Imagine this scenario…
You're browsing the aisles of your favorite store and something fabulous catches your eye. It’s the latest, most technologically advanced tablet computer you’ve been wishing for the last few months and it’s finally available!
What would you do?
While some people would have no qualms about splurging their money on the computer, others would think twice and hold back on the spending. That’s because we all relate to money in different ways, depending on the level of influence we’ve had from our upbringing, friends and the living standards of our society. You could call this your “money personality”.
Think about how you relate to your money and how that relationship affects your overall finances. What does money mean to you? How do you behave in a situation that requires you to make a financial decision?
Once you figure out your money personality, you’ll be able to make better decisions in the way you spend, save and invest your money.
So what’s your money personality? Read on to find out!
Common behaviours of Hoarders:
- You sneak your own popcorn into movies and save the money for a rainy day.
– Balancing your checkbook is fun, you get to see how much savings you’ve amassed from month to month.
– You love a great bargain and love to share with friends about your latest discoveries at the pasar malam.
Advice for Hoarders
To improve your financial future, take baby steps toward loosening up. Take a few risks in your investments. Seeing that such “risky” behavior doesn’t necessarily lead to disaster will help you become more comfortable with exploring other investment options that can grow your nest egg and allow you to enjoy your hard-earned cash.
Personality #2 – The Spender
You're browsing the aisles of your favorite store and something fabulous catches your eye. It’s the latest, most technologically advanced tablet computer you’ve been wishing for the last few months and it’s finally available!
What would you do?
While some people would have no qualms about splurging their money on the computer, others would think twice and hold back on the spending. That’s because we all relate to money in different ways, depending on the level of influence we’ve had from our upbringing, friends and the living standards of our society. You could call this your “money personality”.
Think about how you relate to your money and how that relationship affects your overall finances. What does money mean to you? How do you behave in a situation that requires you to make a financial decision?
Once you figure out your money personality, you’ll be able to make better decisions in the way you spend, save and invest your money.
So what’s your money personality? Read on to find out!
Personality #1 – The Hoarder
While others see money as a means to buy nice things, Hoarders see it as a means to obtain security. No matter how much money a hoarder has, he will always fear that one false move or unexpected disaster will make him poor.
Common behaviours of Hoarders:
- You sneak your own popcorn into movies and save the money for a rainy day.
– Balancing your checkbook is fun, you get to see how much savings you’ve amassed from month to month.
– You love a great bargain and love to share with friends about your latest discoveries at the pasar malam.
Advice for Hoarders
To improve your financial future, take baby steps toward loosening up. Take a few risks in your investments. Seeing that such “risky” behavior doesn’t necessarily lead to disaster will help you become more comfortable with exploring other investment options that can grow your nest egg and allow you to enjoy your hard-earned cash.
Personality #2 – The Spender
Buying things is a common behaviour that helps Spenders feel important, loved, and validated. Spenders’ inner voices tell them, “I deserve this; I won’t be denied anymore.” The biggest spenders are status seekers who equate extravagant possessions with self-worth. Whether or not they can afford it, that Louis Vuitton bag makes them feel respected.
Common behaviours of Spenders:
- Who cares if you have a closetful of handbags? You deserve that new Louis Vuitton tote bag!
– You like to wow your friends with fabulous gifts, but wowing them with your gorgeous home and luxury car is even better.
– You’ve never met a credit card offer you didn’t like.
Advice for Spenders
To get your spending under control, you must set – and stick to – certain limits. Keep a diary of all your purchases so you can see where you’re leaking cash and cut back. Devise a budget, then put away your credit cards and give yourself a weekly cash allowance. And if you’ve got serious debt, carry a balance on your credit card each month so that you won’t exceed more than the minimum due.
Personality #3 – The Avoider
Common behaviours of Spenders:
- Who cares if you have a closetful of handbags? You deserve that new Louis Vuitton tote bag!
– You like to wow your friends with fabulous gifts, but wowing them with your gorgeous home and luxury car is even better.
– You’ve never met a credit card offer you didn’t like.
Advice for Spenders
To get your spending under control, you must set – and stick to – certain limits. Keep a diary of all your purchases so you can see where you’re leaking cash and cut back. Devise a budget, then put away your credit cards and give yourself a weekly cash allowance. And if you’ve got serious debt, carry a balance on your credit card each month so that you won’t exceed more than the minimum due.
Personality #3 – The Avoider
Avoiders are not comfortable with the subject of money due to their lack of interest or they feel that there are other more important issues. They might not even know how much is in their bank account and planning for retirement feels too far away to worry about. The Avoider takes a “see no evil, hear no evil” approach to managing their financial affairs. But by not staying informed about their finances, Avoiders are missing out on opportunities to set the foundation for a more financially secure future.
Common behaviours of Avoiders:
- When it comes to making a financial decision, you will avoid the situation and find all kinds of reasons for avoiding it. In fact, the less you know about your finances, the better
– You get uncomfortable talking or even thinking about money
– You let your bills stack up because you feel a sense of dread opening them up
Advice for Avoiders
Change your state of mind! Compared to life’s other unpleasantries, managing the day-to-day details of your finances aren’t so bad after all. Take up courses on financial education and write down 5 goals for your near-term future. Then map out a simple savings plan and use it to guide you towards your goals, not avoiding them!
Personality #4 – The Money Monk
Common behaviours of Avoiders:
- When it comes to making a financial decision, you will avoid the situation and find all kinds of reasons for avoiding it. In fact, the less you know about your finances, the better
– You get uncomfortable talking or even thinking about money
– You let your bills stack up because you feel a sense of dread opening them up
Advice for Avoiders
Change your state of mind! Compared to life’s other unpleasantries, managing the day-to-day details of your finances aren’t so bad after all. Take up courses on financial education and write down 5 goals for your near-term future. Then map out a simple savings plan and use it to guide you towards your goals, not avoiding them!
Personality #4 – The Money Monk
Handling money in any way makes a Money Monk feel like he’s giving in to its seductive power. Often, Money Monks were raised with deep religious or political convictions – their parents taught them that money is the root of evil, or that rich people are “capitalist pigs”.
Common behaviours of Money Monks:
- You’d never ask for a raise – needing money makes you feel greedy.
– You believe the desire for money chips away at people’s moral values, so you try to avoid dealing with your finances as much as possible.
– When you have a windfall, you can’t wait to get rid of it, so you donate to charities or help cash-strapped friends.
Advice for Money Monks
Remind yourself that money isn’t all bad – it allows you to keep a roof over your head, help friends, and support charitable causes. To make dealing with money easier, put your finances on autopilot as much as possible. Have paychecks deposited directly into your bank account, and set up automatic deductions for monthly bills, savings, and investments.
https://www.srpl.net
Common behaviours of Money Monks:
- You’d never ask for a raise – needing money makes you feel greedy.
– You believe the desire for money chips away at people’s moral values, so you try to avoid dealing with your finances as much as possible.
– When you have a windfall, you can’t wait to get rid of it, so you donate to charities or help cash-strapped friends.
Advice for Money Monks
Remind yourself that money isn’t all bad – it allows you to keep a roof over your head, help friends, and support charitable causes. To make dealing with money easier, put your finances on autopilot as much as possible. Have paychecks deposited directly into your bank account, and set up automatic deductions for monthly bills, savings, and investments.
https://www.srpl.net