I got some great news though! There are other things you can use to save some cash. First, you can try using an awl. Just make sure you blunt the end of it so it's not too sharp (don't want to poke your hand or rip the cord. You can also try using a knitting loom hook. These can cost as little as $5.
These tools are great to have but can be very expensive (ranging from $15 to $50). So is the expense really worth it. If you just making simple bracelets probably not. For those just giving the ropes a good tug is good enough. However, these tools are much more effective when creating the more complex knots like the turks heads, pineapple, and gaucho knots. Many of them have an odd shape in the middle of the handle (like the one pictured blow). This is to place your creative art work after you made a fantastic knot. Just make one or two knots and place over the smooth parts to show your friends just how talented you are. Some of the more expensive versions of these have space inside the tool to store your fids.