Many factors influence how we spend money. One of the biggest factors is our attitudes about money. Understanding how buying things makes you feel is key to helping you spend money on things that match your needs and values.
What Type of Buyer Are You?
- Bargain Buyer – Are you less interested in what you buy than in getting a bargain? If so, you may be a bargain buyer. Many people feel they are beating the system when they buy things on sale. For example, your self-talk may sound like this, “I can’t use it right now, but I can’t leave it at the store at that price.” If this is you, remember if you cannot use the item, it is not a bargain.
- Emotional Buyer – Do you find buying something boosts your spirits? Sure, this might be true for most of us, but for some people it happens so often it becomes very costly. If so, find a few ways to boost your spirits without spending money. For example, go for a walk, call a friend, organize a drawer, finish a project, listen to music, etc.
- Get-Even Buyer – If you buy things to get even with, or bother someone, you might be a Get-Even Buyer. People who do this often end up hurting themselves, particularly if paying for items becomes a burden.
- Status Seeking Buyer – Many people pay more for brands and designer items, when a store brand would meet their needs. Wanting to be noticed for having the best and most desired items motivates many buyers. Consider only paying more for something if the quality, instead the name on the item, warrants it.
- Wishful Buyer – A wishful buyer believes buying and using a particular product will make them look younger, thinner, or more attractive, etc. Many people have bathroom cabinets or closets full of these items. Be critical of advertisements that promise unreasonable outcomes.
- Satisfied Buyer – These buyers compare prices, choose carefully, know what they are getting for their money and what they can afford.
Understand Your Spending Personality to Avoid Overspending
Sometimes, we all have challenges managing our money. If your spending choices give you stress or worry, then it is time to revisit your money personality, habits and values. The closer your spending choices reflect your values, the more successful you will be in making your money work for you. If you have identified a spending weakness, ask yourself how you can avoid or modify spending choices. This can help you spend money on things more important to you.
Learn More about Managing Your Spending Choices
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