Prepare for Your Financial Future in 15 Minutes (or Less) a Day
If you're intimidated by the idea of preparing for your financial future, don't be. Here's how you can take control in just minutes a day.
Time is valuable, no matter how you look at it. Feeling pulled in several directions sometimes means not finding time for the things you need to do to prepare for the future.
Motley Fool Money looked into how much time people spend on financial planning and found that, on average, Americans spend less than two minutes a day managing their household finances. About 48% of us say we want to be financially prepared for the future, but 97% of us aren't making the time.
If taking control of your financial future feels daunting, you may be overthinking it. We have some simple steps to get you started and then some quick and simple ways to stay on top of it all.
Our Picks for the Best High-Yield Savings Accounts of 2024
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.80%
Rate info
3.80% annual percentage yield as of January 12, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.80%
Rate info
3.80% annual percentage yield as of January 12, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.40%
Rate info
The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.40%
Rate info
The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Getting started
There is no single recipe for laying a financial foundation, although there are basic steps that will make anyone's life easier. For example, it's worth creating a budget that allows you to quickly see what has been paid and what needs paying. It will also help you to come up with an achievable plan to pay off debt. Set some savings goals so that you know how much you need to put aside for your kids' education, retirement or your next vacation. Work out how much you should be saving each month and if you don't have an emergency fund, factor that into your savings plan too.
You can also simplify your financial life by signing up for automatic deposit if your employer offers it, automating as many payments as possible (including rent, mortgage, and utilities), checking once a year to make sure you're still on the best health plan available, and contributing to your company's retirement plan.
Keep on top of your finances
Once you've got your bases covered, you need to put in a bit of time each day and each week to keep things ticking over. Here's a checklist of regular financial housekeeping tasks that will keep your finances under control and allow you to achieve your financial goals.
| Frequency | Financial Housekeeping | Time Needed |
| Every day | Do a quick scan of your checking and savings accounts. Make sure you recognize all the transactions. If you don't, get in touch with your bank as soon as possible to report the problem. | 5 minutes |
| As required | Pay bills the day they arrive in your mail or inbox. This ensures everything is paid on time. Remember to mark each bill off your budget as soon as it's paid. | 10 minutes |
| Once a week | Look over your written budget. Make sure you've paid everything that was due and that you're not overspending in any categories. Check that you are achieving your savings goals and adapt your spending if necessary. | 5 minutes |
| Once a week | Log in to your credit card accounts online, just long enough to make sure you recognize all new charges. If there are any that seem fraudulent, contact your credit card company and report them. | 10 minutes |
| Twice a month | Look for places to trim the budget. Have a subscription to BritBox or Openfit you no longer use? Now's the time to drop unused subscriptions. Have you looked into cutting cable and getting your entertainment fix through a streaming service to save money? What about your cell phone bill? If you own your phone outright, you are eligible for low-price "bring your own phone" services offered by some carriers. | 15 minutes |
| Twice a month | Review your debt repayment plan to get a sense of where you are in the debt retirement process and if it's time to begin tackling the next debt. | 10 minutes |
| Twice a month | Check your investments online. It's a good way to see how compound interest can work on your behalf, right there in black and white. | 10 minutes |
Keep things ticking over
As long as you know how much is coming in and going out and are doing the following, you have the majority of bases covered:
- Paying off debt
- Working towards your savings goals
- Putting money away for emergencies and retirement
After that, it takes minimal effort to keep on top of your finances, and then you can even move on to more detailed planning. But to paraphrase Scarlett O'Hara: You can think about it tomorrow. Today, just focus on staying on top of the little things.
Our Research Expert
Dana is a full-time personal finance writer, with more than two decades of experience. Her focus is on helping readers feel less alone as they navigate their personal finances and offering actionable insights.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.