What You Don’t Know About Money Can Cost You—Here’s How to Fix It?

Are you really in control of how much money can cost you, or are you winging it?

It’s a fair question.

And you’re not alone if the answer is, “I don’t know.”

Money is messy.

Between credit cards and retirement plans, savings goals, and budgeting software, it’s enough to give your head a twirl.

And here’s the better news: You don’t need to be an expert on everything.

You only need to know where you are.

And that begins with a simple step—evaluating your financial awareness.

Once you see what you know (and don’t know), you can begin making better moves.

Let’s take it step by step and make all this “money talk” less scary.

Why You Should Review Your Financial Knowledge?

Think about going to the doctor.

You feel fine, but you still get a checkup, don’t you?

The same with your finances.

Even if your bills are paid and your savings account is increasing, there could be holes you’re not seeing.

Or opportunities you’re not tapping into.

By checking in with your financial know-how, you can:

• Avoid costly mistakes
• Identify areas to improve
• Set more realistic goals

• Obtain customized tools and recommendations that apply to you!

It’s like flipping the switch and lighting up a black room—everything makes sense now.

Indications That You May Require a Financial Awareness Check

Let’s keep it real.

If any of these sound familiar, perhaps it’s time to hit pause and take a look:

You’ve never created a budget from scratch

• Investing feels like gambling
• You’re unsure how much you’ll need to retire
• Credit scores confuse you
• You rely on financial advice from social media influencers
• You don’t have a plan for emergencies

No judgement here.
The goal isn’t to make you feel bad. It’s to help you level up.

How to Assess Your Financial Knowledge (The Fun Way)

Okay, so how do you actually do this?

Thankfully, it doesn’t have to be boring.

And you don’t need a degree in finance to start.

Here are a few easy ways:

• Take an Online Financial Literacy Quiz

A rapid quiz can come a long way.

It assists you in knowing where you’re good at and where you’re not.

Search for quizzes that touch on areas such as budgeting, credit, saving, investing, and so on.

Some even give you a “money score” and tips based on your answers.

Pro Tip: Find tools designed for U.S. users—they’ll align with your financial system and laws.

• Reflect on Your Habits

This one’s personal.

Ask yourself:

• Do I know how much I spend each month?
• Am I saving consistently?
• What’s my plan for big expenses or retirement?

Being honest with yourself is a form of financial intelligence in itself.

• Talk to a Financial Coach or Planner

Sometimes, a pro’s perspective helps.

You don’t need to be rich to work with one. Many offer free consultations.

They can help assess your situation and recommend next steps that make sense for you.

You may also like: How Top South African Entrepreneurs Manage Their Business Finances?

• Explore money management courses

These can teach you everything from budgeting to paying off debt and building wealth.

Some courses are short and self-paced. Others are in-depth with certifications.

If you’re serious about growing your money mindset, this is a great move.

Personalized Recommendations: Because One Size Doesn’t Fit All

Once you know your financial strengths and blind spots, the real magic happens—

You can get help that’s actually relevant to your life.

Here’s what that could look like:

Budgeting Help

If you’re not able to track your spending, don’t forget to run into some useful budgeting apps like YNAB, Mint, or EveryDollar.

Or begin simply with a spreadsheet and columns like “needs,” “wants,” and “savings.”

Pro Tip: Robotize your savings. Small amounts, too, will add up.

Building Credit

If your credit score needs work, start by checking your credit report.

Use tools that alert you to changes and teach you how scores are calculated.

Pay bills on time, lower your credit usage, and don’t close old accounts too fast.

Learning investment basics

Intimidated by investing? It’s pretty normal! 

Start small with a robo-advisor or employer-sponsored plan (like a 401(k)) to learn more about investment tips. 

Look into index funds or ETFs for lower-risk, long-term growth.

Don’t have a lot to start with? That’s okay. Many platforms let you invest with $5 or less.

Emergency Planning

A good rule: Aim for 3–6 months’ worth of expenses in an emergency fund.

Start with one month, then build from there.

Store it in a high-yield savings account you can access quickly.

Retirement Readiness

It’s never “too early” or “too late” to plan.

Use calculators to estimate how much you’ll need.

Even if you can’t max out retirement accounts, contribute something regularly.

And remember: compound interest is your best friend.

Bonus: Tools That Help You Stay on Track

You don’t have to do all this alone.

Here are some tools worth exploring:

• Budgeting apps – YNAB, PocketGuard, Goodbudget
• Investment apps – Acorns, Betterment, Fidelity
• Debt repayment planners – Undebt.it, Tally
• Savings boosters – Qapital, Digit
• Learning platforms – Coursera, Khan Academy, Skillshare

Many of these offer content aligned with financial planning education and practical steps you can implement today.

You may also like: Interactive budgeting calculators and debt repayment planners

How Financial Literacy Empowers You

Here’s the truth: financial confidence doesn’t come from having more money.

It comes from understanding how money works.

Whether you’re making $40k or $400k a year, knowing what to do with your money makes all the difference.

You don’t need to figure everything out all at once.

Just start with where you are.

The more you know, the more power you have.

And guess what? You’re already doing it—just by reading this.

What Can We Learn from Money Can Cost You?

You might be wondering—why talk about South Africa in a U.S.-focused article?

Simple.

Financial literacy South Africa initiatives have done something powerful: they’ve brought financial education to everyday people in underserved areas.

Through mobile apps, school programs, and community outreach, they’ve shown that anyone can learn about money—regardless of income or background.

The lesson?
Financial education isn’t just for the rich or privileged.
It’s for everyone. Everywhere.

And if it can happen there, it can definitely happen here too.

Start Your Financial Education Journey Today

Wherever you are on your financial journey, one thing is clear:

You don’t need to be an expert.

So go ahead:

• Take that quiz
• Sign up for that course
• Ask those “dumb” questions (spoiler: there’s no such thing)
• Set that budget
• Schedule that call with a financial advisor

Start small.
Stay curious.
And keep going.

Because once you know better—you do better.

Frequently Asked Questions on Money Can Cost You

• In what ways can I assess my level of financial literacy?

 Examine your knowledge of investing, credit, saving, and budgeting.  You’re doing well if the outcomes make you happy and you can apply them to your life.  If not, don’t panic; it simply indicates that you need to learn a bit more.

• What are the top courses for novices in money management?

Use websites to look for courses.  Seek out classes that address debt management, investing basics, saving, and budgeting.

• Is financial planning education expensive?

Not necessarily. You will easily find plenty of free or low-cost resources online. Some apps and non-profit organizations also offer free guidance tailored to your goals.

• Can financial literacy help me get out of debt?

Yes. Knowing how interest accrues, how to budget, and how to sequence payments can accelerate your debt repayment and stop new debt from building.

• Why is financial literacy paramount to individuals residing in the USA?

Because financial systems here can be complex—from credit scores to retirement accounts. Knowing how they work gives you the power to make smarter decisions and protect your future.