What's Your Money Personality?
 Everyone has a different personality when it comes to handling money. Some of us are Serial Spenders, some Cautious Careful's and some are Seriously Savvy. Your money personality can affect many things in your life such as how you approach your savings, debts, investments, risk taking and even your relationships.
Much of your money personality is formed when you are growing up however it's shaped over the years by your combined learning experiences. Over the years your money personality will definitely change and you'll adopt certain elements of the other money personalities, however, you'll always remain quite dominant to one personality type.
Which one are you? Let's find out...
1. When you're shopping for groceries do you:
a. Walk up and down the isles, grab the essentials and also grab a few extra treats.
b. Shop regularly using a list and keeping an eye out for products available on special.
c. Use your discount and Fly Buys cards and shop at the places where you get the best prices and value.
d. Pop up to the local convenience store and buy what you need.
2. When it comes to work do you:
a. Spend most of your day thinking about your plans for the weekend.
b. Do the best I can.
c. Look for ways to improve your career path by diligently going about your job and building a network of contacts.
d. Work to live.
3. Did your parents teach you about money (i.e. how to save and invest)?
a. No.
b. Sometimes.
c. Always
d. Can't remember / Not relevant.
4. When you go to fill up the car with petrol do you?
a. Decide to half fill it and end up pumping more petrol than you intended.
b. Fill to exactly the amount or level you set out to do.
c. Fill up totally at the lowest price and use your credit card for points.
d. Fill beyond what you intended and buy a few goodies (chocolates etc.) as well.
5. When you are buying something like a new fridge, bed or TV do you?
a. Take out a 'buy now pay later' finance deal.
b. Pay cash.
c. Put it on the credit card and earn points but pay it off just before the interest due date.
d. Borrow from a friend or relative to pay for it.
6. Do you discuss money and the investment world with your friends?
a. Never.
b. Sometimes.
c. Often.
d. Rarely.
7. How do you feel when you carry more cash around than you are used to?
a. I 'd want to spend it.
b. I'd hide it in a secret compartment of my wallet/purse.
c. I trust that I'd use it for the purpose intended.
d. Buy a gift / give some away.
8. How often do you read the money and finance section of the newspaper?
a. Hardly ever.
b. Sometimes/usually.
c. Religiously.
d. Never have.
9. Do you have a set of financial goals?
a. Sort of.
b. I've got them but they are not written down.
c. Yes and I refer to them from time to time.
d. No.
10. How willing are you to act on a hot share market tip?
a. Very.
b. Never.
c. Depends.
d. If I'm in the mood.
11. You pay your bills.
a. Usually on time but have a tendency to let them slip.
b. On time, every time.
c. On the very last day before interest kicks in.
d. Always late.
12. You save!
a. Not much.
b. A certain amount each pay.
c. Regularly and continually increase the amount saved over time.
d. I can't.
13. Where do you invest your money?
a. I don't.
b. In a considered high interest bank account.
c. In a combination of considered investments.
d. It just sits in my normal everyday bank account.
14. How often do you read the fine print?
a. Never.
b. Mostly.
c. All the time.
d. Bits of it.
15. When it comes to planning your money affairs for your financial future do you:
a. Turn right off and think of something else.
b. Diligently set goals and strict budgets.
c. Actively seek and rely on professional money and financial advice.
d. Hope that it will all take care of itself.
16. What would you do if you got a $500 bonus from your boss.
a. Spend it.
b. Save it.
c. Pay off debt.
d. Party.
17. How often do you monitor your debts?
a. Only when the credit card statement arrives.
b. Once a week.
c. Once a month.
d. Never.
18. How do you pay off your credit card?
a. Mostly the minimum amount.
b. Pay it off as soon as you buy something.
c. On time every time and pay enough each month to avoid interest charges.
d. When I get around to it.
19. I spend my money:
a. To feel good.
b. According to my budget.
c. Whenever I need to.
d. To survive.
20. I attend a money education seminar:
a. Never.
b. Sometimes.
c. Frequently.
d. Yeah right!
21. Being in debt means:
a. Less to spend.
b. A burden that I must pay back as fast as I can.
c. Part of life and a way to make money.
d. Constant worry.
To determine your score:
Count up all the a's, b's, c's and d's that you selected.
Then add the number of a's and d's together.
Total A + D ____________
Total B ____________
Total C ____________
Mostly A's and D's - you tend towards the Spender personality.
For various reasons you find that money goes out faster than it comes in. You tend to live from pay packet to pay packet and have a limited (or nonexistent) method for managing your money. Sometimes you are unable to accurately account for where your money goes.
Whether or not you have a good work ethic, your knowledge about how to save and invest is low to moderate and you therefore display a lack of confidence in making money-related decisions. You may consider yourself to be Savvy due to the way you spend rather than how you invest.
It's likely you shy away from seeking money advice, as you are afraid of asking what you consider to be dumb questions and because you are unlikely to be aware of the low-cost support options available. You tend not to take risks in areas that would most benefit you financially and you are unlikely to have investments other than a savings account at a bank.
Mostly B's - you tend towards the Careful personality
You tend to watch your money closely no matter what level of income you're on. You generally have a system of managing your money, although your system may be a bit rough and ready. You have a moderate level of money knowledge and are open to learning more about money if it comes from a trusted source.
You like to take your time when making financial decisions as you have a fear of losing your money. You are relatively confident in handling and allocating your money, but you tend to balk at the more risky opportunities preferring to stick with conservative choices of financial product or investment.
You are likely to have a strong work ethic and spend the fruits of your labour in a controlled manner, although you do lash out every once in a while. You don't like being in debt, but when you are you stay in your comfort zone, as you like to know that you have the capacity to service the debt. Most of your purchases are considered and researched.
Mostly C's - you tend toward the Savvy personality
You have a solid level of money knowledge. This knowledge has been gleaned from constant learning either from direct education or through trial and error. A key element of your money personality is your propensity to listen and learn more about money and the various strategies you can follow to improve your wealth.
In this way you are more than willing to accept the input of others and you definitely seek the advice of experts. You generally have a very good work ethic and you expect your money to work equally as hard. You have a moderate to high level of confidence and appreciate and understand varying levels of risk associated with your money and investments.
You like to be involved in your financial affairs, but are just as happy to have an expert look after it for you. Although your spending is controlled, you will not hold back if you really need something, however you are always on the lookout for good value. You are quite good at managing debt to your advantage, using credit cards and larger loans to your advantage while constantly focusing on reducing your level of non-tax-deductible debt.
You are quite analytical although you do have a natural gut instinct that you rely on occasionally.
This article is courtesy of Greg Smith of Lifestyle Money |