When it comes to saving money, everything is valid, right? At least, almost everything. It is normal for each person to have a peculiar way or method to keep that much-desired buck at the end of the month. Some people adopt piggy-backed safes, others lock themselves at home to avoid spending, and some develop real strategies to discipline their consumption. After observing so many different habits and customs of acquaintances, friends and family save money, we decided to comment on some of the most interesting strategies found. Check out 5 types of consumers that we uncover:
Consumer “Money Buy Everything”
The style of consumption “money buys everything” has its only commandment of the use of cash, in real banknotes, for any and every day-to-day purchase. Whether it’s a cup of coffee at the bakery or a new pair of jeans at a mall store, the tactic is simple: you should only allow yourself to buy if you have current bills at hand. It is more painful for a person to see his or her current bills disappear with a purchase than simply pay with a plastic card. Paying with cash, your mind is forced to think about what you are buying, the “pros and cons” involved.
For whom? It can be very effective for those people who want to make consumption more conscious activity and, consequently, decrease the number of purchases made. So people who need to reduce or better control their consumption to meet their financial obligations, such as debt repayment, this strategy can help.
Do you deprive yourself of any impulsive or superfluous purchase that is not intended to satisfy some basic need, such as food, health, or transportation? Yes, you may be considered a consumer “survival”. This consumption strategy is usually temporary, used as “shock treatment” for the financial life of those people who are lost amidst some debt.
For whom? Indebted companies seeking a quick and palliative solution to their financial woes. The strategy is great for easing uncomfortable debt situations but does not solve the problem as a whole. After medicating your finances with this treatment you need a financial restructuring to avoid that new situations of suffocation appear.
Consumer “Hunter for Rewards”
The “Hunter for Rewards” is a consumer who makes much of his day-to-day consumption of credit cards to “hunt down” the benefits offered by banks for purchases made on the card. Benefits such as airline miles, trade-in scores, among other advantages are targeted by these consumers.
For whom? It is not the recommended strategy for most people. It takes self-control, conscience, and responsibility to consume to use it. Know how to give value to what you really use, and do not delude yourself with the power of plastic card. Thus, it is recommended for anyone who has already established a reliable track record of paying their credit card bills in full.
Consumer “Prevention is the Solution”
Similarly to the “Rewards Hunter” you prefer to use your credit or debit card at the time of shopping, but not necessarily to “hunt” those benefits offered by it. You consume without worrying about the card because you know that your expenses of the month have already been paid or resolved, and your savings have already been spent. If you want to buy a mobile phone or take a trip to the beach at the end of the week, the only thing you need to do is take a look at your bank statement to check how much you have in the account.
For whom? To take advantage of this strategy of consumption you need to know how to save money religiously for your important accounts of the month in advance and schedule yourself to pay them without any delay tolerance. Indicated for planned and disciplined people who know how to prioritize their personal duties and obligations before any other impulsive and superfluous consumer concern. Better for those who do not want to have too many headaches when deciding on a purchase.
If you do most of your shopping on the internet, you can be defined as a “.com” consumer. Many people prefer to shop on the internet for the convenience and ease that this form of consumption involves. With free deliveries and interesting discounts on some purchases, this strategy is increasingly gaining new adepts. In addition, online shopping gives you more control over your money as you can see where your money is going by always arranging the vouchers in a folder on your computer.
For whom? Busy people who do not like and do not want to waste too much time on shopping and financial control.
Even if you do not have a consumer strategy, do not worry! What’s interesting to understand a little bit about how people find solutions to save money is to be able to apply some of their tactics to our day-to-day consumer activities. With this, little by little, you will develop your own strategy, unique and personalized, appropriate to your profile and goals.