What Your Budget Can Say About You As A Person

Let’s be honest: taking control of your financial situation can be a crucial part of feeling in control of your life. So, let’s talk money.

There’s only so long you can get away with hoping for the best or mishandling your cash before you should at least consider incorporating some basic money management strategies into your life. That might mean getting up-to-date on years of pending tax returns, or paying off multiple credit cards, or getting an account that lets you organise your money into lots of different  buckets.

Everyone is different, and whether you’re a budgeting genius, an aspiring saver, still pretending your money will work itself out (guilty), or anywhere in between, who you are can often be revealed in how you budget.

So, to help recognise the savvy savers among us and encourage those still striving for success, we’ve called out the six main types of budgeters and what that can say about them as a person. Don’t stress – figuring out how to make a budget that works for you is a journey, so no judgment here. But do prepare to feel seen.

Big Spender

They’re addicted to that short-lived endorphin boost that comes from buying something new and most of their money is scattered across the online shopping cart tabs languishing on their computer.

Sound like you? The good news is that, while a bit self-indulgent, they can also be very generous. They’re always overdoing presents, offering to buy the first round, and never saying no to making time for mates. Their love language is gift-giving, and that includes to themselves.

Hot tip for Big Spenders: try keeping your ‘splurge’ money in a separate sub-account to the account you use to pay for necessities like food and rent. Think of it as a sustainable treat yo’self fund.

One-Account Wonder

Ah yes, the ‘hope for the best’ budgeter. If they keep all their money in one account, they’re bound to be a whole lot of fun, but also a little on the reckless side. They’ve probably cracked every phone screen they’ve ever owned and consider arriving anywhere less than 20 minutes late just… being on time.

Investor

The self-proclaimed ‘investor’ is usually across current events, news, and pop culture. Or, at least, enough to talk over-confidently about it with anyone who asks (or doesn’t). They’re eternally optimistic, always convinced that the latest stock or crypto currency they bought is going to take them to the moon and make them the next Bill Gates. And hey, you’ve gotta be in it to win it.

Brilliant Budgeter

Do they have their money neatly divided into an account for spending and separate accounts for different expenses and goals? They’re absolutely the friend who organises the group road trips and always remembers everyone’s favourite snacks. They perform elaborate meal prep on a weekly basis and always have a clean room.

The IOU (Again) Person

Multiple credit cards? Multiple debts? Budget regularly hovers around single digits or negative numbers? It happens to the best of us.

They’re the kind of person who taps their card for an impulse purchase without ever pausing to think about whether they can afford it. They might take days to responds to texts and somehow have stains on most of their clothes. But they’re an adventurous spirit who has never let an account balance get in the way of a good time.

Most-Improved

They have great intentions to achieve financial control but their follow through needs work.  They have a budget spreadsheet but the numbers rarely add up and they keep saying next month will be better.

Basically, they’re avoiding adulthood and might even have some mild commitment issues. Fun!  They still call their parents to ask how to get a stain out or which light bulb to buy. The good news is, they’re clearly en route to being in control of their budget, so if this is you, keep the momentum going and you’ll find a system that works for you.

When you’re ready to start budgeting better, Suncorp Bank’s Everyday Options Account* can help. It has a main account with Visa debit card access for your day-to-day spending and cash withdrawals, and no foreign currency conversion fees on Visa debit card purchases made online or overseas^. Plus, there’s no minimum spend or number of transactions.

You can also add up to nine savings sub-accounts to your main account to help you bucket your money. To make it even easier, you can name each sub-account to reflect the expense or goal you’re saving for and help you keep track of where you’re spending.

And because there’s no debit card access on sub-accounts, you might be less likely to accidentally spend your holiday fund on takeout, or your petrol money on shoes. Out of sight, out of mind!

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Suncorp Bank’s Everyday Options Account is for everyday banking as individual as you are. Find out more here. 

Information is intended to be of a general nature only and any advice has been prepared without taking into account your particular objectives, financial situations or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Information Document before making any decisions about whether to acquire a product.

*The Everyday Options Account is issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 (“Suncorp Bank”). Eligibility criteria, conditions, fees and charges apply and are available on request. You must hold an Everyday Options main account to open linked savings sub-accounts (add up to nine). ^A Suncorp Visa Debit Card is required. To be eligible for a Suncorp Bank Visa debit card you must be 16 years of age or older. If not eligible you will receive a Suncorp Bank eftpos card. There is no card access with sub-accounts. Please read the Product Information Document for personal deposit accounts before making any decision about this product. Go to www.suncorp.com.au/everyday.

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(Lead image: Katy Anne / Unsplash)