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Ileana, your unique spending style reveals that you're
a Giver
In your life, you probably try to be as generous as possible, and this extends to your attitudes toward money. You like to help others as much as you can, and you'd likely rather be seen as overly giving than stingy. When going out with others, for instance, you're more likely than others to pay the larger share of the tab or to treat someone to a free meal. Because of your generous nature, people and organizations may seek you out for assistance more than others, and you'd generally rather share than horde your cash.
Among other test takers,
16% are also Givers. Like them, you tend to see money as a way to express appreciation, support, and caring, instead of seeing money as a vehicle for excessive luxury or frivolous shopping sprees. On special occasions, you likely give the nicest gift you can reasonably afford. Generosity is likely your strongest motivation for how you spend your money.
It's likely that one reason you spend your money this way is that you care deeply about the well-being of loved ones, as well as those less fortunate than you. It's also possible that you feel guilty or uneasy when you have more than your fair share of money, and you give partially to help alleviate those uncomfortable feelings. You may enjoy things more fully when those around you are also comfortable, and you tend to feel best about yourself when you can share what you have with others.
Understanding the way you most commonly spend is crucial to becoming more conscious around your financial attitudes and behaviors. In addition to your most prevalent spending style, it's likely that you also occasionally engage in other types of spending patterns, depending on your mood and life situation. The next section explains your relationship to each of the 8 most common spending patterns, giving you the full overview of your buying habits.
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Spending habits are one of the most profound influences on a person's financial life, so understanding your spending patterns can greatly illuminate your personal relationship to money. Often, it's not that we don't have access to information about the best sales, the most lucrative investments, or the ideal amount of savings to sock away. Instead, it's our psychological motivations around our money that have the greatest impact on our financial well-being. Getting clear about your true spending patterns is a crucial step in building a fully informed financial life. Read on to discover your unique relationship to each of the 8 most common spending patterns
Giver
Givers like to help others financially as much as they can, and they'd rather be seen as overly giving than stingy. They tend to see money primarily as a way to express appreciation, support, and caring, as opposed to a vehicle for their own comfort or luxury.
You're a 58 on the Giver scale. This means you're
more likely than others to express your concern for others with monetary assistance.
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The Giver:
A Giver's brother has recently fallen upon hard times. When his car breaks down for the third time in two months, she decides that she should do what she can to help. She's been planning to trade in her older car and get a new one sometime in the next year, as she fears that the one she has currently isn't up to her long commutes to work. Since her brother only needs a car to get around town, she decides to give him her old car instead of trading it in. She goes ahead and buys herself a moderately priced car, slightly sooner than she was planning to, so her brother can benefit from her gift sooner.
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Impulsive Spender
Rather than adhering to a strict budget, Impulsive Spenders prefer to have the leeway to splurge on themselves. They're more likely to go shopping just for fun, picking up whatever catches their eye, or stocking up on something for which they don't have an immediate need.
You scored 42 on this spending pattern. This means that you
are less of an Impulsive Spender than the majority of other test takers, and you probably don't make a habit of spending on the spur of the moment.
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The Impulsive Spender:
While driving down the street, an Impulsive Spender sees someone driving the newest model of an unusual car. While he hasn't been thinking about getting a new car and his current car is working well and is relatively new, he decides on the spur of the moment to go and take a test drive. As he pulls into the dealership, he sees a model of the car in his favorite color. He takes a test drive, and in a matter of hours he's traded in his old car and is driving off the lot, wind in his hair, with a brand-new car. Sure, it's impulsive, but life has been stressful lately, and making the change feels like a nice thing to do for himself. Why not live for the moment?
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Investor
Investors take concrete steps to prepare for their financial future, and they're unlikely to spend their cash on luxurious or unnecessary purchases. They feel best when investing their money so that's it's there for them on that rainy day in the future when they need it.
You scored a 38 on the Investor scale. When compared to other test takers, you're
not as invested in being an Investor. Planning for the future is not currently your highest motivation when it comes to how you spend your money.
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The Investor:
An Investor decides it's time to consider buying a new car. While most of his money is tied up in investments, he's set a small amount aside for the new purchase because he knows it's absolutely necessary. His highest priority in choosing which car to buy is which model lasts the longest and has the highest resale value. Once he determines this information, he goes to the dealership, makes his purchase, and promises himself that he won't make any other large purchases until he's made several extra deposits in his retirement account.
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Emotional Spender
Emotional Spenders see their financial success as integral to their ability to feel content and happy. While money and material possessions aren't the only keys to their well-being, for them it feels like one of the keys that can unlock the door to happiness.
On the Emotional Spender pattern you scored a 38. Compared to other test takers, you're
less likely to link your life's contentment with your degree of financial success.
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The Emotional Spender:
An Emotional Spender has been strategizing almost daily about when he should buy a new car, and which model he'll be happiest with. He reviews his budget and long-term goals several times before deciding on the price range that feels most comfortable to him. Then he chooses the car that makes him feel best when he imagines himself driving it. He hopes that the car will bring him great happiness in the year to come.
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Powerhouse Spender
For Powerhouse Spenders, money is a symbol of status and success. The lifestyles of the rich and famous have a strong emotional pull for the Powerhouse Spender, motivating them to strive to keep up with the material successes and achievements of others.
Your score on this pattern is a 25. Compared to others, you're
less of a Powerhouse Spender, and you probably don't care as much about high-end name brands and other material status symbols.
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The Powerhouse Spender:
A Powerhouse Spender's neighbor has recently gotten a brand-new luxury car. While her own car is relatively new and still has a while to go on its two-year lease, she can't stand that her neighbor has a nicer model. Suddenly, she feels embarrassed to be seen in her car, as it doesn't reflect the promotion and raise she's recently gotten. She can of course afford an even nicer car, so the next weekend she drives to the dealership and walks straight up to the top-of-the-line model. After a quick test drive, the Powerhouse Spender trades in her old car, insisting that the new one has all the custom bells-and-whistles available. Satisfied that this car shows others just how well she's really doing, she drives around town, letting others admire her new purchase.
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Thrill Seeker
Thrill Seekers shop for the rush that purchasing offers, and for them it feels more important to be able to spend freely than it does to pay off debt or save money. When it comes to their finances, they tend to spend more time enjoying the pleasures of today than they do in planning for the future.
Your answers to test questions earned you a 9 for the Thrill Seeker spending pattern. In comparison to the spending habits of others, you tend to be
less likely to be a Thrill Seeker. Buying likely doesn't bring you the same rush of adrenaline as it does for some, or if it does you prefer to forestall that pleasure and spend your money in a way that feels more satisfying to you personally.
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The Thrill Seeker:
A Thrill Seeker enjoys going to car lots, just for the charge she gets from considering a big purchase. Even though she doesn't exactly need a new car, she enjoys the ritual of looking around the lot, talking up the salespeople, and taking a test spin around town. Because life has been feeling a bit on the boring side, one day she finds herself going into the showroom to discuss prices. She knows this wouldn't be the most practical purchase, but what the heck! She signs on the dotted line, reveling in the rush of pleasure she gets from the experience.
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Bargain Hunter
Whenever possible, Bargain Hunters hold out until they can find the least expensive version of something they need. Their patience and persistence generally leads them to significant savings, which is a great source of personal pride.
You scored an 8 on the Bargain Hunter scale. This means you're
less interested in being a Bargain Hunter than most, and you probably don't see getting a good deal as your highest priority when making a purchase.
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The Bargain Hunter:
A Bargain Hunter is in desperate need of a new car, as his is literally falling apart. It's been a great car for all these many years, but every mechanic he's talked to has advised junking the car as soon as possible, as it's far past repair. He's been looking for months, scouring used-car dealerships and free newspapers that list cars for sell by owner. Finally, he finds a car that's listed for a price far beneath its bluebook value. After haggling for hours with the private owners, he manages to get several more hundred dollars off of their asking price, and he's even gotten them to agree to fill up the gas tank for him before he drives it home. He and his car will be happy together for years to come, and he can't wait to tell everyone what a great deal he got.
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Savvy Spender
Savvy Spenders research their purchases and give themselves time to make sure their making the best decision. They tend to search out the best prices and research the quality and customer reviews of their big-ticket items.
Your answers earned you a 0 on the Savvy Spender scale. In relation to others, you're
less of a Savvy Spender. Your approach to purchasing is less methodical, and motivated by different priorities and payoffs for spending money.
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The Savvy Spender:
A Savvy Spender decides that she'd like to buy a car in the next year. After doing extensive research about whether it's a better value to buy or lease she ends up determining that, for her needs and budget, she's best off buying a year-old car, using it for two years, and then trading it in again for another year-old car. Then she consults numerous consumer advocate groups to get their recommendations for the best cars in terms of performance and value. Only after carefully researching blue book prices, dealership price averages, and ads in her local paper, does she determine what her budget will be. She's now ready to start looking for her car.
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Understanding how shopping really makes you feel can help you identify how your emotions impact the way you spend. It's important to note your emotional motivations for shopping, in order to assess if your emotional needs are actually being fulfilled by spending.
Your test responses indicate that you fall into the
Empowered Spender pattern. You have a tendency to feel better after spending money. You may find that you feel most drawn to shop when you're feeling bored. The process of shopping makes you feel more powerful and in control of your life, uplifting your mood well after you've made your purchase. 30% of other test takers are also Empowered Spenders.
Understanding your habits is the first step to financial freedom. In the next section, you'll be able to use both your newfound knowledge about Emotional Spending Patterns and your Spending Style to help meet your short- and long-term financial goals.
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Anyone can read a book or hire a professional to help them meet their financial goals. The problem is, we each have a unique emotional relationship to money, and this can sidetrack our best financial intentions. In this section, you'll learn how you can better work with yourself to attain the financial future you desire by taking into account your Spending Style, your Emotional Spending Pattern, and your score on our Money Stress Scale.
Your Spending Style
Your Spending Style greatly impacts your approach to money, yet sometimes you may find that this style gets in the way of some of your financial goals.
As a Giver, you're more likely than others to express your concern for others with monetary assistance. Following are a few ways you can incorporate this style into your overarching financial goals:
- Give yourself permission to give yourself at least as much as you give to others.
- Find other ways to express your affection, like spending quality time together and offering to run errands or help with household projects.
- Make sure that you don't give so much that you leave yourself without a safety net. You have to take care of yourself first to make sure you're able to help others over the long haul.
Emotional Spending Patterns
Being aware of your emotional spending pattern can help you overcome any emotional obstacles that keep you from meeting your financial goals.
As an Empowered Spender, shopping tends to make you feel better, as it makes you feel more in control of your life, especially when you feel bored. However, if you find that you're spending more than your budget allows, try the following:
- Only bring the amount of money you can afford — in cash — to spend when you go shopping. Leave your credit cards at home.
- Make a list of alternatives to shopping, so that when you feel the urge to shop you don't have to think up other things to try in the moment. Some people enjoy talking a walk, calling a friend on the phone, taking a bath, or going on a drive.
- Try to add new activities and people into your life that you find more exciting. While spending may help you feel less bored in the moment, it's not a true solution to the situation that's leading to feelings of boredom.
Money Stress Scale
Being able to quantify how much stress you're experiencing around money can help you determine if your Spending Style and your Emotional Spending Patterns are working for or against you. Tickle used your test responses to calculate your score on our Money Stress Scale.
Compared to other people, you tend to
be less stressed by your relationship to money.
You feel like your finances are well under control. You likely have a financial plan for the future, and you're able to stick to most of your goals when you set them. Even though you're ahead of the game, though, it can never hurt to do a little extra research and make sure you've taken all the necessary steps in building your financial life. Following are some additional resources:
- Beth Kobliner, author of Get a Financial Life, offers an extensive resource section, and takes you through all the aspects of your financial life, from insurance and investments to tax-reduction and retirement planning.
- If you feel like you've always got your nose to the grindstone, just to afford a particular lifestyle, you may want to assess your priorities. Joe Dominguez and Vicki Robin's book Your Money or Your Life can help you resolve inner conflicts between your values and your current lifestyle.
- Keep your information up to date. Money guru Suze Orman has a website, with an extensive resource section, with links to online calculators and resources for debt management, investing, and retirement planning.
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Tickle conducted its own study of people's spending patterns by conducting a survey taken by over 1,000 people. Through a statistical data analysis, Tickle was able to identify the 8 prevalent approaches that people take to spending their money. We also measured people's emotional relationship to spending, determining how they felt before, during, and after a purchase, and their levels of stress around money. This unique test helps users identify both the way they spend and their unique psychological motivations behind why they spend in a particular manner.
Anthony, Jason and Cluck, Karl. Debt-free by 30. (Plume), 2001.
Anthony, Jason. Financially Fearless by 40. (Plume), 2003.
Chatzky, Jean Sherman. You Don't Have to Be Rich. (Portfolio), 2003.
Dominguez, Joe and Robin, Vicky. Your Money or Your Life. (Penguin), 1999.
Kobliner, Beth. Get a Financial Life. (Fireside), 2000.
Lawrence, Judy. The Budget Kit. (Dearborn Trade Publishing), 2004.
Orman, Suze. Nine Steps to Financial Freedom. (Three Rivers Press), 2000.
Pollack, Kenan. The Real Life Investing Guide. (McGraw-Hill), 1997.
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