Who doesn’t love a quiz—especially one where there are no wrong answers?
If you’re wondering how confident you really are when it comes to managing your money, you’re in the right place. Our Personal Banking Quiz is designed to give you insight—not judgment—into your habits, strengths, and opportunities for growth when it comes to money management and financial wellness. So, before you dive into “Are You Good With Money?” consider this real-life story of a woman who thought she had it all together—until she hit a financial roadblock.
Beth wanted to surprise her daughter with a car for her 16th birthday. As a working mom, reliable transportation would take a load off her plate and help her daughter land the summer job she wanted. Beth spent months researching safe, affordable cars with her new husband, but she insisted on paying for the car herself. Why? First, it was important to her to provide the car as a gift. Second, after 12 years as a stay-at-home mom, she wanted to prove she was financially capable now that she had reentered the workforce.
Once Beth picked out the car, she sat down at the dealership to discuss financing—and got a shock. Her credit was terrible. “How could this be?” she asked. She had paid her bills on time for years and even paid off her credit card in full every month. She thought she was doing everything right.
But the sales manager explained: Beth’s biggest issue wasn’t bad behavior—it was lack of behavior. She didn’t have enough credit history. Without a track record of managing debt, lenders saw her as high risk. She blinked. “Wait—I have bad credit because I don’t have debt? I thought avoiding debt was the goal!”
Apparently not. Without a history of managing debt, lenders couldn’t assess her risk. As a result, Beth faced a 12% interest rate over five years on a $16,000 loan—adding up to $9,600 in interest alone. That $16,000 car would end up costing her $25,600!
Deflated but determined, Beth asked her new husband to co-sign. She still wanted to make the payments herself—but not at that rate. With his credit backing her, the interest dropped to 2%. Big difference!
Still baffled, Beth asked how to fix her credit. The sales manager suggested taking out a small loan and paying it off slowly to build credit history. Around that time, Beth and her husband were buying furniture for their new home and used a store-offered 0% interest credit card in her name. She made consistent $100 payments for two years, paid off the balance, and boom—Beth’s score went from the mid-600s to 800, eventually hitting 850.
Lesson learned: Your credit score matters. And knowing where you stand is the place to start. From money management tips to understanding how to build credit, how you manage your personal banking is a skill you can begin building today. Even if you think you have it all figured out, like Beth, there is always room for improvement.
Update: Beth’s daughter got that summer job and still drives that car—now with more than 100,000 miles on it. As a young adult in her 20s, she truly appreciates it. And thanks to her mom’s hard-earned lesson, she also learned how to build credit early. In her junior year of college, she got her first credit card, used it for one small monthly charge, and set up autopay from her checking account ensuring she never missed or was late on a payment—laying the foundation for strong credit after graduation. If financial literacy was a college course, she may have landed an A+ after that strategic move!
To hear more about Beth’s story, listen to our recent podcast episode, Truth in Texas Banking!
Understanding Credit Challenges: How Financial Literacy Can Help Millions
Beth’s experience is more common than you might think. Millions of Americans face significant hurdles when it comes to building credit and accessing affordable financial products. Consider these eye-opening statistics:
- 70 million Americans struggle with limited access to affordable credit options.
- 16% of U.S. adults—roughly 48 million people—have a bad credit score (FICO score between 300 and 579).
- Nearly 1 in 3 Americans (33%) have subprime credit (a score below 670), which can make borrowing more expensive or even impossible.
- An additional 26 million adults are considered “credit invisible,” meaning they have no credit history reported to the major credit bureaus.
These numbers highlight the urgent need for improved financial education and broader credit literacy. Understanding your credit score—and how to build or repair it—is more important than ever in today’s financial landscape.
These challenges don’t have to define your financial story. With the right tools and knowledge, you can build confidence, improve your credit, and prepare for whatever life throws your way.
Take the quiz—and take the first step toward taking control of your financial future.
You’ve got a bank account, maybe a budget, and you probably know your way around a debit card. But how confident do you really feel when it comes to managing your money? How confident are you about your financial future? Would your finances survive a sudden job loss or emergency bill or like Beth, an expensive purchase?
This quiz isn’t about perfection—it’s about protection. Nearly 6 in 10 Americans couldn’t cover a $1,000 emergency without going into debt. That means one unexpected car repair, medical bill, or job loss could send many spiraling financially.
So ask yourself: If life threw you a financial curveball tomorrow, would you be ready—or just hoping for the best?
Take a few minutes to find out where you truly stand—and what you can do today to be more prepared for whatever comes next.
So, are you ready to see how you stack up? Let’s find out how financially confident you really are.
Take the Quiz
Grab a pen or tally in your head — and be honest! For each question, choose the answer that best reflects your current habits or knowledge.
1. Do you know how much money is in your checking account right now?
A. Within $20
B. I have a ballpark idea
C. No clue
2. How often do you check your bank or credit card accounts?
A. At least weekly
B. A few times a month
C. Only when something goes wrong
3. Do you have an emergency fund that could cover 3–6 months of expenses?
A. Yes
B. I’m working on it
C. Not yet
4. What’s your credit score range?
A. I know it and it’s good (700+)
B. I checked it recently but not sure the exact number
C. I’ve never checked or I don’t know what it is
5. Do you follow a monthly budget?
A. Yes, and I stick to it
B. I have a loose plan
C. Not really
6. Do you know how much you spent on food (groceries + dining out) last month?
A. Yes
B. I could guess
C. Nope
7. What’s the interest rate on your credit card or savings account?
A. I know the exact rate(s)
B. I have a general idea
C. No idea
8. Are you saving for retirement?
A. Yes, regularly through 401(k), IRA, or another plan
B. I’ve started, but it’s inconsistent
C. Not yet
9. Could you confidently explain the difference between a Roth and Traditional IRA?
A. Yes
B. Kind of
C. Not at all
10. If you lost your job tomorrow, what’s your plan?
A. I have savings and a strategy
B. I’d figure it out fast
C. I’d be in trouble
Scoring:
- A = 3 points
- B = 2 points
- C = 1 point
Total your score:
What Your Score Means: Understanding your Financial Wellness
Results:
25–30 points: Money Master
You’re confident, informed, and proactive. Keep doing what you’re doing—and consider helping others level up too!
17–24 points: Financially Aware
You’re on the right track, but a few tweaks could boost your confidence and savings game. This blog is the perfect place to start.
10–16 points: Time to Tune In
You might be avoiding or underestimating your financial power. The good news? You’re here now—and that’s the first step toward confidence.
How to Improve Your Financial Confidence
When it comes to money, confidence isn’t just about knowing the basics—it’s about being prepared for whatever life throws at you. Whether you’ve been managing your finances for years or you’re just starting to get serious, understanding your financial readiness is crucial.
That’s why we created this quiz to help you evaluate your financial confidence. The truth is, life is unpredictable and having a solid financial plan in place can make all the difference.
Let’s break down what those quiz questions really mean and why they matter in your everyday life.
1. Know Your Checking Account Balance
It might seem like a simple question—do you know how much money is in your checking account right now? But this is the first step in taking control of your finances. If you don’t know exactly how much you have available, you could be in danger of overdraft fees or making unwise spending decisions.
Why it matters:
Knowing your account balance gives you a real-time view of your financial situation. It allows you to plan ahead, avoid fees, and ensure you’re staying within your budget. Checking your account regularly is key to staying on top of your finances and preventing financial surprises.
What you can do:
If you’re not already checking your account regularly, start today. Most banks offer mobile apps that let you track your balance and monitor spending. Set up alerts to notify you when your balance falls below a certain amount, or if large transactions occur.
2. Check Your Accounts Regularly
The second question asks about how often you check your bank accounts. If you’re checking only when something goes wrong, you’re putting yourself at risk.
Why it matters:
Regularly monitoring your accounts ensures you catch any mistakes or fraudulent charges immediately. Plus, it helps you stay on track with your financial goals. Checking your accounts at least once a week (or even more frequently) keeps you connected with your money.
What you can do:
Set a schedule to review your accounts weekly or bi-weekly. Look at recent transactions to see where your money is going. This small habit will allow you to adjust your budget as needed and avoid larger financial pitfalls. Consider enrolling in a program to help you capture a snapshot of your spending by category, this insight can prove invaluable at detecting where you can (and sometimes should) reduce spending.
3. Build an Emergency Fund
An emergency fund isn’t just a nice-to-have; it’s a must. Whether you’re dealing with a job loss, unexpected medical bills, or a sudden home repair, an emergency fund can be the difference between weathering the storm and sinking deeper into debt.
Why it matters:
The quiz asked if you have an emergency fund that can cover 3–6 months of expenses. The reality is, more than 40% of Americans don’t have enough savings to cover an unexpected $400 expense. Without an emergency fund, you may be forced to rely on high-interest credit cards or loans when the unexpected happens.
What you can do:
Start by setting a small, achievable savings goal, such as $1,000. Once you reach that, continue saving to build up enough to cover a few months of living expenses. If you’re starting from scratch, try setting up automatic transfers from your checking to your savings account each payday.
4. Understand Your Credit Score
Your credit score is one of the most important numbers in your financial life. It can impact everything from loan approval to the interest rates you receive on mortgages, car loans (remember Beth), and credit cards. Believe it or not, it can also make or break getting that next job. Some prospective employers check credit, so making sure your score is in a good healthy range can affect so many aspects of your life.
Why it matters:
The quiz asked if you know your credit score and whether it’s in a good range (700+). If you don’t know your score, it’s time to find out. A good credit score can save you thousands of dollars over your lifetime, while a low score could cost you in high interest rates and fees.
What you can do:
Check your credit score for free through a variety of online tools or via your bank. Once you know where you stand, you can take steps to improve your score, such as paying down credit card debt, disputing errors on your credit report, or avoiding late payments.
5. Follow a Budget
A budget is the backbone of a healthy financial life. The quiz asked if you follow a monthly budget, and, if not, you’re not alone. Research shows that more than 60% of Americans don’t use a formal budget, which could be why they struggle with debt, savings, and financial stability.
Why it matters:
A budget helps you track your income and expenses, giving you a clearer picture of where your money is going. By creating a budget and sticking to it, you can avoid overspending, build your savings, and achieve your financial goals.
What you can do:
Start by tracking your expenses for a month. Then, set realistic limits for categories like entertainment, groceries, and housing. There are many budgeting apps available that can help you automate this process and stay on track. Another pro tip is to look at your recurring charges, which can truly add up! Don’t know where to start? Try looking at the subscriptions on your cell phone to determine what apps you may be paying for that you don’t need or no longer use but have been paying for.
6. Track Spending Habits
The quiz asked if you know how much you spent on food last month. Many people don’t realize how quickly small expenses can add up. Whether it’s dining out, grabbing a coffee, or ordering takeout, these daily habits can drain your budget if you’re not careful.
Why it matters:
Knowing where your money goes is essential for making adjustments. If you don’t track your spending, it’s easy to fall into the trap of living paycheck to paycheck without realizing where the money is going.
What you can do:
Use a budgeting tool or app to track your expenses. Most tools allow you to categorize your spending (e.g., groceries, dining out) and give you a better idea of where you can cut back.
7. Understand Interest Rates
The quiz asked if you know the interest rates on your credit cards or savings account. If you don’t, it’s time to find out. Understanding your rates can save you money in the long run.
Why it matters:
High-interest credit cards can lead to overwhelming debt if you’re not careful. On the other hand, knowing your savings account’s interest rate can help you make smarter decisions about where to park your money.
What you can do:
Review your credit card statements for the interest rates and APRs on each card. If the rates are high, consider transferring balances to a lower-interest card or consolidating debt. Also, shop around for savings accounts that offer higher interest rates.
8. Save for Retirement
Retirement might feel like a distant concern, but the sooner you start saving, the better off you’ll be. The quiz asked if you’re saving for retirement, and, if not, now is the time to start.
Why it matters:
Many Americans don’t have enough saved for retirement. In fact, 1 in 3 Americans have less than $5,000 saved for retirement. The earlier you start saving, the more time your money has to grow, thanks to the power of compound interest.
What you can do:
If you’re not already saving for retirement, start by contributing to a 401(k) or IRA. Even small contributions add up over time. Many employers offer matching contributions—take advantage of this “free money” if it’s available.
9. Understanding Investment Accounts: Are You Ready to Grow Your Wealth?
The quiz asked if you could confidently explain the difference between a Roth and Traditional IRA. Understanding investment accounts is crucial for building long-term wealth and saving for retirement.
Why it matters:
If you don’t understand your retirement accounts or how investments work, you could miss out on valuable tax advantages or growth opportunities.
What you can do:
Take the time to learn about different retirement accounts and investment strategies. Speak with a financial advisor to help guide your decisions and ensure your retirement planning is on track.
10. Financial Emergency Preparedness: Are You Ready for the Worst?
Finally, the quiz asked how you would fare in a financial emergency. If you don’t have a plan, it’s time to create one.
Why it matters:
Financial emergencies—whether it’s a job loss, medical expense, or unexpected home repair—can strike at any time. Without a safety net, you may find yourself relying on debt to get by.
What you can do:
Start by building your emergency fund. Once you have tracked your spending, you can easily calculate how much you need in your emergency fund to cover 3-6 months of expenses. Having an emergency fund will give you peace of mind and help you handle whatever life throws your way.
Conclusion: Are You Ready to Build Financial Confidence?
If you’re ready to improve your financial situation, now is the time to act. Whether your score was high or low, there are always steps you can take to become more financially independent and confident. By being proactive, learning about your options, and staying consistent, you’ll set yourself up for financial success today and in the future.
Veritex Community Bank is rooted in truth, transparency, and integrity. Our bankers are ready to help you understand what options are available to you when it comes to savings. The Veritex Bank mobile app offers a program entitled Financial Tools, which will help you stay on top of your finances by tracking your spending. This type of information is invaluable, and there is no charge for the app when you bank with Veritex Community Bank.
There is no time like the present to take back control of your finances and plan your financial future. Remember, small steps with smart choices lead to big change. Veritex Community Bank wants to be a part of that change and provides a full suite of financial education tools on its website.
Consider this fact, if Veritex Bank is good enough for the world’s number one golfer, Scottie Scheffler, isn’t it good enough for you?
When it comes to financial literacy, don’t play it safe in the rough — tee up your knowledge and drive your future straight down the fairway!Contact a Veritex Community Bank banker today at (833) VERITEX or (833) 837-4839. Visit our website www.veritexbank.com. Member FDIC.
