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Boost Your Money IQ

El Centro, California (NAPSI) - Many people might get and keep their hands on more money if they  had a better grasp of finances. Consider these statistics from Indiana State University:

  • Only 25 percent of Americans feel well informed about managing  household finances.

• Less than 50 percent of parents think they’re good role  models regarding spending and saving.

• Less than 60 percent of millennials pay their bills on time.

• Young adults between 20 and 24 represent the fastest-growing  segment of bankruptcy filings.

Fortunately, the needs of an undereducated America regarding personal  finance can now be met in an entertaining way. Author (“Doing the  Impossible,” “The Next Perfect Storm”) and entrepreneur  Patrick Bet-David created a noncommercial website, GoAskNewton.com, that  makes learning about the concepts and terms of personal finance easy and  interactive through fun quizzes, weekly lessons and social media integration,  all led by Newton, financial literacy’s best friend and the world’s  smartest (cartoon) dog. For example, it can show you 10 steps toward better  budgeting:

How To Budget

1. Identify why you want to start a budget. Write down your reasons and keep  them where you’ll be reminded of them.

2. Determine your income and expenses. Once you know what money comes in  and where it goes, you can see where to cut back.

3. Pay yourself first. Have an expense area called “personal  savings.” Try to save at least 10 percent of what comes in monthly.

4. Set goals you can hit, weekly, monthly or quarterly.

5. It’s okay to spend on yourself, as long as it doesn’t ruin  your overall progress.

6. Don’t expect to get it perfect the first time. Give your budget a  month, then see where to improve.

7. Adjust as necessary.

8. Consider hiring professional help.

9. Be flexible. Don’t panic if your finances fluctuate here and  there.

10. Communicate your budget and intentions to your family.

GoAskNewton.com offers a free  weekly newsletter that delivers a personal finance lesson, a Financial Term  of the Week, and quick quizzes to test your financial knowledge and spending  habits, whether you’re a teenager or ready to retire.

There’s also Newton’s  Bark, a weekly blog on saving and budgeting, retirement planning, home  mortgages, health insurance and many more personal finance tools, including a  Credit Card Debt Analyzer, a Budget Worksheet and a Life Insurance Needs  Estimator.

Learn More

Find further information and get your finance questions answered at http://GoAskNewton.com and follow on  Twitter @GoAskNewton.