If you get the question “What is your financial behavior?” The answer includes knowing your own financial behavior. and do not know how their financial behavior is
Financial behavior is spending and saving behavior. savings model Solving financial problems such as thinking before buying Paying bills on time Comparison study the data before making a decision and setting long-term financial goals
Financial behavior can predict future financial stability. If you understand, it will help you to determine the way of spending, saving and investing. There are 5 basic financial habits. Let's explore for yourself which style of financial behavior is the most relevant.
1. Spender
People with this type of spending behavior tend to spend money to buy a large amount of things at a time, such as buying several items, buying brand-name clothes several sets at a time. I love having the latest and best stuff. and does not like bargaining So I have the peace of mind to spend a lot of money. not afraid of debt and tend to like to take high risks if they want to invest
2. Thrifty
The money saver behaves the opposite of the spender. They buy things only when necessary. It is important to compare prices before buying and buying with cash. (Not popular with credit card spending) is a group of people who do not like to incur debt. and naturally take a low investment risk. Therefore, they are satisfied with keeping in low-risk assets such as savings deposits. government bonds, etc
3. Shoppers
Shoppers are naturally emotionally satisfied with their spending. Can't resist spending a lot of shopping with a credit card at a time. And what is common for this group of people is that they look for cheap products and are happy to be the first to own it and show off by taking photos. Describe the properties of the product and post it on social media.
However, unlike shoppers, shoppers are more concerned about the level of debt they incur and stop spending when they start to overspend. As for the investment of this group of people, they have to share some money to save, such as provident funds.
4. Debtor
Characteristics of a debtor There will be no monthly spending plan. Can't separate good debt and bad debt. Therefore, this group of people will spend more than the money they earn and become insolvent. As for the savings, it is not important because there is no money left to save.
5. Investors
Investors are aware of the conscious use of their money. no spending problem Understand your financial situation and try to invest your money for long-term returns through careful decision making. Understand the level of risk and have clear financial goals
Adjusting financial behavior
When you understand your own financial behavior It's time to explore what can be done to maximize long-term financial gain.
1. Payer
if you save too much, you may miss a good opportunity. Especially in investment by trying to look for investment assets with higher risk. To increase long-term returns such as mixed mutual funds, stock mutual funds, etc.
2. Economist
Although saving is good but if you save too much, you may miss a good opportunity. Especially in investment by trying to look for investment assets with higher risk. To increase long-term returns such as mixed mutual funds, stock mutual funds, etc.
3. Shopper
Shoppers need to adjust their spending habits, controlling credit card spending and taking into account the effect of debt levels. Especially if you want to spend via credit card for purchases. At the same time, try to erase the misconception that shopping can make you feel better, reducing stress, because over-shopping can lead to financial problems and even more stress. On the investment side, the money should be allocated to invest in more diversified assets such as mutual funds, SSF and RMF.
4 .Debtor
Plan your finances by keeping a record of your income. regular expenses in order to know how much you have to pay and try to reduce debt that is not necessary for life. to bring money to start investing
5 .Investor
Try to keep track of your investment portfolios and study new knowledge and investment channels that are in line with your own investment style. to increase the chances of long-term returns
Although it is not possible to adjust financial behavior in a short time but if you know what weaknesses you have and take action Learn how to make money, spend it, grow it. And by making enough money to spend, the desired financial goals can be achieved.
