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3 Ways to Boost Your "Money IQ"

Building a budget. Setting savings goals. Making big financial decisions. It all can seem very overwhelming, especially when you're first starting to manage your money! Luckily, there are plenty of resources to help you learn a lot about your finances and feel more confident about your money management skills.

Here are three easy ways to boost your “money IQ:"

#1: Know your money habits

First, it's important to take stock of your current spending and saving habits. Here are a few questions to ask yourself: 

  • Are you spending more, less or equal to the amount of money you're earning?
  • What's your current savings strategy?
  • Is there something that's holding you back from saving more?
  • Do you have specific goals for your savings?​

To get a clearer picture of your situation, keep track of your spending and saving for at least 30 days. You can use a notebook, a spreadsheet or even a digital tool like Wright-Patt Credit Union's (WPCU) Money Management to track and categorize all your financial activity.

#2: Give yourself a financial check-up

Once you have a better understanding of your current money habits, you might be wondering what to do next. Regular financial check-ups are a great way to identify your goals and map out your money management journey.

In partnership with the Financial Health Network, WPCU is proud to offer a free, 2-minute assessment to help bring your plan into focus. Take the FinHealth Check to see where you're financially healthy and learn which money priorities you should focus on next.

#3: Keep growing your money knowledge

Financial education is a lifelong pursuit, and you can get started today! Keep building your “money IQ" with WPCU's free educational resources and tools, including worksheets, financial calculators, videos, interactive learning modules and workshops, seminars and webinars. We cover a wide range of relevant money topics to help you learn better ways to save, spend, borrow and plan no matter where you are in your financial journey.

If you're looking for one-on-one financial advice, meet with one of our Financial Coaches at your local Member Center. Together, we'll help you make a personalized plan and start on the path to greater financial flexibility and freedom. ​

The views expressed by the Financial Health Network are not necessarily those of WPCU. This article contains a link to a third-party website and clicking on the link will take you to a website not operated by WPCU. This link is provided for your convenience only and WPCU is not responsible for the content of third-party websites. Privacy and security policies of the website to which you are linking may differ from that of WPCU.