What is your financial relationship score?
What does money mean to you? It's helpful to know because any of these attitudes taken to the extreme can sabotage your dreams. Find out by adding up the As, Bs, Cs, and Ds you have: The category in which you have the highest score is your type. You probably won't be one type exclusively, but one attitude will probably prevail. If your top two choices are about equal, you are a combination of two types. Once you know which type or combination of types you are, you'll have a better idea of why you spend money in certain ways, and you'll also be able to see patterns in your wish list, once you get to that part.
If you picked mostly:
As: The Spender
Bs: The Builder
Cs: The Giver
Ds: The Saver
Have a look at the different types of financial styles...
 The Spender
Spenders love money for the things it buys them. They prefer to have something concrete like cars or trendy gadgets over having something as abstract as savings. “They enjoy having the newest 'toys' and are often the envy of their friends, much like the fabled Joneses,” McCurdy insists.
They can get into trouble when they spend everything they have--or more. This category of people has the most difficult time saving money. A spender who doesn't pay off his monthly credit card debt, for example, may find himself on a very slippery slope toward bankruptcy.
Tip: Each month take out your allotted savings and expense money immediately. The rest is yours to spend however you wish.
The Builder
Builders see money as a tool. They use it (and sometimes risk it) to turn their dreams into reality. Builders receive joy from the creative process involved in their projects and may even work at mindless jobs just to have the resources to build their dreams. (They probably dream at work!)
Most entrepreneurs and corporate leaders are builders and they make excellent mentors because of their creative endeavors. However, they are prone to miscalculating the funds and risks that are involved in their projects and neglect to leave themselves a margin of error just in case.
Tip: “Developing a portfolio is a building activity,” McCurdy says. “Once Builders get interested in using their creativity here, they're on the escalator! |
The Giver
Thank goodness for Givers! Society couldn't get along without them, as they make up the volunteers, charity donors, and do-gooders of the world. They buy extravagant gifts for friends that they would never purchase for themselves and deny their own wants so they can give to others. “Givers put their time, money, and energy into what they believe in,” McCurdy writes. “Some of them view having money as almost a sin; therefore, the only proper thing to do with it is to give it away. They also find pleasure in making other people happy or in doing good.”
Givers tend to get in trouble because they may ignore their own needs. They also may hurt their children by not teaching them how to take care of money.
Tip: If you first take care of yourself, you'll be better suited to take care of others.
The Saver
Savers are lifesavers. Without them, who would the rest of the world borrow from? Savers create a fortune in the bank very quickly, while still living a comfortable life, sometimes even on a tight salary. “Savers are great at spotting money-wasting activities and avoiding them without thinking twice,” McCurdy insists.
These types are organized and not impulsive buyers. They don't like risk and require a cushion of savings for their own peace of mind. But they can be too conservative and often avoid investments that could actually make their money grow! They also may postpone enjoying their money for so long that it is soon too late.
Tip: Determine how much savings is “enough” to meet security needs while still allowing you to actually enjoy life along the way. Once you reach this number, keep your peace of mind but spend a little money on something nice that you deserve. Life is just too short.
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