Tag Archives: money

We all have quirks in our personalities, particularly when it comes to spending. Whether you’re in good financial standing or not, sometimes these qualities can keep you from achieving your financial goals. Fortunately, whatever your personality, there are ways to ensure you are not holding yourself back. Here are six personality types that can keep you from financial success and how to spot them:

1. The Spender

The spender may have the “you can’t take it with you when you go” attitude. They may spend well beyond their means and swipe credit cards to their max. Unfortunately, this can be a quick way to incur massive amounts of debt and hurt your chances for financial success. If you’re not saving, you’re not helping your future. (You can see how your habits are affecting your finances by viewing two of your credit scores for free on Credit.com.)

To avoid overspending, it’s important to not only create a budget to track your habits but to try and find the triggers that cause you to spend in the first place. Whether it’s your emotional state or the shopper’s high you get from a purchase, addressing these triggers can help you curb your spending.

2. The Risk Taker

Perhaps you like to take risks with your money. High risk can lead to higher rewards, right? At times, yes, but they can also leave you with less. For example, just because you are approved for a mortgage doesn’t mean you can afford that amount. If you take a risk on this purchase, you may stretch your budget beyond its limits. Finding the right balance can help you limit risk and keep you on track for long-term financial success.

3. The Procrastinator

You’ve heard the phrase, “Don’t put off for tomorrow what you can do today.” So if you’re ignoring or putting off your fiscal responsibilities, you could be spelling doom for your financial wellness. Making late payments, waiting to save for retirement, letting bills pile up, or putting off goals are all common examples of financial procrastination. Putting your finances aside will only make things worse.

Consider taking a bit of time each day or week to work on your finances. Also, you may want to sign up for automatic payments, which can make it easier to keep up with due dates. ...continue reading

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Money never stays put. A simple glance at the world’s financial markets shows money always in motion. This is true of large economies, but it’s also true of individual bank accounts.

If you have any money at all, it doesn’t stand still. There are several ways this happens. If you want to get in control of your money, and your future wealth, it’s important to appreciate the way money moves and evolves. Without this knowledge, it’s hard to understand how your wealth will change over time.

Money Gets Stolen

Fraud is becoming ever more common in the personal finance space. Even if you haven’t had your own money stolen through fraud, you almost certainly know someone who has.

Between credit card schemes, data breaches, and the ongoing PPI scandal, it’s easy to lose money simply because someone else found a clever way to steal it. To keep this from happening to you, it’s important to: use credit cards (much easier to recover money stolen through fraud than with debit cards), contact Canary Claims - PPI claims company (if you have been victim of the PPI scandal), and never to put delicate personal information in places where it could easily be stolen (like in your primary email). ...continue reading

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ID-100201978Money issues can cause arguments, stress and even divorce if they’re not addressed. In order to maintain a healthy relationship you should consider having mutual financial disclosure. Here is a list of some bad habits that can potentially hurt your relationship and tips for how to avoid them.

1. Avoiding Financial Conversations

The most important part of a relationship is honesty and trust. If you are getting serious with your partner, then you should consider sitting down and having a conversation about money before taking the next step. Speaking about your finances with your partner can be personal, however, if you plan to move in together and build a future, then you want to make sure you are on the same financial page. Ask yourself, Will you share a joint account? Joint credit cards? Who will be in charge of paying the bills? All of these questions should be addressed before taking the next step with your partner to avoid issues down the road. ...continue reading