There are four kinds of Budget personalities: The Go(al)- getter; The Automater; The Busy Bee; The Avoider. Find out which one are you.
Everyone plans their monthly budget differently, but you probably fall into one of these four ‘budget personality’ categories. Find out which one describes you best:
The Go(al)- getter: You set all your short-term and long-term goals, chart out a good financial plan and then make it happen. Being focused and disciplined, you achieve all that you have planned for the life, now and later.
Tip: Awesome, you manage your finances so well. But we hope you are not forgetting to keep aside money amounting to 3-6 months’ expenses aside as an Emergency Fund. After all, there will be a time your car will break down or someone in family will fall ill.
The Automater: You’re the kind who fills up your life with friends, family and work. Life’s on an auto mode and money management is one topic that doesn’t bother you. Your bills are paid automatically from your account, your subscriptions are automatically updated, insurance premiums are paid on time, and EMIs are met with directly from the savings account.
Tip: Great that you’ve taken care of all the expenses and it’s all sorted. But take a look back at your expenses and a keen look into your account. Are there expenses you can do away with? Are there financial opportunities you are missing out on? You may be failing to create additional wealth!
The Busy Bee: You’re the one who is always on the go. Your life’s commanded by the calendar alerts on your phone. Every hour is marked with a different colour on the work calendar that’s synced well with your smart phone. Every pop-up and notification decided what you’re doing next. There’s of course no time to plan or execute a financial plan, or even to take a look back at the savings account.
Tip: With the advent of numerous Mobile Apps, life’s sure become simpler. You pay your bills and premiums there, buy movie tickets in a jiffy, even shop for most expensive gadgets on the go. But stop right there! You must wait and think where you want to be in next 5, 10 or 20 years! Have you made a financial plan for your future? Even though you don’t have time to think what may happen in next week, but it’s important to make time to plan for a similar lifestyle when you retire.
The Avoider: For you, money is a worry, so much so that you’d rather avoid thinking about it. You miss out paying off bills on time and taking financial decisions until they become late notices or missed opportunities! Your budget is an ‘approximation’, instead of exact ‘math’ of what’s coming in and what’s going out.
Tip: Start small and create a budget. Keep a track of your expenses and start saving. The next step of course is looking for investment opportunities to create wealth.
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