The Psychology of Spending

Are you a spender, a saver, or maybe somewhere in between? There are so many different pieces that make up our very dynamic personalities, but have you considered how your personality affects your finances?

Could your outgoing personality cause you to spend more on social events? Or could your even-tempered nature keep you levelheaded and frugal?

Payoff, a financial empowerment company aimed at helping people eliminate credit card debt, suggests that if you understand your personality, you can make healthier money choices. Their Financial Personality Quiz (FPQ), helps you pinpoint the secrets behind how you spend, save, and manage your money. It was designed by renowned personality scientist, Dr. J. Galen Buckwalter, who shifted his focus from finding you love as the chief inventor of eHarmony’s “Love patent,” to finding you financial happiness with Payoff. He’s responsible for nearly 4% of U.S marriages, and he’s determined to make you more compatible with your money.

The Financial Personality Quiz is based on the scientifically backed, clinically approved OCEAN scale for measuring personality, as well as extensive research done by Payoff’s science team.

In just a few minutes, this quick assessment places you into one of ten financial personalities. The behavioral science and psychology behind it all allows for a greater understanding of why specific personality traits impact your financial choices.

Are you a Storyteller? A natural extrovert – outgoing and fully engaged in any social setting you become a part of. You love being around people, have contagious energy, and can spark a conversation at the drop of a hat. But all of this charisma makes you vulnerable to impulse spending. You’re the one buying rounds of drinks for friends, always saying yes to a new opportunity because you don’t want to miss out on a good time.

How can you keep your wallet in tact without sacrificing your social life? Try to be more conscious of your spending when you go out. You can have fun on a budget and avoid superfluous spending. And don’t forget to keep the bigger picture in mind. By building toward your long-term goals, you’ll be able to afford to keep going on adventures for the foreseeable future.

Maybe you’re a Free Spirit – a skilled multi-tasker who craves spontaneity. Your carefree attitude may guide most of your decisions, but is it really helping your financial picture? It might be time to take a more active role in your finances. Start researching how to save for retirement, or think about adding to a 401K. Set up reminders on your computer or phone about when to pay your bills and never get hit by late fees again.

Wouldn’t you like to make more guided choices simply because you know what makes you tick? Take the quick and fun quiz for yourself and find out what financial personality best fits you.

Understanding your personality, nuances and all, can ultimately help you become more self-aware. And whatever your financial personality, Payoff gives you the support you need to be more successful and happy with your money.