Money Management

The Path To Financial Freedom: Preservation

Imperfection in nature

Alright so your mind is in the game, you have all your expenses counted, and you set up boundries.

Now it’s time to do something with that extra money that you are gathering every month. What is it that you want? A vacation? A big screen TV? Nice.

Anyways, if you really want that kind of thing then you need to save that extra money in a place you can’t get to so it will grow and expand. There are several places you can keep that money. I’d recommend a service that can help you keep your eye on the prize.

I’d go with either ING Direct or Smarty Pig. Both of these have great abilities to set an account for a specific goal.

Squeeze Fund

This is the fund you need when the proverbial sh*t hits the fan AKA you’re in a squeeze. It goes by many names Emergency fund or oh sh*t fund are a couple but I wanted to be unique so I chose squeeze.

Anyways, this is what you need and honestly if you can get this up to $500 you are on the way to happiness. Most people say $1000 but I say that’s a lot of money and I think it’s a lot more motivating once you actually get $500.

So set up an account called Squeeze Fund in ING and try to build it up as fast as you can so if you get in a squeeze (haha like that?) you will be covered.

End Of The Road

The next thing you need to start saving for is your future. I recommend setting up an account in your ING savings account and call it Future. Then go and set up a ShareBuilder account and link them. Then once that’s all set up go and start an automatic investment once every couple of months and have the money taken out of your Future account. Just be sure to put money in the Future account every month so you’ll have the money to invest.

It doesn’t have to be a lot. A $20 here and there and your future self will thank you.

So that’s it. You are well on your way to Financial Freedom. If you want to continue to learn be sure to sign up for my Jump Start Your Financial Freedom eCourse and continue your education by checking back here each week for new knowledge for you.

I hope you enjoyed this series. If you have any questions be sure to contact me and I promise I will get back with you soon.

How do you invest in your future?

P.S. Some of the links in this post I earn a little bit of money from so I can pay my bills. But I promise to never to intentionally lead you to a bad company and to never let the money affect my opinion.

photo credit: Bonnie Woodson

Comments (3)

  • The Path To Financial Freedom: Preservation…

    Now it’s time to do something with that extra money that you are gathering every month. What is it that you want? A vacation? A big screen TV? Nice….

  • Some crap ALWAYS seems to come up… $200-500 amounts here and there, like a blown water heater, car problem etc.

    I swear, once I retire, I’m going to live a VERY minimalist life and own only what I need. and that might not include a water heater! lol.


Write a comment