Jefanie Genilla
Experts say a person’s views about money and wealth can help determine how he or she will attain financial independence or even get rich in the future. They also suggest that only one of these 7 types of spenders is more likely to achieve more financial goals.
One thing’s for sure about building wealth is that it’s directly tied to one’s attitude toward money and spending. Frugal individuals, for instance, almost always manage to avoid debt and get by in life, even if their salary may not be that much. On the other hand, many high-paying people struggle to save and invest due to their unmanageable expenses.
So, in all honesty, how do you consider yourself as a spender? Are you a frugal or an impulsive one? Do you take time to make a purchase or just grab an item in a heartbeat if you like it? If you’re not sure yet, you might like to identify yourself with one of the seven spender types listed below.
Essentialist – With their “we’ll live with basics” motto, the Essentialists don’t bother themselves with flashy, unnecessary stuff. They buy only what they need and wait for their things to wear and tear to buy new ones. This attitude allows them to save, yet not feel deprived in life.
Extravagant – “We have the best and the latest,” says the Extravagant as they take a stroll the mall in search for the newest, high-end gadgets, apparel and whatnot. Yes, they end up looking flashy and rich, but are their possessions earning them money?
Envious – The envious constantly compare themselves with others and say “I, too, should have they have.” These are the people who’re most prone to petty sales talk about the most popular products everyone should have.
Entitled – “I’ve worked so hard, I deserve this” is a common mantra for the Entitled spenders. They grab a cup of specialty coffee, buy the latest phones or purchase a couture dress because they feel entitled to these items without knowing that these are privileges, not entitlements.
Emotional – “I feel down today so I’ll buy myself a (new dress, phone, bag, shoes)” resolves the hurt Emotional Spender, without realizing that they’re hurting their budget in the process of medicating their pain. But what are they so sad about, really?
Egoistic – Egoistic spenders usually have the notion that “I earn for us so I should take what’s left of my money.” They may find their needs are more urgent than others.
Exhausted – “I’ve been spending a lot lately, so I should take a break now” is common among Exhausted Spenders. This usually happens after a long vacation or holiday wherein one is too tired and broke to even spend another dime.
Of course, the best disposition mentioned above is the Essentialist. This type of spender has more control over their emotions and habits, which will, in turn, manifest in the way they handle their money. But if you’re not an Essentialist, it’s never too late to learn the habit of frugality.
