INDIANAPOLIS (Feb. 1, 2015) —Today Secretary of State Connie Lawson released the latest issue of her Indiana MoneyWise e-magazine. The publication puts sound personal finance tools into the hands of Hoosiers, who can access it for free via computers, smartphones and tablets. Each quarter, the e-magazine provides the people of Indiana with timely information on smart money management and investment fraud prevention.
“As Indiana’s securities regulator, I am committed to putting financial criminals behind bars. Hoosiers with a solid foundation in financial literacy are better prepared to say no to scams. That’s why this e-magazine exists,” Secretary Lawson said.
The latest issue of Secretary Lawson’s Indiana MoneyWise e-magazine focuses on helping Hoosiers who are new to investing and reveals proven methods for getting household budgets under control:
- You left zero room for error: A lack of flexibility in your budget, especially when you first begin, is sure to lead to problems. Those problems can include emergencies. It’s also important to remember that expenses tend to rise and fall, and your budget needs to be able to roll with the punches.
- You haven’t clearly defined your goals: Figure out what it is you want to accomplish with your money, and work toward those goals. The rest of your expenses will likely need some trimming.
- You forgot you have a personality: Are you a saver? Are you a spender? Your budget is unique. That’s why you can’t simply copy someone else’s. It should match your personality and lifestyle.
- You aren’t being honest with yourself: Once you commit to budgeting, you absolutely must keep track of every cent you spend, especially in the beginning. Until you have a realistic picture of your spending habits, you won’t know how much of your income should be devoted to each budget category. The place most people slip up is with their discretionary spending. Discretionary spending accounts for all the stuff you don’t need. It also accounts for all the stuff you are likely to buy. Be honest with yourself.
- You didn’t pay yourself first: Saving for the future is an essential part of every budget. This can be hard when you’re barely making ends meet. It requires discipline. Set aside room in your budget for saving and investing, no matter how small, and work on growing that category over time.
This issue of Secretary Lawson’s e-magazine includes additional budgeting help from Indiana’s own Queen of Free. Cherie Lowe is an author, blogger, and television personality dedicated to “slaying the debt dragon.” Her family eliminated over $127K in debt in just under four years. In a guest article for Indiana MoneyWise, she outlines five smart moves to begin paying off your own debt.
To read the latest issue of the Indiana MoneyWise e-magazine, visit http://bit.ly/IMWeMagazine on your computer, smartphone, or tablet. If you’d like to receive notifications when new issues are published, we encourage you to subscribe by emailing IndianaMoneyWise@sos.in.gov.
The Secretary of State’s office can be reached at 317-232-6682 or through its website at in.gov/sos.