4 Different Money Saving Styles

Just as there are innumerable variants to how people deal with money, there are also many different styles to money-saving and all of them endow a person with the power to manage their finances more efficiently. The four most prominent ones among them are discussed below:

The Greedy

This money-saving style demands that a person exercise extreme self-restraint in all matters related to money-spending. Greedy savers are supposed to be extremely tight-fisted with their cash and obsess about saving to such an extent that they consciously train themselves to never indulge! Although this particular money-saving style is inarguably a useful approach when it comes to saving money, greedy savers are vulnerable highly prone to developing a tendency to cross the line.

The Monk

As can be derived from the name, Monks try their best to live a simple life of modesty by aiming to strike the right balance between extravagance and tightfistedness. They do this by spending only enough money to cover all of their basic needs while suppressing their desires and indulgences, just like monks. Monks employ qualities of prudence, wisdom and foresight when deciding when to spend and when not to.

The Avoider

An Avoider is more commonly known as an ‘evader’ for their incorrigible habit to evade taxes and other financial liabilities. In fact, there are Avoiders who would evade even the most important financial commitments and liabilities for years before finally deciding to settle them. Of course, this habit does great when the objective of a person is to maximize savings. However, evading taxes and other financial obligations is a felony which can land an avoider in a tight spot. Therefore, this style of money-saving is certainly not recommended for good law-abiding citizens.

The Spender

To a great extent, Spenders are the anti-thesis of greedy savers because of their inherent tendency to be recklessly extravagant. A spender is usually poor at making educated and calculated money-spending decisions so that, more often than not, they end up spending; usually with wild abandon. As a result of this inherent trait, spenders generally have the least savings and are not inclined to get into this new habit.

Allan has been blogging about frugality for the last 3 years and has published numerous articles on various personal finance topics. Allan has also contributed several reviews on ubank.com.au as well as on various personal finance forums.

Tags: Finance, Money, Money Management, Personal Finance, Saving

Category: Saving Money