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What Kind Of Financial Personality Are You? - Money Under 30

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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What Kind Of Financial Personality Are You? - Money Under 30

What Kind Of Financial Personality Are You? - Money Under 30

https://www.moneyunder30.com/whats-your-financial-personality

moneyunder30.com

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Key Ideas

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.

Frugal Saver

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.

Financial Sage

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.

Spendthrift

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 Spender

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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“The Freedom Finder”

The freedom finders like to spend on new experiences in the pursuit of “living life to the fullest.” 

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“The Relationship Protector”

The relationship protector is often family-oriented. If they can support them emotionally and financially, it gives them their sense of achievement at having helped. 

A relationship protector is far less likely to make spontaneous investments when others depend on them, and their conservative approach to saving prepares them for retirement. 

“The Opportunity Seeker”

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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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
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Many life transitions happen in your 30's

From moving up in your career to buying a home. Making smart moves with your money during your 30's can help you achieve future financial success.

Focus on percentage of income saved, not the dollar amount

Over the long term, it's not as much about the dollar amount you save, but the percentage of your income that you dedicate to saving and investing. By focusing on percentages, you can ensure you're always saving more as you earn more. 

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.

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