According to a survey released by Franklin Covey in December of last year, the number one New Year's resolution or goal of their customers in 2008 is to get out of debt or save money.
In January of 2007, I encouraged Hoosiers to make New Year resolutions geared towards financial health – “Ca$holution$.”  Ninety five percent of those who responded said they would add financial health to their resolutions.  I am challenging all Hoosiers to become financially fit - to add financial health to their resolutions in 2008.

Being financially fit means understanding not only your income, but also how much you spend, how much you save, how much you invest, and ultimately, your credit history.
In an effort to help more Hoosiers get on the right track toward financial fitness, Indiana Investment Watch created some resolutions for you to consider in 2008:

Control Your Spending
You can’t save your money if you’re always spending it. Instead of buying the newest gadget on the market, put that money aside for your investment and savings accounts. A good rule of thumb when it comes to savings - save at least 10 percent of your income.

Create a Budget and Live By It
Handling your personal finances without a budget is like Peyton Manning playing without a playbook. A budget is a great way to get a grip on your finances and will keep you in line with your long term spending goals.

Be Credit Card Smart
Are you using your credit card a lot? If your balance is $1,000 and you pay the minimum of $35 a month with an 18 percent interest rate, it will take you three years (and an extra $315.54) to pay off the card. If you are unable to pay the balance in full each month, pay more than the minimum and be sure to pay on time to save yourself from late charges and higher interest rates.

Pay Yourself First
Retirement’s not going to pay for itself. Take advantage of your company’s 401(k) program or set up an IRA. Employers typically offer some sort of matching on 401(k) contributions, and that’s like free money!

Investigate Before You Invest
Before you invest your money, make sure the investment and the person selling it are legitimate. All corporations should be registered with the Indiana Secretary of State’s office. You can visit www.IndianaInvestmentWatch.com to check the licensing status of your broker/dealer and make sure the security is registered.

In addition to the “Ca$holution$” listed above, every week in January, Indiana Investment Watch will send a video through our e-newsletter geared towards improving your financial health in 2008.  To download a copy of the 2008 Ca$holution$, click here. We have also created a “Ca$holution$” for students, which can be viewed by clicking here.

Improving your finances won’t happen overnight, but you can start taking the proper steps now to better prepare yourself for the future.