Saving Tips For All Types

Lovers of risk, anxious investors trade frequently and believe they have the edge over others. Many have absolutely no idea what their returns actually were and only remember their good decisions.

For hoarders, money represents security. They abhor risk and may even stockpile cash that they would probably be better off investing — or even spending.

Find an advisor you feel comfortable with who can discuss the right investment approach — and level of risk — for you.

• 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.

• 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.

By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.

Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put your mind to it and you may find ways to get a financial boost. 

When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.

Beware when advisors at your bank recommend mutual funds to buy. They might be earning a sales commission.

• 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.

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. 

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.

The Big Spenders like to make social statements by having the latest car, clothes, or phones. They use the money for love and attention and are the main representatives of consumerism.

Advice: Think twice before making a purchase and try to filter the things that you really need from those bought by reflex.

The Ostrich is someone who would rather bury their heads in the sand than organize their finances. 

Advice: Ostriches should try to take slowly their heads out of the sand. They should try to examine their finances, take a close look at a better saving rate and consider approaching a financial planner.

Carpool to work if you can to significantly reduce wear and tear on your car, save on gas, and take advantage of carpool lanes that might make it easier to get to work.

Check at least once a month to keep the tires on your vehicle properly inflated. Doing so can improve your gas mileage.

Refinance your home or automobile at a lower rate to save money over the life of the loan and lower your monthly payment.

If your student loans are locked in at a high-interest rate, figure out whether it makes sense to consolidate all or some of them.

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. 

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.