What is your money personality?

Everyone makes money mistakes — the trick is to not repeat them. But that is easier said than done.

One-third of all consumers are influenced in their shopping decisions by emotional factors, such as fun, excitement, stress or stress reduction, concern for family welfare—the list of emotions is endless. And emotions often start below the level of awareness. Reactions occur without conscious knowledge, and even if we don’t fully understand or articulate our feelings our bodies continually appraise our surroundings, respond and create minor or major urges. And urges often lead to spending blunders.

Each person has a different idea of happiness. Each of us has certain items that speak to him as a token of fulfillment. Someone who strives hard to get ahead may fall into a trap of buying things, because other people expect it. His car/home/wardrobe has to match his accomplishments, and he ends up spending money in ways that do not make financial sense.

Consider the following spending traits. Do any of these personalities describe you?

IMPULSIVE BUYER
— Seldom comparison shops. Buys on a whim. Tip: Leave the store! Nine times out of ten, you won’t return for the item.

FANATICAL SHOPPER
— Spends excessive energy to save a few dollars. Tip: Remember that time is money — don’t spend $50 of time to save $5.

PASSIVE BUYER
— Dislikes shopping. Doesn’t comparison shop. Tip: Question the authority of salespeople. Remember it’s your hard-earned money.

AVOIDANCE SHOPPER
— Shops to “escape.” Tip: Try exercising or playing with your kids instead.

ESTEEM BUYER
— Buys to gain peers’ approval. Tip: Gain your own esteem by conquering spending mistakes.

OVERDONE BUYER
— Spends excessively on a habit, hobby or collection. Tip: Identify the underlying causes (e.g., boredom); ask a friend or a professional for help.

HOT POTATO BUYER
— Delays making decisions and then reacts impulsively. Tip: Take time to educate yourself before making important financial decisions.