What do you not know about your finances that may be hurting you? Knowledge is power, so isn’t it time to find out?

A couple of months ago, a friend of mine sent me the link to neuroscientist Dr Andrew Huberman’s podcast on the effects of alcohol on our brains and bodies. I didn’t listen to it until two weeks ago.

I knew the moment I listened I would be compelled to give up my glass of wine, which I really enjoyed. It was easier not to know than to listen to my body telling me that it just doesn’t enjoy alcohol. I was correct; once I listened, I could no longer ignore my body’s signals. I am still in the negotiation phase, allowing myself one glass a week, but I suspect over time, as I feel the benefits, I will only drink a glass occasionally.

The way I reacted to Huberman’s podcast is how many of us react to our finances. We know that once we have taken a good hard look at our situation, it will require change – we can no longer live in denial. That is why we are so afraid to look.

I see this whenever I work with someone, whether they’re a candidate in the City Press Money Makeover Challenge or a mentee in the Santam Insure Your Future Bootcamp.

People are filled with anxiety about money, and that anxiety creates paralysis. Yet once they face reality, an incredible transformation happens. Rather than feeling fearful, they feel empowered. They can see what needs to happen, and they take action.

Every single one of our Money Bootcamp mentees this year spoke about how empowered they felt and the huge mind-shift they had around money.

Facing the numbers on the page emboldened them to have conversations with their partners, family and children. In all cases, it required brave discussions and tough decisions. Many realised they were carrying the burden for their families and had never asked for help.

As one of our mentees said about her conversation with her husband, “I ​said to him, ‘​look, ​I ​need ​support.’ And ​he ​said ​to ​me, ​‘Why ​didn’t ​you ​just ​ask?’”

The truth is that unless you talk to your partner about money, they will not know your situation, and you will not know theirs.

Another of our mentees had to have a difficult conversation with her husband, a conversation he kept avoiding. Once they could talk, she discovered he was struggling financially and trying to protect her. Now, they can work together as a couple and support each other.

For others, it was hard conversations with extended family about what they could continue to provide. For one of our mentees, telling her father and sister to move back to the father’s house was tough, but she showed them her budget, and they understood.

She could not afford to provide for two extra adults while supporting her three children and unemployed husband. You can’t have the conversation without knowing the numbers.

Tracking spending has an enormous impact on financial habits. One mentee discovered that she was spending around R2 000 a month on apps and subscriptions linked to her credit card, and a similar amount on takeaways. Deleting the apps and eating at home changed her finances overnight. Again, it was knowing that brought the change.

Knowledge is power. The question is, where do you lack knowledge about your finances, and how much is that hurting you? Isn’t it time to find out?

Please listen to the final podcast of our Money Bootcamp, where we share the stories and tips we have given our mentees. Hopefully, this will inspire you to listen to all 13 episodes, where we give you practical steps to take yourself through your own money transformation. What better way to start 2025 than being empowered?