Freedom to Save Act of 2007 - Amends the Food Stamp Act of 1977 to modify the asset test for food stamp program eligibility by increasing the amounts of allowable financial resources, with annual inflation adjustments, and excluding from countable financial resources any retirement accounts, education accounts, and licensed vehicles.
Prohibits the use of any asset test under the temporary assistance for needy families (TANF) program under part A of title IV of the Social Security Act. Prescribes an administrative penalty for any state imposing such a test.
Eliminates any asset test for disabled persons under title XVI (Supplemental Security Income (SSI)) of the Social Security Act (SSA) and for any eligible individual under SSA title XXI (State Children's Health Insurance Program (SCHIP)).