ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Understanding your money personality is the first step toward financial health, helping you uncover your approach to spending, saving, and investing, and where you need to take action.

Detailed explanation-2: -A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.

Detailed explanation-3: -Money personalities affect the way we behave when making financial decisions and how we go about spending, saving and investing. Successful people come in a variety of types, but a common denominator in successful people is that they have a good awareness of their own personality with money.

Detailed explanation-4: -People with a “spending” personality type aren’t typically bargain shoppers; they are fashionable and always looking to make a statement. This often means a desire to have the latest and greatest mobile phone, the biggest 4K television, and a beautiful home.