DENVER \u2014 Saving money doesn\u2019t have to mean having less. Meritrust Credit Union said changing your mindset from traditional savings accounts to \u201cfreedom funds\u201d can help motivate you to invest in the future.<\/p>\n
The new approach focuses on opportunity rather than restrictions.<\/p>\n
\u201cWhen we reframe it in a freedom fund,\u00a0what it does is it makes us change our mindset from\u00a0something I have to give up to save, to actually something that I\u00a0get to invest in my future and explore new opportunities,\u201d Ashley Manning, AVP of financial well-being at Meritrust, said.<\/p>\n
Watch the full story in the video player below.<\/p>\n
Why financial experts recommend a ‘freedom fund’ for savings<\/p>\n
The best part of the freedom fund is tailoring to whatever needs or goals you have. It could be annual vacations to concerts or even simple things like covering grocery costs. It depends on your overall budget, but Meritrust said it\u2019s all about starting small. Start with $200 to $500 annually and as you continue to hit different milestones, you can strive for having three to six months worth of expenses saved.<\/p>\n
Financial experts also advise treating this account like a bill that benefits you rather than someone else.<\/p>\n
\u201cThere’s like this different emotional connection to\u00a0savings and having to work hard and it’s a\u00a0chore to Freedom Fund where it’s like exciting,\u00a0it is opportunity based and so it just feels a lot better,\u201d Manning said.<\/p>\n
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