It’s that time of year when each day is just a bit chillier than the last – a brisk reminder that fall has arrived and the year will be ending in just a few months. All across the country, folks are putting on sweaters, switching up household decorations, and reaching for all things pumpkin-spice. 

As the leaves change, why not change up your financial goals, too? Autumn is the perfect season for a fresh start, helping you launch into the new year financially stronger than ever. It’s the ideal time for a fall financial planning review.

This month is a great time to review and renew your financial plans. So the Friendly Franklin Folks are happy to share these valuable tips for eliminating debt, building savings, and getting a clearer picture of where your money goes each month.

Get Serious About Saving

Fall is a great time to write out your savings goals. Is there something coming up relatively soon (holiday gift-giving or a springtime vacation?) that you want to save for? Or are you more interested in long-term saving?

Building a nest egg can feel like a distant goal, but it doesn’t have to be. Did you know that you can begin saving and investing with 1st Franklin with as little as $25 if you are a Georgia resident? You can earn interest every day with Senior Demand Notes, with the comfort of knowing you can withdraw your money at any time.

To help make saving easier, you can also arrange to have a few dollars sent directly into your savings account each month when your paycheck arrives. That way, you’ll automatically add to your savings without having to take any extra steps.

Better Budgeting and Expense Tracking

The best way to achieve your financial goals is to know where each of your dollars goes. If you don’t currently have a system for tracking your spending, it’s easy to create one.

Consider what’s most comfortable for you: There are many digital apps available for spending tracking (CNBC recommends these six). But you can also buy a notebook and keep a daily written list of the money you spend. Make sure to include online purchases, subscriptions, and things that are automatically billed to your debit or credit card.

At the end of one month, look back at your financial picture. Did you spend more than you realized? Are there places where you’d like to spend less or use your money differently?

With this monthly snapshot in hand, you can begin planning for the month ahead. Are there any expenses coming up next month that you want to keep in mind?

Keep up the daily tracking and soon you’ll have a six-month snapshot that helps you see clearly where all your money goes. This knowledge is power and will take some of the stress of money management away.

Debt Reduction Details

If you’re carrying a high-interest credit card balance (perhaps even balances on more than one card), you can likely improve your situation through strategic debt reduction.

A fixed-interest debt consolidation loan can pay off your high-interest credit card debts and lower your stress level by offering you a single, fixed monthly payment. You’ll be able to figure that payment into your budget and rest easy knowing you don’t have credit card balances growing each day.

Create a Dream Team

You can get ahead of the holiday rush and tackle your financial goals by taking a moment this fall to look into strategies like these. And you don’t have to do it alone. 

Learning and information-gathering are a big part of achieving your financial goals, so be sure to ask questions and seek out the facts you need. 

You’re always welcome to drop by or call one of our many 1st Franklin Financial branches to ask any questions you might have. Our team is always available — winter, spring, summer, or fall — to talk one-on-one and find solutions to all your financial needs.