Are you a good money manager? Or do you always lose track of your finances? Let’s check out your money personality by doing this test.
1. You’ve just received your first instalment of your student loan and grant.What is the first thing you do?
a) Pay your rent (score 2)
b) Go out on a spending spree (score 4)
c) Work out how long this instalment has to last you, what things are essentialthat you have to pay for and what you have left over for nonessentials (score 1)
d) Don’t worry about your finances or working out a budget now you’ll worry about this later in the term (score 3)
2. You view your rent payments as:
a)An inconvenience and something which drains your budget (score 4)
b)Your top spending priority which you pay first each term/month so you know what money you have left over (score 1)
c) Something which has to be paid and you usually have enough money to cover it (score 2)
d)You’ve set up a standing order and hope that there is enough money each term/month to cover it but are never quite sure (score 3)
3. When it comes to buying clothes:
a)You only purchase new clothes when you really need them and where possible you will wait until the end of season sales (score 1)
b)You will buy the latest designer brands and trends regardless of whether youhave money left over in your budget to do this (score 3)
c)You do buy clothes but only in cheaper high street stores you always stick to your budget (score 2)
d) Budget, what budget you have a credit card and buying new clothes is an absolute essential (score 4)
4. When you go food shopping:
a)You buy whatever you fancy (score 3)
b)You plan your meals for the week, make a list before you go which is within your budget and you stick to it (score 1)
c)You usually stick to your list but sometimes give in to temptation and buy the odd treat (score 2)
d)You don’t make a list, plan your meals or worry about whether your are within budget (score 4)
5. What is your attitude to credit cards?
a)You use them regularly and never worry if you can pay off the balance each month (score 4)
b)You never use them (score 1)
c)You use them more than you are comfortable with (score 3)
d)You use them occasionally and always try to pay off the balance (score 2)
6. When you are short of cash and your friends are arranging a night out.Do you:
a) Go on the night out but try to curb your spending (score 3)
b) Suggest a night in with a DVD & some homemade food (score 1)
c) Suggest a night in but buy a takeaway too (score 2)
d) Go for that big night out, you’re already broke anyway what harm can another night out do(score 4)
7. You want to buy a new mobi le phone.You:
a) Opt for a pay as you go and set yourself a limit of how much you will spend on it each month (score 1)
b) Get tempted by latest handset with as many features as possible and sign up to the contract immediately (score 4)
c)Think the free calltime and text bundles on the first package you looked at seemed too good to be true and you’ll not find anything better elsewhere (score 3)
d) Shop around to find the best deal and find out all of the terms and conditions before signing up to a contract (score 2)
Did you score mostly 1, 2, 3 or 4? See below to find out what your money personality is!
You manage your money well, are in control of your finances and plan your spending well to avoid undue stress and worry.
You are reasonably planned and controlled where money is concerned and generally have a handle on your finances – but will allow yourself the occasional treat.
You tend to live for today and worry tomorrow.You give in temptation but with a little planning you could better manage your finances.
You have a carefree attitude to money, lose track of your finances and live beyond your means with little concern of the consequences. Your approach to money could easily leave you with unmanage- able debts.