What is your Financial Personality?

When it comes to managing your finances, are you more likely to be impulsive and positive or stick to a formal plan?  Understanding your financial personality can be important on the journey to reaching your financial goals, whether it’s something short-term like buying a home or longer term like your dream retirement.  For some of us it’s simply about finding a better balance between spending and saving.  

According to Charles Schwab about 43 percent of Americans are “Dreamers” when it comes to their finances – they tend to live in the moment but can also feel unprepared for certain life events.

Only 10 percent are considered financial “Architects” – they not only imagine the future but take pen to paper and map out a plan to make it a reality.  Other personality types include Improvisers (18 percent), Organizers (11 percent), Mavericks (10 percent) and Philosophers (8 percent).

What are your personality traits?

  • Savers: Those who save now so they can enjoy their money later. Savers are debt averse; they pay off their mortgage early.
  • Spenders: People who want to enjoy their money now and worry about the future later. They don’t save much and tend to borrow.
  • Sharers: Those who want to share their money with family, friends, charities or their community.

Recognizing all these characteristics may help you understand why they make the financial decisions they do.

Here are some key themes to help determine your money personality and provide tips to help you achieve your goals:

  • Is juggling your monthly bills a breeze or a tornado?
  • Do you set goals or go with the flow?
  • Are you an engaged investor or a sideline saver?

Click here to take a money personality quiz and learn more about your money personality and tips and tricks to help reach your financial goals.

Once you’re invested, it’s important to stay engaged to stay on track.  Keep an eye on your investment fees and make sure to rebalance about once a year. It’s about understanding who you are, how you can get where you want to go and having a plan to get there.  

Money Management Apps to help boost your finances

Did you know that the average American has $6,375 in credit card debt and 77 million have debt in collections on their credit history?  With these staggering numbers, it’s clear that people need help managing their finances. 

No matter what your financial goals, saving money is always smart, but not always easy.  The good news is there are plenty of apps available to help manage your finances, save spare change and even set and monitor financial goals.

Trash your paper planner and those outdated spreadsheets in favor of these money management apps:

MINT has been one of the most popular personal finance apps on the market for a long time.  It connects to your bank account in order to track your spending habits and provide you with personalized money-saving tips.  You can connect multiple bank accounts, credit cards, and loans and allows you to see everything in one place.  It’s easy to use, great for budgeting and syncs with most banks.

QAPITAL takes the concept of saving money and adds a goal-setting component.  It offers lessons on the value of saving even small amounts and explains how doing so can make a big impact on achieving larger goals.  

WALLA.BY helps consumers think more intelligently about credit card usage and how to make credit work for them.  Walla.by offers a mobile app, browser extension, website and wearable device app, all to help keep you informed on what credit cards to get, how to use them and how to maximize the rewards programs.  

LEVEL MONEY connects with your bank account and provides a suggested monthly spending limit.  The app bases its suggestion off of your income and recurring bills and incorporates a savings plan as well.

LEARNVEST can act as your virtual checkbook.  You can link all your accounts together to track spending and input any cash transactions.

YOU NEED A BUDGET (YNAB) is based on the envelope method when people used to physically split up their cash into envelopes labeled with different spending categories.  The YNAB app makes this process digital by connecting to your bank, tracking your spending and helping you visualize how close you are to hitting your spending goals.

MONEYLOVER is a budgeting and expense tracker that allows you to set limits on spending categories and displays your spending habits in the form of helpful pie charts and bar graphs to help you understand your financial life.  It’s very simple to use and includes bill reminders, debt and loan tracking, and budget forecasting.

HONEY is for people that routinely overspend and do unnecessary shopping.  Using coupons and discounts can help and that’s where Honey comes in.  It’s a free browser that automatically finds and applies coupon codes at checkout on more than 30,000 shopping sites.

BUDGET BOSS allows you to be your own financial planner. Budget Boss links to your bank account and predicts what your spending and savings pattern will be into the future. It can project debt payoffs and savings calculations, which will help you, stick to your budget.

CLARITY MONEY helps you do away with wasteful spending that you’re probably not even aware of.  This app helps determine where money is being wasted on things like unused or unnecessary subscriptions.  It searches for opportunities to negotiate lower interest rates on existing loans and recommends credit cards that may better fit your needs.  Clarity Money also includes a feature to track spending and help you stick to a budget.

BLUECOINS can help you plan and stick to a budget while providing alerts and reminders to help you avoid missing a bill or over drafting your account.  You can sync data across different devices, customize your budget and get a complete picture of your cash flow and net worth.

DEBT FREE CALCULATOR can figure out the optimal payment strategy for your loans and credit cards.  You’ll be able to figure out what’s best to tackle first:  highest balances, lowest balances, highest interest rate, etc. and prepare a payoff schedule that’s best for you.

MONEYDESKTOP from allU.S. Credit Union provides you access to a personal financial management software program whereby online banking becomes a “hub” of financial activity.  With this service you can aggregate accounts from almost any financial institution, allowing you to:

·     Track spending

·     Create budgets

·     Manage your debt

·     …..and more!

This is all available within your allU.S. online banking account for FREE!

REMEMBER when using your phone or other devices for financial purposes, it’s important to make sure you have a PIN for accessing the device, no auto-login for apps and a way to remotely shut down your device, if you can.

If you’ve been struggling to budget or even save, a combination of some of these apps can help you get started by establishing a comprehensive budget to manage your income and expenses.  If you’d like help improving your financial situation, reach out to allU.S. or take advantage of our financial calculators to help you understand your financial relationships.