sticking to your budget.

Next, you’ll learn the steps to setting up an envelope budget.

How Does the Envelope Method of Budgeting Work?

Here’s a look at how the envelope method of budgeting works.

1. Determining Your Discretionary Income

The envelope method usually works best when you use it to budget for discretionary spending. Your discretionary spending is the money you spend on things you may not really need, such as entertainment.

To determine your discretionary income, take your monthly income and subtract any necessary expenses, including things like housing costs, utilities, and insurance payments.

You may want to include debt payments and savings goals in this category as well. Anything you have left over is your discretionary income.

Budgeting rules of thumb, such as the 50/30/20 rule, can help you determine your discretionary spending as well.

2. Deciding on Budget Categories

Once you have a total for your discretionary income, you can begin to break it down by category. The spending categories you choose will depend on your own habits.

You may want to pay special attention to areas where you already have trouble with overspending. Eat out too much? Grab a latte almost daily? Consider this an opportunity to put a cap on that spending.

Other common areas to consider include groceries, entertainment, clothing, and gas money. You may want to build in a catch-all category that gives you some money to use for fun as well.

Assign a dollar amount to each category. Consider reviewing past bank statements to help you figure out what you normally spend.

Your bank or credit card may even break out your spending into categories for you, making it easy to tell where you typically spend. If you’re trying to cut back, assign dollar amounts that are lower in the categories where you can.

Recommended: Guide to Practicing Financial Self-Care

3. Withdrawing Cash and Putting it into Envelopes

The next step in an envelope method budget is to get one envelope for each category. Write the name of the category on the envelope and the dollar amount you have assigned to it. At the beginning of the month, withdraw enough cash to fill each envelope.

Depending on your situation it may work better for you to spread your withdrawals out to align with your paycheck. If this is the case, you could take half the money out at the beginning of the month and the remaining half when you receive your next paycheck.

When you go to the bank, get the exact denominations that you need. For example, if you assigned $55 to your entertainment budget, make sure you get exactly $55 dollars. Make change if you use an ATM that only spits out $20s. With exact amounts, you’ll avoid the extra work of remembering where you need to shuffle dollars around.

If having a pile of envelopes feels too disorganized, consider using a coupon organizer. These look like little divided wallets or small accordion files. The idea here is the same as with the envelopes, and you should label each section with the category and dollar amount.

4. Spending Only Cash

Then, for the month ahead, the envelope method budget means that when you need to buy something, you take money from the appropriate envelope. You may not want to carry the envelope around with you, which could mean spending more than you need to or risking losing it. If you only bring $50 to the grocery store, make sure that your total doesn’t go beyond $50. Some tips to help this process:

•   Try to avoid the temptation to spend with your credit card too. It might help to remove your credit card out of your wallet while you use the envelope method. If you choose to do this, consider storing the card in a secure place where you can access it when you absolutely need it.

•   If you choose to purchase something on the internet, such as concert tickets, for example, note the purchase on your envelope immediately. You can then remove the cash you spent online from the envelope.

•   When buying things online, continue to keep in mind the dollar amount you set for that category. Try your best to avoid overspending, based on the limits you set for each envelope at the beginning of the month.

Recommended: 18 Common Misconceptions About Money

5. Once Your Cash Is Gone…It’s Gone

Here’s where the real discipline comes in with the envelope method. Once you’ve used up the cash in a given envelope, it’s time for a full stop.

This means no more spending in that specific category for the rest of the month. Remember, you’re trying to control your spending, so avoid borrowing from other categories.

If you deplete your entertainment budget, look for ways to save money on streaming services. Try free alternatives like watching movies at home. If you run out of money for groceries, get creative with leftovers and try to use up whatever food you have left in your cupboards and fridge. These exercises should hopefully help you begin to spend more and more intentionally as time goes on.

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Here’s where the real discipline comes in with the envelope method. Once you’ve used up the cash in a given envelope, it’s time for a full stop.

This means no more spending in that specific category for the rest of the month. Remember, you’re trying to control your spending, so avoid borrowing from other categories.

If you deplete your entertainment budget, look for ways to save money on streaming services. Try free alternatives like watching movies at home. If you run out of money for groceries, get creative with leftovers and try to use up whatever food you have left in your cupboards and fridge. These exercises should hopefully help you begin to spend more and more intentionally as time goes on.

Pros of the Envelope Budgeting Method

Here are some of the most important benefits of the envelope budgeting system:

•   It makes spending tangible. Buying things with plastic can make it feel as if you haven’t spent any money at all. When you pay with cash, you’re forced to consider your spending and may spend less.

•   This system helps realize just how much you are spending on various expenses. For instance, you may not have realized how much you spend on take-out lunches until you see that $20 bill leave your hands every weekday.

•   This budgeting technique also makes it all but impossible to overspend, since you have a hard and fast budget limited by the cash in your envelopes.

Recommended: 5 Ways to Achieve Financial Security

Cons of the Envelope Budgeting Method

Yes, there are good reasons to try this budget system. However, it’s worthwhile to know some disadvantages before you dive in:

•   Carrying cash to pay for your daily expenses as part of this system can be risky; you might lose the money or, in rare cases, be robbed.

•   The cash-centric nature of the envelope budget can be difficult for people who do a lot of online transactions, like to use a debit card, and/or patronize shops that are cashless.

•   If you like to use plastic and get cash-back rewards or other perks, you will not be able to accrue those benefits while following the envelope budgeting method.

Recommended: 23 Tips on Saving Money Daily

The Takeaway

All budgets can require discipline and sometimes a certain level of discomfort as you’re forced to make compromises. But they can also help you better understand your money style, keep your spending in check, and reach your financial goals. The envelope budgeting system is one method that can guide you on your financial journey. By putting cash into envelopes marked for specific purposes, you can gain insight into where your money goes and hopefully rein in areas where you can cut back.

Another way to take control of your money is to find the right banking partner. When you open an online bank account with SoFi, you’ll have access to a suite of tools that help you see where your money goes. In addition, you’ll earn a super competitive APY and pay no account fees, both of which can help your money grow faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

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

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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Dec
05
2022

Trade School Costs Need to Knows

By | Life & Career, student_loan | No Comments

A trade school, often called a vocational or technical school, provides specific job skills to start a career quickly in a given trade, with the requisite certifications and licenses. That career can range from being an electrician to a physician’s assistant to a cook. As opposed to a four-year college, a trade school education is generally completed in just two years and focuses on getting students hands-on experience and securing the job they want.

Trade school costs can vary anywhere from around $3,000 to $15,000+ per year. While trade school can be significantly less costly, and require less time, than a four year degree — there are still expenses to consider. Continue reading for more information on how expensive trade school is and planning for trade school costs.

Key Points

•   Trade schools offer focused training in specific job skills, allowing students to enter careers quickly, typically completing programs in less than two years.

•   The annual cost of trade school tuition can range from approximately $3,600 to $14,500, depending on factors like the school and program.

•   Additional expenses for trade school often include costs for books, supplies, and living expenses, which can vary greatly based on individual circumstances.

•   Financial options for attending trade school include federal aid, grants, scholarships, and part-time work, which can help cover educational costs.

•   When selecting a trade school, important considerations include program accreditation, completion time, available on-the-job training opportunities, and employment support services.

What Is Trade School?

College is not for everyone. Trade school can provide a path to a rewarding career, without the time and money required to pursue a four-year degree.

As previously mentioned, trade school is a type of education that provides training in a specific job or skill set to allow students to start a given trade or career with the requisite certifications and appropriate licenses. Also known as vocational or technical schools, trade school can be a stepping stone into a career as a plumber, electrician, plumbing, dental hygienist, pharmacy technician, paralegal, and more.

Trade schools may be private or public institutions. And it can take as little as a few months to two plus years to complete a trade school program. Community colleges may offer vocational programs or more general education classes for students planning to transfer to a four-year institution.

How Much Does Trade School Cost

The cost of trade school can vary widely based on factors including the school, the program you are pursuing, your location. According to TradeSchools.net, the average cost of annual tuition at a trade school can range from $3,600 to $14,500.

Tuition

As mentioned, the cost of tuition can range dramatically, averaging anywhere from $3,600 to $14,500 per year. According to data from the U.S. Department of Education’s College Affordability and Transparency List, for the 2020-2021 school year, the average cost of tuition and fees at two year institutions was:

•   2-year, public — $3,863

•   2-year, private not-for-profit — $15,549

•   2-year, private for-profit — $15,033

•   Less than 2-year, public — $8,683

•   Less than 2-year, private not-for-profit — $13,127

•   Less than 2-year, private for-profit — $13,127

Books and Supplies

Again, the cost of books and supplies will vary based on the vocational program or trade school. According to data from The College Board, the average cost of books at a two-year public institution was $1,460 for the 2021-2022 school year.

Living Expenses

Unsurprisingly, the cost of living expenses can also vary quite dramatically from student to student. Some students who are attending trades school may be able to live at home with family members. This could help them reduce costs because they may be able to have little to no rent, and share meals with family members.

Trade school students who are living on their own may need to budget for more expensive living costs.

Paying for Trade School

When it comes to paying for college, or trade school, there are a few options available to students including loans, federal aid, grants, and more.

Trade School Loans

The term “trade school loan” is just a way to refer to a student loan, personal loan, or outside funding measure used to pay one’s way through a training or vocational school.

Many trade and vocational schools may qualify for federal student loans and other forms of federal financial aid. To apply for federal loans, students will need to fill out the Free Application for Federal Student Aid (FAFSA®) each year.

There are limits for federal student loans, and some students may consider a private student loan. Private student loans are available from private institutions but they may not offer the same benefits or protections as federal student loans.

After all other funding options have been exhausted, a private student loan could be a tool to help fill in the gaps. SoFi private student loans have zero fees and qualifying borrowers can secure competitive rates. While SoFi’s private student loans’ aren’t available to pay trade school, some graduate certification programs may qualify.

Working Part-Time

Trade schools generally offer flexible programming — for example, night classes — so students may be able to work part-time to fund their education. Students may consider getting a part-time job in the field they are studying, or working at a gig that is willing to accommodate their school schedule so they have enough time to take classes and study.

Financial Aid for Trade School

As already mentioned, trade schools may qualify for federal financial aid — including student loans, grants and scholarships. Federal aid can be used for technical schools and some certificate programs as long as the schools are accredited and eligible for federal funds. You can check the Department of Education’s database of qualifying schools to confirm your chosen trade school program qualifies.

Again, to apply for federal financial aid, students will need to fill out the FAFSA each year.

Grants

Students at eligible trade schools may qualify for a Pell Grant. A Pell Grant is a type of federal grant that is awarded to students who demonstrate exceptional financial need.

Scholarships

There may also be scholarships available for trade school students. Certain trade schools may offer scholarships and there are vocational school scholarships available from private organizations too. Check in with your school’s financial aid office for more information or look through an online database or SoFi’s scholarship search tool to peruse scholarships you may be eligible for.

Tips on Selecting a Worthwhile Program

Trade school can make a lot of sense for students who are interested in pursuing a specific vocation and are not interested in attending a more traditional four-year school. To evaluate trade schools, consider the following factors:

•   Program Accreditation. This can give you an idea of a program’s reputation. Accredited schools may qualify for federal financial aid.

•   Time to complete. This can inform the total cost of the program.

•   Opportunities for paid on-the-job training. Some programs may offer a combination of in-classroom learning and paid job training. Gaining this real world experience can be valuable.

•   Employment assistance or support. Some trade schools have close connections with local businesses or industries. Find out if there is a career connections office or any job placement assistance.

Private Student Loans for Trade School

SoFi doesn’t offer student loans for trade school programs, but does offer student loans for eligible graduate certificate programs. If you’re a college student interested in pursuing a certificate program, a SoFi private loan could be a tool to help you finance the program.

SoFi student loans have zero fees and qualifying borrowers can secure competitive interest rates. Find out if you prequalify in just a few minutes.

FAQ

Are trade schools more affordable than 4-year universities?

Trade schools are generally more affordable than a college or university. In addition to having a more affordable annual tuition, typically trade school programs can be completed in less than four years.

What are the most high-paying trade jobs?

According to Accredited Schools Online, some of the top-paid trades school jobs include construction managers, radiation therapists, and dental hygienists.

How long is trade school?

The length of trade school can vary based on the program. Some trades school programs can be completed in a few months while others may take two years to complete.

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

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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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Nov
21
2022

12 Real Ways to Save Money on Electronics

By | Budgeting & Goals, Family Finances, money | Comments Off on 12 Real Ways to Save Money on Electronics

Having the newest iPhone and a 60-inch TV in every room of your house might sound like a dream worth aspiring to, but hold that thought. If you are trying to grow your savings, start investing, or get out of debt, it’s important to scale back all kinds of spending, including on electronics.

In today’s digital world, having access to a smartphone and laptop — not to mention things like Bluetooth headphones, a smart TV, and maybe even a smartwatch — can be crucial for our remote jobs, connecting with friends and family, and staying informed about the world around us.

So how can you buy the electronics you need for daily life without going broke? In this article, we’ll explore, among other topics, the following:

•   How to save money on electronics

•   How to shop at the right time

•   How to sell old electronics

•   How to get the best discounts.

1. Buying Older Models Instead of the Newest Models

The joke goes that you could buy the newest smartphone today, and it’ll probably be replaced by a newer model within a week. While technology cycles aren’t quite that fast, companies like Apple, Google, and Microsoft do release “newer, better” phones, tablets, computers, and other tech regularly.

Just remember: You don’t always need the newest tablet. You don’t always have to upgrade your phone. If your technology still operates efficiently — allowing you to take decent photos, reply to work emails, and stay connected via social media or phone calls, all without issue — hold onto it longer. With a little money discipline, you could instead use those funds to build your emergency savings, pay down your debt, or start investing.

And when it does come time to buy a new device, consider buying the second-newest generation. Features are likely similar to the newer device, but prices will be lower. This is particularly true right around the launch of the new generation.

2. Avoiding Consumerism

An easy way to save on electronics is to reject the idea of consumerism. Consumerism is the belief that your well-being, happiness, and even sense of self-worth will increase the more that you spend money on goods and services.

But according to the American Psychological Association, the reverse seems to be true. While it’s not fair to generalize, studies typically show that the least materialistic people report the greatest life satisfaction.

Thus, what might feel like an irresistible craving for the latest technology could actually be detrimental to one’s mental health. Consume your technology in moderation — treat yourself to nice things, but remember that spending won’t always lead to fulfillment. In fact, you may find that committing to how much money to save each month brings greater satisfaction.

3. Trading In and Selling Unwanted Electronics

If you have a junk drawer with old smartphones or a storage container with old laptops, you might be leaving money on the table (or in the junk drawer, as it were).

For example, many second-hand stores buy electronics like video game consoles — and they’ll pay you for the controllers and games too. Some smartphone vendors will allow you to trade in an older-model phone when you purchase a new one.

And there’s always the internet. Amazon, eBay, Facebook Marketplace, and other online retailers allow you to easily sell old electronics, including phones, TVs, and even appliances. You can then use that money when it’s time to upgrade to a new electronic device or add it to your emergency fund.

The resale market is soaring; it’s expected to grow to $53 billion a year in 2023. Now is a great time to start selling your old tech.

4. Considering Needs Over Wants

If you are struggling to decide whether you should buy a new phone or computer, assess your needs. Beyond determining if your current phone or computer works well enough for you to do your job and live conveniently, take some time to look at your budget.

Do you have enough money to cover actual needs like housing, food, and utilities? Are you able to pay off your credit card each month and make student loan payments? Can you cover an unexpected hospital bill or emergency car repair and meet other money-saving goals?

If you’re confident that you can successfully meet your needs without too much of a struggle, it can be easier to justify splurging on a want.

5. Unplugging Devices That Are Not in Use

Have you heard of phantom or vampire energy use? That’s when you leave something plugged in when not in use and it continues to draw electrical power, which you wind up paying for.

The U.S. Department of Energy recommends unplugging certain appliances when not in use to decrease your standby power loads and thus reduce your monthly electric bill.

The daily savings are hardly noticeable, but over time, unplugging certain devices when not in use, like a toaster oven or a laptop in sleep mode, can lead to significant savings — about $100 a year for the average household.

Recommended: Learn the Difference Between Impulsive and Compulsive Shopping

6. Researching and Buying Refurbished Electronics

Refurbished electronics are a great way to get a like-new electronic without digging deep into your pocket. Such electronics don’t always have the luxury of an extended warranty, but many are available with some type of warranty (and maybe even a money-back guarantee).

And you can get a deal on more than just refurbished smartphones. According to Consumer Reports, you can find great deals on speakers, tablets, headphones, and smartwatches.

Just make sure you’re buying a refurbished electronic directly from the manufacturer or from an organization that complies with ISO (International Organization for Standardization) or R2 (Responsible Recycling).

7. Buying at the Right Time

Here’s another way to save on electronics: Sync up with sales. You might find better deals if you are strategic about when you purchase TVs, laptops, and video game consoles. Typically, you can find Black Friday and Cyber Monday sales, and the week after Christmas can also be an excellent time of the year to buy electronics.

You can also watch for deals around Tax Day, Memorial Day, and Labor Day. And if you’re buying an older-generation model, try timing it with the release of the newer version for greater discounts.

Recommended: Why You Should Save Money

8. Utilizing Price Matching

It might be challenging to get cell phone providers to match prices of competitors, but when shopping for other electronics, like computers, video game consoles, TVs, and appliances, you might have luck getting big-box retailers to price match.

In fact, some popular stores have official price-matching programs — and may even price-match the deals you find on Amazon. Try price matching when shopping for electronics at stores like Walmart, Target, and Best Buy.

9. Shopping Around and Being Patient

Shopping is usually not a good time to be lazy. While it can be tempting to buy your coveted electronic at the first place you see it, it can be important to do some research. Comparison-shop online, research upcoming sales, and utilize coupons and store discounts to get the best deal at the right time.

10. Taking Advantage of Savings Codes

You won’t always be successful, but it’s worth browsing online for savings codes before any major purchase. Sites like GroupOn, RetailMeNot, and Savings.com all offer discount codes that you may be able to apply to your purchase.

You can also look for promotional codes in circulars that arrive in the mail, during podcasts, or from influencers on social media.

Recommended: How Bill Pay Works

11. Utilizing Student Discounts

If you are a student, it can be a good idea before any purchase to ask if the company offers a student discount. The worst they can say is no. Just keep your student ID in your wallet for verification.

You can also ask about other common discounts you might qualify for, like a military discount or senior discount.

12. Not Always Going for Brand-Name or High-End Products

A brand-new iPhone and Samsung TV may sound like the height of luxury, but if you’re trying to be smart about how you spend your money on electronics, consider skipping the most popular brand name or top-of-the-line product options.

A lesser-known brand may perform well and save you money. Before purchasing an unfamiliar brand, however, it is a good idea to read product reviews on third-party websites.

Recommended: How to Force Yourself to Save Money

Saving Money With SoFi

A savings account with a high APY is a good way to save toward all of life’s goals, including electronics. And having a no-fee checking account makes it easier to spend when you’re ready. SoFi’s online bank account delivers the best of both worlds. Sign up for our Checking and Savings with direct deposit to earn a competitive APY, get cash back on local purchases, and pay no fees.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Can you live without electronics?

Technically speaking, it is possible to live without electronics, just as our ancestors did before us. However, technology is now often essential to how we work, how we communicate, how we find information, how we shop, how we find entertainment, and even how we bank and access healthcare. Staying connected and spending money on electronics is fine — everything in moderation.

Can you live while being an electronics minimalist?

Living as an electronics minimalist is possible. You may still need access to a computer for work or online bill pay and a phone to communicate with your family, but you can take specific, impactful steps to otherwise reduce your electronics. For instance, you can sell your TV, downgrade to a basic phone, delete your social media, etc. Then, seek out other experiences, like hiking, attending live theater, and reading.

How much technology should I use per day?

Experts recommend limiting screen time to two hours a day max (outside of work). This includes time spent on your phone or tablet, watching TV, and playing video games. That said, estimates of how much total screen time most Americans invest has been estimated at almost eight hours a day.

Photo credit: iStock/LightFieldStudios

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.

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

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Nov
15
2022
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How To Switch Banks in 3 Easy Steps

By | Budgeting & Goals, money | No Comments

Do you love your bank? Is it convenient? Do you feel valued? Are you getting a top-notch interest rate? Paying low or no fees?

If you can’t answer “yes” to all of those questions, it might be time to make a switch.

Changing banks can be a surprisingly simple process (though not instantaneous), and it can save you time and money. Here, we’ll break it down for you into three super simple steps, so you can complete the process as quickly and easily as possible. Read on for the guidance you need.

How to Switch Banks: Step-by-Step Guide

1. Choose a New Account for Your Money

Identify the key benefits you want but currently don’t have and do an online search to compare options. For example, if you are looking to eliminate monthly fees, target that; if you are looking for a bank with branches near your home and office, make that your focus. The possible options should quickly come into focus via a search engine.

If lower fees and higher interest rates are driving your decision, you’ll likely want to review online banking options vs. traditional banks. Because these financial institutions don’t have the overhead of bricks-and-mortar locations and staffing, they can often pass those savings onto their customers. That’s a major benefit of online banking.

Similarly, credit unions vs. traditional banks often have lower fees and higher interest rates because they are non-profit organizations and therefore have a different business model.

2. Open Your New Account

Found a new home for your cash? Go and open that account. You can likely transfer funds from your old one to make that initial deposit.

Some bank accounts require no initial deposit if you sign on with direct deposit; others will need a small deposit of perhaps $25. If you are signing up for a premium checking account or high-yield account, there may be higher minimums involved.

Here’s an important point: Don’t whisk every last cent out of your old account into the new account. You may have pending transactions and autopays coming up that will take time to sort out. Leave a cushion in the old account; you’ll learn more about this in the next step.

Make sure to set up direct deposit from your employer directly into your new account. This will ensure that your pay appears in your account without having to deposit a physical check. Visit your HR or pay office and provide them with the new account information, including the new account number and routing number.

You may also want to link a savings account to your new checking account. This can make transfers easier and allow you to opt into overdraft protection.

💡 Recommended: How to Open a Bank Account

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3. Close Your Old Bank Account

Now that you have your new account, here’s how to close the old one while tying up any financial loose ends.

Cancel Automatic Payments and Direct Deposits

If you’re like most of us, you rely on autopay to simplify your banking; the pros of automatic payments are hard to ignore. This means that each month your various bills and subscriptions are seamlessly deducted from your primary account on their due date. To avoid falling behind on bills or accidentally getting your streaming service suspended, you need to turn off or redirect every automatic payment that currently comes out of the account you wish to close.

Take a look at your monthly account statement and make a list of every automatic deduction, from your electric bill to newspaper subscriptions. Once you’ve made your list, log in to each of your service provider accounts and change your payment information.

Also consider any automatic deposits you may receive. For instance, do you use P2P transfers on platforms like PayPal and Venmo? Update the info so when you transfer funds from those accounts, they go to your new checking.

Wait For Any Pending Transactions To Clear

After you’ve canceled or rerouted all the automatic payments that deduct from the account you want to close, you will need to wait for any pending transactions to clear. These pending transactions are usually for bills or subscriptions that have one remaining payment left before the company can change your payment information.

Waiting for all pending transactions to clear ensures that your bills will be paid and your subscriptions will continue without facing any overdraft fees. Make sure there is enough money in the account you wish to close to cover any pending payments. Wait two weeks to one month for any automatic payments to be deducted.

Cut the Cord

Once you have transferred all automatic payments and possible deposits and waited a cycle for those to update, you’re done. It’s time to close your old account. Depending on where it’s held, you may be able to finalize this online or by phone. In other cases (usually at smaller local banks or credit unions), you may have to send a written request or turn up in person.

Be sure to transfer out any remaining funds or get a check for the amount left in the account.

Whether you close your account online or in person, make sure to request written confirmation that the account has been closed, says the Consumer Financial Protection Bureau. This is a safety-net move to protect you if some issue were to arise. When you receive the letter confirming your bank account is closed, make sure to save it somewhere safe for future reference.

You’re done! How easy is it to switch banks? Hopefully, you’ve learned that it’s not too hard.

Should You Switch Banks?

There are many good reasons to switch banks. Perhaps one is advertising an incentive (such as a sign-on bonus) that’s too good to pass up. Or is offering a discount on a home loan rate if you open an account, and you want to snag that lower mortgage APR (annual percentage rate).

Or maybe you have realized that bank fees are eating away at your money. Consider these recent stats revealing how expensive banking can be:

•   Monthly fees on non-interest checking average $5.08 and $16.35 on interest-bearing accounts.

•   Insufficient or non-sufficient funds fees average a dizzying $33.58 each.

•   Out-of-network ATM fees are typically $4.59 (ouch) per transaction.

It’s worth noting that fees aren’t the only reason to make a change: Interest rates can vary wildly. On savings accounts, you might earn 0.01% at a traditional bank and 4.00% APY at an online one. Also, for some people, they want a bank that better suits their needs; perhaps a local one that caters to first-time homebuyers or is a niche bank and understands their student-loan debt issues among healthcare professionals.

The Takeaway

As the personal banking market becomes ever more competitive, you may find yourself thinking about changing banks for the sake of better services, greater convenience, lower fees, higher interest rates, or other features. If you do find a new home for your money, it takes just three steps to make the switch. Yes, it’s a bit of effort, but the payoff can be well worth it.

If you are thinking of making a swap, take a look at what SoFi offers. When you open an online bank account with us, your money can grow faster. When you set up Checking and Savings with direct deposit, you won’t pay any account fees and you’ll earn a hyper competitive APY.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

How do I switch banks?

To switch banks, you’ll need to identify a new financial institution and fund your new account. Then, you will need to transfer automatic payments, deposits (say, via direct deposit or PayPal), and wait for them to update. Once that happens, you are ready to transfer any remaining funds and officially close your old account.

Are there downsides to switching banks?

If you’re wondering about cons or how hard it is to switch banks, know that changing banks requires some effort and patience. You will need to complete some forms and move any automatic payments or deposits to your new account, as well as wait a cycle while these update. But changing financial institutions should not involve a charge or impact your credit score.

What documents do I need to switch banks?

Typically, opening a new account requires government-issued photo ID, a Social Security or taxpayer identification number, and possibly proof of your current address (such as a copy of your utility bill). To close an account, you’ll probably need your government-issued photo ID and perhaps a bank statement or your debit card.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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

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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