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Guide to What Is (and Is Not) a Financial Emergency
https://www.sofi.com/learn/content/what-is-considered-a-financial-emergency/
A financial emergency is any situation that you didn’t anticipate or plan for that affects you financially. Examples of financial emergencies can include a job loss, unexpected car repair, or medical bills resulting from an accidental injury. Six out of 10 American households experience at least one financial emergency per year, according to the Federal […]
23 Tips to Help Save Money on Groceries
https://www.sofi.com/learn/content/ways-to-save-money-on-food/
Outside of housing and transportation, Americans spend more on food than anything else. According to the Bureau of Labor Statistics, the average household spends $5,703 annually on food in the home (not including takeout and dining out). That figure is more than $1,000 higher than three years ago. While food is an essential expense — […]
What Is the Biweekly Money-Saving Challenge?
https://www.sofi.com/learn/content/biweekly-money-saving-challenge/
The biweekly money-saving challenge requires putting away cash for 26 weeks or every other week for one year. The amount you choose to save can vary based on your goals and comfort level. This method not only helps you accumulate savings, it also encourages you to develop consistent savings habits over time. Types of Biweekly […]
Electronic Check (E-Check): What It Is and How It Works
https://www.sofi.com/learn/content/what-is-an-electronic-check-e-check/
An electronic check, or eCheck, is an electronic version of a paper check. Instead of writing out a check and handing (or mailing) it to the recipient, you enter your banking information and the payment amount online and authorize a transfer of funds from your bank account to the payee’s bank account. Electronic checks are […]
Understanding Sinking Funds
https://www.sofi.com/learn/content/what-is-a-sinking-fund/
It may sound like a negative thing, but a sinking fund is money that’s saved toward a specific goal. Governments and businesses can use sinking funds to hold reserve cash to fund future expenses, but this kind of account also has a place in personal finance as you build wealth and achieve goals. What sinking […]