The Best Things To Do In Summer 2022, Based On Your Financial Personality Type

The summer of 2022 was meant to be the season for revenge travel and living to the fullest. However, some of our bank accounts had to tell us to slow down a bit. Depending on your financial personality, finances can play a major role in your plans for the season. Luckily, we spoke to financial psychology experts who shared some suggestions for things to do in the summer of 2022, based on your financial personality.

If you’re new to the subject, you might be wondering, what is a financial personality? Similar to everyone having their own Enneagram and Myers-Briggs Type for their personality, they also have a monetary personality type that determines their attitude towards saving, spending and investing money. ‘silver. If you want to know yours, all you have to do is take a financial personality type test to find out which of the five financial personality types is right for you. Of course, you can also get a general idea of ​​who you are – a saver, big spender, debtor, investor, or buyer – after learning about the characteristics of the five financial personality types.

If you’re wondering why it’s important to know your financial personality, experts say knowing your relationship to your finances can really play a role in every decision you make, including the things you want to do in the summer. With the summer breeze on the way, it’s time to make those dream plans come true before fall arrives.

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For young people, managing money for the first time can be daunting, especially when just existing is expensive these days. But making sure your future self is financially secure — with enough funds to travel, enjoy life, and pursue your dreams — is a form of self-care. It is important to master your relationship with money, but where to start? Gen Z financial influencer Taylor Price shares that you should start an emergency fund first. This way, you always have some money in reserve that you can invest little by little with each paycheck. “Pay yourself first,” says Price. “You value your future self by setting aside money for savings and investments.”

It’s also important to pay your bills on time, especially credit cards. Once you have covered your financial obligations, you need to establish a spending plan. Price likes to set up two plans; one budget for the weekend and one for the week because it helps him keep his money in check and have fun. “There are three main strategies for spending responsibly within the spending plan: bargain hunting, splurging on a well-earned treat, and cultivating experience.”

The first strategy, bargain hunting, involves spending money during sales or finding tips to save on expensive purchases like flights. You can also invest your money to give yourself some reasonable splurge that you know will get a lot of use and love out of it. The final method, cultivating experience, is spending on opportunities such as trips, concerts, or lessons for a new skill — all of which enrich your life and benefit your overall well-being. These strategies introduce an intentional method of deciding where your hard-earned money goes, so that you get the most out of it now and in the future.

Things to do in the summer of 2022 if you’re a thrifty

Savers tend to stash their money and sometimes get anxious when it comes time to spend it. You can still take an amazing trip this summer without depleting your savings, as long as you have a budget ahead of time. You can book a short weekend at a cool Airbnb and discover a new city. If you fancy a longer retirement, a road trip through national parks or a train ride through Europe are great budget-friendly ways to see a ton of new sights in one go without breaking the bank.

You can stop, soak up the sights for free, and explore a variety of beautiful places. As long as you put money aside for gas and transportation, it’s an effective travel strategy that gives you what you pay for. Price recommends splitting the cost of an Airbnb with your fellow travelers and hosting a backyard dinner or barbecue while you’re on vacation instead of eating out.

“If you’ve already reached your savings goals or are on track to exceed them, make a plan for the excess,” says Carrie Friedberg, SF Money Coach. “If you’re behind on your savings goals, take a look around to identify and stop any leaks in spending, like unused subscriptions.”

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Things To Do In Summer 2022 If You’re A Buyer

If you can’t stop shopping while on vacation, consider finding your souvenirs and summer fashion at a vintage store, flea market or garage sale. By buying second-hand, you’ll find items that are super unique and tell the story of the city you’re visiting, plus the prices are usually much lower than retail and it’s usually more durable. You can also take advantage of late summer sales, like Labor Day, as you might find some amazing local deals. If you’re traveling, make sure your shopping money makes sense with your spending plan for necessities like your hotel or food. Also, don’t buy more than you can carry, because if it can’t fit in your suitcase, it’s an extra airfare cost that could get you home.

Friedberg recommends “using debit only for the summer or considering a ‘no-spend day'”. Then you can reflect in a journal on how it happened and consider your emotional ties to money as desires and fears.

Things to do in the summer of 2022 if you are a debtor

“The key with the ‘debtor’ personality type is finding activities or trips that align with your values ​​and make you feel good about your financial situation,” Price says. “For example, spending time with loved ones on a trip is always worthwhile – and it will make you feel better about money and your ability to earn it.” She advises if you’re struggling with credit card spending, eat at local restaurants where prices are lower, instead of shelling out for an expensive dinner. You can also make shorter trips over a weekend because they are much more affordable and will satisfy the change of scenery you want.

You can totally avoid extravagant vacations and have a great summer, of course. Friedberg says to focus on the things you love that are free, like “nature, music, people who make us feel good about ourselves, writing, exercising, and laughing.”

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Things to do in the summer of 2022 if you’re a big spender

If you most align with the “big spender” money personality type, consider draining it this summer so you have enough money to last you through the year. Like the “savers”, a good idea is to take a trip with lots of interesting stops and make the most of your budget. “Big spenders enjoy the journey as much as the destination, so you can stop at interesting places along the way,” says Price.

Wherever you land on vacation, there are usually plenty of free cultural experiences at local institutions, like history and art museums. They are usually there for the community to enjoy for free and often accept a small donation on entry. You can also discover parks, hiking trails and viewpoints for free; all you need is good weather and sneakers. “Big spenders often like to experience new things in life,” says Price. “So it’s a great way to learn something new and meet interesting people at the same time.”

Friedberg advises to slow down and practice being more attentive. “Practice self-care by tuning into your feelings, and even your body’s sensations, before, during, and after an in-person or online shopping experience,” she says. “Keep a note on your phone or financial wellness journal to track the effect spending is having on your mind and body right now.”

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Things to do in the summer of 2022 if you’re an investor

Investor personality types may want to take advantage of their free time, and they tend to be in a secure financial position. If you’re the “investor” type, Price says you might want to “consider using the summer as an opportunity to learn more about yourself and your goals for the future.” Why not sign up for a course to learn a new language, learn an instrument, or even get certified as a scuba diver before your next trip? You might want to learn to code at home, take up astronomy, or spruce up your garden for a big harvest in the fall.

It’s also a good time to accumulate more financial education. “Pledge to research a new area of ​​investing that interests you on Investopedia,” suggests Friedberg. “He has one of the best dictionaries of investment and personal finance terminology to spark some possibilities.”

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Expert sources cited:

Carrie Friedberg, financial coach SF

Taylor Price, Gen Z Financial Influencer

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