It’s quiz time!
What type of saver are you?
The Magician, The Salt + Pepper, The Rock Star, or The Goalie?
Find out below, courtesy of an email I got from South State Bank – a bank I’ve never heard of until today (based in NC, SC and GA) but whom I now like for helping keep this stuff fun :) It doesn’t take much! Haha…
Here we go:
#1. The Magician
The moment money falls into the Magician’s hands it seems to disappear. These people are more focused on the here and now than planning for what’s down the road. (AKA old J$).
They recommend savers who fall into this category use an app like Mint or Slice to track spending as you might learn you’re sending money to places that aren’t actually that high on your priority list. This in turn helps you make better decisions going forward, and hopefully gets you more excited about saving better as well.
I hadn’t heard of Slice before, but apparently it’s an app to help track your shopping better that also gets you money back when items you’ve ordered drop over time. Kinda like Paribus which we’ve covered (and love!) here on the site. If anyone’s using them, would love to hear how it’s going?
#2. The Salt + Pepper
Salt + Peppers pay attention to their finances, but lost quarters in the couch doesn’t cause them to lose sleep. They add a dash of money into their savings when they can, but there is room for improvement.
South State recommends small, but clear goals so you can quickly see how savings pays off. Pick a purchase you’ve been lusting after like a new TV, and decide how much you’ll put towards that purchase weekly for the next few months. Building up savings and rewarding yourself will get you excited to do it more and on a bigger scale.
I agree on the excitement levels (almost everything I do with money is based on my emotions!), but I do hope you’re saving for something sexier than TVs :) They also shot over the following “golden rule of spending” breakdown too which is always interesting to see:
- 50% should go towards essential expenses (housing, food, transportation)
- 20% should go to towards financial priorities (savings, debt, retirement)
- 30% should go towards “lifestyle choices” (travel, entertainment, hobbies)
It would be even better if some of the percentages were swapped a bit, but hey – not all of us can budget like Angelina Jolie. It’s a great foundation to strive for, especially when you’re first starting out.
#3. The Rock Star
The Rock Star never spends without a good reason. They are in total control of their finances and manages their money to the last cent. But while managing your budget is a great first step, South State recommends talking to your banker or another financial advisor you trust about stepping up your game even more. And by “banker”, they probably mean personal finance blogs :)
#4. The Goalie
For the Goalie, it’s all about the end game. Having a specific goal is what inspires them to boost their savings plan, and whatever the goalie is saving for, it’s keeping them focused – which is great! So long as you’re looking long-term too. Saving for a car or house are worthy, big goals, but make sure you’re thinking ahead and planning for retirement as well.
So which describes you the most?
Are you a Magician, Salt + Pepper, Rock Star, or Goalie?
Personally, I flip flop between Salt + Pepper and Goalie. I don’t like tracking my expenses down to the last penny (I’m okay with 80% good!), but at the same time I also don’t spend willy nilly and do my best to be mindful of where I send my money. I also work much better when big goals are implemented, else I just end up saving a little here and there and going wherever the flow takes me… which is usually not anywhere near financial independence :)
This is why I have my one main goal I need to hit every single year no matter what! Without it, I float on into the abyss and never reach anything. So it’s important to know what pushes YOU too, and then setting up the appropriate check points to keep your goals on track.
And don’t worry if it changes over the years either – the more adaptable you can be, the more sane you’ll stay! Our priorities/thoughts are constantly changing and that’s okay. In fact, it’s better!
So there you have it… 4 new ways to categorize yourself today :)
Tell us below which you resemble the most, and then if you’d like even more ways to put off work today, here are some other quizzes you can take as well (you’re welcome):
See you in the comments!
PS: Anyone ever used South State Bank before? This isn’t a sponsored post or anything, they just seem like a creative place and wondering if anyone banks with them :)
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!