7 Money Usage Behavior, which groups are you in?

Do you believe that your money usage behavior can tell about your personal character? ACU PAY will introduce you to each type of spending habit and analyze how they might affect your money.

Money-spending characteristics refer to information from the bestseller “Happy Money” by Ken Honda, a financial psychology and happiness expert. He divided his spending habits into 7 types as follows:

1. The Moneymaker

The Moneymaker is a person who gives their life to work, workaholic, and talks about their jobs all the time, whether it’s finance or investment, or cryptocurrencies. The Moneymaker quite believes that having a lot of money is a way of happiness. They are often driven by external factors because deep down they want to be recognized and remembered by others. In terms of love, The Moneymaker tends to be attracted to good money spenders, which can be a bad thing in marriage.

If you have this kind of habit, you will certainly be able to build a healthy and successful financial independence path, but even so, you always neglect your relationship with your loved ones by choosing a job before them. Thus, the thing to change is that you have to enjoy spending some money, maybe find something that fulfills your happiness like donating or finding other hobbies, and spending time with your family or loved ones.

2. The Worrier

This type of personality is that they tend to feel anxious about finance all the time. No matter how much money they have, they will not have confidence in their ability. They don’t believe that they will succeed, have financial freedom, and are often pessimistic. Think only about what to do if the money runs out.

It is good to be aware of unexpected risks in the future, but sometimes you should let it be and enjoy the present. The cause of anxiety and fear of spending money should be found, which can be consulted with psychologists or psychiatrists.

Even if we avoid talking about problems, we will never be able to make peace with our finances, practice positive thinking, and start saving money by imagining what we want to do the most, maybe a vacation trip or family activity.

3. The Compulsive Spender

The Compulsive Spender often buys things immediately and thoughtlessly. Most of the things bought are unnecessary. People with this character like to go socialize and shop for others. The more they feel uncomfortable, the more money they use to relieve the stress by shopping.

In spite of their huge debts, the Compulsive Spender chose to continue shopping. They often hide receipts from friends or family members, or in the worst-case scenario, they could risk future bankruptcy.

If you feel like this is the way you are, you should start making daily income and expenditures records to get a sense of your own spending perspective in ways that you didn’t know before. Moreover, before buying anything, you should think and ask yourself about the reason why you buy it, whether it is important or not. If it’s not necessary, think again.

4. The Compulsive Saver

These are people who are the opposite of The Compulsive Spender, and they tend to hide their money immediately, often thinking that saving money is the only way to keep life safe. Most are found in families facing financial difficulties or having to work hard for money, where the stress of money is what drives them away from happiness, things like the hobby of the past.

The way to get through this is to find the course fear about money, and where it comes from. Then face fear, and anxiety, open your heart, and let go of the fear of losing money to fulfill and make yourself happy.

5. The Gambler

The Gambler often becomes addicted to challenges and risks. They like to gamble on various fortunes such as lottery, casino, or online gambling. This type of person shares the same characteristics as The Moneymaker and The Compulsive Spender.

Risk-taking also helps them get rid of boredom, but the scary thing is that if they leave their addiction to gambling out of control, they start borrowing money from other people to use as guarantee assets or borrowing money to cover their debts.

According to a study of the situation, behavior, and effects of gambling in Thailand in 2021, it was found that 59.6% of Thais gambled, or 32.33 million people.

In changing the behavior of spending money, other solutions should be found besides risk addiction. Take risk-taking habits into hobbies or other activities instead. This will be a way to know the causes of risk addiction and find a good balance in life. In addition, you should plan to save monthly savings before making a big decision.

6. The Indifferent-to-Money

People who are not interested in finance, don’t think much about money or just talk about finance may cause them a headache. They may think that money shouldn’t affect important decisions in life. 

These people tend to think that money is something not that important and that just having enough money to live can make life happy. This is a good idea, but life is always at risk, and things get worse if they don’t think about learning how to manage it. Most of them are people who rely on only income from family or their loved ones.

Even if you do not need money, you should plan a financial management plan to make your income and expenditure record to know what you have spent each month.  This can help reduce the risk and stress of future financial developments.

7. The Saver-Splurger

The Saver-Splurger is a person who has a habit of saving and working hard, but after working hard he/she tends to use extreme amounts of money that he-she earns. As soon as they start saving a lot, they start spending it to indulge themselves.

This characteristic can be caused by feeling very tired after a hard-time-saving money and often feeling stressed and disappointed in yourself. Finally, the money is quickly used up.

The Saver-Splurger often doesn’t consider what to pay each time, so before you decide to buy every time, think about what life will be like in the following week, don’t fail to achieve your financial goals.

So what kind of financial habits do you have? You can share your opinions.

ขอบคุณข้อมูลจาก cnbc, Ken Honda

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