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What's Your Savings Personality?

By Len Canter
HealthDay Reporter

THURSDAY, Sept. 27, 2018 (HealthDay News) -- Can your personality determine how good you are with money?

The answer is yes, according to research by Jacob Hirsh, an assistant professor of organizational behavior and human resource management at the University of Toronto Mississauga's Institute for Management and Innovation.

Introverts often prefer to save money, banking bucks for a large purchase or a retirement nest egg, while extroverts often like instant gratification and will spend on immediate rewards, even if they're smaller. That can mean impulse buying, high credit card debt and little savings for a rainy day.

But you don't have to dampen an outgoing personality. Just take steps to keep it from making you financially poor.

First, set a financial goal, whether it's to buy a house, start a retirement fund or get out of credit card debt. Then work on a plan to reach that goal. People who write out their plan are twice as likely to actually save money.

Of course, to be able to put any funds aside, you need to create a budget. Include your income, how much you spend and on what. You can do this with an app, an Excel spreadsheet or an old-fashioned paper ledger.

Now look for ways to fill the piggybank. You can start small.

  • Pay off your credit cards with the highest rates and switch to a credit card that pays you back a percentage of your purchases.
  • Change banks for lower fees.
  • Find areas where you can cut back, such as expensive morning coffee shop stops and how often you eat lunch out.
  • Put loose change in a jar at the end of every day and, once a month, take it to the bank.

More information

AmericaSaves.org, a project of the nonprofit Consumer Federation of America, has detailed ideas to help you save, from setting a goal to ways to reach it.

Copyright © 2018 HealthDay. All rights reserved. URL:http://consumer.healthday.com/Article.asp?AID=736598

Resources from HONselect: HONselect is the HON's medical search engine. It retrieves scientific articles, images, conferences and web sites on the selected subject.
Personality
Goals
Back
Mental Health
Set (Psychology)
The list of medical terms above are retrieved automatically from the article.

Disclaimer: The text presented on this page is not a substitute for professional medical advice. It is for your information only and may not represent your true individual medical situation. Do not hesitate to consult your healthcare provider if you have any questions or concerns. Do not use this information to diagnose or treat a health problem or disease without consulting a qualified healthcare professional.
Be advised that HealthDay articles are derived from various sources and may not reflect your own country regulations. The Health On the Net Foundation does not endorse opinions, products, or services that may appear in HealthDay articles.


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