We all have different behaviours and characteristics, and between you and me there are probably some similarities but a lot of differences too. See where you sit in regards to Financial Personality, but most importantly have a read of the way you can become financially fit, you can’t change your personality so how about adopting some behaviours to help you get on the road to financial freedom.
The Hoarder – Love saving and rarely spend it. Taking Frugality to a whole new level.
What you need to do: Set yourself goals and let yourself reach those goals by still sustaining a decent lifestyle. Allow yourself small rewards to keep you motivated towards achieving your long term goals.
The Spender – Finds it difficult to hold onto money. Temptation gets the better of them and they lack self-control.
What you need to do: You probably need a budget, we aren’t going to tell you to cut back, we are just going to make sure that you can financially afford all your living costs and can set aside enough money each month to cover those costs whilst sustaining a decent lifestyle.
The Monk – They feel uncomfortable with money, they cover their basic needs but avoid lifestyle spending.
What you need to do: Ensure your basic costs are covered and you have enough for saving and enough for Living costs. But don’t do this at the expense of your wellbeing. You work hard and earn your money you should reward yourself accordingly. Start small and enjoy what you have worked for.
The Obsessor – Serious about making money and watching it grow.
What you need to do: Set aside a time each day to review your finances. That’s great that you are keeping on top of your spending, reviewing and reanalysing however checking it 5 times a day is becoming obsessive and could impact your relationship. The best thing you can do is bank smarter, not cheaper.
The Avoider – Sidestepping the truth and hoping it will all go away.
What you need to do: If you have money issues or concerns, DEAL WITH THEM. Don’t avoid looking at your finances because when you go to look at them in the future they will still be there but 10x worse. We can help you to set aside money each month and ensure you can pay off your debt before it spirals out of control.
Whatever personality trait you think best suits you, they all have some similarities. They all require having a goals based budget to help stay in control of your spending, safeguarding there’s enough money each month to pay the bills and expenses. However still allowing a decent lifestyle creating long lasting memories and spending time with family and friends.