Build financial security through simple, consistent habits
Saving isn’t just about putting money aside. It’s about creating freedom, security and peace of mind. Saving is a foundational act of self-care. It’s what allows you to say yes to what matters most—whether that’s taking time off, handling an emergency or investing in your future.
Through small, intentional habits, every UW employee can build the confidence and resilience that comes with a healthy savings plan.
Start with an emergency fund
The first step toward financial stability is creating a safety net. An emergency fund acts as your personal insurance against the unexpected, a job transition, car repair or medical bill.
Financial experts recommend saving three to six months of essential expenses (rent, food, etc.) if possible. But don’t let that number discourage you. Start small: even $500 can make a difference when an emergency arises.
Automating transfers into your savings account is one of the easiest ways to build momentum. When you “pay yourself first,” your savings grow quietly in the background. Many UW employees choose to set up automatic deductions directly from their paycheck into savings or retirement accounts, a powerful way to make progress without daily effort.
If you’re unsure how much to set aside, start with a small recurring transfer each payday. Over time, these micro-savings form the foundation for financial independence.
Define your goals
Saving becomes easier when you have a reason. Setting clear goals connects your actions today to your aspirations for tomorrow.
UW financial experts recommend dividing goals into three categories:
- Short-term (1–3 years): Travel, small home projects, holidays, or paying off minor debt.
- Medium-term (3–7 years): Car purchase, education, or major life events.
- Long-term (7+ years): Homeownership, retirement, or early financial freedom.
By naming your goals, you transform saving from an obligation into motivation. Try naming your savings accounts after your goals—“Future Adventures”, “Rainy Day Fund” or “Baby Fund” to keep your progress tangible and personal.
Choose the right savings tools
Different goals call for different kinds of savings accounts. Choosing the right mix helps your money grow while keeping it accessible when you need it.
High-Yield Savings Accounts
These offer higher interest than standard savings and are great for building your emergency fund or short-term goals. Your money stays safe, easy to access, and earns more over time.
Money Market Accounts
A flexible option that earns moderate interest and may allow limited check-writing. Perfect for mid-range goals like tuition, travel or upcoming large purchases where you want some growth but also easy access.
Certificates of Deposit (CDs)
CDs lock in a fixed interest rate for a set time, often 6 to 24 months, and typically earn more than a standard savings account. They’re best for funds you know you won’t need right away, such as part of a down payment or future tuition.
As UW partners at BECU and HomeStreet Bank remind us, spreading savings across different account types can balance flexibility and growth. Helping your money work smarter for both today and tomorrow.
Both BECU and HomeStreet Bank provide UW employees with free resources to explore savings products and determine what best fits their needs.
Build the habit and make it automatic
Saving doesn’t require big gestures, it’s about consistency. Automating your savings is one of the most effective ways to stay on track.
In TIAA’s Inside Money program, participants who automated their savings reported significantly higher satisfaction with their financial wellness. When you remove the need to make a choice each month, saving becomes second nature.
A few ways to make it effortless:
- Set recurring transfers from checking to savings after every paycheck.
- Round up purchases. Some banks automatically transfer the “spare change” to savings.
- Increase your savings rate annually. A 1% boost each year keeps you aligned with your goals without feeling the impact.
Remember: saving isn’t about deprivation. It’s about building freedom into your future.
Balancing saving and living
Financial wellness isn’t just about restraint, it’s about balance. A healthy savings plan should still leave room for enjoyment, flexibility and rest.
The goal is progress, not perfection. If you can’t meet your ideal savings target one month, focus on consistency instead. Even small, regular contributions build momentum.
By approaching saving as an act of self-care rather than sacrifice, you reinforce the mindset that financial planning supports, rather than limits, your quality of life.
When to revisit your plan
Your savings goals will evolve as your life does. Major changes like moving, changing jobs, starting a family or paying off debt are natural times to reassess.
Each year, take a few minutes to check in on your goals:
- Are your priorities the same?
- Can you increase your savings rate?
- Are your accounts still the best fit for your needs?
If you need personalized guidance, UW employees can schedule free consultations with TIAA’s financial advisors.
Watch and learn
Find a variety of webinar recordings in our Financial Education playlist on YouTube.