Depending upon the different money personalities there are different conflicting money habits of individuals.
Here are some smart tips for these conflicting money habits.
Spendthrift and Miser
Spendthrifts don’t hesitate to make frequent purchases whereas misers want to save more. Both should prepare budget and plan goals so that spending can be controlled, and savings done automatically. They should set credit card limit as per the budget.
Adventurer and Preserver
Adventurer wants to invest in high risk portfolio like stock market whereas Preservers prefer to invest in debt instruments. Both should plan matching investment according to time horizon of planned goals and as per their risk profile with balanced portfolio.
Punctual and Procrastinator
Punctual want to remembers due dates to pay the bill promptly whereas procrastinators never bothers to pay bill on time. Both should set reminder in phone, calendar etc and execute ECS mandate for automatic payments and SIP for investments.
Systematic and disorganised
Systematic keeps record of all the financial transactions himself whereas Disorganised have no idea about their finances. Both should plan budget and keep the important documents in safes.
Solo and Managers
Solos wants to do their own without any help whereas Managers wants to delegate tasks. Both should make nominee in account, open joint accounts. Inform family about their financial decisions.
Above tips applies, to all other individuals with balanced money habits, as well.
The money habits do not depends upon the financial status of the individuals.
Be wise money wise! 💐
KISHORE HEGDE, CFA (ICFAI)