It’s here: the season of fresh starts and new possibilities. Lots of folks use the start of the year to set new exercise goals and pledge to eat healthier. But New Year’s resolutions can cover more than just hitting the gym. Imagine the impact on your life if you commit today to some easy but impactful financial resolutions.  

Kickstart your 2024 financial resolutions by embracing these four strategic moves:

1. Set up a monthly savings plan. 

Even if you can only put away a few dollars each month, you can get on the road to saving. With 1st Franklin Financial, you can begin saving with just $25 and then watch it grow from there. And it’s flexible: Georgia customers who put money on the Senior Demand Notes savings path can withdraw their money at any time with no penalties for taking it out. 

The key is to get all the details. Our team can walk you through all the savings plan options and give you advice on finding the right way to make your savings grow. As the months go by, you’ll add a bit of money along the way and your savings will increase. You’ll feel good, knowing this is the year when you really begin thinking long-term about money.

2. Search for (and cancel) any subscriptions you don’t realize you have. 

How much do you think the average American spends each month on subscriptions for things like smartphone apps and gym memberships? 

It’s pretty incredible: Data released in 2022 showed that nearly one-third of people surveyed thought they spent about $86 a month on their subscriptions. In reality, the average was actually $219 per month! And more than 40% of those surveyed were paying for subscriptions they didn’t even realize they had. 

So go back through your credit card and debit card statements from 2023 to find any recurring charges you didn’t know about. Then cancel them, so that this can be the year you only pay for things you really want and need. 

3. Eliminate high-interest bills through debt consolidation. 

If you’re paying high interest that snowballs month after month on a credit card, you’re losing money that you could be saving each month. One solution is debt consolidation, where you make debt easier by paying off a credit card with a fixed-rate personal loan. 

We hear from many customers who are relieved to know they have an affordable, fixed monthly loan payment with a clear payoff date, instead of an unpredictable credit card bill. It’s easy to find out if a debt consolidation loan is right for you. One of our team members can walk you through all the details and answer all of your questions. If it’s right for you, beginning the loan process is simple. You can start your application online, over the phone or at your local 1st Franklin branch.

4. Keep track of your budget – even the small things. 

Most people know about the big expenses they have each month. But they may not be keeping track of the smaller spending they do every day. If you know where all of your dollars are actually going, you have so much more control over your financial future. 

For the next two weeks, make a note of everything you spend. Be sure to ask for receipts every time you buy something and put them all in an envelope. If you buy something online, you can make note of it in an app on your phone or keep a little notebook with you. 

Then at the end of the two weeks, total up your expenses and carefully look at areas where you can make adjustments. It’s an additional step towards making this your most financially successful year ever! 

Want more money-saving ideas and money-management advice? The “Friendly Franklin Folks” are available. Stop into one of our locations or call us with any questions you might have. We look forward to seeing you!