Is it true that people have different spending styles?

Abigail VanBuren said, "If we could sell our experiences for what they cost us, we’d be millionaires."

All of us make money mistakes – the trick is not to overdo it! Do any of these spending personalities describe you?

An impulsive buyer seldom comparison-shops. Tip: Leave the store. Nine times out of ten, you won’t return for the item.

A fanatical shopper spends excessive energy to save a few dollars. Remember time is money – don’t spend $50 of time to save $5.

Perhaps you are an avoidance shopper, one who shops to escape. Instead try exercising or playing with your kids.

A passive buyer dislikes shopping and doesn’t comparison shop. You work hard for your money. Question salespeople about your potential purchases.

An esteem buyer buys to gain peers’ approval. Tip: Gain your own esteem by conquering spending mistakes.

Do you spend excessively on a habit, hobby or collection? Identify the underlying causes for being an overdone buyer. Perhaps you are bored. Ask a friend or professional for help.

A hot potato buyer delays making decisions, then reacts impulsively. Tip: Take time to educate yourself before making important financial decisions.

Source: Adapted from Spend yourself rich! by Grady Cash

Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri-Columbia, University Outreach and Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri-Columbia, University Outreach & Extension

Last update: Tuesday, July 05, 2005