This is the best way to save depending on your personality


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    By now we’ve probably all taken an online personality test to see if we’re sociable, shy, creative, or something else. But what if we applied these personality types to our money habits? That’s exactly what Clare Framrose, Head of Savings, is Atomic bank did. From worry-maker to risk-taker, you are sure to find a savings style that suits you.

    The concerned one

    If you consider yourself a “worry maker” then you are probably a little concerned when it comes to money. A “worry” can feel like they cannot maintain stable financial status, so they can benefit from other people’s views when it comes to money. Then it can be worthwhile to book an appointment with a financial advisor yourself. That way, you can get rid of your money management worries and find out how best to take care of it. In addition, an instant savings account can be a great option to save, it allows you to save but gives you easy access to the money in an emergency.

    The avoidant

    avoidant personality

    Much like your responsibilities, you tend to ignore your finances until they catch up with you and cause you a problem. While ignorance can be a blessing, ignoring a problem won’t solve a problem; it will only get worse. The way forward for the avoidant could be to challenge yourself, whether you stop buying snacks, eating out or drinking, you could save that money and put it away in an emergency. There are also challenges like the 1p Savings Challenge where you save 1p first, then 2p, etc. By introducing fun challenges, you are more likely to stay interested in your money habits and notice where your money has slipped rather than into To have your rainy day fund.

    The compulsive donor

    Does your money seem to be disappearing every month? A little tidbit here and there, a meal out, an extra drink in the pub and suddenly you’re out of your pocket. You probably have a compulsive spending personality, sure the instant gratification from a shopping spree is nice, but if your car breaks down and you’ve already paid your paycheck, what are you going to do? A fixed savings account may be the way forward for you. By putting away a percentage of your monthly salary, you’ll have an emergency fund for that broken boiler, new washing machine, or any other emergency that comes your way. Fixed deposit accounts are different from instant savings accounts in that the money is not as readily available, which means that you have to worry more about financial decisions.

    Mario Weick, a psychologist at Durham University, delves deeper into how looking to the future can help compulsive spending control their spending. He says:

    “The benefits of saving money show up over time Goal for the future can make saving money easier. Focusing on the here and now can inspire more spending. The key to boosting your savings is to make the process simple, sociable, and fun. “

    The compulsive saver

    In stark contrast to the obligation to buy, your personality means that you control your wallet with an iron fist. Every last cent is billed, no room for fun. While this may seem useful, you should reconsider your habits. You need to find a reasonable balance between spending and saving, because no saving leads to happiness and can even cause problems with your money being spent. Take some time to reconsider your finances and see how much you can set aside for “fun”. This can be anything from a new top to a nice meal. Like most things in life, money requires moderation.

    Mario says: “Neither extreme spending nor extreme thrift is a path to happiness. Uncontrolled spending can lead to guilt and debt, but being too frugal can be stressful and lead to undue worry about how you are spending your money. A healthy balance between Reluctance and treat yourself to some joy and spontaneity is probably an optimal strategy to increase happiness – it’s the golden formula. “

    The risk taker

    risk-taking personality

    So you’ve been known to take a few risks without thinking about the consequences, you like the thrill that comes when you don’t know what’s next. This personality type isn’t always the best when it comes to money. However, it is beneficial to be aware of your habits as you can better think about how much money to put aside in order to maintain your financial stability. A fixed savings account can be right for you if you are taking financial risk because not only will you have access to the money, but you will know that you have a rainy day fund waiting for you.

    Dr. Jo Gee discovers why some people take more financial risks. She says: “Their behavior is motivated by the production of dopamine from neurons in the brain’s reward circuit, which is a feeling of. generated Joy and thrill in the concept of risk and reward. Short-term gain should never prevail over long-term pain, so these personality types must be Set limits to define your financial risks as a Financial advisor and get therapeutic support when your sensation-hungry behavior becomes a problem. “

    The Spar-Splurger

    You started the month on a budget, know where your money is going, and plan to have enough to save and some left to have fun. But suddenly all the money was gone and you had to top up your savings to cover the bills. A new approach that includes both a monthly and weekly budget may be appropriate. By having a monthly overview and then breaking it down into weekly expenses, you will be less likely to lose track of your hard-earned money.

    To learn more about the best ways to save money, visit Atomic bank For more information.

    Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore the information contained herein, including any opinions, comments, suggestions or strategies, is for information, entertainment or educational purposes only. This should not be viewed as financial advice. Anyone considering investing should do their own due diligence.


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