Everyone spends and saves differently. There are spending personalities on all ends of the spectrum that range from extreme spenders to tireless penny pinchers. Discover what type of spender you are with this helpful quiz courtesy of Milledgeville State Bank.
What’s your typical lunch during the workweek?
A: A packed lunch, typically leftovers from the night before.
B: A variety of prepared lunches from home and a handful of take out meals throughout the month.
C: I usually grab something from one of the local restaurants during my lunch break, occasionally I’ll bring something from home if it was really good.
D: I can’t get through the day without my latte in the morning, and a solid lunch out of the office in the afternoon.
How important is your credit score to you personally?
A: I live and breathe by this number, it influences almost all of my buying decisions.
B: I check my credit every month, it’s important to know where you stand.
C: I have a general idea where I’m at, but it’s not the first thing on my mind.
D: What’s a credit score?
If you want something that is $3,000 but you only have $1,500 available funds in your account what would you do?
A: Wait until I can save the additional $1,500 I need before purchasing it.
B: Compromise on a similar item that only costs the $1,500 I currently have.
C: Purchase the $3,000 item, paying $1,500 up front, and putting the rest on credit.
D: Purchase the $3,000 item and put it all on credit.
What does retirement savings mean to you?
A: Roth IRA, 401(k), stocks, bonds, and personal savings.
B: Using my work benefits along with personal savings.
C: I think I get something for retirement through my place of employment.
D: Something I don’t have to worry about until I’m older.
When you see an exciting impulse buy, how do you manage the situation?
A: I remind myself I’m here for these 5 items and nothing else.
B: I remember I already bought a small impulse buy yesterday, so this one could potentially harm my budget.
C: I made it through the work day today, I deserve this.
D: I already have 4 other things I wasn’t expecting to buy, what’s one more?
If most of your answers were [A] then you are a Penny Pincher: For you, finances are the key to your existence. All aspects of your financials are crafted into a strategic plan to make the most out of your various savings accounts. You’re the first to suggest a restaurant based on cost, and the last to splurge on a large purchase. Typically you’re also the person other family members typically ask for well-rounded financial advice.
If most of your answers were [B] then you are a Balanced Budgeter: In your world, the life of a budget doesn’t have to centered around a hunker down mentality. A budget is a fluid medium that is meant to be customizable to you and your needs. Occasionally an added expenses or unforeseen purchase is needed or warranted, but overall, you ensure you and your family stay on track with a well thought out financial plan.
If most of your answers were [C] then you are a Cautious Creditor: Although much of your financial expertise is based on credit card rewards, and other point benefits, you do care about your money management. While not all your choices are made to help boost your savings, there are certain measures you take on a continual basis to help push your financial goals forward.
If most of your answers were [D] then you are a Debt Developer: Often times you spend more than you intend. Between check-out line snacks, and lunch time splurges, your bank account just tries to keep up. Understanding your financials isn’t necessarily first on your list of priorities, but there are certainly some things you know you could improve. You appreciate the things you purchase and genuinely enjoy the experience of shopping.
No matter what type of spender you are, Milledgeville State Bank is here to help you succeed. For everything from setting up savings accounts, to consulting on wealth management, we have everything you need to continue your financial success. Give us a call at (815) 225-7171 or stop by today to get started!