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How is Your Personality Related to Your Finances?
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Student Contributor
Posted August 8, 2017
When it comes to finances, is following a budget as important to you as the air you breathe? Or, financially speaking, do you only come up for air when you have to? Maybe you fall somewhere in between? Believe it or not, your personality may have an effect on your financial preferences. This realization isn’t intended to shame you for who you are. Instead, it will hopefully provide you with some insight about how and why you deal with your finances the way that you do. Check out more below to see if your personality traits affect your financial situation.
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If you’re more conservative and conscientious, you may manage your money the same way. You’re most likely pretty financially disciplined, and while this mindset seems ideal, it may be difficult for someone with this personality to take advantage of even the smallest investments or vacations. Although having a financial plan is essential, it’s important to be flexible.
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Your favorite artist is coming to town. Do you buy front row tickets and a VIP pass even though you should be saving money for that car you don’t have yet? If you didn’t have to think twice about answering “yes”, you’re most likely a carefree individual who lives in the moment. You probably handle your finances that way, too. This attitude makes financial risk-takers successful in entrepreneurship. But, this type of person also tends to be impulsive with money and is unlikely to follow a budget. It’s important to remember that not all risks come with rewards.
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Do you prefer order and setting goals? Are you one to think ahead and anticipate? If these traits resonate with you, it’s likely you’re a planner. As such, you’re probably future-focused and like to track your finances closely. However, you might set goals that are overly ambitious. It’s important not to get too caught up in doing so, or to live too much in the future. Break these goals into step-by-step action plans to stay engaged and avoid thinking too far ahead.
Emotional Spenders
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If you’re a “take care of my friends” kind of person, you’re likely to be an emotional spender. You tend to take your money personally and view it as a reflection of who you are. You’re concerned with pleasing yourself and others financially. It’s important not to let your emotional needs interfere too much with your finances. This could result in negative financial consequences, like overspending.
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