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Say Yes to Your Next Opportunity

Make the decision today to never again miss an opportunity for lack of funds. Just like your fund for emergencies, start a fund for opportunities.

Opportunities can be a trip, an invitation you can’t pass up, or the new bed set you’ve been eyeballing that just went on sale. Either way, starting a separate fund for these instances gives you a lot more opportunities to say yes.

Before You Start Saving

Before you start your fund, remember that funds for your necessities always take priority. Make sure you still have the following in place before you start your opportunity fund: 

1. Enough funds to cover your day-to-day living expenses 
2. An adequate emergency fund 
3. A retirement fund with consistent contributions

How to Easily Fund Your Account 

The best way to grow savings of any kind is to set up recurring deposits. Unlike your emergency fund which recommends several months-worth of income saved, your opportunities fund can be as little or as much as you like depending on the types of opportunities you find valuable. How much you can contribute also depends on your financial situation. Find a manageable amount and start there. Once you get going, you may find it easy to increase your contributions.  

The End Goal

The goal is not to stretch yourself too thin. Leave enough for your day-to-day expenses, your regular savings, and enough to pay yourself so you still have money to do the usual things that make you happy. When you take too much from one place to put into another, it often causes insufficient funds, and that could lead to you dipping in to your emergency fund, which is never an ideal option.  

With a solid plan in place, you’ll be on your way to seizing more opportunities and to living your best life. 

Source: Bankrate