How Your Money Personality Type Can Help Your Financial Planning

24.07.2015 8593

Let's be honest: organizing your finances might be not the funnest way to spend your weekend. But at some point we just have to do this. Like taking out the garbage or cleaning up that old closet you've been ignoring for months.

Although, everyone has more than one way to organize the money. Every person is different and depending on what personality type you are ways of handle your finances may vary.

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When it comes to money there are four most common types of personalities, and we will tell you how to organize your finances depending on what type you belong to.

Personality #1 – The Hoarder

To hoarders money is the way to obtain security. While saving money is a positive thing, hoarders take saving to extreme levels. They save money just to save money and sometimes it all goes beyond reasonable level. It’s good to save money, but it’s also necessary to spend it. Such stockpilers have a habit to keep a pile of receipts for old purchases, 5-year-old bills that they no longer need just because they are afraid to throw away an important document. If this sounds familiar and you think you're a hoarder type - it's time to organize your money right!

   READ ALSO: 5 Money Strategies You May Want To Reconsider

The Solution

Taking baby steps is the best advice for money hoarders. Try not to hold on too long onto paperwork. Here’s what you can safely throw away: credit card statements that are more than a month old if they don’t include deductible purchases; utility and phone bills that are more than a month old; receipts from ATM; any paperwork that duplicates files that you’ve already securely stored online or in an external database.

Remember that money needs to work. That doesn't mean you should invest all of your savings at once. No! Take a few small risks in your investments that won't hurt your wallet. When you'll realize that such money spending doesn’t necessarily lead to disaster - it will be easier to explore some other options that will help you not only to multiply your money, but also live a life full of enjoyment.


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