Colorado finance expert shares how to maximize savings with a "freedom fund"

A group of Colorado banks is promoting a new way to save money with a mindset change.

Meritrust Credit Union says "freedom funds" can help motivate Coloradans to invest in the future. It's an approach that focuses on opportunity, rather than restriction. 

Meritrust Credit Union AVP of Financial Well-Being Ashley Manning says it's as simple as deeming an account a "freedom fund." 

"Even when you say the words, 'freedom fund,' you can't help but smile. When you say 'savings,' it's like a little bit of a drag. It's uplifting. It's empowering. It's encouraging, and it's something that you want to do," Manning said.

You can tailor your fund to whatever needs or goals you have: for instance, annual vacations, concerts, or even covering grocery costs. Your overall budget determines your savings. However, it's all about starting small. 

"Maybe start with $100, then work your way up to $500. And eventually, have your eye on 3 to 6 months of expenses," added Manning.

"Money doesn't have to be this thing that we avoid or this taboo subject. We can help others with our money, we can grow our passions, we can pursue so many different things with our money. It doesn't have to be this fearful mindset. It can be exciting that we can continue to grow and learn more about."

Meritrust also offers budgeting tools. For free financial well-being resources, click here.