The Spendthrift Personality

Have you ever given in to the temptation to buy a new mobile phone, even though your old one still worked perfectly? Or have you ever bought items simply because they were on sale or special offer, then you're probably a spendthrift.

‍

Buying something new, for a lot of people, releases a pleasure hormone within their brain that immediately translates into a feeling of well-being. That's why it can be so hard for some people to resist the urge to buy things they don't really need. Spending money can seem like a quick mood fix, beware; however, it doesn't last quite long when a person is on a budget. 

‍

‍

‍

‍

Qualities of a Spendthrift:

• Generous, you like to give gifts to those close to you.
• Sociable, you enjoy outings and group activities.
• Creative, you have innovative ideas for spending your money.
• Spontaneous, you enjoy unexpected experiences.
• A hedonist, you live the moment to the full without worrying about the future.
• Open-minded, you are curious and enjoy exploring new places, tasting new foods and discovering new cultures.
• Optimistic, you have a positive, upbeat attitude to life.
• Determined, you are persistent and will stop at nothing to make your dreams come true.

‍

Weak points:

• You have difficulty saving money and drawing up a budget.
• You accumulate large debts due to excessive spending.
• You find it hard to resist the temptations of impulse buying and special offers.
• You are stressed and anxious because of your precarious financial situation.
• You find it difficult to manage your money effectively.
• You have relationship problems with your family and friends because of your excessive spending behavior and lack of financial responsibility.
• You have difficulty planning for the future and achieving your financial goals.
• You can be easily influenced by advertising and social media, which can lead you to spend money on things you don't really need.

‍

‍

‍

Lodin Tips:

‍

1. Categorize your transactions:

Start by classifying all your spending into different categories to identify the type of purchase you spend the most on. For example, after a long day, when you get home, take a notepad or Excel file and try to write down all the expenses you've made during the day, classifying them by category (shopping, food, errands, transport, leisure activities, etc.). Once you've done this, you'll be able to work out which category you spend the most on.

‍

2. Creat a budget:

Work out how much money you earn each month and break it down into different spending categories, such as rent, food, bills and entertainment. Try to stick to this budget as much as possible and avoid unnecessary spending.

You can download the Lodin PFM app for free to take better control of your finances and achieve your financial goals. As well as automatically categorize your expenses, set spending budgets, and more!

‍

‍

3. Avoid impulse buying:

Plan your purchases in advance. Make a shopping list and stick to it, buying only the items you really need. Don't be tempted by sales or special offers that may seem attractive but don't fit your budget or your needs. Also avoid impulse buying online by deleting your payment details saved on shopping sites.

‍

4. Find healthier ways to release dopamine:

Releasing feel-good hormones doesn't have to only people through swiping credit cards. Physical exercise releases endorphins, hormones that give you a feeling of well-being and help to eliminate your negative feelings. Find a fun activity that you will enjoy that doesn't require overspending.

‍

5. Do not follow every trend:

Limit your exposure to social media and advertising that encourage consumerism and conformity to trends. To reduce the pressure you feel to follow trends and focus on your own interests and values:

Avoid comparing yourself to others. Everyone has their own path and their own achievements. Think about what's important to you in life and what activities and hobbies you really enjoy. By focusing on your own values and interests, you can develop your own style and taste, rather than blindly following trends.

‍

‍

Striking a balance between the desire to enjoy life and the need to manage your finances responsibly is essential to living a fulfilling and authentic life. By being aware of your emotions and behaviors, you can make more considered spending decisions and avoid impulse buying. It's important to remember that other people's opinions shouldn't dictate your choices and decisions. You are a unique individual with your own tastes and interests, and it's important to cultivate your own style and passions rather than blindly following trends.

‍

‍