Does your savings plan match your lifestyle?
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.
Does your savings plan match your lifestyle?
Short-term saving
Do you prioritize travel and new experiences?
Short-term saving works for events you already anticipate, such as your next adventure.
Long-term saving
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.
Save as early as you can, as much as you can.
Money market 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.
Traditional savings account
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
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.
Manual transfers
Is organization an important part of your lifestyle?
If you prefer seeing money go from one account to another when needed, make manual transfers.
Microsaving
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.
Segmenting savings
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.
© 2019 U.S. Bank.
U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.
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.
Investment and insurance products and services including annuities are:
Not a Deposit ● Not FDIC Insured ● May Lose Value ● Not Bank Guaranteed ● Not Insured by any Federal Government Agency
U.S. Wealth Management – U.S. Bank and U.S. Bancorp Investments is the marketing logo for U.S. Bank and its affiliate U.S. Bancorp Investments.
The information provided represents the opinion of U.S. Bank and U.S. Bancorp Investments and is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide specific investment advice and should not be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation.
U.S. Bank, U.S. Bancorp Investments and their representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.
For U.S. Bank:
Equal Housing Lender.
Deposit products are offered by U.S. Bank National Association. Member FDIC. Mortgage, Home Equity and credit products offered by U.S. Bank National Association. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice.
U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments, Inc.
For U.S. Bancorp Investments:
Investment and insurance products and services including annuities are available through U.S. Bancorp Investments, the marketing name for U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.
U.S. Bancorp Investments is registered with the Securities and Exchange Commission as both a broker-dealer and an investment adviser. To understand how brokerage and investment advisory services and fees differ, the Client Relationship Summary and Regulation Best Interest Disclosure are available for you to review.
Insurance products are available through various affiliated non-bank insurance agencies, which are U.S. Bancorp subsidiaries. Products may not be available in all states. CA Insurance License #OE24641.
Pursuant to the Securities Exchange Act of 1934, U.S. Bancorp Investments must provide clients with certain financial information. The U.S. Bancorp Investments Statement of Financial Condition is available for you to review, print and download.
The Financial Industry Regulatory Authority (FINRA) Rule 2267 provides for BrokerCheck to allow investors to learn about the professional background, business practices, and conduct of FINRA member firms or their brokers. To request such information, contact FINRA toll-free at 1.800.289.9999 or via https://brokercheck.finra.org. An investor brochure describing BrokerCheck is also available through FINRA.
U.S. Bancorp Investments Order Processing Information.
© 2020 U.S. Bancorp
