Understanding The Psychology Behind Spending



Who are you? Are you a saver, a spender, or maybe you fall somewhere in between? There is no doubt there are countless pieces that make us what we are – distinguish our dynamic personalities. But have you ever given it a thought that how your personality affects your finances?

Could it be possible that your sociable personality is causing you to spend more money on social events? 

Recent studies reflect that if people who are eliminating credit card debt understand their personality, they can make much more healthier money choices. The process of understanding your personality can help you pinpoint the secrets behind how you think about spending, saving, and managing your money. 

The behavioral science and psychology behind this allow for a much greater understanding of why particular personality qualities motivate your financial choices. 

Do you like narrating stories? Are you a naturally outgoing person, who always likes to engage in any social event? 

You love hanging out with people, emitting contagious energy, and sparking a conversation in a snap. But all of this charm makes you defenseless against impulse spending. You’re the one buying drinks for your friends, saying yes to a new opportunity because you don’t want to fall short on having a good time. 

So how can you avoid punching holes in your pocket without sacrificing your social life? Well, try being more conscious of your spending habits when you go out. Fun can be on a budget and avoid unnecessary spending by keeping the bigger picture in mind. By creating your long-term goals, you’ll be able to enjoy more on adventures in the foreseeable future. 

Maybe you feel that you are a Free Spirit – a skilled multi-tasking individual, who craves impulsiveness. Your carefree approach may be responsible for most of your decisions, but is it actually helping you clear your financial picture? 

Maybe it’s time to play a more serious role in your financial success story. Begin the research on how to save for retirement, or consider adding to a 401K. You can pursue this by setting up the reminders on your laptop or phone about when to pay your bills and avoid getting hit with late fees. 

Wouldn’t it be cool if you make more guided choices simply because now you are familiar with the fact of being an impulsive spender? Take action to find out what financial personality suits best to you. 

Yes, understanding your personality can eventually help you discover more self-awareness. And whatever your financial personality is, we offer you the support to make you more successful with your money.

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