Figure out your financial personality to make more balanced choices. Financial decisions are made based on emotion a lot more often than you may think. Some people fall into decision-making patterns that begin at a young age or follow in the footsteps of family habits . Being aware of whether you are typically spending freely or saving for a rainy day is important to make better, more balanced financial decisions that help you to reach those long-term goals.
Are you the type of person who knows exactly how much change is in your pocket or wallet, shops grocery sales with coupons and does not buy clothing unless it needs to be replaced? Or are you one who likes to be first in line to dine at a new restaurant, orders daily Starbucks and considers paying off your credit card a long-term pipe dream? While many people are somewhere in between spender and saver, it is important to understand your financial personality.
The Spender Personality If you are a spender, you likely are carefree and focused on the present. You may not experience any guilt from making unnecessary purchases. You likely find spending fun and may have a sense of pride around buying items. You may also be spending to fill time or a deeper need.
Consider these tips:
Automate transactions including regular transfers from checking to savings Spend with cash, not credit ; pay off credit cards monthlyFill your online cart but wait a day to purchase to avoid buyer’s remorse Consider how long you will have to work to pay off a purchase Are you subscribed to our YouTube Channel? Short videos & full-length interviews posted weekly!
The Saver Personality If you are a saver, you likely believe being frugal is the right thing to do. You may go to great lengths to save and not waste. You may also get stressed out by spending decisions and have trouble spending money, and therefore forego worthwhile experiences that could bring happiness.
Consider these tips:
Transfer money to a “fun” spending account monthly Use a credit card for purchases that earns cash or rewards Set a day each month to do something less frugal, such as dine out or attend a concert Finding BALANCE Between Spender and Saver The goal is not necessarily shifting spenders to savers or vice versa. But realistically, your goal should be a healthy balance that allows you to enjoy life while planning and preparing for the future you envision. Money and spending should not be pain points. Being mindful of your actions, emotions and intentions regarding money can help make for a more financially successful future.
If you are looking for a new financial plan, or would like a review of your current plan, please schedule an appointment on Bayntree’s online calendar by selecting the date and time that is most convenient for you! You can also always reach us by emailing info@bayntree.com .
Investment advice is offered through Bayntree Wealth Advisors, LLC, an SEC-registered investment adviser. Insurance and annuity products are offered separately through Bayntree Planning Group, LLC. Bayntree does not provide, and no statement contained herein shall constitute, tax or legal advice. You should consult a tax or legal professional on any such matters. Opinions expressed herein are solely those of Bayntree Wealth Advisors. All content is for informational purposes only and is not intended to provide the basis for any financial decisions.
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