Getting to know your money personality can help you rein in your spending habits and take back control of your personal finances. Here, finance saving money expert Pete Ridley at CarFinanceSaver reveals the UKs core money personalities, along with actions to adopt that reduce the negative consequences of each personality type.
The Spontaneous Spender
A spontaneous spender refers to a person that exhibits a "spend now, think later" attitude. They can find it tricky to differentiate between "need to haves" and "nice to haves", and often feel "spender' s guilt".
"Before you make a purchase, take time to decide whether the item is a ' need to have' or a ' nice to have' . This will aid in avoiding splurges (挥霍) that provide short term satisfaction and post-spenders" guilt. " says Ridley.
The Determined Saver
An underlying sense of worry and fear can be at the root of a persistent saver, and their determination to save disguises an overwhelming fear of money. "Saving is great, " says Ridley, "but it' s important to regard money as a friend and not an enemy. Always be sure to make non-essential purchases. These items don' t have to be a major expense, but just enough that you acknowledge that money can be there to be enjoyed and not just put away. "
The Money=Status
This personality type can live beyond their means by making purchases that they don' t need, striving to keep up with others and saying yes to friendship plans that they cannot afford, to keep up the appearance of financial wellbeing.
"It' s here that you can adopt the 50/20/30 rule: 50 percent essential living expenses, 30 percent disposable income and 20 percent saving and paying debts, " suggests Ridley.
This will maintain financial wellbeing while helping to acknowledge that money doesn' t necessarily equal status or even impress those around you.