Although I'm pretty good about saving my money and not spending cash I don't have, I have to admit that, sometimes, when a friend wants to grab dinner after a long week, I throw my budget in the backseat and let my debit card take the wheel for a while. Although it's probably safe to say that it's universally considered wise to save your money and cut out unnecessary expenses, the best budget tips aren't always the same for everyone, since factors like income, goals, and spending habits can affect how you approach your specific budget.
Unless you aced your econ class in college, it can sometimes be difficult to know exactly how to start forming a financial plan, especially one that works for your specific personality and spending habits. But, according to Elisabeth Kozack, vice president of product innovation and customer experience at Marcus by Goldman Sachs, there's a good chance you fit into one of four basic financial-personality types (more on those in a bit), and the good news is, there are some solid money-management habits that fit best with each personality.
"People have different habits, and how they approach their finances is often not that different from how they approach many other aspects of their life, like their gym routine or how they organize their inbox," Kozack explains in an email to Elite Daily. "Similar to these other parts of life, finding the right financial approach that works for you is key."
To get started, Kozack suggests pulling up your bank account information and taking a look at your spending habits from the past couple of months, so you can try to spot some recurring trends.
As for your long-term financial plans, before you commit to any one credit card or savings account, Kozack says it's always important to explore your options. "For example, check the rate on your savings account and the APR [annual percentage rate] on your credit card and compare them to other options to make sure you are getting the most out of your money," she suggests. "A high-yield online savings account from Marcus, for example, offers an annual percentage yield of 2.25 percent, which is four times the national average."
For now, if you're looking to fine-tune your finances to accommodate your personality and spending habits, here's Kozack's advice for how to get in great financial shape in 2019.