What is your Money Personality?
Are you a Spender? or a Saver? or an Investor?
Money Personality: Spender
It is said that our behavior drives our fate. More so; when it comes to the use of money. Different personalities have different spending habits.
We shall learn about 3 Money Personalities – Spender, Saver and Investor. In this article, I will confine only to the Spender Personality.
You can try an experiment – stand on a traffic signal and observe the car owner’s behavior towards the beggars.
A Spender personality generously picks a note from his pocket and gives it to the beggar. He does not confine his generosity to one or two beggars. He gives money to all those who approach his window, without even bothering how much he has spent on that one signal.
Let’s look at some traits of a Spender.
A Spender is always excited when it comes to Shopping. He is a shopping maniac.
Spenders use their Credit Cards more often. They have the outstanding amount on the Credit Card. They do not pay Credit Card Bills regularly. They pay regular interest to Credit Card Company.
Spenders never keep accounting of their expenses. They are just not bothered about the balance in their account. Spenders do not track their investments, leave aside planning for their life goals.
Spenders never calculate their Income to Expense Ratio. They mostly spend about 95- 100% of their monthly earnings.
Spenders are afraid to asses their Financial Situation, they keep on postponing their Financial Planning process and in the process put themselves in more trouble.
If you have one or more of the above habits; its time to pause and asses. It’s time to take a corrective action. It’s time for you to start your journey from being a Spender to become a Saver and then an Investor.