We’re looking for ways to help you save money during these financially challenging times. There’s a new way to look at saving, not just for a rainy day but for a fun day.
“Freedom Funds” can help change the way you think about saving money. The concept can help motivate you to invest in the future.
“Financial planning is really the intersection of resources and psychology,” Bjorn Amundson, financial planner at Quarry Hill Advisors, said. “It’s a little bit of a mindset shift. So instead of purchasing things. Think about purchasing freedom with your savings.”
The “Freedom Funds” approach focuses on tailoring whatever needs or goals you have and finding the discipline to save for them.
“Sometimes it is about cutting back and finding the things that are on your credit card statement that you don’t really value as much as you’re getting,” Amundson said. “If you nickname the account your ‘Freedom Fund,’ that might be something that is motivating and helpful for a person who is otherwise struggling to find a way to make themselves save.”
The concept can be used to fund a travel dream or going back to school to start a new career.
Financial experts say treat a “Freedom Fund” like a bill that benefits you rather than someone else.