Try This Financial Personality Test- Are You A Spender Or A Saver?

From the existing economic crisis, we have learned one thing-savers are forever happy and more secure in their lives. While being a spender can be really fun, it sets off your chance in having an enjoyable life. And it is necessary for you to be realistic in life, be aware if you spend too much or not. Answer all the questions below with honesty and see if you are spender or a saver.

1) Are you living your life with the principle of “live for today”? If you answer yes, most likely you are spender. You tend to use your credit cards often. Moreover, you will borrow money from your friends with a promise that you will return it tomorrow. Borrowing money just to pay other debts is the biggest warning sign. People who used to refinance their homes as well as having problems in terms of paying mortgage seem to be like that.

2) Do you make any purchases that are out of your budget, and you try to convince yourself that you deserve it? Again, this is a sign of being a spender. Everyone deserves nice things; however, you really need to work hard to get those things.

On the other hand, the most essential thing is the right timing when doing big purchases. You have to consider the perfect time to reward yourself, for instance, you are doing well in paying off all of your debts plus you gain unexpected large amount of money. If that is so, you can allocate 10 % of that money to pamper yourself.

3) Do you ever experience that most of your foods in the refrigerator are wasted? Do you buy many clothes and stock them in your closet? Probably, these are the signs of spending too much. Spenders will keep on buying things without asking themselves if they really need those things.

This means that the food wasted in your refrigerator are not properly calculated. It is also the consequences for having lots of item inside your home, such as clothes, that you don’t appreciate. Now, look at your closet, get all the unused clothes, and calculate all the expenses you spent just to buy those clothing items. Then ask yourself-those unused clothes or your money?

Jeff Deutsch is a personal financial consultant and writes for this blog. To read about jumbo loans NJ and jumbo mortgage rates NJ please click the preceding links.