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American spending habits fluctuate by generation. In 2023, Gen Z spent most of their money on food and clothes while baby boomers prioritized healthcare.
American spending habits fluctuate based on factors like the economy, average cost of living and global events. Interestingly, spending trends don’t always move in predictable patterns—NPR reported elevated spending in 2023 despite rising inflation costs.
Here, we’ll review American spending habits to paint a clearer picture of our potential expenses in the near future. We’ll also share personal finance resources that can help you refine your budget and reach your savings goals.
Table of contents:
Overview of American spending habits
According to the Bureau of Labor Statistics (BLS), Americans spent an average of $72,967 in 2022. This number suggests a 9 percent increase in American spending habits from 2021 (wherein the average annual expenditure was $66,400) to 2022. How much we spend makes a lot more sense when we break down what exactly our money is going toward.
What do Americans spend the most money on?
Expenditure
Cost
Housing
$24,298
Transportation
$12,295
Food
$9,343
Personal Insurance and Pensions
$8,742
Healthcare
$5,850
Entertainment
$3,458
All Other Expenditures
$2,080
Cash Contributions
$2,755
Apparel and Services
$1,945
Education
$1,335
Personal Care Products and Services
$866
Source: Bureau of Labor Statistics
In 2022, the BLS noted a 7.5 percent increase in income to coincide with a 9 percent increase in expenditures. Among the different categories, spending on food increased by 12.7 percent from 2021 to 2022. Vehicle purchases and entertainment expenses dropped by 6.9 percent and 3.1 percent, respectively.
These numbers fluctuate depending on the circumstances of a particular household. For example, the BLS found that 39.4 percent of a one-person household’s expenses go toward housing costs, while 32.1 percent of a two-person household’s funds are spent on housing.
To better understand American spending habits, we can examine the average expenditures of various groups based on factors such as age and education.
Teen spending habits
According to the United States Census Bureau, more than 43 million teenagers live in America. Gaining a better understanding of teen spending habits is important, as teens spend about $63 billion each year.
More than 50 percent of young adults (16 to 24) were employed in 2023. Some of the top brands that teens spend their new income on include Chick-fil-A, Netflix and Snapchat. In 2024, the BLS anticipates that more teenagers will prioritize school attendance over traditional means of employment—which could affect where and how often they’re spending money.
College student spending habits
College student spending habits fluctuate as changes to the American education system become more widespread. Four years in college is no longer the norm—many students take anywhere between an extra semester to a few extra years to graduate. This extra time incurs additional costs (like tuition and rent) that impact spending habits.
In addition to money spent on tuition, college students are purchasing new tech, tickets to festivals and events and lots of food. Older students with more life experience also have to balance school expenses with other mandatory purchases like groceries for the household.
Gen Z spending habits
Generation Z includes anyone born between 1997 and 2012. Gen Z spending habits reportedly differ even more than their older millennial counterparts. This generation grew up completely immersed in the digital era and is very likely to shop online.
A 2021 study by Elmira Djafarova and Tamar Bowes found that 41 percent of Gen Zers are impulse buyers. Quality and value are of the utmost importance to this generation. They may be quick to switch brands if they believe they’re getting better overall value from a different company.
Millennial spending habits
Millennials are generally defined as the generation born between 1981 and 1996. This group is known for making financial decisions that are strikingly different from those that came before them.
Millennial spending habits include increased online shopping, a preference for experiences over material things and an openness to generic brands if the choice saves money.
Baby boomer spending habits
Baby boomers are those born between 1946 and 1964. This group is filled with people who are close to or already in their retirement years. In contrast to their parents, who were born in the Great Depression, boomers expect to have a fun retirement.
They’re looking forward to experiencing new places and trying new things. However, many baby boomers are facing retirement issues due to a lack of savings and mounting debt. Despite it all, baby boomer spending habits indicate that this generation holds more than 50 percent of the wealth in the United States.
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Alexis Peacock
Supervising Attorney
Alexis Peacock was born in Santa Cruz, California and raised in Scottsdale, Arizona.
In 2013, she earned her Bachelor of Science in Criminal Justice and Criminology, graduating cum laude from Arizona State University. Ms. Peacock received her Juris Doctor from Arizona Summit Law School and graduated in 2016. Prior to joining Lexington Law Firm, Ms. Peacock worked in Criminal Defense as both a paralegal and practicing attorney. Ms. Peacock represented clients in criminal matters varying from minor traffic infractions to serious felony cases. Alexis is licensed to practice law in Arizona. She is located in the Phoenix office.
Are you looking for ways to get paid to walk? Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash. I have…
Are you looking for ways to get paid to walk?
Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash.
I have personally been paid to walk, and it’s great!
How To Get Paid To Walk
Below are 19 ways to get paid to walk.
Recommended reading: 19 Ways To Get Paid To Workout
1. CashWalk
CashWalk is a free app that pays you to earn money just for running or walking outside or on a treadmill. You earn coins and can exchange them for gift cards to places like Amazon, Walmart, Apple, Starbucks, and more.
This pedometer app is designed to motivate you to achieve fitness goals and help build healthy exercise habits.
You won’t get rich with CashWalk, but it’s an easy way to make money by doing what you already do, which is walking.
You can sign up for CashWalk by clicking here. Also, you can get a free 100 points by using the referral code ESPU5.
2. Sweatcoin
Sweatcoin is a free app that helps motivate you to walk by rewarding your daily steps. This pedometer app only counts outdoor steps right from your phone (such as your iPhone or Android device), so if you’re a treadmill walker, those steps will not count in the app.
Once you accumulate enough coins, you can redeem them for products or donate to charity. The products that can be redeemed change regularly. You may see things such as Amazon credits, electronics, and other popular products. If you’re feeling generous, you can donate your earnings to charities like Save The Children, The African Wildlife Foundation, or Cancer Research.
3. Walk dogs
Rover is an app that connects you with pet owners who need help with pet sitting, dog walking, and drop-in visits. If you’re an animal lover, this is a great side hustle to try.
I was a Rover dog walker for several pet owners and it’s still one of my favorite side hustles to date. The app works on both Android and iOS devices.
How much money you earn on the Rover app varies on how many pets you’re walking, your experience, and what you set your rates at. Some pet sitters make $40,000 a year, while the top dog walkers in the field earn $100,000+. You can expect to earn between $15 and $25 per hour on Rover, with that rate being more depending on how many dogs you’re walking at one time.
Finding jobs is relatively easy because there are so many pet parents out there looking for a pet sitter or someone to walk their dog.
Click here to sign up for Rover.
Learn more at 7 Best Dog Walking Apps To Make Extra Money (another popular pet walking app that you can learn about is Wag!).
4. Get paid to pick up trash
A great way to help clean the environment, get exercise in, and get paid is by picking up trash. Many businesses want their property and parking lots to be clean so customers are shopping at a clean property.
Getting paid to pick up trash is a small business that you can start entirely on your own. Picking up trash can pay between $30-$50 an hour. There is a ton of trash to pick up in the world. Tools you will need include a broom, dustpan, and grabber tools.
You can learn more at Get Paid $30 – $50 Per Hour To Pick Up Trash.
5. Stepbet
Stepbet is a popular fitness app that pays you for walking. The app is user-friendly and even lets you connect your fitness tracker (such as your Fitbit, Google Fit, Samsung Health, or Apple Watch). Stepbet is a great way to stay motivated to complete your daily step goal and even get paid for doing this.
This is how the app works:
You choose a game to set your step goals
Bet a certain amount of money into the pot to join the game
If you meet the weekly step goal, you can split the pot with others who also completed their goals and get your bet back plus more.
6. HealthyWage
HealthyWage is a popular fitness app that pays you to lose weight. To get started, go to HealthyWage and enter how much weight you want to lose, how long you’ll have to complete the weight loss goal, and how much money you want to bet.
Let’s say I wanted to lose 30 pounds in 9 months or less and I bet $60 of my own money. The website shows my prize range would be between $588 and $1,116.
HealthyWage has weekly weigh-ins and support from other people who are also trying to lose weight. The purpose of HealthyWage is to motivate you to lose weight by using a financial incentive, which makes it more motivating to complete your weight loss goal.
7. DietBet
DietBet is a fun and unique app that makes fitness fun and motivating. DietBet works by you choosing a game/challenge to complete. For example, there are current weight loss challenges where you bet $40 and have to lose 10% of your body weight within 6 months to win the shared pot of money.
This is how it works:
You get started by choosing a challenge and betting money into the pot
Two days before the challenge begins, you must weigh in which involves taking two photos (one of you standing on the scale with lightweight clothing, and the second photo of the scale and weight)
The challenge will share how much weight you have to lose to win the pot of money at the end of the challenge.
8. Fit For Bucks
Fit For Bucks is an app that lets you earn rewards for being active. You can earn points by doing things like walking to the grocery store, hitting the gym, going for a hike, dancing, and more.
Rewards you can redeem include things like coffee, fitness classes, massages, haircuts, wine, and more. Using this app is a fantastic way to stay motivated to get more movement in while also getting rewarded for your hard work.
9. Charity Miles
Charity Miles is the app for you if you love giving back and being generous. Instead of giving rewards to you, the app lets you give your rewards to a charity of your choice. Every mile you walk earns a credit to be used as a donation to a charity.
One of my favorite charities, Save The Children, is on Charity Miles. So my daily walking that I already do helps me donate more money to my charity of choice.
10. Guided walking tours
If you’re an extrovert and have knowledge about your local town, you may want to become a walking tour guide. As a guided walking tour operator, you can create your own unique walking route and showcase special landmarks and sites to tourists. You must have in-depth knowledge of the area and provide excellent customer service.
I recommend researching what similar tours are charging to get an idea of what you should charge. You should also think about factors such as the duration of the tour, the experience you have, and any additional services you’ll include when deciding how much the walking tour will cost.
Having a website and/or social presence for your tour company is a great way to get new customers interested in your tours. Network with local hotels, travel websites, and tourism organizations to promote your tours. You may even want to offer a special discount or promotion to attract new customers.
11. Evidation
Evidation is an app that lets you earn points and rewards for actions like walking, sleeping, and more. Participating in this app helps contribute to research and new health findings that will benefit everyone.
For example, one of the current programs in the Evidation app gives you 300 points for joining a program focused on the flu. The app monitors your activity and can alert you when it sees a change that suggests you may be feeling under the weather.
You can connect all kinds of fitness electronics to the Evidation app, including but not limited to Fitbit, Garmin, Google Fit, and Dexcom.
12. MyWalgreens (Walgreens Balance Rewards)
MyWalgreens is a program run by Walgreens with the purpose of getting people to make healthier decisions.
You can earn points in the program by walking and tracking other fitness activities. You can even earn points for tracking your blood pressure, blood glucose, sleep, and other health markers.
13. Gigwalk
Gigwalk is an app that connects gig workers with quick tasks like going to a store, reviewing product displays, checking prices, availability of products, and conditions. You get to choose which gigs you choose and get to decide your schedule and how often you work.
Here’s how Gigwalk works:
First, you download the app on your phone.
Then, you look for gigs nearby.
Choose a gig that you like.
After you finish the job, you get paid.
Money is sent directly to your PayPal account and each gig pays differently. It typically can range anywhere from $3 to over $100 – the time to complete a gig can vary from 5 minutes to a few hours.
14. Runtopia
Runtopia pays you to get fit by providing a motivational incentive to get moving.
The app has benefits like letting you record activities with GPS, data analysis to improve your performance, connecting with friends, and getting rewarded for various activities.
15. PK Rewards
PK Rewards is an app that rewards you for tracking all kinds of workouts. Your workouts get converted into coins which can be redeemed for cool prizes from brands like Lululemon, Nike, Amazon, and more. You earn coins based on the effort you put in.
Workouts can include pretty much anything from going to the gym, cycling, dancing, walking, and more. You can set personal goals in the app, compete with friends, and track your progress all within the app. You can even see your effort over time as you use the app.
16. Instacart
Instacart is a platform that connects customers with Instacart Shoppers who grocery shop and deliver food to customers. This job requires a lot of walking and physical activity and allows you to control your schedule and how often you work.
Signing up to become an Instacart Shopper is straightforward. Download the Instacart Shopper app and apply as a Shopper. Once your application is accepted, you can use the app to find orders, pick an order you like, and go to the store and start grocery shopping for the customer. When you’re done grocery shopping, deliver the groceries to the customer.
You earn money with each delivery and the more you deliver, the more job opportunities you’ll have available. Giving great service to your customers can lead to better tips, so customer service is important.
You can click here to sign up to be an Instacart Shopper.
Learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
17. DoorDash
Working for DoorDash is an active gig job that requires you to deliver restaurant meals to customers. This side hustle can require a lot of walking and physical activity depending on how you’re delivering food. You may decide to deliver food by car or by bike.
The benefits of working for DoorDash include choosing the hours you work and deciding where you want to work. The app is user-friendly and allows you to take orders, where to go, and how to get there. Each delivery earns between $2-$10, plus tips.
Please click here to sign up for DoorDash.
18. Distribute flyers
A side hustle that requires a lot of walking is getting paid to distribute flyers. To find jobs distributing flyers, check online job platforms like Indeed or Craigslist, and also search for jobs in newspapers, and community bulletin boards. Search for jobs using the keywords “flyer distribution”, or “leaflet distribution”.
You can also create a profile on gig platforms like TaskRabbit, Gigwalk, or Thumbtack and post or search for flyer distribution jobs. Make sure to check local events, trade shows, and festivals as these events always need promotional material to be distributed.
Before accepting any jobs, make sure to clarify pay rates and the schedule from the employer. This job is likely going to take a lot of daily steps and physical activity.
19. Mystery shopping
Mystery shopping is a tool companies use to learn ways to improve their customer experience. Mystery shoppers can get jobs in person, online, or on the phone. Jobs are different and may require you to buy something, sit down at a restaurant and eat, or even get your hair done in a salon. If you are required to buy something, make sure to keep your receipts as you will need them to complete your questionnaire.
My sister was a mystery shopper and I got to go with her on one of her gigs. We got to visit a restaurant for free as long as she gave her honest opinion after. Mystery shopping also involves going to stores such as Best Buy, salons, car dealerships, movie theaters, makeup counters, and more.
BestMark is a popular mystery shopping website that connects you with opportunities to earn money while helping companies improve their customer service.
Recommended reading: How To Become A Mystery Shopper
Frequently Asked Questions
Below are answers to common questions about ways to get paid to walk.
Can I get paid for walking?
There are tons of ways to get paid for walking including via fitness apps like SweatCoin and CashWalk that reward you for meeting daily step goals or participating in walking challenges. Rewards include things like gift cards, discounts, cash, and free stuff.
Besides using fitness apps that reward you for walking, you can also make money walking by working as a gig worker for TaskRabbit and DoorDash. These jobs include tasks like delivering food, running errands, and other jobs that require walking.
One of my favorite ways to make money walking is working as a Rover dog walker. If you love spending time with animals, you should consider becoming a dog walker.
What is the best app that pays you to walk?
Many activity tracker apps pay you to walk and each has its pros and cons. The most popular walking apps include CashWalk, Sweatcoin, Charity Miles, and StepBet. Each of these apps is user-friendly, easy to use, and rewards people for their movement. You get to choose from many rewards including gift cards, fitness gear, or donating your money to the chosen charity of your choice.
Is Sweatcoin real money?
Sweatcoin is not real money, but instead digital currency used in the Sweatcoin app. Sweatcoin users earn Sweatcoins based on how much they walk per day. As you take steps, digital coins are accumulated and can be redeemed for different rewards in the app like products, services, and discounts.
Can you earn money with a Fitbit?
While you can’t earn any rewards or money on the Fitbit app, you can connect your Fitbit to fitness apps that reward you for daily movement. Programs and apps like MyWalgreens, StepBet, and others allow you to easily connect your Fitbit to the app.
Why do apps pay you to walk?
Apps pay users to walk because they make money from advertisements when users use their apps.
19 Ways To Get Paid To Walk – Summary
I hope you enjoyed this article on how to get paid to walk.
There are many ways to make extra money and get free stuff by walking, dancing, cycling, sleeping, and other health-related activities. Take advantage of these free apps and keep your motivation up by earning points and rewards toward free things like gift cards, fitness classes, food, and more.
The walking side hustles above have health benefits and even mental health positives, plus you may be able to earn an income, cash rewards, or even money for charity donations.
Have you ever tried any of these side hustles or walking apps that pay you for steps?
If you’re thinking about refinancing your home loan or paying off your mortgage early, you might request a mortgage payoff statement. The amount due on this document is likely to be different from your current balance because it includes interest owed until the payoff date and any fees due.
Read on to learn more about what a mortgage payoff statement or letter is and when you might need one.
What Is a Mortgage Payoff Statement?
Starting with mortgage basics, a mortgage is a loan used to purchase different types of real estate, including a primary home. A bank or other lender agrees to lend money, which the borrower commits to pay back monthly for a set period of time and with interest.
The different types of mortgage loans include conventional and government-insured mortgages and reverse mortgages.
There are jumbo loans, which exceed the dollar limits set by the Federal Housing Finance Agency, and home equity loans.
Say you have a mortgage and want to know exactly how much you’d need to pay to satisfy the loan. A mortgage payoff letter will tell you that magic number. Unlike your current balance, the payoff amount includes interest owed up to the day you intend to pay off the loan. It may also include fees that you’re on the hook for and haven’t paid yet.
Your monthly mortgage statement, on the other hand, only shows your loan balance and the amount due for your next monthly payment. 💡 Quick Tip: You’ve found an award-winning home. Enjoy an award-winning mortgage experience, too. SoFi has knowledgeable Mortgage Loan Officers to guide you through the process.
How Does a Mortgage Payoff Statement Work?
You can request a payoff statement from your loan servicer at any time. Note: Your mortgage servicer may be different from your lender. The company that manages your loan handles billing, accepts loan payments, keeps track of your principal and interest, and fields questions from borrowers.
You may request a payoff statement for any type of loan, including mortgages, student loans, personal loans, and auto loans. However, if you need your mortgage payoff statement, go to your mortgage servicer directly. The name and contact information of your mortgage servicer is included in your monthly statements.
When you make the request from the company that handles your mortgage servicing, you’ll need to provide the following details:
• Your name
• Address
• Phone number
• Your loan number
• The date you want your payoff to be effective if you’re seeking to pay off your mortgage early.
Asking for a payoff statement does not necessarily mean that you intend to pay off your loan immediately. You may simply be determining whether or not paying off your mortgage early is feasible, for example. The request itself does not initiate the prepayment process.
Traditional lenders, such as brick-and-mortar banks, may mail you a paper mortgage payoff statement. Online lenders may send a payoff statement online.
Recommended: 5 Tips for Finding a Mortgage Lender
What Information Do Mortgage Payoff Letters Contain?
All mortgage payoff letters tend to contain similar information, including:
• Payoff amount: The amount of money that would satisfy the loan.
• Expiration date: The date through which the payoff amount is valid. The letter may also include an adjusted amount should you pay before or after the expiration date.
• Payment information: The letter will also usually tell you who to make the final check out to and where to mail it.
• Additional charges: You will be alerted to any additional fees and charges that you’ll need to include.
💡 Quick Tip: Your parents or grandparents probably got mortgages for 30 years. But these days, you can get them for 20, 15, or 10 years — and pay less interest over the life of the loan.
Do You Need a Mortgage Payoff Statement?
There are a few common situations in which you might need a payoff statement.
• Refinancing a mortgage: When you refinance your mortgage, your chosen lender pays off your old home loan with a new one, preferably with a lower interest rate and possibly a new term. When you seek to refinance, your new lender may ask you to provide a payoff statement on your current loan.
• Prepaying a mortgage: It’s possible to pay off a mortgage early. A payoff statement will show you exactly how much you’d need to pay to do so. Most prepayment penalties for residential home loans that originated after January 10, 2014, are prohibited. Still, check before you decide to prepay.
• Working with a debt relief company: If you’re having trouble managing your debts, you’ve fallen behind on payments, or you otherwise need mortgage relief, you may choose to work with a debt relief company that can help negotiate with your lenders. The company will need to see payoff statements to get an idea of the scope of your debt.
• Collections and liens: A lender might send you a payoff statement if you’ve fallen behind on your payments and they are sending your debt to a collection agency. In this case, the payoff statement may tell you how much you need to pay to stop the collection action.
If your lender decides to seize your home to recoup unpaid mortgage payments, they may place a lien on the property. They may send a payoff statement that alerts you that your property will be seized if the specified amount isn’t paid in full.
There are other ways to figure out how much you owe on your mortgage loan. You can talk to your lender and ask for a verbal payoff quote. This will provide an estimate, but understand that it is not a legal agreement and isn’t binding.
The Takeaway
If you have a home loan, you may want to request a mortgage payoff statement, especially if you’re thinking about refinancing or paying off your mortgage early. Requesting the mortgage payoff letter does not initiate any formal processes, so it’s fine to think of it as an information-gathering exercise.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
How do I get my mortgage payoff statement?
Contact your loan servicer to request your mortgage payoff statement.
When should I get my mortgage payoff statement?
Request your mortgage payoff statement when planning to prepay your mortgage, refinance, or consolidate debt.
How long does it take to get a mortgage payoff statement?
Generally speaking, you should receive your mortgage payoff statement within seven business days of your request.
Photo credit: iStock/Vadym Pastukh
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Looking for the best jobs that help people? Whether you are looking for a full-time job or a way to make extra income, there are many ways to make money by helping others. Picking a job that matches what you want to achieve personally and lets you help others can feel really good. In lots…
Looking for the best jobs that help people?
Whether you are looking for a full-time job or a way to make extra income, there are many ways to make money by helping others.
Picking a job that matches what you want to achieve personally and lets you help others can feel really good. In lots of different fields, jobs where you can help people have become very popular.
Whether it’s teaching, counseling, healthcare, or responding to emergencies, each job lets you change someone else’s life for the better. If you like the idea of helping out your community and giving assistance to those who need it, there are plenty of rewarding jobs that might be right for you.
Now, that doesn’t mean the jobs below are easy. While you may feel good knowing that you are helping people, many of these jobs are very hard. But, you will know that you are truly helping people and changing the world for the better.
30 Best Jobs That Help People
Below are 30 full-time and part-time jobs helping others in crisis, in your community and at homes.
1. Social worker
If you’re someone who likes to help others, becoming a social worker might be the perfect job for you. Social workers support people who face challenges in their lives. This could mean working with children, families, or even whole communities.
Social workers might work in schools, helping kids and families get through tough times, or in hospitals guiding patients through health challenges.
2. Teacher
A teacher’s job is about more than just giving lessons. The job is to guide and help students understand new information. When you teach, you make a real difference in the lives of your students.
Teachers work in different settings, such as at a public school, private institution, or even provide one-on-one education as a tutor. Some teachers work online too, which is a great option if you’re looking for more flexibility.
You can choose to become a kindergarten teacher, high school teacher, college instructor, or anything in between.
Recommended reading: 36 Best Side Jobs for Teachers To Make Extra Money
3. Nurse
Nurses play an important role in healthcare, helping people feel better and stay healthy.
I have met so many amazing nurses in my life, and it is such a helpful career path. I still very much remember all of the wonderful nurses who helped me when I was in the hospital giving birth to my daughter – these nurses were amazing and helped me so much, and I truly felt like they cared.
Nurses can work from home, in a hospital, or even in a law firm. A similar career path where you can help people is to become a nurse practitioner, with a higher salary and extra responsibilities.
Recommended reading: 27 Best Side Hustles For Nurses To Make Extra Money
4. Personal trainer
If you like staying active and want to help others, becoming a personal trainer could be a great fit for you.
As a personal trainer, you’ll get to work with people every day, helping them achieve their fitness goals. It’s not just about showing exercises; it’s about motivating and guiding people to live healthier lives.
Here are some of the things that personal trainers do:
Create workout plans.
Show people how to exercise correctly.
Keep track of a client’s progress.
Teach clients about healthy lifestyle choices.
Personal trainers are found in places like gyms, fitness centers, and sometimes they can even come to your home. Some trainers lead group classes, while others give one-on-one sessions.
5. Occupational therapist
An occupational therapist (OT) helps people of all ages do different activities that are important for their daily lives, work, school, and leisure. Some examples of occupational therapy include:
Dressing – OTs help individuals in selecting appropriate clothing and developing strategies to independently dress themselves.
Eating – OTs may recommend adaptive equipment or techniques to help individuals with feeding difficulties.
Household chores – They provide strategies to make household chores more manageable for individuals with physical or cognitive limitations.
Job tasks – OTs help individuals develop skills and strategies to perform job duties effectively and safely.
Community integration – They support individuals in participating in community events, clubs, and social gatherings.
As you can see, OTs help people in so many ways.
They work in places like hospitals, schools, or even patients’ homes are common spots for occupational therapists.
6. School counselor
School counselors play a big part in guiding students toward their future.
They help with class schedules, give advice, or plan big steps like going to college or finding a job. This job is important because school counselors help students do their best and feel good about themselves.
They also help in other ways, such as helping students who are going through a hard time in life, like helping them with handling a mental health issue or even dealing with the passing of a parent. They are very much needed in all schools!
7. Substance abuse counselor
Substance abuse counselors help people fight addiction and get their lives back on track. Their job is important because they guide people through tough times, showing them how to stay away from drugs or alcohol and live a healthier life.
They meet with people and listen to their stories, teach them new ways of dealing with problems without using substances, and support them as they make changes to better their lives.
8. Physician
Being a doctor is a way to make a big impact in your community, as everyone knows.
Depending on the specialty, they can check your health, find out what’s wrong when you’re sick, and give you the right medicine to help you feel better.
Doctors are important because they help us when we’re sick and also keep us healthy. They listen to our concerns, offer comfort, and provide treatments. This makes a big impact on many people’s lives every single day.
9. Lawyer
A lawyer’s main job is to protect the legal rights of their clients. This means giving advice based on the law and, sometimes, defending your client in court.
A lawyer might work at a large law firm, for businesses, or for everyday people with different problems. Lawyers tend to specialize in one area of law, like helping injured people, family issues, working with businesses, traffic tickets, and so on.
10. Paramedic
Paramedics are the people who arrive first when there’s a medical emergency.
Their job is to take care of people who are hurt or very sick, right there on the spot or while they’re on the way to the hospital for further treatment. They give first aid and other medical care, stay calm under pressure, and drive an ambulance if needed.
11. Firefighter
Firefighters are trained to fight fires and keep people, buildings, and nature safe. They rescue people and animals from burning buildings, help at accident scenes, and teach the public about staying safe from fires.
This is a tough job that every community needs.
12. Nutritionist
If you like helping people and love everything about food and health, think about becoming a nutritionist! A nutritionist is someone who helps people eat better and live healthier lives.
A nutritionist is a health expert who knows a lot about food and how it affects our bodies. They look at what people eat, their health goals, and make personalized plans to help them eat better. Nutritionists teach people about healthy eating, help with meal plans, and give support to make lasting changes in lifestyle.
They work in different places like schools, hospitals, or their own offices to help people be healthier through good nutrition.
13. Pediatric sleep consultant
Getting enough sleep is super important for babies and their parents. But sometimes, parents have trouble making sure their baby sleeps well.
This can lead to some parents getting nearly no sleep, and it impacts their life, their job, and their mental health.
That’s where pediatric sleep experts come in handy. They know a lot about helping kids sleep better, which helps families have better nights. If you really like working with kids and want to help them, becoming a sleep coach could be a great career option for you.
This is an area that so many parents need so that they can continue living their lives.
For me, I have taken many tips from pediatric sleep consultants so that I could help my child sleep better, and so that I in turn could get sleep as well. These were life-changing tips!
Recommended reading: How To Become A Sleep Consultant And Make $10,000 Each Month
14. Dentist
Dentists work with teeth and gums, and they help keep your mouth healthy as well as fix problems when they come up.
If you have a cavity, they can fill it. Or if you have something more serious, they can fix it too. Dentists tell you how to take care of your teeth so you can keep them strong and avoid future problems.
15. Psychologist
Psychologists help people deal with their feelings and thoughts by listening to people and understanding their problems. They work in schools, offices, and sometimes even online.
They ask questions, do tests, and figure out the best way to help people feel better.
16. Police dispatcher
Being a police dispatcher is an extremely important job that helps people in crisis.
Dispatchers have an important job in keeping communities safe and making sure everything runs smoothly. They answer emergency calls when you call 911 and send out the right help.
17. Police officer
Police officers in law enforcement keep areas safe by stopping crime and making sure laws are followed. They patrol the streets, keep an eye out for any trouble, and if someone calls for help or there’s an accident, police officers are the first to arrive.
A police officer’s work is very important for everyone’s safety. They are trained to handle many kinds of situations.
Some police officers have a degree in criminal justice, but not all have college degrees.
18. Massage therapist
Massage therapists use their skills to help relax tight muscles and ease pain. They work in many places like spas, hospitals, or sports centers.
This is a career path where you can make others feel physically better, relieve stress, and feel relaxed.
19. Speech and language therapist
Speech therapists (also known as speech-language pathologists) help people of all ages overcome difficulties with communication, as well as swallowing disorders.
Speech therapists work with children and adults who face challenges with speaking and understanding others, help those who have trouble eating or swallowing due to health issues, and create fun and engaging exercises to improve clients’ speech and language skills.
Many, many people use speech-language pathologists these days, especially for young children, and it is such a needed career path right now. Many cities have very long waitlists because there simply are not enough speech therapists, so this can be a very helpful career choice to get into.
20. Rehabilitation specialist
Rehabilitation specialists give support to those who need a little extra help due to health troubles like injuries or mental health challenges.
A day in the life of a rehabilitation specialist could include working with kids or adults, helping them with their skills to live a good life (kind of like teaching and cheering on someone as they learn or remember how to do important daily stuff).
These jobs are often found in places like hospitals, private clinics, or community centers.
21. Caregiver
Caregiving roles are very important careers that help people who really need it.
Caregivers play an important role in the lives of those who need help due to age, sickness, or disability. They provide support and company, making a real difference every day.
Caregivers do things like cook meals, drive people places, or just talk to make someone’s day brighter.
22. Home health aide
A home health aide is somewhat similar to a caregiver. Caregivers and home health aides both help people who need support with daily activities because of sickness, disability, or getting older. However, caregivers usually do a wider range of tasks like keeping people company, driving people places, cooking, and doing chores.
Home health aides focus more on personal care, such as helping with bathing, dressing, and reminding about medications. Home health aides often get formal training and might work under a nurse or another healthcare worker, while caregivers might not have formal training and often work on their own or for agencies.
Home health aides have an important job where they help people who need extra care to live comfortably in their homes. People like seniors or those with disabilities count on them to be there for them.
23. Translator
Translators connect people who speak different languages, and this job is important because they help people understand each other.
Translators work in many places. Some work in hospitals, making sure doctors and patients understand one another. Others translate books or websites, so everyone can enjoy stories or information, no matter what language they speak.
Many translation jobs let you work from home. Some jobs are full-time, and some are part-time. You can find what fits your life.
Recommended reading: 28 Ways To Get Paid To Text And Make Money
24. Environmental engineer
Environmental engineers figure out how to keep nature clean and safe. They sometimes work on projects that prevent pollution or create plans to fix damage that’s already been done, like cleaning up oil spills.
25. Pharmacist
Pharmacists know all about medicine, fill doctors’ prescriptions for patients, and explain how to take the medicine safely. This is a job that helps people because people need medicine in order to feel better.
Pharmacists work in pharmacies, drugstores, clinics, and hospitals.
26. Optometrist
Optometrists are eye doctors that help people see better. They check your eyes, find out if you need glasses or contacts, and can spot eye troubles before they become a bigger issue.
Eyes are important, of course, and so this is a job that definitely helps people.
27. Midwife
Becoming a midwife might be a great job for you if you enjoy helping people and have an interest in healthcare. Midwives are healthcare professionals who help women before, during, and after they have a baby.
Midwives work in different places, such as in a hospital, in a clinic, or visiting moms at their homes.
I had a midwife and doctor team for my pregnancy, and the midwife was amazing. She made me feel comfortable and was very friendly and calming.
28. Conservationist
Conservationists get to spend their days outdoors, helping plants and animals survive and stay healthy. They research and learn about different species and find ways for humans to live alongside them without causing harm.
The planet is home to incredible animals and places, but some are at risk. Conservationists help protect these natural wonders and make sure there are plenty of wild areas for animals to thrive in. They also work to keep the air and water clean for everyone to enjoy.
29. Dental hygienist
Dental hygienists are important in preventing and treating oral diseases. It’s more than just cleaning teeth.
They also teach patients how to take care of their mouth, show them the right way to brush and floss, and help them understand why oral health is so important.
30. Blogger
Okay, so I realize that this option is not like any of the rest.
But, I have personally helped thousands of people over the years with my blog, so I think being a blogger definitely helps people. I have received many emails and letters from readers who have said that I helped them pay off their debt, stop living paycheck to paycheck, reach retirement, and more.
With a blog, you can help people understand different topics, learn actionable tips, get motivated to reach their goals, and more.
If you enjoy writing and sharing stories or expertise, becoming a blogger might be right up your alley. A blogger creates content for a blog, which is an online space for posting thoughts, knowledge, and insights.
Your blog can become a helpful resource on topics you’re passionate about. Whether it’s cooking, personal finance, or even traveling, your words could be valuable to someone else.
I started Making Sense of Cents back in 2011. Since then, my blog has made over $5,000,000.
I didn’t plan to make money when I started the blog. It was just a way for me to keep track of my own money journey. At first, I didn’t even know people could make money from blogging or how to make a successful blog!
But after only six months, I started earning money from my blog.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Frequently Asked Questions
Below are answers to common questions about how to find jobs that help people.
What is the best career to help others?
The best careers to help others include becoming a social worker, teacher, nurse, therapist, counselor, and firefighter.
What job helps people with their money?
Financial planners or advisors help people manage their money effectively. They provide advice on investments, savings, and budgeting to help individuals achieve their financial goals and secure their future financial stability.
What job can I do to make people happy?
Many of the jobs above can help people become happy, such as being a teacher, personal trainer, school counselor, nutritionist, pediatric sleep consultant, psychologist, and massage therapist.
What are some jobs that help people’s mental health?
Mental health counselors and therapists give support and treatment to people dealing with mental illnesses. They play an important part in improving their clients’ emotional and psychological well-being.
What are some creative jobs that help others?
Art therapists help people deal with stress, trauma, or sickness by using creative activities. They combine the healing power of art with counseling techniques to support healing and personal development.
What are jobs that help people in crisis?
Jobs that help people in crisis include substance abuse counselors, social workers, registered nurses, and art therapists.
What are jobs helping others without a degree?
A bachelor’s degree, master’s degree, or doctoral degree is not required for all jobs that help people. For example, home health aides and personal care aides help people with daily tasks and give companionship. Typically, formal education is not required, but training and a caring personality are important to actually help people.
Best Jobs That Help People – Summary
I hope you enjoyed this article on the best jobs that help people.
When you think about jobs that help others, you might think of social work or healthcare right away.
But there’s a wide range of options, including jobs in teaching, therapy, public service, and even technical fields like translation or environmental engineering.
Each of these jobs is important for making our community better and healthier, often by working directly with people to make their lives better. These roles give more than just a paycheck – they give you the satisfaction of knowing that your work helps people outside of the office too.
What do you think are the best jobs that help people and pay well?
As parents, we want the best for our children: health, happiness — and hardy credit. Having a strong credit profile can determine whether your kid gets approved for a loan or how much they’ll pay for car insurance when they’re grown. But establishing credit for someone with no credit history is challenging.
A common workaround is for parents to add their children as authorized users on their credit card accounts. Credit checks aren’t required, and the user can quickly piggyback on the primary cardholder’s credit history. But this arrangement isn’t always the right move. Here’s what to know about the potential limitations of adding your kid as an authorized user and alternative ways they can build credit.
They might be too young to reap the benefits
If you’re hoping to boost your child’s credit before they even learn to tell time, you could face roadblocks. For one, your kid may not qualify for authorized user status. While some card issuers don’t have age restrictions, others require a minimum age of 13 or older.
Even if you can add your child, the issuer may not report their account details to the credit bureaus. Some issuers allow kids as young as 13 to become authorized users but only report credit information for those age 18 and older. It’s wise to ask your credit card company how authorized user arrangements work.
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Misuse can lead to damaged credit
Being an authorized user doesn’t guarantee improved credit. “Same as the primary account holder, it can affect your credit positively or negatively, depending on how the card is used,” says Bruce McClary, senior vice president of membership and communications at the National Foundation for Credit Counseling.
If you have a record of on-time payments and don’t use too much available credit, that can generate or help your kid’s credit score. But your credit and your child’s can suffer if either person uses the account unfavorably.
Ultimately, it’s up to the parent to keep the account in good standing.
“When you add someone as an authorized user, that’s what they are. They’re authorized to use the card but they are not legally bound to pay the bill. You are legally bound to pay the bill,” says Julie Beckham, an accredited financial counselor and financial educator in the Boston area.
You don’t need to give your kid the credit card. As long as the primary cardholder keeps their account open and active, the authorized user’s credit will share the effects. If you give your child the card, set some ground rules. Talk about when it’s OK to use the card, how much they’re allowed to spend and who will make the payments. Some credit card companies let you place spending limits for authorized users.
Authorized user status might not be enough for future lenders
Some lenders don’t take authorized user accounts into consideration when reviewing credit applications or give them much weight. “If you’re a lender and you’re looking at someone and you see the designation that they’re an authorized user rather than the primary account holder, it’s just telling you that this person did not have to go through a credit approval process to have access to that account,” McClary says.
Having an account in their own name puts your kid in a stronger position because it shows they’re equipped to manage payments. You can guide them toward opportunities in adulthood.
“There are credit-builder loans that are available. There are starter credit cards for young adult consumers, where the threshold for approval is a little bit lower. You can also look at options for secured credit cards that require no credit check, but they require a good faith deposit in order to open the account,” McClary says.
Track your credit score with the NerdWallet app
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Explore other ways to get your child credit-ready
The best way to set your child up for success is to talk to them about money, Beckham says.
You could look over your credit reports together or explain how many hours you need to work to pay for things like dinners or fun outings.
Encouraging good routines, like doing chores and turning in homework on time, is also important. “They’re transferable habits that can help them in their life financially as they build credit,” Beckham says.
Give your child opportunities to practice managing money before they graduate to credit. Beckham suggests letting kids test the waters with a checking or savings account. “Starting with their own money is always better because there is a sense of ownership and accountability to that,” she says.
This article was written by NerdWallet and was originally published by The Associated Press.
Some federal student loans can indeed be forgiven after 20 years. Borrowers can access forgiveness through income-driven repayment (IDR) plans and other options. These programs can make a significant difference for those who are working their way through their debt and the stress that can accompany it.
In fact, in January 2024, the Biden administration revealed that it successfully canceled nearly $5 billion in student debt for 74,000 borrowers. Of these borrowers, 30,000 received forgiveness under an IDR plan.
Getting your loans forgiven through this process isn’t as immediate and sweeping as what President Biden had originally proposed (more on that in a moment) to assist those with student debt. However, the new program effectively forgives student loans after 20 years. Here’s what to know about IDR plans and other paths to student loan forgiveness.
Forgiveness With Income-Driven Repayment Plans
First, to address what you may have heard about on the news: Yes, the Supreme Court decided in the summer of 2023 to strike down President Biden’s cancellation relief plan of up to $20,000 in forgiven federal loans.
However, there’s the $5 billion in forgiveness mentioned above, and there’s still help to be accessed. Income-driven repayment plans help make your installments more manageable by stretching your term and reducing how much you owe each month. They also forgive federal student loans after 20 years or 25 years of payments, depending on the plan.
There are four IDR plan options, and each recalculates your required payment amount based on your family size and discretionary income.
• Saving on a Valuable Education (SAVE) Plan. The SAVE Plan sets your monthly payment at 10% of your discretionary income over 20 years for loans that went toward your undergraduate education. If you borrowed any federal loans for graduate school, you’ll be eligible for forgiveness after 25 years.
Also, as of summer 2024, there is the possibility that some borrowers will pay just 5% of their discretionary income and have their loans forgiven at the 10-year mark. Research the details to see if you might qualify.
• Pay As You Earn (PAYE) Plan. The PAYE Plan also has payments at 10% of your discretionary income, but payments are capped. They must be lower than what you’d pay on a 10-Year Standard Plan. The repayment period is for 20 years.
• Income-Based Repayment (IBR) Plan. IBR plans calculate your monthly payment at 10% of your discretionary income for a 20-year term. However, if you followed your loans before July 1, 2014, your payment is 15% of your discretionary income for 25 years.
• Income-Contingent Repayment (ICR) Plan. Borrowers on ICR have the highest payments in relation to their income. The ICR Plan sets payments at 20% of discretionary income for 25 years before you’d qualify for forgiveness.
Depending on your situation, you might qualify for a monthly payment of $0. After completing all payments under your IDR plan, the remaining balance on your eligible loans is forgiven. Note that based on current IRS guidelines, the canceled amount through an IDR forgiveness might be considered taxable income.
These programs can help you end your federal student loan payments and apply the money that’s freed up to other financial priorities. 💡 Quick Tip: Ready to refinance your student loan? You could save thousands.
Eligibility Criteria for Income-Driven Repayment Plans
There are a few requirements to meet eligibility requirements, depending on the IDR plan you’re interested in. First, some points to know:
• Only Direct Loans that were borrowed by the student are eligible for any IDR plan.
• Borrowers with other federal non-Direct Loans, like Federal Family Education Loan (FFEL Program Loans) or Parent PLUS Loans, must first convert their loan into a Direct Consolidation Loan to access IDR.
• Parents who do this for their Parent PLUS Loans are only eligible for the ICR Plan after consolidation.
• Only new borrowers can enroll in PAYE. New borrowers are those who didn’t have a pre-existing federal loan balance upon receiving a federal loan on or after October 1, 2007, and received their loan disbursement or Direct Consolidation Loan on or after October 1, 2011. You must meet both requirements for PAYE.
• Your loans must also be in good standing and not in default. If you have defaulted loans, you must get them out of default before enrolling in IDR. One way to do so is by participating in the Fresh Start program.
• Once you’re enrolled in an IDR plan, you must recertify your income and family size information every year. If your income drops during the year, you don’t have to wait until your due date to recertify. Instead, you can recertify immediately and have your monthly payment adjusted accordingly.
• If you’re interested in applying for an IDR plan, submit an online application by logging into your StudentAid.gov account, or by contacting your loan servicer.
Note: You can use Student Aid’s Loan Simulator to see how much your payments might be under each IDR plan.
Pros and Cons of IDR Repayment Plans
An IDR plan is a nuanced repayment approach that has its share of benefits and disadvantages. Below is a quick overview of the pros and cons of these federal programs.
Pros:
• Helps you access impactful loan forgiveness programs.
• Might lower your monthly payment, possibly to $0 per month.
• Frees up cash flow in your budget for other expenses.
• Doesn’t require good credit.
Cons:
• You’ll pay more interest over time.
• Requires annual income and family size recertification.
• You might owe taxes on the amount forgiven by the IDR plan.
• It technically keeps you in debt longer. 💡 Quick Tip: If you have student loans with variable rates, you may want to consider refinancing to secure a fixed rate in case rates rise. But if you’re willing to take a risk to potentially save on interest — and will be able to pay off your student loans quickly — you might consider a variable rate.
Federal Programs That Forgive Student Loans Sooner
Federal student loans aren’t just forgiven after 20 years or longer. There are other cancellation programs you can reach in less time, depending on your employment or loan type.
• Public Service Loan Forgiveness is available to full-time public service employees at eligible jobs. It lets you reach loan forgiveness after 120 qualifying payments while on an IDR plan. This means you could qualify for federal loan forgiveness in 10 years, instead of 20 years or longer.
• Other cancellation programs include Teacher Loan Forgiveness (TLF) which cancels up to $17,500 in federal Direct and Stafford Loans. To qualify for TLF, you must complete five years of full-time and consecutive teaching service with a qualifying educational agency or low-income school.
Recommended: What Percentage of Your Income Should Go to Student Loans?
Plan for the Future
Understanding the basics of student loans, including your repayment options, can make managing your debt smoother. Remember, student loans aren’t forever; they are a financial phase you are moving through, as you would with a mortgage or car loan.
• Make interest-only payments. If you have unsubsidized student loans, they accrue interest as soon as the loan funds are disbursed. To avoid interest capitalization (i.e. interest added to your principal balance) later, consider making interest-only payments while you’re in school.
• Put cash windfalls toward your loans. If you can afford to, redirect cash windfalls (say, a tax refund, cash gifts, or annual performance bonus) toward your student debt. This can go a long way at paying them off sooner.
• Ask about employer student loan assistance. Some companies help their employees pay off their student debt faster, by matching all or a portion of an employee’s monthly loan payment. Talk to your human resources department to see if your employer offers this benefit.
• Private education loans don’t qualify. Remember that private student loans aren’t eligible for federal loan forgiveness or other programs. If you’re struggling with your private loan payments, reach out to your lender ASAP to learn about your options.
Refinancing Options
Another alternative repayment option is a student loan refinance. This involves having a private lender pay off one or more of your existing federal loan balances and then create a new loan for the amount it paid on your behalf. The refinanced student loan will have a new rate, term, and features, and you’ll make your payments to your new lender.
Some advantages of refinancing student loans include potentially finding a lower interest rate, simplifying your repayments, and/or decreasing your monthly payment, but there are also downsides.
• If you refinance federal loans, they’re no longer eligible for federal benefits and protections, such as loan forgiveness programs or forbearance. So, before refinancing, ensure you won’t need these federal benefits in the future.
• Also, if you refinance for an extended term, you will likely pay more interest over the life of the loan. It’s important to consider how this may impact your overall financial picture.
If refinancing does seem as if it might be a good path for you, compare rates from a handful of lenders, and review the terms and costs carefully, perhaps using an online student loan refinancing calculator.
The Takeaway
Putting money toward student loans can have a dramatic impact on your day-to-day cash flow. And, if you’re like many student loan borrowers, you’re eagerly looking forward to paying off your debt. Getting forgiveness of student loans after 20 years might sound painfully long. But with some federal plans, you might get out from under that debt sooner, reduce your payments to as low as $0, and/or get any remaining balance canceled anyway. It’s important to research your options and the qualifications so you can move past student loan debt as soon as it makes sense for your particular situation.
This prospect alone is worth talking to your federal loan servicer to see if you qualify for enrollment.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
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SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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.
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Inside: r/personalfinance is full of popular subreddits with ideas on how to make money and save money or invest. Know best practices for Reddit personal finance and ways to learn from them.
Reddit is a popular online community where people can share content, ask questions, and comment on news articles and topics. One of the most popular sections for personal finance discussions is /r/personalfinance.
Here are some of the best posts from that section:
“How has your finances changed post-graduation?”
“I was able to pay off my student loans as well as move back into my parents’ house without any difficulty.”
“My financial situation isn’t too bad right now, but I worry about the future.”
Reddit has some great threads that cover personal finance topics.
This blog post will give you a list of the top 25 Reddit Personal Finance Threads, letting you know which ones to check out next time you want to learn more about personal finances.
I created this list because there are very few resources that point to real people with real stories they want to share.
Our site is jammed packed with information on how to succeed with money. You may be looking for more specific personal finance information.
Also, you can find very specific information on r/personalfinance like how to save money when you’re starting off your career or trying to figure out how much it costs for certain things in life like specific college tuition, where rent costs vary, and so forth.
In addition, it includes some of the most popular and insightful posts on this website.
Hopefully, this will help you learn about all aspects of personal finance so that you can start managing money and reach financial independence today!
Why use Reddit Personal Finance?
There are many reasons to use Reddit Personal Finance.
Some people use it as a resource for their own personal finance, while others may be using it in order to plan out what they want to do with their finances.
Reddit Personal Finance is a community of people who share their experiences and tips on personal finance.
Users can post questions, browse the subreddit’s popular posts, or find new content in the “new” tab. Reddit Personal Finance also has a directory of personal finance resources and tools that you can use to better your finances.
The personal finance subreddit is thriving, and it’s only going to get bigger. With over 15 million subscribers in 2022, the community has a lot of content to explore. Plus almost half of users are online at any time to answer questions.
It can be hard enough to find your way around this vast platform but by following these 15 threads you will soon have no problem navigating Reddit Personal Finance with ease!
Positives of Personal Finance Subreddits
The internet is a place to share information and connect with others. One of the best ways to do this is through various social media platforms such as Reddit.
The following are some of the benefits of using personal finance subreddits.
Find out about new financial trends and learn about the best ways to invest your money
Get advice on how to manage your finances and make smart financial decisions
Be a part of the community and have a chance to grow your own knowledge
Learn about new products, services, and companies that could help you with your finances
Get advice on how to invest your money.
Grow your personal finance knowledge to help you reach your goals faster.
If you’re looking for a place to find some personal finance-related content, Reddit offers many subreddits that are all about these topics.
Some of the posts offer objective and helpful information while others can be subjective and relatable in person.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Reddit Basics
Before getting completely lost in Reddit, here are some important things you need to know.
For me, I quit using Reddit because I got overwhelmed and couldn’t find what I needed quickly enough. Thus, here is the lingo that will help you succeed.
Subreddit: A popular place to find information is on the subreddit; for example: “r/personalfinance”.
Upvote / Downvote: Users can upvote or downvote a comment. Reddit gives the comment a “score,” which is the number of upvotes minus the number of downvotes.
Karma: Other users can upvote or downvote your posts and comments; these tally to your “karma.” When providing helpful comments and posts, then they will reflect a higher karma score.
OP: Original Poster.
AMA: Ask Me Anything. An online Q&A session hosted by Reddit’s community in which some guest (normally famous) is or are available for questions
EDIT and ETA: Edit and Edited. A simple way for a user to denote the added to their original comment.
TL;DR: Too Long; Didn’t Read. This is added at the end of long text posts or comments to quickly summarize an article or comment as being too long to read. Sometimes, people use it to summarize the main point in case you don’t want to read the entire thing.
Top 5 Reddits Personal Finance
These are the most popular subreddits for personal finance. They have the most followers and daily interactions.
Does it mean they are the most important? No, there are plenty of subreddits to read regarding personal finances. (Don’t worry… we have a list of them below!)
R/PersonalFinance
R/PersonalFinance is a subreddit that focuses on personal finance.
This is the most popular community related to personal finances.
R/PersonalFinance is a subreddit for personal finance discussions, such as investing, budgeting, and saving money.
The subreddit’s community primarily consists of people who are just starting out with personal finance and those who are struggling to make ends meet as well as plenty of people who are ready to give back and help others.
Followers: 17.6m Members (as of April 2023)
Top Post: You are not “family” to your employer.
r/wallstreetbets
r/wallstreetbets is a subreddit that discusses the world of Wall Street, and how it impacts current events in financial markets. The subreddit’s name is a reference to the popular trading platform Wall Street.
Wall Street bets are financial wagers known for moving so-called “meme” stocks. Also, they are known to move stocks quickly in one direction to force hedge funds to cover their short sales, such as GME or AMC.
People in this community may win big and lose big since they are gambling on the information. You need to learn the meaning of YOLO.
Followers: 13.8m Members (as of April 2023)
Top Post: Times Square right now
r/bitcoin
The subreddit r/bitcoin is a popular Bitcoin news, discussion, and information site. The subreddit is one of the most active on Reddit with over 3 million subscribers.
As it is a digital means of payment, Bitcoin can resist wild rises in inflation and unfair banking practices because people are the ones who control their power and money. That is the belief of this community.
Followers: 4.9m Members (as of April 2023)
Top Post: It’s official! 1 Bitcoin = $10,000 USD
r/stocks
r/stocks is a subreddit in which people discuss the stock market, share trading strategies, and ask questions related to the stock market. There are no rules on r/stocks; users can post links to articles, ask questions, or share their own thoughts on the stock market.
Posts related to reddit stocks are welcome on /r/stocks, but read the rules first. Feel free to share a ticker everyone should know about.
Followers: 5.3m Members (as of April 2023)
Top Post: Companies try to prevent people from trading GME and AMCDiscussion
As you can tell, most of the popular Reddit topics are related to making money through stocks or cryptocurrency.
Is that a bad thing? No.
Just remember… You can learn to fish or you can be fed by others. Personally, I think it is best to learn how to fish and find your own way to make money with stocks and cryptocurrency.
Must Read:
The Next Best 21 Personal Finance Subreddits
The purpose of any of these subreddits is to provide an online community where people can discuss their finances in a respectful, non-judgmental, and anonymous environment.
We will cover the best personal finance Reddit forums that offer advice that can help people at all levels of their finances with tips ranging from simple ones such as grocery shopping without checking receipts and getting discounts by using apps to more complicated ones like how to save up for a vacation.
This list is not limited to just Reddit threads.
Here is a collection of the top 22 personal finance subreddits on Reddit:
R/Frugal
R/Frugal is a subreddit on Reddit.com that focuses on frugality and the concept of living life with less money. Also, the community is made up of individuals who are interested in living a lifestyle of less spending and more saving.
Frugality takes mental preparation of all your resources including time, money, convenience, and any other desired things.
Followers: 2.9m Members (as of April 2023)
Top Post: I got bids from tile setters to do a backsplash for $2000. I ended up doing it myself for under $200.
R/investing
Reddit’s r/investing is a subreddit dedicated to the stock market. It has more than 2.0 million subscribers and provides information on stocks, investing strategies, and other related topics.
Investing is the process of putting money into assets in the hope that they will increase in value. Sometimes investments are made by professionals, but most often, people invest for themselves and their families.
If you are looking for advice on investing, r/investing is the place to go. With nearly 2 million readers and growing, there is a lot of information here that can help people make better financial decisions.
Followers: 2.2m Members (as of April 2023)
Top Post: Robinhood and other brokers literally blocking purchase of $GME, $NOK, $BB, $AMC; allow sells
R/Shoestring
A discussion community focusing on travel and cheap options for traveling, whether through couchsurfing, camping, staying in hotels or hostels.
Discuss topics such as booking last-minute plane tickets, cheap destinations, budget transportation like hitchhiking or staying in Airbnbs. Learn the benefits of these different methods of travel.
Wanting to travel on a shoestring budget is a real gig!
Followers: 2.0m Members (as of April 2023)
Top Post: I worked roughly 10 hours a week at an Airbnb in exchange for housing and amenities.
R/realestateinvesting
Real estate investing is the process of buying a property with the intention of renting it out or flipping it for profit. The term applies to any real estate investment but typically refers to residential properties that are bought and sold.
Real Estate Investing is a popular topic on Reddit. It covers the types of investments, such as flipping houses to investing in commercial real estate, or even wholesaling.
Followers: 1.7m Members (as of April 2023)
Top Post: Today, at the age of 28, I became a millionaire
R/Financialindependence
The r/financialindependence subreddit is a good place to find people who are working towards financial independence.
This is a place where people who are or want to become financially independent, which means not working for money can meet one another.
Having money affirmations are a huge part of the motivation for those in the FI movement.
Followers: 1.9m Members (as of April 2023)
Top Post: Just Crossed 100K Net Worth Living in NY
r/PersonalFinanceCanada
r/PersonalFinanceCanada is a subreddit that is dedicated to Canadian personal finance and investing topics. The Reddit personal finance Canada community has over 600,000 subscribers who share questions, experiences, advice, and more.
This is great for country-specific financial issues.
Followers: 1.2m Members (as of April 2023)
Top Post: Bullet Dodged- First Time Home Buyers Be Ware.
r/UKPersonalFinance
The subreddit r/UKPersonalFinance is a place for people to share their personal finance experiences with others. The subreddit was created by two UK-based users in 2013 and originally had about 200 subscribers. It now has more than 500,000 subscribers and is one of the most popular finance-related subreddits on Reddit.
Learn, discuss, and request help on how to get access to, budget for, protect your money from, save and invest your money in the UK.
Followers: 1.0m Members (as of April 2023)
Top Post: Financial Reality Check
R/CreditCards
R/CreditCards is a subreddit dedicated to the discussion of credit cards, credit and debit cards, prepaid cards, banks, loans, etc.
In addition to the standard trading of information on pricing and terms, Reddit users can also post links to other websites that offer credit card offers.
Followers: 1.2m Members (as of April 2023)
Top Post: Do not do this, if you want your credit card to remain open
r/finance
R/Finance is a subreddit on Reddit that focuses on personal finance. The sub has more than 20,000 subscribers and receives more than 100,000 views per day.
All questions must be asked in the Monday Morning catch-all threads.
Followers: 1.8m Members (as of April 2023)
Top Post: Bipartisan bill would ban lawmakers from buying, selling stocks
r/budgetfood
The subreddit r/budgetfood is dedicated to discussing and sharing the best cheap food ideas. It has a strong focus on coming up with recipes that are both nutritious and easy to make.
Find great tips to stretch your grocery budget.
Followers: 1.2m Members (as of April 2023)
Top Post: Sesame “chicken,” but with cauliflower
r/FinancialPlanning
A subreddit to discuss and ask questions about personal finances, budgeting, investments, and insurance of people’s portfolios.
Followers: 581k Members (as of April 2023)
Top Post: Dad Level – Expert
R/leanfire
R/leanfire is a subreddit for posts about lean startup, business, and marketing. The name of the subreddit comes from the lean startup methodology philosophy which has been popularized by Eric Ries and Steve Blank, who are both cited as the founders of the lean startup movement.
R/Leanfire is a subreddit for those who are trying to achieve the type of success that qualifies you as financially independent. It’s not an easy task, but it can be done with hard work and determination.
Followers: 260k Members (as of April 2023)
Top Post: Just paid off my house
R/passive_income
Reddit has a subreddit that is dedicated to the topic of passive income. This includes things like side-hustles and other ways to make money without having to work for it.
The passive income community on Reddit discusses how they can make money. They post their experiences and give advice to other members of the community about making passive income. This is great for finding more ways to make money.
Followers: 322k Members (as of April 2023)
Top Post: I’m sure this means passive income. But can someone explain it. I don’t get it.
R/FIRE
R/FIRE is a subreddit that focuses on the topic of financial independence retire early.
For financial independence retire early movement has become popular over the past 5-10 years.
This is not just a community, but a place to discuss Financial Independence Retiring Early (FIRE) by fighting for financial freedom and controlling your destiny.
Followers: 263k Members (as of April 2023)
Top Post: Don’t be discouraged by young people who seem to be doing way better than you.
R/StudentLoans
R/StudentLoans is a subreddit dedicated to financial aid advice and discussion.
Some people are having trouble with student loans and they may be asking for advice. Here is some information on how to pay off your loan, as well as make mistakes that could lead to fees or interest added onto the balance of a loan.
Followers: 281k Members (as of April 2023)
Top Post: Biden to extend waivers another nine months
R/Bogleheads
The subreddit R/Bogleheads is a community for people who follow Jack Bogle’s simple investing methods to diversify and let compounding grow wealth. They share common interests and discuss topics such as the US financial system, taxation, Social Security, and retirement.
Perfect community for the passive investor.
Followers: 241k Members (as of April 2023)
Top Post: I started investing in my 401k 25 years ago this week. Hit a milestone today.
R/sidehustle
The term, “side hustle”, is a movement in recent years. Side Hustlers are people who would like to supplement their income by doing activities that they enjoy outside of work or school. In this community, start a small business or non-professional activity that you do in your spare time to supplement your income.
Followers: 412k Members (as of April 2023)
Top Post: Strange Side Hustle – I resell Bras full time on Amazon. AMA
R/money
r/money is primarily composed of people discussing personal finance topics such as stocks, investing, taxes, and personal finance.
Consequently, this smaller subreddit will help you get real advice and not lots of random opinions.
Followers: 89.9k Members (as of April 2023)
Top Post: New r/money subreddit icon?
Reddit Personal Finance Flowchart
The flowchart below describes the general process of saving for a goal. The user has to consider how much money they can allocate each month, and then determine how long it will take them to save for their goal.
This is a very similar concept to a personal financial statement.
You must consider how much you want to save each month, as well.
Find the Reddit personal finance flowchart.
In addition, the simplicity of the flowchart will be surprising.
Must Read: Money Bliss Steps to Financial Freedom
Reddit Personal Finance FAQ
Avoiding Reddit may be hard, but it is possible to avoid the more toxic parts of this site. There are a few key things to keep in mind that will help you avoid the worst of Reddit.
Avoid #1 – Posting Personal Information
The best practice is to avoid posting personal information. As such, your information may be used against you. Reddit is a social media website with different spheres of interest.
In order to avoid appearing disingenuous, it is best not to ask for upvotes or downvotes on posts.
Avoid #2 – Breaking the Thread Rules
The website has its own set of rules which every user should be familiar with before posting anything on the website. Reddit is known for its open dialogue, where members are encouraged to discuss a variety of topics from politics to technology.
However, people frown upon breaking the community rules.
Getting kicked out of many Reddit forums for not following the community rules is a possibility.
Avoid #3 – Be Careful on Opinions
The popular, winning opinions on Reddit are often biased and not based on facts. One example is the “What’s your favorite type of cheese” thread. In the end, it was a wildly popular opinion and later debunked by science.
One way to avoid these posts is by following an established Redditor with a solid reputation who has shown their ability to discuss topics like investing or personal finance without being judgmental or overly emotional about it.
Always do your own research to back up anything you may have learned on a r/personalfinance thread.
Reddit Personal Finance Windfall of Information
It is difficult to save money and track your finances because there is so much information coming at you.
There is no one likable than a hero in the story of personal finance, but what if you could be that hero?
These Reddit Personal Finance Threads are a great way for beginner investors or people just starting out on their own journey to learn about the different aspects of personal finance.
Also, there are helpful for veterans trying to keep up with all those new financial technologies over the years.
The best 25 Reddit Personal Finance Threads include some interesting posts on the topic from different perspectives like stocks, earning more money through certain professions, making your first million dollars, etc.
Thus, giving you plenty of insightful tips for success in life and finances!
After reading this Reddit personal finance article, make sure to subscribe for more Money Bliss tips.
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The median pay for professional photographers is $40,170 per year, according to the most recent data from the Bureau of Labor Statistics. That said, there is a broad range of earning possible, depending on what kind of photographer a person is and where they live.
Photography may become a more in-demand skill in the future, given what a visual culture exists today. Over the next decade, it’s anticipated that photographers will see job demand increase by 5% between 2022 and 2032, which is greater than the average for all professions.
Read on to learn more about the salary and other facets of a career as a photographer.
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What Are Photographers?
A photographer combines technical expertise with creativity and composition skills to produce photographic images. Photographers can get paid to take wedding, family, or pet portraits; cover news events; work for businesses and brands shooting products; or create art — among many other types of photography work.
Many photographers are also skilled in editing photos. If a photographer works for themselves, they can also be responsible for running their business and everything that entails, from advertising to accounting to operations. There are so many directions a photographer’s career can take. Some photographers also teach the art of photography, help plan creative direction for photo shoots, or use drone technology to capture shots from the sky. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Photographers Make a Year?
When they are earning an entry-level salary, how much money a photographer makes is typically on the low end of the spectrum. Their earnings will likely grow as they gain skills and experience and make connections in the industry.
The lowest 10% of photographers earn less than $12.98 per hourly pay. That may be a good starting point if you are wondering about starting salaries.
Keep in mind that photographers in different locations and areas of focus will make an array of salaries. For instance, someone who takes baby portraits for new parents in a small town will likely never earn as much as a high-fashion photographer in a major city who is being paid by corporate clients. The latter could make $100,000 a year or considerably more.
Recommended: What Trade Makes the Most Money?
What is the Average Salary for a Photographer?
The average salary for a photographer can depend a lot, as already noted, on where someone lives. While the median annual income for this role is $40,170, the following table illustrates how the state a photographer chooses to work in can impact their potential earnings and determine if it’s a high-paying job.
What is the Average Photographer Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$48,870
$4,072
$939
$23.50
Alaska
$48,629
$4,052
$935
$23.38
North Dakota
$48,622
$4,051
$935
$23.38
Massachusetts
$48,041
$4,003
$923
$23.10
Hawaii
$47,595
$3,966
$915
$22.88
Washington
$46,501
$3,875
$894
$22.36
Nevada
$45,979
$3,831
$884
$22.11
South Dakota
$45,953
$3,829
$883
$22.09
Colorado
$45,377
$3,781
$872
$21.82
Rhode Island
$45,265
$3,772
$870
$21.76
New York
$43,131
$3,594
$829
$20.74
Delaware
$42,656
$3,554
$820
$20.51
Vermont
$42,118
$3,509
$809
$20.25
Virginia
$42,039
$3,503
$808
$20.21
Illinois
$42,025
$3,502
$808
$20.20
Maryland
$41,311
$3,442
$794
$19.86
Nebraska
$40,429
$3,369
$777
$19.44
Missouri
$40,178
$3,348
$772
$19.32
California
$40,067
$3,338
$770
$19.26
South Carolina
$39,831
$3,319
$765
$19.15
Pennsylvania
$39,512
$3,292
$759
$19.00
New Jersey
$39,430
$3,285
$758
$18.96
Oklahoma
$39,153
$3,262
$752
$18.82
Maine
$39,132
$3,261
$752
$18.81
Wisconsin
$39,049
$3,254
$750
$18.77
North Carolina
$39,009
$3,250
$750
$18.75
New Hampshire
$38,424
$3,202
$738
$18.47
Idaho
$38,328
$3,194
$737
$18.43
Texas
$38,071
$3,172
$732
$18.30
Kentucky
$37,948
$3,162
$729
$18.24
Wyoming
$37,814
$3,151
$727
$18.18
Minnesota
$37,716
$3,143
$725
$18.13
Michigan
$37,565
$3,130
$722
$18.06
New Mexico
$37,504
$3,125
$721
$18.03
Indiana
$37,314
$3,109
$717
$17.94
Ohio
$36,661
$3,055
$705
$17.63
Arizona
$36,543
$3,045
$702
$17.57
Connecticut
$36,357
$3,029
$699
$17.48
Mississippi
$36,102
$3,008
$694
$17.36
Iowa
$36,056
$3,004
$693
$17.34
Montana
$35,992
$2,999
$692
$17.30
Arkansas
$35,860
$2,988
$689
$17.24
Alabama
$35,543
$2,961
$683
$17.09
Utah
$35,026
$2,918
$673
$16.84
Tennessee
$35,001
$2,916
$673
$16.83
Kansas
$33,992
$2,832
$653
$16.34
Georgia
$33,110
$2,759
$636
$15.92
Louisiana
$32,930
$2,744
$633
$15.83
West Virginia
$30,515
$2,542
$586
$14.67
Florida
$29,303
$2,441
$563
$14.09
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Photographer Job Considerations for Pay & Benefits
While photographers can often choose to set their own rates, they are also usually self-employed and therefore responsible for securing their own benefits. For instance, they won’t have access to an employer-sponsored 401(k) plan or healthcare benefits. There are some exceptions to this rule. For example, if a photographer works for a large corporation or photo studio, they may receive access to traditional employee benefits like paid time off and a retirement plan contribution match.
Other considerations can be how a career as a photographer can impact your lifestyle. If you are a news photographer, you may find that you have to be available for extended periods, whenever a situation comes up that needs documenting. If you are a travel photographer, which can sound like a dream job, you likely won’t have a typical week-to-week schedule. And if you are a wedding photographer, you will likely be spending many weekends shooting ceremonies vs. kicking back with your family.
There are some photography jobs, such as taking pictures of a product, that may not involve that much social interaction, but many kinds of photography careers do involve working with people non-stop. For this reason, it may not be the best job for antisocial people.
Pros and Cons of Photographer Salary
The main advantage of a photographer’s salary is there is no real cap on how much they earn. For example, in-demand wedding photographers or photographers who license their images for products can all demand high rates for their work. On the flip side, their salaries are often not consistent, which can be very stressful. Also, when you are self-employed, taxes can take a bite out of your earnings.
Recommended: What Is Competitive Pay?
The Takeaway
Working as a professional photographer can be a creatively fulfilling, fun, and lucrative career. Worth considering, though: How much a photographer stands to make depends a lot on their specialty, where they live, and their level of experience.
See exactly how your money comes and goes at a glance.
FAQ
Can you make 100k a year as a Photographer?
It is possible to earn $100,000 or more a year as a photographer — the sky really is the limit when it comes to income potential in this field. However, the median annual income for this role is $40,170, but photographers can earn more over time as they gain experience and a strong reputation in their industry.
Do people like being a photographer?
Many people who pursue a career in photography do so because it is a creative pursuit they are truly passionate about. Many positions can provide flexibility and fun experiences (say, if you are a travel or wedding photographer).
Is it hard to get hired as a photographer?
It can be very hard to find a job as a photographer if you don’t have the skill set required to get the job done well. Taking some time to build a strong portfolio of your work and then marketing your business can make it much easier to get hired.
Photo credit: iStock/ivan101
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Your home is your sanctuary, but it’s also one of your biggest budget items. And after you retire, it may feel like more house than you need. But in this housing market, when a smaller home with upgraded features may be about as expensive as the one you’re selling, is it still smart to downsize?
In some cases, downsizing is appropriate, but not necessarily money-saving. You may be able to sell your house and buy something cheaper, but it might also make sense to downsize to move closer to family or have less house to clean.
It’s important to be clear on what you want. “Goals are so crucial,” says Juan HernandezAriano, a certified financial planner in Houston. “There are multiple pathways people can take.”
Here are some situations that may match up with a “For Sale” sign.
You’re in a cash flow bind
In retirement, you might find that rising prices combined with a fixed income make you feel a little squeezed.
HernandezAriano notes that his clients in southeast Texas are bothered by high home insurance premiums due to severe weather events, plus high property taxes. “A lot of insurance companies are dropping coverage on the southeast side of Texas,” he says.
If downsizing is a question of money, consider all your housing costs. Weigh the mortgage, property taxes and insurance, plus basic bills like electricity and water services for your current and future homes.
One client in Houston did the math and moved 90 minutes away, where they got a cheaper home and dropped their homeowners insurance by 60%. “Property taxes also went down since they weren’t in a highly competitive school district,” HernandezAriano says. “They still spent more on gas and water and had to pay for relocation expenses, but overall, they saved monthly.”
You’re in a pricey area
If you live in an expensive city, you have a better chance of selling your home and finding something cheaper. “When you’re in a lower-cost area, it’s going to be difficult to find something even [more] lower cost,” says David Demming, a CFP in Aurora, Ohio.
Just do some looking before you leap. Inventory is low in many places, and competition is steep for a smaller home with upgrades.
To save money overall, the value of the home you’re purchasing should be at least 20% less than the house that you’re selling, says Diane Pearson, a CFP in Wexford, Pennsylvania.
You can’t live there safely anymore
Your health may require you to find a new home with fewer stairs, a first-floor primary bedroom or an accessible bathroom.
Michael Maye, a CFP in Gillette, New Jersey, notes that his clients who’ve seen parents go through long-term care or health issues are more likely to consider future mobility when planning their retirement. “Recently, I proactively worked with a couple and they knew that they didn’t want to age in place, because they have a bigger house,” he says.
They wanted to buy into a continuing care retirement community, where they could take advantage of graduated levels of care as they needed it. “They could stay in their house, but they don’t plan to,” Maye says.
You want to be closer to family
While being closer to children or aging parents is a good reason to downsize, don’t count on this being the cheaper option, especially if you’re moving into a hotter market.
Consider one of Demming’s clients, who moved from one part of Ohio to another part of the state. “It cost her $150,000 more to move there, to get a house that was acceptable to her,” Demming said.
Even with the higher cost, Demming says, it was worth it to be closer to her children and grandchildren — and her new city is booming. “There is no looking back,” Demming says. “Her new home has appreciated quite a bit since moving.”
You’re prepared to create a new support network
If downsizing means a new city, keep in mind that you may have to rebuild your community. Even if you’re moving to be near family, you shouldn’t count on them to be your activities hub. “Are you a social person who’s going to be able to get out and about and make your own way?” Maye says.
You’ll need to make new friends, find new medical professionals, find a new gym. “Those are the trade-offs,” Maye says. “None of them are deal breakers, but I think people should really think about all these other things.”
This article was written by NerdWallet and was originally published by The Associated Press.