NDSU Extension Service - Ramsey County


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How Do You Rate As a Money Manager?

How Do You Rate As a Money Manager?


          If you find there is too much month at the end of the money, perhaps it is time to analyze your spending patterns. Some buying practices tend to undermine the best planned budgets. Some people have a natural instinct for making their spending match their income, while others can’t seem to resist buying more than they can afford.

          Rate yourself as a money manager by answering the following questions with a “yes” or “no.”

          1. _____ Do you pay more than you have to? Some people often buy from habit without comparing prices. They tend to think a few cents difference is unimportant on small items.

          2. _____ Are you an impulse buyer? These shoppers buy when the whim hits them without first considering whether they actually need the item.

          3. _____ Do you fall for “something for nothing?”  It has been said millions of dollars are spent to get something free. Many fail to examine the true cost of that “something” for nothing.

          4. ____ Do you spend to keep up with the Jones? Some people feel that it is important to have what others have whether or not it fits their own life styles.

          5. _____ Do you spend to soothe your ego? If you get depressed or angry, do you go out and buy something to make you feel better or to get even with someone?

            6. _____ Is it difficult for you to resist buying on credit? It is easy to think in terms of paying for things in the future rather than in terms of whether you can afford it.

          7._____ Are you a snob buyer? The most expensive is not always the best. Consider the lower priced items. They are often the better buys.

          8. _____ Do you have a tendency to buy worthless things? Many of us have a lot of gadgets or trinkets that we don’t use or need.

          9. _____ Do you put off making a budget? A budget is an excellent way to evaluate past expenses to see where the money went and to plan spending for the future.

          10. _____ Do you often waste things you buy? You may throw out food or other items, not use things you bought, or not take good care of things to make them last longer.

          To rate yourself as a money manager, give yourself 10 points for each answer you marked “no.”

100-90 points means you are an excellent money manager.

80 points, you are above average. Everyone has a few weaknesses.

70 points, you need improvement.

60 points or less, you will want to revise your spending habits immediately!.

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