What is your budget persona?

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What is your budget persona?

Do your spending habits follow a certain pattern?

One of the most important steps towards financial wellness is to gain a deeper understanding of your financial habits so you can manage spending and maximize saving.

Take our Budget Persona Quiz!

Would you say your behaviours around personal finance are:

All over the place

Very strict

No idea

Evolving

Which of the following online shopping behaviours do you identify with most?

I buy what I want without consulting my budget.

I buy what I need when it goes on sale.

I buy what I want if I know I can afford it.

I engage in frequent retail therapy.

What following statements best characterize your relationship with money?

Money is about ensuring your freedom.

The best things in life are free.

Thinking about money stresses me out.

Money is the most important thing.

You have to buy something you need but it's well outside your budget. What is your first reaction?

I'll tell myself I can cut back elsewhere and buy it with credit.

If I need it, I'll buy it on credit. I don't have any other choice!

I will try to convince myself that I don't need it.

Delay the purchase as long as I can and reassess my budget.

Finish the following with the statement that best reflects your emergency savings. "My emergency fund..

Can cover more than 6 months' worth of expenses

Is non-existent. I don't have the money for it.

Has some savings, but mostly room on a line of credit

Has both cash (enough for 3 months) and includes investments from a TFSA

How often do you check your bank account?

I check on it on a weekly basis.

When I use my debit card I just hope it works.

I look when I have to pay my bills but don’t pay much attention.

Almost daily.

If you won $5,000 tomorrow what would you do with it?

Pay off debts and invest the rest in my retirement.

It would probably be gone by the end of the week.

Pay off debts, save some and treat myself to something fun.

One giant purchase like a vacation or home theatre, but I’d have to think about it.

Do you consider financial competence when looking for a partner?

Absolutely. It’s a core personality trait that I need in a partner.

It would be nice to have someone who knows more about money than I do.

No, it doesn't matter.

Yes, I’d like us to learn from each other, but they also need to know how to have fun.

Your friend borrows $200 but doesn’t pay you back at the agreed time. What do you do?

Remind them they owe you money every time you see them.

Not remind them, that would be awkward!

Ask them if paying you back a bit at time would help them out.

Very gently bring it up, but you know they’ll pay you back eventually.

How often do you worry about money?

I worry I’ll never have enough to feel safe.

I worry, but I don’t know what to do about it.

Not regularly, only for expensive purchases.

I think I’m doing OK, so I don’t worry much. Maybe I should though.

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The Stickler

You’re probably a “stickler.” You have a budget and you’ll do anything to stick to it. In many ways, you’re doing a good job, but you probably don’t need to be worrying about money as much as you do.

Try to automate your financial life as much as possible—from budgeting to bill payments, there’s an app for it. Free up some of your energy and remind yourself that money isn’t the most important thing. Your friends and family will thank you for it!

The Idealist

You’re what we can an “idealist.” You can be overly optimistic about your finances and think you have more money than you actually do. Budgeting efforts can often fall flat because you don’t like to face your financial reality head on.

The best thing to do is to start tracking your spending. Go into your bank account online and go over your last month’s expenses. Next, calculate your debt-to-income ratio and start finding ways to unlock savings so you can plan for your future. Put your optimism to good use!

The Procrastinator

It sounds like you’re a procrastinator. You understand the need for a budget but, for many reasons, you have trouble reconciling your current spending habits with your future goals. The truth is that you need to change the way you think about money.

Our advice is to start small. Go over all your monthly expenses and ensure you’re living within your means. When it comes to debt, calculate your debt-to-income ratio and start by reducing small debts so that you gain confidence.

The Architect

When it comes to budgeting, you are what we call an “architect.” Your lifestyle and behaviours have been structured in a way that helps you avoid overspending, save money and enjoy the things you love most.

Well done! You are probably an intuitive budgeter who has, in many cases, organized their bill payments, savings goals and debt management so that they seem effortless. The next stage of your evolution is to continue automating financial obligations and maximizing your savings efforts.