What is my spending style and how does it impact my finances?

An individual's spending style refers to their personal approach to spending money. It includes their attitude towards money, their financial goals, and their spending habits. An individual's spending style can have a significant impact on their finances, as it affects how much money they spend and how much they save.

Some common spending styles include being a saver, a spender, or somewhere in between. A saver tends to prioritize saving money and may be more hesitant to make purchases, while a spender may be more impulsive and enjoy spending money on experiences and material goods.

Understanding your spending style is important because it can help you identify areas where you may need to make changes in order to improve your financial situation. For example, if you are a spender and find yourself frequently overspending, you may need to develop better budgeting skills or find ways to control your impulse buying.

Overall, being aware of your spending style and making intentional choices about how you spend your money can help you achieve your financial goals and improve your overall financial wellbeing.