SPOKANE, Wash. — Financial experts say saving money isn’t about having less. It’s really about having more choices.
Tessla Kissire with Numerica Credit Union offers a new approach to savings that focuses on opportunity rather than restriction. She recommends creating what she calls a “freedom fund” instead of a traditional savings account.
“A Freedom Fund is just a fun catchy way for a savings account,” Kissire said. “You can really call it whatever you want. You can have the peace of mind fund. You can do the Opportunity Fund. Just really whatever resonates for you.”
Kissire says savings accounts can sometimes feel restrictive, but changing your view on savings can give you something to look forward to. Instead of thinking about savings as money you can’t touch, a ‘Freedom Fund’ becomes money that creates possibilities.
“So, if you see a last-minute vacation and you want to book it you can do that because you’ve been setting that those funds away,” Kissire explained.
Kissire says a freedom fund can also help during unexpected life changes, like a job loss or career change. Having money set aside specifically for opportunities or emergencies provides financial flexibility when life takes unexpected turns.
The key to building a successful freedom fund lies in starting small and being consistent. Kissire recommends beginning with manageable amounts rather than trying to save large sums immediately.
“First step, you start small, whether it’s $10, $15 dollars a week to start saving that, and give yourself grace, sometimes you will skip a week,” Kissire said.
Financial experts suggest several strategies to make saving easier and more automatic. Setting up automatic transfers removes the need for extra steps and helps build the habit without requiring constant decision-making. This approach treats savings like any other recurring expense, ensuring it happens regularly.
Or try treating savings like a bill, but one that benefits you rather than someone else. This mental shift helps prioritize savings.
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