Quiz - Know Your Money Personality
Take this quiz on how to uncover your money personality so you can make rational financial decisions and learn to control emotions when dealing with your finances
OUR emotions affect most aspects of our lives - even the way we deal with our finances.
There is a link between what we spend and how happy we feel. Before you shop when you're feeling low, remember that an emotional approach to money is not recommended if you want to be financially secure.
Lindi Dlamini of Liberty Life says understanding your emotions and things that trigger your spending will help you gain control of your finances.
Below is a quiz on how to uncover your money personality so you can make rational financial decisions and learn to control emotions when dealing with your finances.
1. The day before payday:
- A. You still have cash.
- B. You're down to your last R50.
- C. You use credit for groceries.
- D. You visit your friends at meal times.
2. If you won R5 million you would:
- A. Invest most of it and continue working.
- B: Quit your job, have a shopping spree and invest the rest.
- C: Buy a house, car and a bit of bling.
- D. Spend it all!
3. Credit:
- A. Is dangerous. You only use debit cards.
- B. Is carefully managed and paid off.
- C. Is a little abused, but managed and paid off.
- D. Is abused. You're deep in debt and don't know what to do.
4. Saving:
- A. Is a habit. Friends call you tight, but that's fine.
- B. Is a priority. You save regularly and want to save even more.
- C. Is difficult. Debt situation makes it hard.
- D. Is hard. You're in debt so there's nothing to save.
5. When stressed you:
- A. Stay away from malls.
- B. Spend a little to cheer you up, but you know it's not the solution.
- C. Spend more than you should, but it makes you feel better at the time.
- D. Spend like crazy.
6. Budgeting is what you:
- A. Do every month.
- B. Try, but never manage.
- C. Gave up long ago.
- D. Huh, what's that?
7. For retirement:
- A. You have a financial adviser and will be forever independent.
- B. You save, but not enough.
- C. You're worried. You don't have a retirement plan.
- D. I'll worry about that when I'm old. My kids will support me
FINDINGS:
Mostly A: Your money personality is conservative.
You avoid taking risks.
To balance your dislike of risks while making sure you take enough risk to grow your savings, speak to a financial adviser.
Mostly B: Your money personality is balanced.
You have some debt, but comfortably pay it back and can cope with financial setbacks as your savings are a safety net.
Review your savings and investment plans annually to make them grow.
Mostly C: Your money personality is undisciplined.
You know it's important to save, but don't have a focused plan.
You have more debt than you should and risk financial problems if interest rates creep up. Start investing in a saving product that encourages commitment. Budget, and live within your means.
Mostly D: Your money personality is reckless.
You love the rush of spending your entire salary on a bling lifestyle and never worry about tomorrow. You often ask friends and family for cash and probably have a bad credit record.
You stress about money, but focus on the good times.
Take advice about getting your finances on track.