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By ARA Content
We all know one. Someone who is excessively cheap. And we all know someone else who spends money with wild abandon. And then there's the rest of us (of course), who have reached that perfect equilibrium in our money management.
"Most people want to be somewhere in between," says Randy Schuldt, a vice president with IHateFinancialPlanning.com. "Most Americans struggle with some form of debt, and yet, they do have a strong desire to save, especially if their company offers a 401(k) retirement plan."
Schuldt says it's important to become aware of your spending habits. As you might presume, excessive spending can lead to damaging consequences that may prevent a person from retiring. There are many, many Americans, he notes, even those who seem well off, who are living paycheck to paycheck and are just one emergency or disaster away from being in big time financial trouble."
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And yet, adds Schuldt, being labeled a cheapskate can be equally harmful to a person's reputation.
"Many people work very hard for their money," says Schuldt. "It should be enjoyed. Who wants to be known as one of the recluses who died with millions of dollars to their name but did absolutely nothing enjoyable with their lives?"
To help you find out if you're in control of your finances or if your finances are in control of you, here's a quick quiz from IHateFinancialPlanning.com. You may want to take it in the quiet and seclusion of a locked bathroom, or, for kicks, take it with a partner or good friend and rate each other and have fun arguing.
1. You sneak food and beverages into movie theaters.
True / False
2. You would rather drive 7 hours to another city rather than pay for an airline ticket.
True / False
3. You have an automatic withdrawal on your paycheck to regularly put money into a savings account or mutual fund.
True / False
4. You tend to forget your wallet, or "don't have any cash on you" when you go out with friends to dinner.
True / False
5. You always look for loose change wedged in seats on buses and trains or in cars and arenas.
True / False
6. You save aluminum foil after it's been used.
True / False
7. You never make a long distance phone call unless it's during the evening or on the weekend.
True / False
8. You bring your own lunch to work every day.
True / False
9. You've never hosted a party for friends or family.
True / False
10. You shop for clothes at consignment shops.
True / False
11. You won't throw out a tube of toothpaste until you've sliced open the tube and scraped the inside with your toothbrush.
True / False
12. You've walked five blocks to another ATM machine rather than pay the $1.50 service charge at the ATM machine in the lobby of the office building where you work.
True / False
13. You've had a savings account since you were a little kid.
True / False
14. You never buy anything unless it's marked down 50% or more.
True / False
15. You save your pocket change in a jar.
True / False
16. You balance your checkbook to the penny.
True / False
17. You enjoy negotiating or even haggling on a purchase.
True / False
18. You buy used music CDs.
True / False
19. You know, at least to the dollar, the amount in your checking, savings and investment accounts at this very moment.
True / False
20. You've been using the same wallet for more than 10 years.
True / False
Scoring: Give yourself 1 point for every True answer.
<b>13 to 20 points</b>: Welcome to Cheapskate City.
Ever get the feeling that people are whispering "cheapskate" behind your back. What the heck, what do you care? It's your money not theirs. Well, maybe it's time to take a look at how far you've taken your money conservation habits. As much as you may hate to part with a buck, remember that it's also important to enjoy the fruits of your labor. Maybe it would be nice to take a friend out to dinner? (And yes, pay for the entire dinner, including a decent tip.)
<b>7 to 12 points</b>: Middle of the Road.
Your savings and spending habits are rock solid. You enjoy making money, saving it and even spending it, too. You seek value in your purchases, but you don't mind paying full price for something you really want, and you enjoy the pleasure of getting a great deal. You're saving regularly, even a little bit. You may not have a financial plan in place, but you do have some goals for your money.
<b>1 to 6 points</b>: Can we say triple titanium VISA card?
Has anyone ever hinted to you that you may have a problem with spending and saving money? While you may not do some of the crazy things that a die-hard cheapskate does, it's clear by your answers that you're not doing much at all. Whether you sense that your finances are out of control, or maybe you're in denial, you know from the returned check notices that you're getting from the bank that you may have a problem. Maybe you hate the thought of financial planning, but now is the time to stop, take a deep breath, and start addressing your spending habits and begin learning about financial planning, including how to save your money and pay down your debts.
*********
Courtesy of <A HREF="www.aracontent.com">ARA Content</A>
We all know one. Someone who is excessively cheap. And we all know someone else who spends money with wild abandon. And then there's the rest of us (of course), who have reached that perfect equilibrium in our money management.
"Most people want to be somewhere in between," says Randy Schuldt, a vice president with IHateFinancialPlanning.com. "Most Americans struggle with some form of debt, and yet, they do have a strong desire to save, especially if their company offers a 401(k) retirement plan."
Schuldt says it's important to become aware of your spending habits. As you might presume, excessive spending can lead to damaging consequences that may prevent a person from retiring. There are many, many Americans, he notes, even those who seem well off, who are living paycheck to paycheck and are just one emergency or disaster away from being in big time financial trouble."
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And yet, adds Schuldt, being labeled a cheapskate can be equally harmful to a person's reputation.
"Many people work very hard for their money," says Schuldt. "It should be enjoyed. Who wants to be known as one of the recluses who died with millions of dollars to their name but did absolutely nothing enjoyable with their lives?"
To help you find out if you're in control of your finances or if your finances are in control of you, here's a quick quiz from IHateFinancialPlanning.com. You may want to take it in the quiet and seclusion of a locked bathroom, or, for kicks, take it with a partner or good friend and rate each other and have fun arguing.
1. You sneak food and beverages into movie theaters.
True / False
2. You would rather drive 7 hours to another city rather than pay for an airline ticket.
True / False
3. You have an automatic withdrawal on your paycheck to regularly put money into a savings account or mutual fund.
True / False
4. You tend to forget your wallet, or "don't have any cash on you" when you go out with friends to dinner.
True / False
5. You always look for loose change wedged in seats on buses and trains or in cars and arenas.
True / False
6. You save aluminum foil after it's been used.
True / False
7. You never make a long distance phone call unless it's during the evening or on the weekend.
True / False
8. You bring your own lunch to work every day.
True / False
9. You've never hosted a party for friends or family.
True / False
10. You shop for clothes at consignment shops.
True / False
11. You won't throw out a tube of toothpaste until you've sliced open the tube and scraped the inside with your toothbrush.
True / False
12. You've walked five blocks to another ATM machine rather than pay the $1.50 service charge at the ATM machine in the lobby of the office building where you work.
True / False
13. You've had a savings account since you were a little kid.
True / False
14. You never buy anything unless it's marked down 50% or more.
True / False
15. You save your pocket change in a jar.
True / False
16. You balance your checkbook to the penny.
True / False
17. You enjoy negotiating or even haggling on a purchase.
True / False
18. You buy used music CDs.
True / False
19. You know, at least to the dollar, the amount in your checking, savings and investment accounts at this very moment.
True / False
20. You've been using the same wallet for more than 10 years.
True / False
Scoring: Give yourself 1 point for every True answer.
<b>13 to 20 points</b>: Welcome to Cheapskate City.
Ever get the feeling that people are whispering "cheapskate" behind your back. What the heck, what do you care? It's your money not theirs. Well, maybe it's time to take a look at how far you've taken your money conservation habits. As much as you may hate to part with a buck, remember that it's also important to enjoy the fruits of your labor. Maybe it would be nice to take a friend out to dinner? (And yes, pay for the entire dinner, including a decent tip.)
<b>7 to 12 points</b>: Middle of the Road.
Your savings and spending habits are rock solid. You enjoy making money, saving it and even spending it, too. You seek value in your purchases, but you don't mind paying full price for something you really want, and you enjoy the pleasure of getting a great deal. You're saving regularly, even a little bit. You may not have a financial plan in place, but you do have some goals for your money.
<b>1 to 6 points</b>: Can we say triple titanium VISA card?
Has anyone ever hinted to you that you may have a problem with spending and saving money? While you may not do some of the crazy things that a die-hard cheapskate does, it's clear by your answers that you're not doing much at all. Whether you sense that your finances are out of control, or maybe you're in denial, you know from the returned check notices that you're getting from the bank that you may have a problem. Maybe you hate the thought of financial planning, but now is the time to stop, take a deep breath, and start addressing your spending habits and begin learning about financial planning, including how to save your money and pay down your debts.
*********
Courtesy of <A HREF="www.aracontent.com">ARA Content</A>