Answer:
Explanation:
As the new year begins and we start thinking about what we want to do different this year, often how we manage our finances are at the top of the list. As you navigate setting financial goals, consider how your money personality impacts your choices and goals. And yes, money personalities do exist. They can help you identify strengths and areas of improvement relating to your goals.
While there are numerous names for the 5 money personality types, I found Big Think gives a nice overview.
They found the 5 types of money personality types are Big Spenders, Savers, Shoppers, Debtors and Investors.
Big Spenders
Big Spenders like to “Go Big” with their purchases. The bigger and newer the better. They also don’t shy away from taking financial risks if it may benefit them in the future.
Savers
Savers like to hold onto their money. They are frugal with their spending habits and are cautious with how they manage their money especially when considering large purchases
Shoppers
This group likes to spend based on how they feel and how it relates to the purchase. At times, shoppers have a hard time knowing when to change their behavior especially when an item isn’t needed.
Debtors
Debtors are often unaware of their finances as a whole. They often carry debt but it doesn’t bother them.
Investors
The people in this group are forward thinking in how they spend their money. They look for opportunities to help set financial goals for the future, while maintaining their current finances.
Of course, you may see yourself in more than one of these personalities and that’s ok too. Once you have an idea of your money personality and how it relates to your spending you can consider ways to help you save too.