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Financial personality

Financial personality
We all spend, save, and invest differently. That’s because we’re all inherently different people with different personalities. 

Knowing your financial personality can help you make a plan to spend more responsibly and come up with a budget that works for you.

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Being a Frugal Saver means all your money is going towards saving.

How you can improve: 

  • Oversaving won’t make you happy. Spend responsibly. 
  • If you’re not saving, you may also not be investing. Investing allows you to grow your money over time.
  • Investing doesn’t have to be all about stocks and bonds, you can invest with just a few cents thanks to apps, or you can invest through Robo-advisors who do nearly all the work for you.

How you can improve:

  • You’re probably depriving yourself of something, even if that’s just a cup of coffee now and then.
  • If you're concerned about money, try to make more money by getting a side hustle.

The Spendthrift has a spend-first mentality. 

How you can improve:

  • Combining responsibility with a little bit of spending is the key.
  • If you’re sick of seeing dismal savings rates in your bank account, upgrade to a high-yield savings account.

YOLO Spenders will spend it all, happily.
You Only Live Once,” they tell themselves.

How you can improve:

  • One of the best options for those who overspend is paying yourself first. Put a chunk of money into your savings account every paycheck.

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RELATED IDEAS

They’re always looking to expand their options, and every financial decision is carefully calculated to maximize growth. 

The opportunity seeker has to watch out for taking on more risk with business initiatives or investment opportunities. Spending time with a professional to seek a second opinion can help you assess whether the newest opportunity is the best one for you. 

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IDEAS

The Golden Rules of Personal Finance
  • Spend less money than you earn
  • Always plan for the future: you should always look forward beyond the current month
  • Make your money make more money: invest, start a business or invest in your education.
Spend time tracking your money

Most people react to their finances. The problem with that is that you rely on chance to have enough money in the bank when you actually need it. Be intentional about your money and spend time reviewing and evaluating it. If you don't, you'll never know if you're moving in the right direction or not.