If I give you this scenario, what will your reaction be?
It is a lazy afternoon. You took refuge from the hot sun in a mega mall. You were walking down the lanes in your favourite store and something you like catches your eye. You remember it, you saw that item in a prestigious luxury magazine a few months back and now it is finally available! What would you do?
#1: You flipped the price tag… gasped at the 4-digit number on the tag. Maybe this sum of money can be used to pay this month’s bill.
#2: You put back the item and tell yourself you can check back on it the next time the store has a sale.
You grabbed the item and head straight for the cashier. How can you let this opportunity slip you by to own your dream item? This will be the latest addition to your astonishing existing collection.
#3: You can’t decide if you should get it. You wanted to do your sums but feels uncomfortable doing it or making a decision.
#4: You do not want to be associated with any luxury items. You do not want to feel greedy.
Think about the way you relate to your money. What does money mean to you? How do you behave when you need to make a financial decision?
The way you react describes your money personality.
- If you chose “1” just now, your personality is the SAVER
- If you chose “2” just now, your personality is the SPENDER
- If you chose “3” just now, your personality is the AVOIDER
- If you chose “4” just now, your personality is the MONEY MONK
Now, there is nothing right and wrong OR good and bad about being a SAVER, SPENDER, AVOIDER or MONEY MONK. However, here are some advice for each personality type to improve your financial success.
- SAVERS – take small steps to loosen up. Look into investments with small risk. You need to grow your money so that you can enjoy your money. And you need to enjoy money to make your money grow
- SPENDERS – set limits and have more control of your expenses. Maintain an expenses log so that you do not end up spending more than you need or even in debt. Storing away your credit card can be a good option too. Learn how to manage your finance via financial literacy courses.
- AVOIDERS – change your thinking. Take away the unpleasant feeling of managing your finance and replace it with the good feeling that you are working towards a better future. Take up courses on financial literacy on managing your money.
- MONEY MONKS – Money isn’t all bad. In fact, with more money, you can help more charities. It is how you use money that makes the difference and not the amount of money you now have. To deal with money with more ease, consider setting up automatic deductions for your bills.
Go back to this facebook post and tell us what is your Money Personality