Have you given much thought to how you behave in regard to your finances and how that behavior affects your bottom line?
Understanding your money personality is the first step and will help you shape your approach to spending, saving, and investing.
Character traits regarding money can be classified into specific groups. This subject has been analyzed in a variety of ways, and many people can identify with parts of several of these money personality profiles. The key is to find the type that most closely matches your behavior.
- Big Spenders - aren't typically bargain shoppers; they are fashionable and always looking to make a statement.
- Savers - generally have no debts and may be viewed as cheapskates.
- Shoppers - can't resist spending, even if it's to buy items they don't need.
- Debtors - simply don't spend much time thinking about their money and therefore don't keep tabs on what they spend and where they spend it.
- Investors - understand their financial situations and try to put their money to work.
Once you determine which of these personality types describes you the most and have put some thought into how you approach money, it's time to see what you can do to make the most of what you have. See how making small changes can often yield big results.