In a recent episode of 'The Valley Today,' host Janet Michael spoke with Karen Poff. Karen is a Senior Extension Agent, Family & Consumer Science, Virginia Cooperative Extension office who is based in the Warren County office, but serves all five surrounding counties. She also manages the Northern Shenandoah Valley Financial Education Program. The discussion centered around an intriguing financial tool called 'Money Habitudes,' a card game designed to help individuals understand their financial habits and attitudes. According to Poff, the game provides a lighter, more engaging way to explore one's money personality, blending habits and attitudes—or 'habitudes.'
Poff explained that understanding one's money habitudes can profoundly impact financial management skills and overall satisfaction. The game categorizes personalities into types that include 'carefree,' 'giving,' 'planning,' 'spontaneous,' 'security,' and 'status.' Each category carries its own set of advantages and challenges. 'None of these habitudes are inherently good or bad,' Poff said, emphasizing the importance of self-awareness and understanding one's spending behavior.
The conversation touched upon several personality types starting with the 'carefree' type, where money is not a priority and life happens as it comes. While carefree individuals may enjoy financial freedom, they might struggle with long-term planning and savings. In comparison, the 'giving' type finds joy in helping others, but may sometimes neglect their own needs. Janet found herself aligning closely with both carefree and giving attributes, seeing both their strengths and drawbacks.
Poff shared her own experiences as a 'planning' personality. While planners are well-prepared and goal-oriented, they can miss out on spontaneous opportunities. Janet humorously recounted a relatable story of losing out on a Prime Day deal for a vacuum because of overanalyzing, illustrating a planner's common dilemma.
Another key personality discussed was 'security,' where feeling in control and safe financially is paramount. Poff noted that while this trait can lead to a reliable financial strategy, it might also cause one to miss out on enjoyable activities due to over-cautiousness.
'Spontaneous' personalities, on the other hand, enjoy living in the moment, often making impulsive purchases. While this can be exciting, it can also lead to financial instability. Janet admitted that she occasionally indulges in spontaneous purchases, sometimes hiding her spending habits humorously.
Lastly, the 'status' personality focuses on projecting a positive image through their spending. While beneficial for social standing, this might lead to unnecessary expenses and financial strain.
Poff's key takeaway was that understanding your Money Habitudes allows for better financial planning and balance. She encouraged listeners to blend these insights with practical money management strategies. Janet concluded the episode, highlighting the importance of these conversations in promoting financial literacy in a way that's both enjoyable and enlightening.
For more insights and to identify your own money personality, consider exploring the Money Habitudes game. It's a low-barrier and insightful way to delve into financial management beyond just crunching the numbers.
