Does your savings plan match your lifestyle?

August 25, 2023

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

Investment strategies by age

What to do with your tax refund or bonus

What types of agency accounts are available for investors?

Preparing for retirement: 8 steps to take

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

Money Moments: Tips for selling your home

5 things to consider when deciding to take an unplanned trip

Certificates of deposit: How they work to grow your money

How having savings gives you peace of mind

Stay committed to your goals by creating positive habits

Major purchases: How to pay for big ticket items

Saving vs. investing: What's the difference?

What financial advice would you give your younger self?

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

Restaurant surveys show changing customer payment preferences

Credit: Do you understand it?

How to use credit cards wisely for a vacation budget

9 simple ways to save

3 awkward situations Zelle can help avoid

Here’s how to create a budget for yourself

Helpful tips for safe and smart charitable giving

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

Tips to raise financially healthy kids at every age

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

What’s in your emergency fund?

What you need to know about renting

How to build wealth at any age

LGBTQ+ financial planning tips

Your 5-step guide to financial planning

5 financial goals for the new year

Retirement savings by age

Allowance basics for parents and kids

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

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

5 reasons why couples may have separate bank accounts

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

Myths vs. facts about savings account interest rates

Closing on a house checklist for buyers

Multiple accounts can make it easier to follow a monthly budget

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

Don’t underestimate the importance of balancing your checking account

How to Adult: 5 ways to track your spending

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

5 tips for parents opening a bank account for kids

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

How to build a financial plan that covers your savings and expenses

How I did it: Switched career paths by taking an unexpected pivot

5 ways to maximize your garage sale profits 

How a Health Savings Account (HSA) can benefit your retirement plan

Year-end financial checklist

Restaurant surveys show changing customer payment preferences

Protecting cash balances with sweep vehicles

What corporate treasurers need to know about Virtual Account Management

Talent acquisition 101: Building a small business dream team

How to test new business ideas

How to track expenses

Good money habits: 6 common money mistakes to avoid

How to talk about money with your family

Retirement income planning: 4 steps to take

Preparing for retirement: 8 steps to take

Working after retirement: Factors to consider

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

Checklist: 10 questions to ask your home inspector

What you need to know as the executor of an estate

Checklist: financial recovery after a natural disaster

How does money influence your planning?

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

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

Bank Notes: College cost comparison

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

Is online banking safe?

8 tips and tricks for creating and remembering your PIN

3 financial tools to help automate your finances

5 tips for creating (and sticking to) a holiday budget

Growing your savings by going on a ‘money hunt’

Working with an accountability partner can help you reach your goals

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

5 myths about emergency funds

Does your savings plan match your lifestyle?

Uncover the cost: Wedding

Uncover the cost: International trip

Are savings bonds still a thing?

Tips to overcome three common savings hurdles

Adulting 101: How to make a budget plan

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

Mindset Matters: How to practice mindful spending

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

You can take these 18 budgeting tips straight to the bank

3 tips for saving money easily

How to best handle unexpected expenses

Do you and your fiancé have compatible financial goals?

Personal finance for teens can empower your child

How to save for a wedding

How compound interest works

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

Money management guide to financial independence

First-timer’s guide to savings account alternatives

How to stop living paycheck to paycheck post-pay increase

Practical money tips we've learned from our dads

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

How to cut mindless spending: real tips from real people

How to increase your savings

Bank from home with these digital features

How grandparents can contribute to college funds instead of buying gifts

Using 529 plans for K-12 tuition

Parent checklist: Preparing for college

How to use debt to build wealth

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

Beyond the mortgage: Other costs for homeowners

Disclosures

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 through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.