Humans are different; in terms of the food we like, the music we enjoy, our response to life, political leanings, and many other areas. One more area in which we are different? Money Personalities. Researchers have identified five basic money personalities- Big spenders, savers, shoppers, investors and debtors.
Humans are different; in terms of the food we like, the music we enjoy, our response to life, political leanings, and many other areas. One more area in which we are different? Money Personalities.
Your financial decisions, what you spend, and even how you spend are often determined by your money personality. Considering how important money personalities are, it is important to understand yours as a first step toward becoming better with money and improving your financial health.
Researchers have identified five basic money personalities- Big spenders, savers, shoppers, investors and debtors.
These people enjoy blowing money. They preorder the newest Apple devices, get the newest smart TVs, and generally spend a lot of money. You may also find that they also take risks when investing and will go through uncharted waters with the hope of recouping their money.
These individuals constantly need to find ways to save money, so it's almost like they go around with a calculator in their minds. They may not be willing to take significant chances when it comes to investing and prefer to take advantage of specials, sales, and price reductions.
For Shoppers, spending money is tied to their emotions. They experience an emotional high after making purchases. Even a simple 5% off from an Instagram vendor might look like a good deal to shoppers as long as they get to spend money and buy their favourite things.
These individuals frequently accumulate debt and are oblivious to how they did so. They are unaware of the existence and flow of money. They are not conscious of money or how it moves. They might be unable to give clear details on how they spend their money or what they spend it on because they do not track expenditure.
Take these sets of people as the leaders of the class. They have a better relationship with money and are able to handle their spending, saving, and investing plans because they are aware of how their money flows and are constantly looking for ways to make it work for them through investments, good bargains, and savings plans.
No matter your money personality, it is important that you get the support that you need to have a better relationship with money. This is because your relationship with money and attitude towards making financial decisions will play a huge role in other aspects of your life.
Join the money circle and be better with money!
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