How much do you know about managing money?

It might be safe to say that we are accustomed to the reality of having to work for a living. In fact, many of us are unlikely to know any different; because, since we can remember, Mum, Dad and other family members have been toiling to make ends meet and to provide for their loved ones.

At the same time though, we cherish the thought of reaching financial independence; that is, to adequately provide for our living expenses from our own accumulated resources. And, the quicker, the better, most might agree.

But, I hear you ask, how do I get from being a mere salary or wages earner, to a position where my wealth will be enough to cover my financial needs and dreams? This requires a focused and dedicated mindset; one where – by diligently taking control of your money – every cent of your earnings that is not spent elsewhere, is put towards reaching the goal of financial independence.

Are you financially diligent? Find out by answering our simple quiz.

Saving and investing is the same thing.

1. agree
2. disagree
3. sometimes

Using public transport is generally more expensive than having your own car.

1. agree – the longer journey time makes public transport more expensive
2. agree – my car is an asset, therefore it’s not an expense
3. disagree – after the ticket price, there are no further costs on public transport

Is taking lunch better than buying lunch?

1. yes – because it costs less to make your own
2. no – because buying lunch saves us time
3. no – because the ingredients cost the same anyway

Interest-free credit costs you nothing.  

1. disagree
2. only if you pay the debt off in the interest-free period
3. agree

Rent-to-buy is the same as ownership.

1. sometimes
2. agree
3. disagree

Interest is the only expense when buying a property.

1. disagree
2. agree
3. it depends on the value of the property

By always paying the minimum instalment on my credit card, no interest is charged.

1. disagree
2. balances below my card limit are always interest-free
3. agree

Personal insurance is only important to older people.

1. agree
2. disagree
3. young people should avoid unnecessary costs like personal insurance