Today, it’s super important to manage our money and plan for the future. But let’s face it, it can be really hard!
For some of us, sticking to a budget is as tough as sticking to a daily face wash routine.
If you ever feel you’re messing up with your finances, don’t worry, you’re not the only one. The secret might be in knowing your special “money personality.”
We all have different money personalities. These can tell a lot about how we save and spend.
Even if you are not saving up for something big like a house or retirement, knowing your money habits is still very important.
It helps you spot any bad habits that could cause trouble later.
So, whether you like saving money, spending on the go, planning every penny, being careful with investments, giving to others, or ignoring money issues, knowing your money style can help you make better choices.
This can lead to a stable financial life and a secure future while still being true to yourself.
Remember, there is no perfect way to handle money. The first step is to understand and appreciate your own money personality.
For people who like to avoid money talks, saving money doesn’t come easy. You might ignore money stuff, but this won’t help you.
Instead of hiding from the truth, try making it fun. Start good habits that are enjoyable and also help you check your finances.
Try the No-spend Challenge. Pick something like clothes, eating out, or drinks, and don’t spend on them for a week.
Put that saved money in your savings. This is a fun way to control spending without missing out on necessary stuff. Don’t let avoidance control your money.
Love the rush of online shopping?
If you love getting deliveries or enjoying treats beyond your budget, know that it’s okay to treat yourself sometimes. But don’t overdo it.
Mario Weick, a psychologist from Durham University, says thinking about future goals can help you save more. If you only think of today, you might spend too much.
For those who can’t stop spending, try having an untouchable account with a limit on spending. Put some money in this savings account, so you won’t spend it.
This stops you from impulsive shopping and helps keep your money safe. Make saving just as exciting!
Are you a super saver?
On the other hand, some people never spend on anything fun. If you save too much and never enjoy your money, it’s time to rethink.
Mario Weick says neither spending too much nor saving too much makes you happy. Too much spending can lead to guilt and debt, while too much saving can make you always worry about money.
Clare Framrose advises balancing spending and saving. Each month, set aside some money for fun.
This fun money can lift your spirits, whether it’s for a nice dinner, a new bag, or a special drink.
Take risks but be smart
If you often take big money risks without thinking, this can lead to problems.
Risk-takers love the thrill, but it can hurt long term.
Set financial limits and talk with an advisor. Consider putting money in a fixed account. This can act as a safety net and help you stop overspending.
You can take some risks but stay smart!
Start strong but overspend?
If you start the month well but overspend by the end, you are a saver-splurger. Many people fall into this group. You might have a budget but it’s hard to follow.
A budget works only if you stick to it!
Try micro-budgeting. Instead of looking at your finances monthly, break it down weekly.
This helps saver-splurgers stay on track and avoid last-minute money stress before payday.
It’s about keeping control of your money all month long.