Does your savings plan match your lifestyle?

May 13, 2020

You already have short- and long-term goals in mind. The next step is figuring out the most effective way to save.

 

When it comes to saving money, look closely at your personal priorities, says Linda Wu, U.S. Bank product manager for managed rate products and consumer deposit product management. Here, Wu shares questions to ask yourself and saving strategies to consider based on your answers.

 

Short-term saving or long-term saving

  • Do you prioritize travel and new experiences? Short-term saving works for events you already anticipate, such as your next adventure.
  • Do you like to be prepared for the unknown? A long-term savings plan is a great way to plan ahead – it’s ideal for retirement, emergency funds, or when there’s an unknown withdrawal timeline.

 

Money market account or traditional savings account

  • Do you prefer to do things the “old school” way? If you consider yourself more traditional and prefer writing with pen and paper, a money market account will allow you to write checks. 
  • Do you prefer to stay up-to-date with the latest technology? If you’re tech-savvy, consider a savings account which allows you to transfer funds electronically.

 

Auto-save or manual transfers

  • Do you have a busy, social lifestyle? If you don’t have a lot of time and want to route money into your savings account(s) at fixed intervals, set up auto-save. 
  • Is organization an important part of your lifestyle? If you prefer seeing money go from one account to another when needed, make manual transfers.

 

Micro-saving or segmenting savings

  • Are you young, or just starting to save? Even saving a few dollars at a time will gradually add up. Doing this consistently will enable compound interest to build over time. 
  • Are you looking after a family, or balancing multiple goals? For multiple savings goals, it may be useful to mentally or visually separate them into categories. Those buckets can help you track each balance so your general saving progress is clear.

 

Ready to revamp your saving? Check out U.S. Bank savings accounts.

Related content

How compound interest works

How to talk to your lender about debt

How grandparents can contribute to college funds instead of buying gifts

What corporate treasurers need to know about Virtual Account Management

Friction: How it can help achieve money goals

6 common money mistakes to avoid

A who’s who at your local bank

Here’s how to create a budget for yourself

How to use debt to build wealth

Achieving their dreams through a pre-apprenticeship construction program

How to prepare for healthcare costs in retirement

The connection between your health and financial well-being

Is a Health Savings Account missing from your retirement plan?

How to decide when to shop local and when to shop online

Retirement expectations quiz

Year-end financial checklist

Checklist: financial recovery after a natural disaster

What financial advice would you give your younger self?

How I kicked my online shopping habit and got my spending under control

Restaurant survey shows changing customer payment preferences

Credit: Do you understand it?

Personal loans first-timer's guide: 7 questions to ask

How I did it: Bought a home without a 20 percent down payment

Starting your homebuying journey: Tips from a U.S. Bank Goals Coach

Working with an accountability partner can help you reach your goals

How to stay positive when searching for a job: advice from a U.S. Bank goals coach

How to set yourself up for success in your first job

Growing your savings by going on a ‘money hunt’

How to build wealth at any age

Recognize. React. Report. Don't fall victim to financial exploitation

How to use credit cards wisely for a vacation budget

Travel for less: Smart (not cheap) ways to spend less on your next trip

Working after retirement: Factors to consider

7 ways for pre-retirees to get ready for retirement

Multiple accounts can make it easier to follow a monthly budget

You can take these 18 budgeting tips straight to the bank

Certificates of deposit: How they work to grow your money

9 simple ways to save

Are savings bonds still a thing?

How I did it: Learned to budget as a single mom

What’s your financial IQ? Game-night edition

How to stop living paycheck to paycheck post-pay increase

Do your investments match your financial goals?

5 financial goals for the new year

Money Moments: Tips for selling your home

Parent checklist: Preparing for college

Which is better: Combining bank accounts before marriage — or after?

Does your savings plan match your lifestyle?

Don’t underestimate the importance of balancing your checking account

Do you and your fiancé have compatible financial goals?

Is it time to get a shared bank account with your partner?

Checking and savings smarts: Make your accounts work harder for you

LGBTQ+ financial planning: 7 reasons why it matters

Should rising interest rates change your financial priorities?

Saving vs. investing: What's the difference?

How to cut mindless spending: real tips from real people

What types of agency accounts are available for investors?

Retirement income planning: 4 steps to take

LGBTQ+ retirement planning: What you need to know

Your 4-step guide to financial planning

Using 529 plans for K-12 tuition

Estate planning for the LGBTQ+ community

Investment strategies by age

How to track your spending patterns

How to manage your money: 6 steps to take

How to discuss money with your family

Key components of a financial plan

4 tips to help you save for retirement in your 20s

How to choose the right custodian for your managed assets

Checklist: 10 questions to ask your home inspector

Webinar: 5 myths about emergency funds

5 things to consider when deciding to take an unplanned trip

30-day adulting challenge: Financial wellness tasks to complete in a month

5 myths about emergency funds

5 reasons why couples may have separate bank accounts

7 steps: How couples and single parents can prepare for child care costs

Adulting 101: How to make a budget plan

Allowance basics for parents and kids

Dear Money Mentor: How do I set and track financial goals?

Finding a side gig to fund your goals

Helpful tips for safe and smart charitable giving

What you need to know about renting

Tips for working in the gig economy

How and when to ask for a raise

5 tips for parents opening a bank account for kids

6 pandemic money habits keep for long term

How having savings gives you peace of mind

How to best handle unexpected expenses

How to manage money in the military: A veteran weighs in

How to save for a wedding

How to save money while helping the environment

It's possible: 7 tips for breaking the spending cycle

Personal finance for teens can empower your child

Stay committed goals creating positive habits

Tips to overcome three common savings hurdles

Webinar: Uncover the cost: Wedding

Webinar: Uncover the cost: International trip

What military service taught me about money management

Building a financial legacy for your family and community

First-timer’s guide to savings account alternatives

How to increase your savings

It’s time for a fresh start: A new way of thinking

Money Moments: 8 dos and don’ts for saving money in your 30s

Myths vs. facts about savings account interest rates

Bank from home with these digital features

Practical money tips we've learned from our dads

3 awkward situations Zelle can help avoid

What’s in your emergency fund?

Tips to raise financially healthy kids at every age

Money management guide to financial independence

5 ways to spring clean your finances and save money year-round

Saving for a down payment: Where should I keep my money?

Webinar: Uncover the cost: Building a home

How I did it: My house remodel

Webinar: Uncover the cost: Home renovation

Beyond the mortgage: Other costs for homeowners

How to Adult: 7 tax terms and concepts you should know

How to Adult: 5 ways to track your spending

3 steps to prepare for a medical emergency

11 essential things to do before baby comes

Webinar: Uncover the cost: Starting a family

Preparing for adoption and IVF

Closing on a house checklist for buyers

What you need to know as the executor of an estate

How to prepare for a natural disaster

College budgeting: When to save and splurge

Webinar: Uncover the cost: College diploma

How to save money in college: easy ways to spend less

Checklist: How to gain financial independence from your parents

The A to Z’s of college loan terms

Co-signing 101: Applying for a loan with co-borrower

Practical money skills and financial tips for college students

How to build credit as a student

5 things to know before accepting a first job offer

How I did it: Paid off student loans

Webinar: Bank Notes: College cost comparison

Recognize. React. Report. Caregivers can help protect against financial exploitation

Is online banking safe?

Identity stolen? 5 steps to take immediately

8 tips and tricks for creating and remembering your PIN

How to use your unexpected windfall to reach financial goals

Is a home equity loan for college the right choice for your student

How to apply for federal student aid through the FAFSA

Be careful when taking out student loans

Your financial aid guide: What are your options?

Dear Money Mentor: How do I pick a savings or checking account?

Solutions banks can offer during the COVID-19 pandemic

Webinar: Mindset Matters: How to practice mindful spending

Webinar: Smart habits and behaviors to achieve financial wellness

What I learned from my mom about money

How I did it: Turned my side hustle into a full-time job

How to get started creating your business plan

Talent acquisition 101: Building a small business dream team

Make your business legit

7 tips to help grow your business after launch

How to test new business ideas

How to choose the right business savings account

Does your side business need a separate bank account?

Protecting cash balances with sweep vehicles

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments, Inc.