Are you wasting or saving your money? Get to know your financial personality

You’re probably familiar with the characteristics of your personality, like if you are open-minded or organized. But do you know if you also have a financial personality? Although this is difficult to observe, each person has certain tendencies that shape his or her financial personality.

This can be better understood if you think about the times when you went out to dinner with friends. You probably noticed that at the time of paying the bill some people like to pay it in full. While others prefer to divide it equally. And a third-team considers it advisable that each individual pay only the value of what he consumed.

each person has certain tendencies that shape his or her financial personality

This report touched on the six trends of money that characterize financial personality based on the book: “Know Yourself, Know your money”. By American author Rachel Cruz.

Wasteful or saving

Spenders are those who see a lot of possibilities when it comes to spending money. When they have extra money they are eager to spend it. And when a person has this type of inclination they are likely to be generous and not care about money. But it is important that this type of person understands the importance of prioritizing savings.

Savers are those who prefer to save for a time of need. Unlike spenders, saving money for the future is not a big sacrifice for them, because it gives them a sense of security. And savers are characterized by patience and responsibility. But working to save all the money they earn is likely to miss many pleasant life experiences.

Obsession or free thought

Geeks are very responsible when it comes to their financial affairs. They want to feel in control of their money. For example, making a perfect budget in spreadsheets, or preparing their tax returns in advance, often focusing heavily on what they have to do to make money. Also following financial details and decisions. However, nerds should make sure that their strict rules do not overwork themselves or the people around them.

When it comes to money, free-minded people adopt an “Enjoy Life” Mentality. Do not like limited budgets. But these people must strive for balance in order to enjoy financial stability now and in the future.

others prefer to spend their money on materials such as clothes, shoes or the latest technology

Experiments or materials

There are those who are interested in new experiences. Such as trips, concerts, or family outings. While others prefer to spend their money on materials such as clothes, shoes or the latest technology.

Quality or quantity

People are able to choose between quality and quantity; people who prefer quality are those who are looking for sustainable goods. Always looking for and planning their purchases in advance. They spend their money on quality goods and do not suffer from compulsive shopping mania.

People who believe that money will be available tend to take risks, do not fear the outcome of their decisions

However, people who are looking for quantity to creativity and leveraging diversity in organizations. And love to have several options instead use the same option each time they shop.

Security or status

People looking for security as part of their financial personality also love the security that money can bring to them. And they aspire to master handling emergencies. Such as job loss, health problems, or even low income. But it is important not to allow a safe mentality to make you live in fear. And as you make financial decisions, all possibilities should be

People who love to show their past buying luxury brands are likely to find a way to justify unnecessary purchases. That they do if it makes them feel that they are successful somehow. But should they try to control their expenses and recognize the fact that money and luxury don’t locate people?

Abundance or scarcity

People who believe that money will be available tend to take risks, do not fear the outcome of their decisions. And often donate their own money, believing that there will always be a way to make more money.

On the other hand, give persons with a mental conservative with their financial decisions based on the belief that resources can be spent easily. They need private property because they “may need it someday”. And sometimes fear losing things because they may not be able to compensate.

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