This is all about carving a path for your freedom, your life choices - not anyone else’s. What equates to freedom for me may not be the same for you. It’s important to have an idea of what freedom means to you and what scenarios you would use this money for. You can name it “My Freedom Fund” or be even more specific and name it something like “No more 9-5s Fund” or “Travel Around the World Fund”. I’m a fan of Capital One 360, which allows you to create multiple savings accounts and nickname them. When you create a separate account that has a specific purpose, you know what it's for exactly and exactly how much you have. Why? In my experience, when you have all your savings lumped into one account, it’s more difficult to be clear on your goals.
However, you should also create a separate savings account for your freedom fund.
#Your freedom accounts how to
Will you let your money dictate your life choices - or help you do what's best for you? How to Save for a Freedom FundĪs I mentioned, saving for emergencies is important and should definitely be a part of your financial plan.
You don’t have to be stuck in undesirable situations just because of the money - if you have a freedom fund.Īnd herein lies the power of the freedom fund. So that when you're at a fork in the road, there are two paths you can take. So you can choose freedom and say “yes” to opportunities that come your way. A freedom fund is a financial safety net that enables you to take advantage of those options. A freedom fund is a savings account designed to give you more options in life. You have choices.Īnd this is exactly where the freedom fund comes in.
On the other hand, having money set aside can boost our confidence and open up room for new experiences. In many ways, money can hold us back and limit our choices. Have you ever dreamed of walking away from a crappy job and getting the last laugh, but you stayed because of the money? Have you ever lingered a bit too long in a stale, unfulfilling relationship, because splitting up would be too costly? Have you ever had to turn down an amazing opportunity or an exciting trip because you couldn't make it work financially?Įvery single day, money either opens up doors for us or closes them. Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG Allstateīut what if your savings wasn’t just for things that go wrong? What if your money could be used for good instead of the unfortunate? What if saving could actually be.inspiring? Or, dare I say, fun? Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare Savings Account Rates CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Credit Cards Best Products Best Credit Cards Best Travel Cards Best Cash Back Cards Best 0% APR Credit Cards Best Rewards Cards Best Travel Cards Best Business Credit Cards Best Low Interest Cards Best Secured Cards Best Student Cards Read & Learn Credit Cards 101 Credit Score 101 Balance Transfer Guide Credit card bonus offers Popular Reviews Chase Ink Business Preferred Card Chase Sapphire Preferred® Citi Double Cash Card Chase Sapphire Reserve American Express Platinum Card Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs.
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