What's Your Money Personality?

How we make financial decisions tells us a lot about our personality.  
Are you a CASH person or an ASSET person?  Take this quiz to find out:




1.       I save money out of each paycheck

2.       I use my credit card when my account is low

3.       I pay more than the minimum payment on my credit card bill each month

4.       I have more in savings now than I did at the beginning of the year

5.       I use my credit card each month without paying off the balance in full 

6.       I contribute to my retirement each month

7.       I have at least one housing payment (rent/mortgage) saved in a savings account

8.       My credit card balance is more than 50% of the limit 

9.       I have had an overdraft payment or late fee in the last 6 months 

10.   I am prone to make purchases on impulse 


Give yourself a point if you answered “Yes” to: 1,3,4,6,7

Give yourself a point if you answered “No” to: 2,5,8,9,10


1-3 Points:  CASH PERSON:  You are a cash person.  You generally use all the money coming to you each month and then some.  You enjoy life and don’t mind spending a little to have the things you want.  You are a risk taker and believe that the future holds great things for you just around the corner.  You also may be putting your financial future at risk by incurring too much debt and sacrificing savings.  It is good to have fun, but take time to put your cash flow on a plan so that you can continue enjoying life well into the future.  Many cash people focus on today because they do not have written goals for their future.  Check out Bank On’s S.M.A.R.T. Goals to build a forward moving financial plan.  Call us at 757-385-3551 if you want help getting started. 

4-6 Points:  BALANCED PERSON:  You are a balanced person when it comes to managing your money.  You enjoy a good meal out now and then, but you keep your spending in check and manage to save a little for your future.  While you are on a good path, building a good working spending plan will allow you to reach your goals faster and let your time and money work for you rather than against you. 

7-10 Points:  ASSET PERSON:  Just like the nursery rhyme where the king is in the counting house, counting out his money, you like to see your savings grow!  You assess needs and wants critically to minimize the amount of debt you owe.  While that sale item is tempting, you know how to exercise power over your financial choices.  Great work!  To take your financial plan to the next level, review your credit report at www.annualcreditreport.com for accuracy, then get on the fast track to reducing your debt using a debt snowball at www.powerpay.org.

No comments: