What Kind of Spender Are You?

Understanding Your Money Mindset

Hey Cash Kids, welcome to the Cash Kid Podcast. Today, we're going to talk about what kind of spender are you. How can the type of spender you are affect your financial path?

Now, there are many kinds of spenders. There's a natural spender, and they like to spend money often but only spend money on things that really matter. There's a careful spender that thinks very carefully about whether it's a good option before they buy it. And there's a rare spender. They don't spend money often. They normally save money until they really need it. And then there's the big spender.

The Natural Spender: Spending on What Matters

First off, let's talk about the natural spender. The natural spender may enter a store and immediately try to go find something to buy. But, they'll only spend money on things that matter to them. A natural spender is still careful, though, on what they spend. Natural spenders are often generous, thoughtful, and ready to pay or take action on something. These people are normally good income makers and they can provide for their families and spend money in useful ways.

The Careful Spender: Weighing All the Options

The careful spender really thinks before they buy something and they weigh all the options before spending. They don't mind waiting for a sale to happen on a product that they really want. This person takes time looking through the store for discounts and coupons. When they get a deal, they try to get a lot of it before the price rises back up. These people spend money, but not very often.

The Rare Spender: Saving for the Right Moment

Now we're going to talk about the rare spender. These people don't spend money very often. They would rather save money for when they really need it. Like when a car breaks down or they need a home repair. These people can usually go to a grocery store and only pick out the things that they really, really need. So they aren't the Target shoppers who go in for one item and come out with 20. A rare spender won't even go out and spend that much money. They usually ask friends if they can borrow something or use it instead of using their own money.

The Big Spender: Enjoying the Luxuries

Now we have our big spenders. These people go to a shop and buy a ton of things, even though they don't need half of them. They have luxurious houses and the latest iPhones. These people normally make a lot of money and have a ton of money to spend. But spending this much money can be a bad thing sometimes if they don't set aside enough money to save or invest.

It's actually not wrong to be any of these types of spender. However, recognizing the type of spender you are early can help you set good financial habits in place to control your spending. Follow us on Instagram @cashkidpodcast as well.

Cash Kid, Out!

Keywords: money mindset, financial literacy, financial management, kids and money.