Quiz: What’s Your Spending Style?
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1. You’ve just gotten a $5,000 bonus. Where’s the money going?
a. Vegas, baby!
b. I’ll reward myself with a new outfit, then put the rest toward my student loans or credit-card debt.
c. My savings account.
2. When it comes to balancing your checkbook, you:
a. aren’t really sure how much money you have. In fact, you’ve overdrawn your checking account so many times, you’re practically paying the bank to hold your money.
b. know roughly how much money is there, though you still live paycheck to paycheck. If things get tight, you’re good about giving up a few cocktails or dinners to get back on track.
c. could recite your current balance down to the penny. Your homepage is set to your online banking site, and you carry a pocket calculator so you can calculate tips.
3. What is your biggest purchase to date?
a. My Birken bag: Worth every penny!
b. The down payment on my condo.
c. My car: Hey, I bought it used but it still runs (kinda, sorta).
4. You spot a gorgeous dress in a store window and think it would be perfect for a wedding you’re attending. It’s a bit more than you planned to spend, so you:
a. walk right in and buy it! Isn’t that what Visa is for?
b. shop around for something similar at a more affordable price and ask the salesgirl to call you if the dress goes on sale.
c. keep walking and wear the same dress you’ve worn to every other summer wedding. It has tons of wear left in it and doesn’t even require dry cleaning!
5. For lunch you generally:
a. hit up your favorite sushi place around the corner. If you’re in a good mood, you might do some browsing on your way back to the office.
b. bring leftovers from the previous night’s dinner. But if your co-workers suggest trying a new restaurant, you can always eat it later.
c. brown-bag it. Why pay $9 for a sandwich?
6.How are you saving for retirement?
a. I plan to marry a cute i-banker so I don’t have to worry about money. Plus, isn’t that, like, 30-plus years away?
b. I’m enrolled in my company’s 401(k)a program, but I should probably look into other ways to save for the long-term.
c. I’ve got it all: 401(k), Roth IRA, and a high-interest savings account.
7.You’ve just botched an important presentation at work. How do you unwind afterward?
a. Treat myself to a new pair of shoes, of course!
b. Call a friend and ask her to meet me for a drink.
c. Go for a jog. Running really clears my head.
8.Which statement most applies to your spending habits?
a. Easy come, easy go. If I see something I like, I have to buy it!
b. I’ll buy something on sale if it’s the right size and color, but I generally don’t stress about money.
c. Money doesn’t grow on trees, so I try to hold on to it as much as possible. I rarely splurge on cabs, dinners, or shoes.
9.Your typical weekend features:
a. Friday-night dinner and cocktails at the new “it” bar downtown, followed by brunch, shopping, and more drinks on Saturday, plus a private yoga session on Sunday. You’ll cab it home on Friday and Saturday nights and buy lunch after yoga so you don’t have to cook.
b. drinks with friends on Friday night, jogging and errands on Saturday, then watching movies at your boyfriend’s Saturday night and chilling with your best friend on Sunday.
c. moonlighting as a bartender on Friday night, babysitting all day Saturday, and cooking up a storm so you have food for the week.
10.Your checking account is dwindling, but a friend invites you to spend the weekend on a spa retreat with her. You:
a. figure you’ve been working hard and deserve a little vacay, so you just charge it.
b. explain the situation and suggest that you get manis and pedis together in a few weeks when you’re financially solvent again.
c. politely decline.
Mostly A’s: Hey, Big Spender!
You work hard for that paycheck and you wouldn’t be caught dead without your iPhone or (heaven forbid) wearing last season’s shoes. Sorry, but you’re not Paris Hilton, and Manolo Blahniks do not count as a sound investment. Remember to pay yourself first (meaning your savings account) each month to keep your spending in check. Experts recommend you save a minimum of 10% of your annual salary for retirement.
Mostly B’s: Conscientious Consumer
You understand the importance of saving, but you don’t deny yourself, either. You love a good sale, but you also know when to leave the MasterCard at home. Keep up the good work and think about setting up an IRA or 401(k) if you don’t already have one.
Mostly C’s: Super Saver
You prefer Payless to Prada, clip coupons religiously, and only buy what’s on sale. Kudos on building up a sizable savings account, but don’t forget to treat yourself every once in a while. Splurging on brunch for a special occasion or buying a new pair of shoes to replace your favorite beat-up sandals won’t break the bank if you budget for it. Remember, you can’t take it with you. Cliché, yes, but oh-so-true.