By Rick Mauro

When it comes to managing money, everyone has their own approach. And everyone seems to fall into two main categories: spenders and savers. 

Who is your financial avatar? Maybe now’s the time to adjust your relationship with money and take a few hints from the other side of the balance sheet! Blending aspects of both of these might be the answer to improving your financial well-being.

You’re a Spender

• You value experiences, living in the moment, not planning for the future or thinking about the consequences of overspending.
• Delayed gratification is a real downer. You’re prone to impulse buys that frequently lead to buyer’s remorse.
• You may find it easier to get into debt than get out of it. This can lead to financial insecurity and the associated stress.
• If you get a raise or a bonus, you think about the fun you’ll have spending the money, not how much of it you can save.
• You focus on the benefits of a purchase, rather than the money you spent. You are the fun person at the bar buying rounds, not thinking of the bill at the end of the night.
• You may live beyond your means. The concept of “buy now, pay later” speaks to you on a deeper level. You’ve little concern about purchasing on credit. 
• You’ll buy a vacation property or RV to enhance your personal and family fun time, and you’ll probably finance it.
• You get a temporary high from spending and are prone to practicing the joy of retail therapy.
• When you dine out, you look at the left side of the menu, focusing on food before price.
• You struggle with creating or following a budget because it not only sounds like torture, but it also hampers your spontaneity.
• You value your personal time outside work. You work to live, not live to work.
• You’re likely to prefer a vacation over a retirement fund contribution. Stamps in your passport could outnumber dollars in your savings.
• You may enter your retirement with an abundance of extraordinary life experiences, but with financial insecurity, or even debt.
• You have enough money to last a lifetime, but you have to die before next Tuesday.

You’re a Saver

• You appreciate setting financial goals and reaching them. You’re future focused. 
• You can forgo many of the luxuries in your life, especially when you’re trying to reach a financial goal.
• You feel good when you save money and see your bank balance rise. Others may see you as cheap, tight, and rigid.
• When it comes to money, you like to make it last as long as possible. Moths may fly out of your wallet.
• You tend to focus on your tumbling bank balance after a purchase and downplay or lose sight of the advantages of your purchase.
• You live within or even below your means. You’re comfortable saving now to pay in full later and avoid the credit cost. You are debt averse.
• You’ll buy a rental property and renovate it with the hopes of a substantial capital return in the future.
• You may, in extreme cases, suffer physically or mentally when you make a major purchase. Your wallet tends to quiver in your pocket.
• When you dine out, your eyes drift to the right column, thinking price before food.
• You meticulously map out your cash flow on a spreadsheet and review your budget and your monthly spending.
• You’ll sacrifice personal time to pick up an extra shift or overtime.
• You focus on paying down debt but sacrifice the joys of travel. To you, vacations are an expense rather than an investment in memory making.
• You retire debt-free but worry about having enough healthy years to catch up on the experiences you missed.
• You have a fully funded retirement and money leftover for heirs and charities … the dough you could have enjoyed in your youth.