Test Your Money Personality (2nd part)

By Lisa Smith

aKnowledge is power…

Advice for your personality 

aaaaaaaaaaOnce you recognize yourself in one of these profiles 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. Sometimes making just small changes can yield big results. a

Spenders: Shop a Little Less, Save a Little More

aaaaaaaaaaIf you love to spend, you are going to keep doing it, but you should seek long-term value, not just short-term satisfaction. Before you splurge on something expensive or trendy, ask yourself how much that purchase is going to mean to you in a year. If the answer is “not much”, skip the purchase. In this way, you can try to limit your spending to things you’ll actually use.

aaaaaaaaaaWhen you channel your energy into saving, you have another opportunity to think long term. Look for slow and steady gains as opposed to high-risk, quick-win scenarios. If you really want to challenge yourself, consider the merits of scaling back.

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Savers: Use Moderation

aaaaaaaaaaBen Franklin once recommended “moderation in all things”. For a saver, this is particularly good advice. Don’t let all of the fun parts of life pass you by just to save a few pennies.

aaaaaaaaaaTune up your savings efforts too. Pinching pennies is not enough. While minimizing risk is any investor’s prime goal, minimizing risk while maximizing return is the key to investing success.

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Shoppers: Don’t Spend Money You Don’t Have

aaaaaaaaaaA critical step for shoppers is to take control of their credit cards. Unchecked credit card interest can wreak havoc on your finances, so think before you spend – particularly if you need a credit card to make the purchase.

aaaaaaaaaaTry to focus your efforts on saving your money. Learn the philosophy behind successful savings plans and try to incorporate some of those philosophies into your own. If spending is something you use to compensate for other areas of your life that you feel are lacking, think about what these might be and work on changing them.

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Debtors: Start Investing

aaaaaaaaaaIf you are a debtor, you need to get your finances in order and set up a plan to start investing. You may not be able to do it alone, so getting some help is probably a good idea. Deciding on who will guide your investments is an important choice, so choose any investment professional carefully.

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Investors: Keep Up the Good Work

aaaaaaaaaaCongratulations! Financially speaking, you are doing great! Keep doing what you are doing, and continue to educate yourself.

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Knowledge Is Power

aaaaaaaaaaWhile you may not be able to change your personality, you can acknowledge it and address the challenges that it presents. Managing your money involves self awareness; knowing where you stand will allow you to modify your behavior to achieve your desired outcome.

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