Budgeting customised to fit every money personality type

In real life, different people adorn different personalities. Some basic characteristics differentiate each personality. In a similar way, they can have different money personality types as well.

Thus, if you are contemplating formulating a budget plan, the first step would be to decode your money personality type. Different life experiences define different financial paths. At the same time, the belief system that one pursues can influence the financial journey.

Budgeting should be done according to the personality type. It just works like how different loans serve different purposes. For example, you might be jobless for some time and need  loans while on benefits .

Now, these loans have been designed for a borrower who has no job and is dependent on benefits. Thus, there is no need for you to compromise with other loans. This is exactly how a budget should be constructed after analyzing the money personality you have.

This will prevent unnecessary steps from being skipped. You can focus on more productive hacks that would align with your financial objectives. Your personality will reflect how you manage your relationship with money.

Go through this blog to find which traits match yours. This will enable to understand the personality type you have. Keeping this in mind, you can follow the necessary budgeting hacks to organize your financial life.

Budgeting made easy for every money personality type

The meaning of identifying the personality type you have is to acknowledge the pros and cons of this financial journey. In this regard, one thing that you must note is that yours can be a combination of few traits from different personalities. This is how it works as a perfect match with a personality might be an unrealistic thing.

Thus, you should be implementing a combination of steps picked from different personality types. An overview of how much you resemble with each personality can help you devise the budgeting strategy.

· The personality saver

Some people save with a defined goal in mind while some simply stick to this habit. Both are saver as you are fond of this idea of ​​salting away. However, at times, this saving mentality in you can make a strict saver.

Then, you just restrict yourself from spending money even for a small necessity. With time, you can become a saving expert and people can come to seek your advice as well. Although it is good to grow your bank balance through saving, not at the cost of depriving yourself.

You are earning money not only to save but also to enjoy your life. If you keep saving money only, you will never be able to focus on the other goals of your life. Instead of just saving money and not fulfilling your desires, you can think of achieving the both.

Strategize on how you can work out a plan to utilize your money to make more money. This way, saving and taking pleasures of life would be possible. You will be able to do so without hurting your objective to save money.

Keep investing your saved money so that you can take pleasure in some guilt-free spending. This is a very productive habit and can lay the foundation for achieving major financial milestones.

· The spender personality

Do you enjoy the process of spending money? You find peace by purchasing things randomly. In this endeavour, you do not even realize whether you are shelling out money mindlessly.

There is no problem if you want to spend money for something you want. However, too much of it will leave with no resources in the upcoming days. Besides, it will keep you so engrossed that you will not bother to pay attention to your financial goals.

If you do not control this behavior, you will end up spending too much beyond your financial limit. This can go to such an extent that you have to deal with a heavy burden of debt. To get a grip on this habit, you must begin by keeping tracking of your spending.

Note down all the outgoings so that you can analyze and figure out the disparity. It is practical not possible to become a saver all of a sudden. This personality shift will take some time and you must be patient.

Automate the saving process so that you do not have all the available in your bank account for utilisation. With time, diversify your saving plans and keep investing money so that you get access to a limited amount for random spending.

· The money-maker personality

They are someone who are very particular about making money in the easiest way possible. They are workaholic person who loves to work hard and earn money. However, they might be least focused on channeling the money to build a better tomorrow.

If you have this money-making mindset only, you must be doing multiple jobs. Apart from a steady job, you must be earning money from a side hustle. You are ready to do everything possible to help your bank balance grow.

When you chase money only, you leave aside your emotions and family. You hardly allot time to your personal life. As a result, after some time, you might find yourself lonely.

In this chase, you might have overlooked your health and now, you are suffering from multiple problems. There should be a balance in your life. You must make money to save and grow with time.

At the same time, you should not over-stress yourself to earn more money. Instead of doing too much hard work, you must do some smart work. This will enable you to have some time kept for yourself and your family.

You should love the idea of ​​making money. Nevertheless, you should be doing the needful to utilize the money to secure your future. For example, the additional income you are drawing out can be used for retirement planning.

· The indifferent-to-money personality

There are a bunch of people who hardly pay attention to money matters. They are too lazy to think and talk about money. You are too reluctant to do anything with the money you earn.

You do not explore the various saving and investing ways. You have a mindset that you should not make decisions based on money or bank balance. The worst part is that they do not even feel to enhance their knowledge about money.

However, some crucial financial decisions should be taken in life. They need to understand that first in order to get started with their financial journey. The first step should be understanding finances.

The bottom line

Knowing your money personality gives you the power to adapt other traits from other personalities. This might be required to proceed in your financial journey. You might show a combination of traits from a spender and saver.

If the latter overpowers the former, your financial situation will be unstable. You might even have to take out risky borrowing options like  non-homeowner guarantor loans . Despite your tenancy status, you might have accumulated a lot of debt.

Now, to get external funds, you are required to produce a guarantor which is a tricky job. Convincing someone to accept an additional financial burden on your behalf is not easy. You may or may not find a person who can become your guarantor.

Thus, in this case, you must rectify some of your traits so to become more of a saver than a spender