How To Budget Money – What’s Your Budget Personality?
How to Budget Money
With so many programs and techniques out there, people are learning new ways of how to budget money.
I have spent thousands of dollars on various programs designed around learning how to budget money. Most programs are very similar; some of the approaches just fit my personality better than others.
Finding the tools that fit my personality made money management fun for me. I no longer felt like I was on an uphill battle trying to change my personality.
Budgeting Joan of Arcs: These people give too much to their detriment. Their giving often puts them in debt as people take advantage of them.
These personality types make money easily and are not excessive spenders but they are excessive givers. These personalities do not like dealing with how to budget money because they don’t want to stop being a martyr.
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These personality types are best being set up with their normal protective accounts (retirement and emergency) but need an additional account or annuity for inheritance and another martyr account. These two accounts will protect their own money and keep them from going broke while allowing them to continue giving. Because these personalities make money easy, knowing they are building an account that will be passed on when they die and have an account that they can draw from when someone needs their help, will satisfy their martyrdom. It is best for the money to be split up automatically by the bank out of each deposit. The less they deal with their own money, the better off their chances are of being able to protect their own future.
Budgeting Hotheads: These are spending aficionados. They do not save nor can stand hearing the dreaded “b” word that may curb their spending habits. These personalities will always have an excuse as to where their money goes, but never will admit mismanagement of funds versus income. These people are often very stressed about living paycheck to paycheck but forget the stress when they are spending.
These personalities need a financial report of debt to income. Learning how to budget money for them needs to be done in a way that allows the person a spending allowance, while all the other money after living expenses are automatically deducted from each check and put into savings. These people will generally put smaller amounts into savings to allow a little bit more flexibility with monthly spending.
Budgeting Apathy: These personalities do not like to budget because they do not like dealing with money. They don’t want to know how much they have or how much they spend. They do not care one way or the other. These people generally stay within their natural spending limits.
These personality types are very easy to show them how to budget money. Everything needs to be divided up electronically, as well as having electronic bill pay set up. These people are alright with having various savings accounts. Money is not something they want to deal with, so making sure their bills are covered and automatically dealt with each month will give them great peace of mind.
Budgeting Controllers: These personalities will look at every purchase receipt and scrutinize it down to the last penny. They abhor wasted or mismanaged money. They often have a financial lack mentality and never feel like they have enough even when they make a good income.
These personality types are perfect for controlling their own finances. They will divide up money on their own each month for their various savings accounts. They like complexity so they are good for having a few different types of savings. Seeing money growing will help with their lack mentality.
Money Gods or Goddesses: They make money easily and always have more than enough. This personality type loves making it, seeing it, and enjoys playing with it. Their focus is not solely on making money. Their focus is more about enjoying all that they do and being able to help others or make a difference in the world.
These personalities will love multiple accounts and investments. They will never worry if one of their accounts did not do as well as expected. Since they like dealing with money and like to have fun, flexibility to move money around will be important to them. These people will enjoy safe and stable accounts that are allowed to grow if they can have mad money to invest and take risks with. They also need accounts set up for philanthropy and charitable donations.
How to budget money will be easier and more enjoyable once you know your budgeting personality.
Comment below and tell us your budgeting personality and some of the budgeting strategies you use based on your personality.