They say it takes all types — but some types have a harder time saving than others. Are you allowing some of your less flattering character traits to derail your finances? Here are four personality types that sabotage saving.
1. The Insecure
In a consumer economy, advertisers work tirelessly to link products to personality. Do you drive a domestic car, or an import? Are the countertops in your home Formica or granite? Are you a Mac person or a PC person? Often, the answers don’t simply explain what we prefer — they suggest who we are, or at least who we’d like to be.
Playing upon consumers’ insecurities works like a charm. Ego sells lots of products and keeps huge swaths of the population on a treadmill of debt. Fight back by getting comfortable in your own skin and learning little ways to feel more confident every day.
2. The Impulsive
Let’s admit it: we live in a consumer-centered universe. Every screen we gaze into promises to deliver more delights to our doorstep (with free shipping and cashback rewards, of course). There are entire armies of designers, marketers, and retailers whose sole purpose is to anticipate what will tickle us next and magically make our wallets fall open.
In a consumer Candyland like ours, those who haven’t learned how to overcome impulse spending don’t have a chance. Without a dependable restraint system, they’re sure to wander toward the Gumdrop Mountains, fall into the Molasses Swamp, and never be heard from again.
3. The Impatient
Just one word separates a saver from a spender. A saver says, “I need it.” A spender says, “I need it now.” Purging that one pesky word from our consumer vocabulary can save us thousands of dollars over a lifetime. “Now” eliminates the option of shopping around for the best deal, it means we don’t have to plan and save, and it means we’ll think about the consequences to our budget later. If you’re trying to spend wisely, stop being impatient and start thinking of “now” as a hair-curling, four-letter word.
4. The Fearful
Spending wisely and saving for the future takes a bit of fortitude. To make real progress, we have to know who we are deep down, learn how to conquer fear, and take a few chances. Those who are afraid of money likely don’t understand it, or grew up in households where money was a constant source of anxiety. They might be able to pinch a few pennies, but profound success will always be elusive. The fearful wouldn’t dream of negotiating on price, they don’t feel comfortable making independent investment decisions, and they’re afraid to spend when presented with real wealth-building opportunities.
Saving money over the long term is no different than achieving any other goal. We have to duck and weave around our own insecurities and impulses and surround ourselves with like-minded people who can cheer us on and serve as role models for success. If you find yourself struggling, it might be time to take a hard look at the company you keep.
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