A lot of the times, our personality type can affect how we use money, and each personality type comes with its own advantages and disadvantages financially.
We’d explore five different personality types and the best ways to handle their finance.
1. THE PROCRASTINATOR
The procrastinator loves to delay payments and this could lead to accumulated bills, making the financial burden even bigger. Worse still, the procrastinator might decide to roll unpaid bills and debts to the following month and yet again another month, leading to lingering bills which becomes incredibly high to pay at this point.
The procrastinator personality should always have a financial plan and stick to it, and always have it in mind that paying bills right on time is always the best policy.
2. THE BARGAINER
There are people who love to bargain, and are very good at it. They always bid price to the barest minimum, and to them they save a lot of money.
The bargainer might have that niche to buy products at an extraordinary price, but they should also be wary. The bad thing about being a hard bargainer is that you might be tempted to buy an inferior product with poor quality just in a bid to cut cost. Being a good bargainer is good, but never compromise it for quality. Also, do no waste unnecessary time bargaining.
3. IMPULSE BUYERS
Impulse buyers buy anything that catches their attention; whether they need it or it’s important to them is another question for another day.
Impulse buying is hardly a good habit; it would kill your savings and make you spend unnecessarily on what you don’t even need. Impulse buying can make you spend as much as you earn or even worse. Before you buy any item, always ask yourself one question: do I really need this product?
4. THE HOARDER
The hoarders take savings to an extraordinary level. They save to the extent of avoiding certain bills that they really ought to pay and even avoid to take care of their responsibilities.
Hoarding money in the name of saving is quite extreme. Savings is good, but it doesn’t mean you should avoid your responsibilities too.
5. THE SPENDER
The spender is the direct opposite of the hoarder. The spender is carefree with money, they spend to be happy and spend to make others happy, regardless of the financial impact it would have on them
While it isn’t bad to spend on your wants, being a spender would make you hardly ever save, invest or do something tangible with your money.
Your personality type to a large extent affects the way you handle your finances. Develop the right financial mindset if you want to be financially buoyant.
Jake