5 Money Attitudes That Can Hold You Back – The Savings Corner presented by Coosa Valley Credit Union

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Are you a natural saver or do you want to save more? Do you turn to shopping to lift your spirits after a hard day or week? According to this article, published by CNBC, experts say there are 7 financial personality types, and knowing yours can help set you up for success. Regardless of your financial personality type, here are five common money attitudes that keep people from achieving financial success.

  1. Everyone has it. I deserve it too. Our society definitely encourages indulgence in spending. Social media has only made the “keep up with the Joneses” attitude more prevalent. But there’s a big difference between wanting something and being able to afford it, and focusing on how other people are spending their money only distracts you from the positive things in your own life. Plus, having the patience and determination to save for something you really want can give you a great sense of accomplishment and add to the fun of shopping.
  2. When I don’t have enough money in my checking account to cover a purchase, I swipe a credit card. If you regularly make impulse purchases with money you don’t have, you may be headed for disaster. Regularly carrying a balance on credit cards can become a trap that is difficult to escape.
  3. Budgets are too restrictive! In fact, the opposite is true. Budgets help you organize your spending to make room for the things you really want to do or buy. Establishing and sticking to a budget is the number one tool to ensure that you are financially successful.
  4. There’s no point in saving money when I can only save a small amount. Saving is ALWAYS a good choice, no matter how much you can save. All those little bits add up over time. Plus, saving is really a habit, and once formed, it’s easier to stick with. It’s good to start small!
  5. But this dress is on sale, even though I don’t really need it, it’s a great deal! Just because something is on sale doesn’t mean it’s a good deal if you don’t really need it. You’re much better off setting aside the money you’d have spent on the sale item you don’t really need in savings.





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