Discover Your Money Personality: A Guide to Financial Success
Featuring the Debtor Personality
Understanding your money personality can greatly impact how you manage finances. Each personality has its strengths and weaknesses, and recognizing them can help develop a more balanced and effective approach to financial management. The five money personalities are: the Shopper, the Saver, the Debtor, the Investor, and the Big Spender. We talked with a few of our employees to create this 5-part series. We featured the Shopper Personality in May and the Saver Personality in June. This month, we are featuring the Debtor Personality.
Gabriel Cooley, Internal Audit Officer, doesn’t necessarily relate to the Debtor personality; rather, he has tips to help debtors manage their money.
Paying Off Debt
When it comes to paying off debt, there’s no one-size-fits-all approach. Some people choose to focus on high-interest debt first, which can save money in the long run. Others prefer to pay off smaller debts first, a strategy known as the snowball method.
Cooley says, “Seeing those smaller balances disappear can build momentum and confidence, making it easier to stay motivated as you tackle larger debts.” Choose the method that fits your goals and keeps you moving forward.
How a Spender Can Save Money
As someone who enjoys spending, saving hasn’t always come easily to him. One strategy that works for him is to build “free spending money” into my monthly budget. “Knowing I have room to treat myself makes saving feel more sustainable,” he explains.
He follows a simple rule: save a little, spend a little, and watch savings grow over time. Cooley also makes it a point to keep his savings and spending money separately, so he’s not tempted to dip into savings once the fun money runs out. It’s all about balance and finding what works for you.
Celebrate Your Wins
Debt can be overwhelming, but it doesn’t have to define your journey. While it’s easy to get caught up in stress, it’s important to stay focused on progress, not perfection.
With a solid plan and realistic goals, paying off debt is possible. Stay consistent, celebrate the small victories along the way, and remember what you’re working toward. Every step forward is a step closer to freedom, which is definitely worth celebrating.