Spending, What’s Your style?

Spending isn’t a bad word when you have the right character in it. When we look on a more personal meaning of money into our lives, we will realize that spending money and resources are mostly influenced by ourselves. You can’t just blame your friends and your trauma with your spending style because what’s important is how you overturn the negative habits and make your spending style more appropriate. [caption id="attachment_18021" align="aligncenter" width="250"] Image from .sodahead.com[/caption] We started learning our spending habits as a child, when our parents first gave a peso, when we first asked for it and finally, go to the nearest Sari-sari store and buy for something worth our coin. As we grew up, our needs and likes differ based on the amount that we received. Being in high school and college are the most crucial stage of learning our spending habits however, having your own salary introduces you to an entirely different scheme of spending. Salaries expose us to channels like food, things, priorities, luxury thus, our spending habits becomes a part of our identity. All of us have spending styles, let me identify you some styles and determine who you are. One Day Millionaire. According to Urban Dictionary, it is defined as “spending money impulsively because you just got paid then regretting it the next day”. I have been in this kind of situation. And most of the people who have this habit are ignorant of finances. Some reasons why people have this habit are: a. they expect a fixed allowance that is surely to come. b. They have impulse buying problems. C. Deprived when young, they will grab the chance to spend what they think they deserve d. immaturity, does not only apply to age but handling finances involves your maturity to determine your priorities, luxury and frugality. This habit is a complement of regret and worst often associated with debt. The Garbage collector. It is not literally collecting garbage; moreover, the collections are debts, unwise investments and insurance, absurd purchases and many more vain dissemination of money. This one is like creating a hole in your wallet. No, you don’t want garbage for your money, so the best thing to do is think first. Before you buy, invest, or lend your assets, make sure you do necessary researches about it. Better be wise than Sorry. The Denial Queen. This award goes to the stingy one. You owe yourself some time, some money for amusement, food yet you deny yourself to acquire one. Even the Money jars propose 10 % of your income to be spent on your gaming, leisure and relaxation so it is not necessary a waste. The planner. This one needs a pen and paper. The planner is more of an exaggerated version of perfect spender. List everything that needs to be settled, list the allotted budget needed, list everything spent, keep receipts and calculates every time. It’s like a hobby of budgeting and analyzing the finances. Commonly, this type of spender was born when the person is in great need and in a tight budget. It is an achievement to have an excess out of the budget and will continue to compute till the money fits. The Robber. Most of us have this trait, it’s a treat magnet. Most likely to spend by using others to spend for them. While most of courtship encounters this phase, there are individuals whom use it as a career. They are very tight fist to finances and if peers invite them to somewhere, or they want something badly, they would use their powers, whatever it is to convince the other to treat them instead. It’s alright to ask for treat at times but, if you are being abusive then you might want to step back. In worst cases if the robber doesn’t know how to carry herself, he/she end up giving an undesired return. The YES Man. This is the opposite of Robber, while the other aims for freebies this one, with money or none will go giving free. Most of the people who spend like this are used of Vices, Gimmicks and a party animal. It may be a desperate move to catch an attention and to feel belongingness. On the other hand, another yes man is a just an angel who couldn’t stand a friend paying for their expense. If you are a yes man, careful, you’ll never know when your wallet will be empty, money is like a wind just passing by so know your limits. The Swiper. Are you addicted to your card? Cards are also a status quo, it means being on the trend. You can be entitled as a socialite if you use card, so the swiper tends to use and abuse it. You swipe even when you have cash, you swipe for something that you just saw, and you swipe for everything you buy. It is not a good habit because you can spend more than what you need. If you know, you have impulse in buying, and can’t resist temptations then my advice to you is in the first place don’t get one. You don’t want to get swiped by the booming bills and interests don’t you? The Puncher. I describe it as a puncher because of the first gesture. This one knows how to save, doesn’t commit to anything she’s unsure of, always goes for the budget and allots discipline to buying. The mindset, “It’s out of the budget or not on my priority list” is the weapon. There is discipline yet finds a way to save for something she really wants. This one buys one time big time. Time, Money, priorities and budget matters to this spender.   These are just eight. You can assess yourself and tell yourself where you want to go. Whatever style you have, deal with it in a great character; don’t let it drag you down.

Mark Hugh Neri

Looking for financial planning workshop or for life and/or health insurance with investment options? Got questions related to personal finance? Feel free to message me at Money Gizmo (see link below)

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