When it comes to handling money, we all fit into one of three personality types, spender, saver or investor. Having said that, it is not as easy as saying you are a clear spender or certainly a saver because we can easily cross over from one group to the next. Sometimes we may be a saver and at other times we spend. An investor may switch to saving at times and a spender may spend the majority of the time, but also save a bit each month. The point is, we are not definitely one over the other two, we filter from one to the other at different times, so the question is which money personality type, do you predominately fall into?
Below you will see a series of statements for each personality type. If you answer the majority of the statements within a personality type in the positive, then that is the preference you have when it comes to dealing with money.
If you want to be an investor, but you came out predominately a saver, well its only a short step to moving over into investment and making a few adjustments. If you came out a spender, you are going to have to look at a making some lifestyle changes, if you really want to begin investing for your future, and the main change you have to make is switching from a spender to a saver.
If you are a spender and do want to be an investor, the best way is not to try and do it immediately. Start gradually by making note of all your monthly spend and cutting back on the purchases that are ‘wants’ and not ‘vital needs’. If you have any debt, look to clear that debt as quickly as possible and as you begin to gain extra money each month, resist the temptation to spend it, but rather start investing small by placing it in a good saving account with reasonable interest.
There is a lot more that I can say on turning from spender to investor, but the purpose of this post was to help you ascertain your money personality type. If getting out of debt is a priority to you, then I recommend you check out the various programs on offer from daveramsey.com
If investing is something you want to consider, I do have a section on this site covering the various types of investments, or you may want to check out information on gold investment companies if you want to invest in something different, like precious metals.