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

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.

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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.

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.

EXPLORE MORE AROUND THESE TOPICS:

SIMILAR ARTICLES & IDEAS:

“The Freedom Finder”

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

Try using a budgeting app or immediately allocating a portion of...

“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. 

one more idea

3 Financial Basics
  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accou...
Budgeting Like a Pro
  • Consider an All-Cash Diet, as limiting yourself to physical currency combats overspending.
  • Set aside 1 minute a day to check on your financial transactions, to identify problems, track goal progress and set your spending tone.
  • Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
  • Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
  • Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
  • Set specific financial goals stating the reason, the way, numbers and dates.
  • Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
  • Love yourself. Taking control of your finances is part of that.
  • Make bite-size money goals. Make the bigger ones but also small step goals to get there.
  • Don’t be a financial fatalist, and switch to more positive mantras.
  • Get your finances and body in shape. The discipline associated with regular exercising translates to managing your money well.
  • Appreciate what you have now, instead of being a consumerist.
  • Get a Money Buddy. Studies indicate people pick up good habits from friends with similar traits.

8 more 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 mon...