Find Out Where You Are on the Spender to Saver Continuum.
Have you ever wondered if you are a spender or a saver? For some of us it is very clear, but for those who are not on the extreme side of spending or saving, it can be a little more difficult to know exactly where we fit in the scope of personal financial management.
Ree Klein of Escaping Dodge has created a Spender vs Saver Continuum as a way to clearly determine the differences between what it means to be a spender vs a saver.
On the far left side of the scale are the spenders, people who spend every penny, unable to save anything and live from paycheck to paycheck.
Even windfalls like an inheritance or a bonus at work will not necessarily help them because they don’t have the discipline or attitude for saving.
On the other side of the continuum are those that Klein calls the money masters, people who generally live well below their means.
Somewhere in between saving some and spending some is everyone else.
Knowing where you fit along the continuum is an important step to building wealth, says Klein.
You can easily pinpoint your by evaluating how you spend, save or invest and what motivates these choices.
Extreme saving is not for everyone, and that is okay. As long as you know where you sit on the scale, you can figure out how you can individually grow your net worth.
Take a look at Klein’s Spender vs Saver continuum for yourself. Which one are you?