Boost your financial IQ: The more you know, the more you save

By Maria Perez

How much do you know about money management? According to a recent survey, most of us think we know more than we actually do.1 Learning about key financial concepts can help you make more informed decisions and improve your bottom line. Give your financial IQ a boost with these tips and resources:

Start with the basics
Read about creating a spending plan, debt and credit management, mortgages, retirement planning, getting a loan and knowing your consumer rights at* – the U.S. government site dedicated to teaching all of us the basics about financial education.

Read, read, read
Search online, go to the bookstore or visit your local library to find books written by financial specialists. You can also subscribe to money management magazines to keep your knowledge fresh and relevant, plus get tips from finance pros.

Stay in school
Take a class at a local school or organization to get a better understanding of key financial concepts. We have some financial education seminars that you might like:

  • Build and Maintain Great Credit
  • Breaking the Paycheck-to-Paycheck Cycle
  • Banking for Your Lifestyle
  • Protecting Your Identity
  • Home Buying Made Simple

To sign up for a seminar or to get more information, please e-mail

Ask an expert
Bankers, financial planners and educators can help you become your own financial expert, so ask away! Whether you're looking for new financial products and services, answers to questions, or you just want a second opinion, seeking out an expert can boost your knowledge and your confidence.

Put your knowledge to the test
Take a look at your current financial plan and see where you can put what you've learned into practice. Keep adjusting your plan as you get more knowledge, and remember – each financial plan is different. Pair your new smarts with your real-life experience to find a plan that works just for you.

Pass on the savings

Here are some tips to help you talk to your children about money.
  • Start small
    Start with simple concepts and work your way up. All things cost money, you earn money by working and budgeting helps you achieve your goals
  • What's a budget?
    Talk about budgeting for savings goals. Break income into four parts: spending, short-term saving and long-term saving each get 30% (or $3 for every $10) and sharing gets 10% ($1 for every $10)
  • Speak their language
    Explain saving using real-life goals. Map out the cost and calculate how long it would take to save based on their income (allowance, odd jobs, babysitting, your contribution)
  • Save as a family
    Talk about ways to save as a family, including cutting coupons or reducing power usage, and work together to save for shared goals like vacations. Track your progress on a calendar or chart
  • Make it fun!
    Give them a job around the house so they can earn their own money, and make a savings goal chart or wish list to help encourage saving goals

Keep growing your financial knowledge

Tools, tips and resources designed to help boost your financial IQ.

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