How you drive (cautiously, aggressively or anxiously), your dream occupation (poet, stuntman, Supreme Court Justice), how you tip the waitstaff (lavishly, based on the quality of service, a standard 15%) and even your Thanksgiving dinner preparedness all reveal a lot about your money personality.
A quick 20-question quiz at WIFE.org (Women's Institute for Financial Education) can help you determine whether you're a "hoarder," "avoider" or "splurger."
For example, question No. 16 asks: Guests are arriving for Thanksgiving dinner in one hour. In the kitchen, you're:
a. Frantic, messy, and creative -- you're trying to perfect a new recipe you created just for this occasion.
b. Disorganized, frustrated, and slow -- you know that the turkey is around here somewhere!
c. Organized, fast, and clean -- everything's in the oven already and you're just setting up a few last minute details.
Your answers to money and non-money focused questions reveal your "Money Style."
Hoarders bask in a growing bank account, but are apprehensive about spending money -- even when necessary. If you are a hoarder, learn to take some risks for greater rewards. After all, retirement savings will languish in a stodgy savings account.
Avoiders prefer not to deal with financial issues rather than confront and fix them. They have trouble keeping tabs on their current spending and neglect investing for the future. A bit of financial education (we recommend starting with our 13 Steps) and soul-searching will help. Write down five goals for your near-term future. Yes, right now. Then map out a savings plan (here's help) and start attacking, not avoiding.
Splurgers have a hard time setting limits. Do you find that there's consistently more month left at the end of your paycheck? Don't count on a financial miracle -- winning the lottery, becoming Warren Buffett's long-lost relative -- to bail you out. Instead, learn to reward yourself for reaching certain financial goals and invest in your future. And if you need a personal money trainer to keep you on track, consider hiring reinforcements.
