Imagine yourself a year from now: You’ve got a bit of extra money each month and you’re seeing progress toward your financial goals. It’s a great feeling – and it’s within reach if you make smart money moves now, as the year is just beginning. 

A little bit of long-term thinking can go a long way toward making this your best financial year yet. Here are five smart money moves that will help make that happen: 

Track all your subscriptions – even the little ones.

The best way to start the year is to go hunting for expenses you won’t mind eliminating. You can start that process by tracking all of your subscriptions to apps on your phone, streaming services (that maybe you really don’t use very often) and online memberships. 

Maybe you signed up for some of these during a free trial period and planned to cancel them before they started charging you. Or maybe you signed up for something for one year and didn’t realize the plan would automatically renew. 

You can check your credit card and debit card statements back through last year to see what has been charged to you. Then cancel anything you don’t need or want any longer. 

Start a savings plan – even if you only put away a few dollars each month.

People often think they need plenty of extra money each month before they can start saving. But that’s not the case. At 1st Franklin Financial, we offer something called Senior Demand Notes, which are a flexible savings option that can begin with an amount as small as $25. You can put a bit more in each month, and the money is always available to you anytime you need it without a penalty. (If you’re interested in learning more about this option, our friendly and knowledgeable Investment Center team is here to help!)

Make this the year you create a budget and stick with it.

The more you know, the more power you have to make good choices. So kick off this year by figuring out exactly how much you need to spend each month on necessities like rent or mortgage, food, childcare, and transportation. 

Then take a look at how much is left over and make a plan: Will you spend half on things that aren’t necessities and then save the other half? By writing all this out and making a conscious plan, you can use this year well.  

Convert high-interest debt to a fixed-rate loan.

How much of your monthly income goes toward interest payments? If you have any credit card debt, you can probably save money by converting snowballing credit card debt into a fixed-rate loan with a consistent monthly payment. 

With a fixed-rate personal loan from 1st Franklin Financial, you’ll know exactly how much your payment will be each month and you’ll be steadily paying down the balance. 

You can begin your application online, and the friendly team members in our local branches can talk to you through the easy process of applying and getting approved. They’re ready to answer any questions you might have. 

Get a friend or relative to be your “accountability partner.”

The Friendly Franklin Folks are here to help you make this your best financial year ever, and you can also enlist the help of your nearest and dearest. Sit down with a friend or relative who also has financial goals for this year. 

Agree that you’ll check in with each other every month to make sure you’re sticking to your budget and putting a little something away each month for future goals. You’ll be able to help keep each other on track. And when this year ends, you can celebrate your financial success together! 

Making Smart Money Moves.

Making smart money moves requires a combination of planning, discipline, and knowledge. It starts with setting clear financial goals and creating a budget that aligns with those goals. It also involves being mindful of spending habits and making conscious choices about where to allocate resources. It’s also important to have an emergency fund and to invest for the long-term. By following these principles and staying informed about financial trends and options, you can make smart money moves that will set you on the path toward financial security and stability.