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How Your Personality and Spending Habits Impact Each Other

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When you’re stressed, you may spend money differently than you do now. For example, you might be tempted to shop more while you’re stuck at home. The way you save or spend says a lot about you – and it’s about more than how self-controlled you are.

Loving shopping

If limiting your expenses is difficult, you might be more focused on the present moment and more care-free. You may not experience any difficulty when making purchases, which is one reason you may buy more than you need. It’s believed that there is a link between being materialistic and bored and being a spendthrift.

Still, wanting to spend your hard-earned money is often about more than just keeping up with the neighbors. It’s often fun to buy, and if you go shopping with friends, it might be a way of connecting with them. There’s an individual status that comes with spending, which is connected to the need to feel accepted by friends and peers.

Of course, if you want to be more frugal, it doesn’t mean you can’t change. Start by shaving a bit off your monthly expenses and work your way toward creating an emergency fund and long-term savings. One way of saving money each month is by consolidating your student loans with a private lender. You’ll get a new loan, and you can figure out how much you’ll save each month with a student loan debt consolidation calculator online.

Feeling stressed about spending money

If spending money stresses you out, you might not buy the things you want or need to purchase. Luckily, that also means you likely have more self-control, and you could be more of a planner. You probably act rationally, although you may tend to overthink things. Thoughts of money might make you feel flustered. 

Using money to buy things can be tricky since it might make you feel more vulnerable. Many people who feel stressed about spending don’t permit themselves to enjoy their funds or the product. It’s easy to feel worried about the future and not get any happiness out of living in the moment. Still, if you’ve had a recent financial setback, you might be tempted to save every last bit.

Being frugal

Those who are frugal love saving since they think it’s the best way to manage their resources. There is a slight difference between having trouble spending money and being frugal. If you’re frugal, you might try to avoid wastage whenever possible to allow for saving. So, you might enjoy going to thrift stores or try to repair clothing instead of purchasing new sets. However, being frugal does not mean that buying things stresses you out. 

Being frugal is a good thing, and if you don’t like buying things, you’re likely to have little to no debt and a lot of savings. Unfortunately, there isn’t much status attached to being frugal, while dropping funds on expensive things is one way many people try to keep up with their neighbors. However, status isn’t always defined by the costly watches, tech, or other things you have.

Helen Bradfield did her degree in psychology at the University of Edinburgh. She has an ongoing interest in mental health and well-being.

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