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   Just like your IQ, or intelligence quotient, which indicates how capably you comprehend things, your “financial IQ” is a measure of your financial cleverness – how well you deal with money. A low financial IQ means you handle your wealth poorly or irresponsibly, while a high financial IQ helps you make wise decisions about money and take the right action to improve your financial circumstances. Following are some simple but important tips for being a financially intelligent person.

    First of all, start saving while you are young. When you have money in your pocket, the impulse to spend it can be very strong. Avoid running to the mall or shopping online when you get your paycheck; instead, if you put away a small amount of money into a savings account each week or month and earn interest, your money will grow. Always keep in mind: a penny saved is a penny earned, and do it early because it takes time to accumulate wealth. The second advice is to live within your means. The secret to financial success is spending less than you earn. If you make a good income but spend it all, you are by no means rich or financially secure. If you lose your job or get seriously ill, you will have nothing to fall back on. People who make less money than you but don’t spend it all are actually much wealthier because they are able to cope with emergencies that arise. Fortunately, today’s technology makes personal money management easier than ever. Financial planning software can help you keep a budget by adding up your income and expenses and keep track of your spending at all times. 

   One more thing worth attention is to be a careful user of your credit cards. It is a lot easier – and sometimes safer – to pay with a credit card than to carry around all that cash in your pocket or purse. However, it is also easy to get into trouble with credit cards if you regard and use them as a substitute for money you don’t have or haven’t earned yet. If you charge so much that you can’t keep up with your monthly bills, interest charges will quickly add up. Going into credit card debts is definitely a sure sign of low financial IQ.