You have, probably, tested yourself answering a couple of psychological quizzes to find out what kind of person you are, what character you have, what psychological type you belong to, etc. But have you ever thought about getting to know what financial personality you have? I have found an interesting research on different types of financial characters.
Keep reading and you will learn something new about yourself and your spending habits. I was quite surprised. It’s fun, besides, you will find some useful information below, like recommendations on credit card choice and management for every type of financial personality.

Financial Personality #1: The Big Spender/The Diva

Your traits: You are a hard-working person, maybe even a workaholic to some extent. You earn good money, and you are aware of your worth. You can pamper yourself with the latest technological devices or a new expensive garment in your wardrobe. You are prone to impulse buying. And this can get you into financial trouble.

What Credit Cards to Look for: Consider getting a credit card that will not cost you a fortune once you go too far with your purchases. If you get a low interest credit card or no annual fee card, your occasional bad buying decisions will not burn a hole in your pocket. For the rates and fees on such cards are more that moderate.

Beware of: Reward credit cards. This type of cards will be an extra psychological temptation for you to overspend. You can easily get involved into the “spend more money – collect more points” game.

Financial Personality #2: The Futurist

Your traits: You do not live for the day. You always think about tomorrow. You do not overindulge yourself in short-term pleasures. Look before you leap – is your life credo. You think twice before making large purchases and you have some savings for a rainy day. You keep your finances under control.

What Credit Cards to Look for: Reward credit cards that pay dividends into your future, or the future of your kids. Consider getting plastics with rewards that contribute to your IRA or to 529 college savings plan for your kid’s future tuition fee, or credit cards that will help you to pay down your mortgage principal. After all, you can just get a cash back credit card and decide how to spend (or what investment to make) the rebates you will get.

Beware of: Since you are a very responsible credit card user, you do not have to pursue low interest credit cards. You have very little chance to slip up. Once you are the one with wise and diligent credit personality, make your credit card payments on time and in full, you just have to get something in return from your creditor for you good financial behavior.

Financial Personality #3: The Newbie

Your traits: You have just flown away from your parents’ nest and you are learning to live on your own. Your credit experience is just like an unfledged little bird. You are just beginning to feel the taste of the real adult life. You are busy with your new job, studies, a new place you live in. So, you are not too much into checking your credit report, making calculations on your expenses, and other activities associated with financial management.

What Credit Cards to Look for: Get a prepaid card. It will teach you the basics of credit card management and will not let you to overspend. A credit card with low APR and low credit limit is another good option for young people. College students can also apply for a student credit card. This type of card has been designed to meet students’ specific needs.

Beware of: Avoid credit cards with high credit limits, high annual fees and interest rates. Once you make a financial misstep (which can easily happen due to the lack of experience), such plastics will put you off the rails.

To be continued…

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• Are you comparing credit card rewards programs?