Are you a natural saver, or do you find yourself wishing you
could save more? Do you turn to shopping to cheer yourself up after a rough day
or week? According to this
article, posted by CNBC, experts say there are 7 money personality types,
and knowing yours can help you set yourself up for success. Regardless of which
money personality type you are, here are five common money attitudes that hold
people back from financial success.
1. Everyone else has it. I deserve it too. Our
society definitely encourages indulgence when it comes to spending. Social
media has only made a "keeping up with the Jones's" attitude more prevalent. But,
there's a big difference between wanting something and being able to afford it,
and focusing on how other people spend their money just distracts you from the
positive things in your own life. Plus, having the patience and determination
to save up for something you really want can give you a great feeling of
accomplishment and add to your enjoyment of the purchase.
2. When I don't have enough money in my
checking account to cover a purchase, I swipe a credit card. If you are
routinely making impulse purchases with money you don't have, you may be
heading for disaster. Regularly carrying a balance on credit cards can become a
trap that is difficult to escape.
are too restrictive! Actually, the
opposite is true. Budgets help you organize your spending to make room for the
things you really want to do or purchase. Making, and sticking to, a budget is
the number one tool to make sure you are financially successful.
no point in saving money when I can only put away a small amount. Saving is
ALWAYS a good choice, no matter how much you can put aside. All those little
tiny bits do add up over time. Plus, saving is really a habit, and once formed,
is easier to stick to. It's okay to start small!
dress is on sale, even though I don't really need it, it's a great deal!
Just because something is on sale, doesn't mean it's a great deal if you don't
really need it. You are much better off stashing the money you would have spent
on the sale item you don't really need into savings.