Dear Fellow Floridian:
The new year is upon us, and with it are 12 months of new opportunities.
Knowing that it is customary for Floridians to set new goals and make new
resolutions at the beginning of a year, I hope that you will include plans for
ensuring your financial well-being among them.
Setting specific, measurable goals like paying down debt or saving monthly
for retirement or college expenses is a smart way to achieve financial success.
With a plan and a little effort, saving, banking and budgeting is easier than
you might think.
Before you begin saving, it is important to be aware of your spending habits,
so keep track of everything you spend for a week. You might be surprised at what
you’re buying and what you can do without. Making purchases with cash is an easy
way to help you stick to a budget and avoid impulse purchases. Simply decide
ahead of time how much you want to spend and set aside that amount in cash
before you go shopping.
Decide specifically what you would like to save for (e.g., college, new car,
vacation) and set a timeline for when you would like to reach your goal.
Also, a good idea is to create a payment schedule and be vigilant about treating
your savings contributions just like any other must-pay expense, such as rent or
Lastly, the new year is a great time to evaluate your banking institutions.
Check to see if your bank is properly meeting your financial needs.
To learn more about how to save and spend with an eye on the future, visit my
Your Money Matters website at
Happy New Year,
Chief Financial Officer
State of Florida
Florida Economic Briefs
Florida’s population growing; now totals 19.6 million
According to the latest Census estimates, Florida’s population has grown
rapidly over the past year, reaching 19.6 million in 2013. Currently,
Florida’s population is only 100,000 people shy of surpassing New York to
become the third largest state in the nation. Florida’s population has grown
1.2 percent over the year, compared to 0.7 percent growth nationwide, and a robust 4 percent
since 2010, which is nearly double the national average.
Source: U.S. Census
Florida’s economy projected to grow 2.4 percent over the next 6 months
Florida is projected to continue its robust economic growth going into the New
Year. The state’s latest leading index estimates that Florida’s Gross Domestic
Product (GDP) will grow 2.4 percent over the next 6 months while the national
economy is projected to grow more slowly at 1.5 percent.
Source: Federal Reserve Bank of Philadelphia
Small businesses increase borrowing in November in sign of continued economic growth
U.S. small businesses increased their borrowing in November, suggesting
continued economic growth in the months ahead, even as the Federal Reserve
begins to reduce its massive monetary stimulus. The Thomson Reuters/PayNet Small
Business Lending Index, which measures the volume of financing to small
companies, rose 1 percent in November. Historically, the Index has correlated to
U.S. economic growth one or two quarters in the future. Small companies
typically take out loans to buy new tools, factories, and equipment, so
increased borrowing can also be an early signal of increased hiring in the near
Source: Paynet Small Business Lending Index
the latest issue of
Florida's Bottom Line, you’ll find expert
commentary on Florida’s efforts to create and lead the next generation
of innovation in the aerospace and aviation industry. It will be the
continued commitment and creativity of Floridians who will make our
state a global leader for innovation and economic prosperity in the 21st
Florida's Bottom Line
should help equip you with the resources to be a part of this mission.