Are You Miss Hao Lian?

Knowing your money personality can help prevent debts and get you rich quicker. Hold on to your wallets – here’s how to better manage your moolah.

Portrait of Tammy Strobel

Knowing your money personality can help prevent debts and get you rich quicker. Hold on to your wallets – here’s how to better manage your moolah.

PHOTO OF CLUTCH WINSTON CHUANG PHOTO OF CREDIT CARDS 123RF
PHOTO OF CLUTCH WINSTON CHUANG PHOTO OF CREDIT CARDS 123RF
1. Miss Hao Lian

(aka the show-off ) You’re conscious of your social image and splurge to make yourself look – and feel – good. Your happiness comes from possessing things, especially luxe items.

THE SIGNS:

❶ You dream of the latest Hermes Birkin.

❷ You adore the attention you get as a customer at places with personal butler or shopping services.

❸ Posting daily Insta-snaps of your new branded bag/shoe/dress is a necessity.

Grace Cheng, co-founder and editor-in-chief at lifestyle and personal finance website Get.com, says... there’s nothing wrong with treating yourself, but do it too often and you could find yourself drowning in debt. Her suggestion: set aside 20 per cent of your monthly income and pay your bills in full before splashing out. Also, decide on a savings goal and “lock” your money in your account until you hit the target.

2. Miss Fomo

You’re competitive and love nabbing a bargain – so much so that you have an intense fear of missing out (hence the moniker). In fact, you feel depressed if you leave a sale emptyhanded. That said, when it comes to growing your money, you keep a tight rein on your investments and don’t venture beyond fixed deposits for fear of losing some capital.

THE SIGNS:

❶ You avoid anyone who tries to give you advice on money matters.

❷ You compare the price of everything, down to the last 10 cents.

❸ You buy in bulk even though you don’t need to.

Grace says... being cash-cautious means a healthy bank balance, but you’re not making your money work for you; the cash in your fixed deposit account only earns you below-inflationrate returns – not brilliant in the long run. A smarter option is to invest in Singapore Savings Bonds. Start with just $500.

3. Miss Clueless

You have no idea how money leaves your bank account – because #yolo. Worse still, you have no inkling of how credit cards work in terms of cashback, reward points and rebates.

THE SIGNS:

❶ You only use cash or debit cards, and don’t know that you can reap benefits by using certain credit cards to pay for big-ticket items.

❷ You don’t understand why you’re so broke when it was payday just last week.

❸ You hear about a scheme with a high interest rate (read: high returns), and your response is “How do I participate?”, not “Tell me more!”

Grace says... everything in life revolves around money, whether it’s buying a flat, getting a manicure or travelling to the Maldives. So start tracking your expenses, and drafting budgets and savings goals. Also, be aware of money scams and deals. Spending without earning cash rebates or reward points means you’re losing out financially. Get the best deals with the free Getdeals app, which lists all the discounts (for dining, shopping, entertainment, petrol and travel) from every local credit card distributor.

4. Miss Financially

Savvy You see money as a tool for growing your wealth. You’re into financial education and are always scouting for ways to make your cash work harder.

THE SIGNS:

❶ You pay off your credit card bill in full every month – no interest incurred!

❷ You sign up for Giro payments to avoid late charges/missed payments.

❸ You strike the right balance between saving and investing. There’s a pot for rainy days, but you also invest some of your money – you’re growing your wealth so you’re closer to your dream home.

Grace says... well done for consciously managing your finances! Continue to increase financial knowledge so you can attain your life goals more quickly.

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