Are you all about saving, spending, or do you hide your head in the sand when it comes to personal finance matters? This money personality quiz helps you uncover your money style. That, in turn, can be a way to learn about your strengths and weaknesses and manage your cash that much better.
Each person handles their money in a unique way. Some people are laser-focused on saving and building their nest egg. Others believe that money is there to be spent on fun and satisfying purchases and experiences. And still others would prefer to look the other way when talk turns to 401(k)s and IRAs.
By knowing your money M.O., you can take steps to enhance your financial status. Ready? Read on for the details.
What’s Your Money Personality?
Steady Saver
Did the money personality quiz say you’re a steady saver? That likely means that you are well aware of your monthly budget and how much cash is coming in and going out. In addition, you are probably following the standard financial advice to save at least 10% or 20% of your take-home pay.
You may well be investing that in a 401(k) and getting a company match and putting funds into an IRA, too.
You are the kind who may have multiple bank accounts, with savings for various short- and long-term goals, such as the down payment on a home and your toddler’s future educational needs. Heck, you might even brag a little to friends and family about how much you have socked away.
Overall, you have some very impressive financial habits down pat. Keep up the good work. However, are you missing out on living your best life? There is the possibility that you may be overdoing it and being perhaps a tad too rigid. Does saving for Junior’s college fund mean the family can’t take a vacation for the next 17 years? Check in with yourself, and make sure you aren’t overly focused on your future goals.
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Super Spender
To cut to the chase, you love the things that money can buy. Nothing wrong with that! Omakase dinners at that new Japanese restaurant, the perfect new dining table, the latest mobile device, and baby’s first Disney vacay: There are plenty of things that your income can buy that make daily life delightful and memorable.
But when you see money as simply a conduit for experiencing the best here and now, you are likely risking a couple of very important things:
• You may be incurring debt.
• You may not be planning for your future.
• You may be succumbing to lifestyle creep vs. building wealth.
So here are some steps to take:
• Consider whether you are saving towards the important milestone goals that many people aspire to, such as the down payment on a home, a college fund for your kids, and a healthy retirement account.
Meeting with a financial advisor may be a wise move to get you on track for saving for these aspirations and perhaps learning more about the fine points of investing.
• Take a look at your budget, or make one if you don’t yet have one. Among the various budgeting methods is the popular 50/30/20 rule, which says to put 50% of your take-home towards needs, 30% to wants, and 20% towards savings and additional debt payments.
• Check in with your credit card debt. You don’t want your balances and credit utilization ratio to get too high. If you find you are facing challenges, consider a snagging balance transfer credit card offer, using a lower-interest personal loan to pay off credit card debt, or working with a nonprofit credit counseling agency to reduce your load.
The Money Shunner
If the money personality quiz indicates that you’re a money shunner, it may mean you are not comfortable with financial matters so you choose to look the other way. Many people feel stressed when thinking about money, whether because they don’t think they are good with numbers or they don’t have a solid base in personal finances (after all, you probably didn’t sit through a budgeting basics class in high school).
But if you tend to avoid money matters, you could be missing opportunities to reach your personal goals and gain a sense of security.
To gain financial literacy, you can dip into self-education. Your bank may have a library of content, or you can try well-respected books, magazines, newsletters, and podcasts. You might also take a class, whether in person or online.
In addition, meeting with a financial advisor could be helpful.
You may also want to pay more attention to your budget and understand your income and how much you’re spending and saving. These steps can help you make friends with your money and get it to work harder for you.
Recommended: Getting Back on Track After Going Over Budget
The Takeaway
A money personality quiz can reveal what your relationship with your finances is like. It can help identify whether you tend to be focused on saving (perhaps too much so), spend a bit too freely, or don’t pay enough attention to your cash. By tweaking your approach, you could build your financial literacy and wealth. Making sure you have the right advisors and banking partner are other important facets of this.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
What are some common money personality types?
There are different ways to categorize money personalities. You may see ones that use the terms spender, saver, and avoider, among others.
How do I know if my money style is too much about spending?
Typical signs that your money style involves too much spending can be having a large amount of credit card debt, living paycheck to paycheck, and not saving enough (or at all).
If my money style is a saver, isn’t that good?
Saver can be an excellent habit and can help you reach your financial goals and be prepared for whatever comes your way. However, you likely don’t want to go overboard and should enjoy your earnings as well.
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