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What is Your Money Personality (Part 2)

If you aren’t a saver, then what is your money personality? How about considering this scenario – an individual who lives for the day, spends as soon as he gets his pay. Parties hard whenever he wants to. You get the picture?

This is what we call the spender. The spender is the total opposite of the saver, which we talked about in the previous post. Think about how you approach your finances. When you get your pay, what is the first thing that you do? Do you set aside a certain amount for your savings account or do you go out and party all night? Or maybe you’re the type who’d rather go shopping the weekend after payday.

What happens next is that you may not always have enough to cover the bills. Or maybe you don’t have enough to cover additional expenses that may crop up before the next payday. This would not be so bad if you had some cash stashed away but if you had spent everything on shopping sprees and the like, then it is bad money management.

If you are a spender, you might want to consider mellowing down a bit. You may want to save a little bit here and there so that you can have some sense of security in the future. Of course, you have other options like taking out a payday loan in case of a serious emergency. Then again, it would be better if you actually had some sort of savings account. Try to strike a balance between spending and saving and you’d bet better off financially in the long run.