QUIZ: What’s your financial personality?
Published on 28th February, 2023 at 06:01 pm
Are you a spendthrift or a shopaholic? Have an unhealthy attachment to your credit card, or insist on spending in cash and investing the rest? Find out what your financial personality is, the strengths and weaknesses of each, and how you can make the most of it with this quiz.
Reading time: 3 minutes
In this article you’ll learn:
- What your financial personality could be, with the help of our quiz.
- The pros and cons of your financial personality.
- How to make the most of your financial personality with our programme benefits.
Our money personalities are shaped by our world views, which, in turn, are shaped by our personal circumstances. This is according to Farzana Botha, Manager: Segment Solutions, Retail Affluent: Recurring Savings at Sanlam. “Understanding how we come to view something,” she says, “will help us determine if our choices are empowering or limiting.”
Similarly, Saul Gerdis, an accredited debt counsellor, says that knowing yourself can prompt you to change certain financial behaviours. “This will help put you in a better position both personally and with the credit market,” he says. Nicki Blignaut, a senior financial planner and principal at 2one2 BlueStar, authorised by Sanlam, agrees, adding that, if you know your habits, you know how to control them.
Spender
Q1 Do you spend your money as soon as you get it?
Q2 Do you think much about the future?
If you answered ‘yes’ to question 1, and ‘no’ to question 2, you could be a spender.
Pros: You enjoy a higher standard of living and take opportunities as they arise.
Cons: It’s difficult to stick to budgets, save for the future and manage debt or unexpected expenses.
Tip: “You can still choose wisely,” says Botha. “You can be a savvy spender and save money on items you would buy anyway.”
If you need to curb your spending, an easy way to do this is by taking advantage of savings available to you, for example, through your programme benefits. Get discounts on travel, entertainment and fibre internet to your home with your Sanlam Reality benefits.
Saver
Q1 Do you prioritise saving your money?
Q2 Are you disciplined and do you prioritise your long-term goals?
If you answered ‘yes’ to both, you sound like a saver.
Pros: You can save for important milestones, and also deal with unexpected expenses.
Cons: It’s often difficult to enjoy the present moment, and you can miss opportunities because your money is tied down into savings.
Tip: “Remember that you also have to live,” says Blignaut. “It’s okay to spoil yourself every now and then.”
The Sanlam Reality savings calculator can help you get and stay on track to your savings goals. Try it now, and earn 1 000 tier points!
Debtor
Q1 Do you often rely on borrowing?
Q2 Do you struggle with managing debt, and tend to overspend?
If ‘yes’ was your response to both these questions, you could be a debtor.
Pros: You can afford luxury items, and you’re able to make the most of every opportunity.
Cons: Your debt can become a real source of stress, and the future is uncertain.
Tip: “Determine your wants versus needs,” says Gerdis. “Also pay close attention to your interest rates.”
Get to know your credit profile using Sanlam Credit Solutions and get access to a credit management coach. Register for free, here.
Investor
Q1 Do you prioritise investing to grow your wealth?
Q2 And are you comfortable taking risks, like investing in stocks or bonds?
If ‘yes’, you’re an investor.
Pros: You can eventually enjoy a high standard of living and retire comfortably.
Cons: You take on risks that sometimes don’t pay off.
Advice: “Be sure to know how long you’re investing for,” says Blignaut, “and whether you’re an aggressive or cautious investor.”
Ignorer
Do you tend to be in complete denial about your finances, and rarely think about the future?
If yes, we have an ignorer on our hands…
Pros: You can enjoy the present moment fully without thinking about the consequences.
Cons: Your future can be very uncertain, and you can easily run into financial problems.
Advice: “Don’t simply do nothing,” says Blignaut. “Remain on top of your finances.”
No matter your type, you should…
- “Always have a budget and stick to it,” says Blignaut. “Remember that experts are warning of another volatile year. But if you focus on the long term, you will be okay.”
- Gerdis suggests that debts always be paid off as soon as possible. “And always be sure to pay your debts on time,” he says. “Late payments lead to a possible lower credit score.”
- Botha suggests having a trusted financial partner. “It’s useful to have an accredited financial planner to help you understand your options and then set a course of action. A Sanlam accredited planner can be a great resource.”
Book a meeting with a qualified Sanlam financial planner today to get a grip of your finances and earn 8 000 tier points.
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