The Vault July 2011: What’s Your Money Personality?
Different people deal with money in different ways. Some people are obsessed with it. Others ignore it. Understanding your money personality can help you be a better Biz Kid!Pass The Vault along
Help your friends discover their money personality. Pass along The Vault with the handy buttons on the upper right.Video of the Month
Want to save some dough? Here's the Coupon Queen with some penny-pinching wisdom--without being "pound foolish."http://youtu.be/HtZXJrSt91s
What’s your type?
Everyone has a different money personality—a way of saving, spending, and thinking about money. What’s yours?
Oblivious people don’t pay attention to their finances—they don’t keep records, check their bank statements, or worry about whether they’ll have enough.
Being Oblivious is nice because…
* You don’t worry as much—at least not at first.Being Oblivious is risky because…
* Bounced checks, late fees, and interest payments really add up—and your credit score will be lower than your bowling score.
To balance Oblivious tendencies you can…
* Keep a diary of what you spend and read your bank statements
Money Stars like to look good and have the latest gear no matter what the cost.
Being a Money Star is nice because...
* Being trendy can help you feel like you fit in.
Being a Money Star is risky because...
* You can spend every penny trying to look good, and end up with nothing to show for it.
To balance Money Star tendencies you can…
* Pay yourself first—meet a savings goal and use what’s left over to fill out your wardrobe.
Penny Wise, Pound Foolish
PWPF means you want always buy the cheapest thing to save money—which ends up costing you more in the end when it falls apart or doesn’t fit your needs.
Being PWPF is nice because:
* You get some awesome deals.
Being PWPF is risky because:
* Sometimes the cheapest thing can be more expensive—like going over your minute limit on a low-cost cell phone plan.
To balance PWPF tendencies, you can:
* Don’t just look at price—think about whether a purchase is a good value.