What will you do with the extra money? Well, that could depend on your ‘money personality’ and according to Business Consultant, Olivia Mellan, there are five main types and we mostly fall somewhere in between:
- Amasser: You are happiest when you have large amounts of money at your disposal to spend, to save, and/or to invest. If you are not actually spending, saving, or investing, you may feel empty or not fully alive.
- Avoider: you probably have a hard time balancing your cheque book, paying your bills promptly, and doing your taxes until the very last minute. You may avoid making a budget or keeping any kind of financial record. You won’t know how much money you have, how much you owe, or how much you spend.
- Hoarder: you like to save money. You also like to prioritize your financial goals. You probably have a budget and may enjoy the processes of making up a budget and reviewing it periodically. You most likely have a hard time spending money on yourself and your loved ones for luxury items or even practical gifts.
- Money Monk: you think that money is dirty, that it is bad, and that if you have too much of it, it will corrupt you. If you happen to come into a windfall somehow you would tend to be uneasy and even very anxious at the thought of the influx of so much money.
- Spender: you enjoy using your money to buy yourself goods and services for your immediate pleasure. You probably get satisfaction from spending money on gifts for others. The odds are that you have a hard time saving money and prioritizing the things you’d like in your life.
If you enjoy this kind of thing and want to learn more about your ‘money type’ you can take Olivia’s money personality quiz here.
Personally, I don’t think it matters what you’ll do with the money you save and why, the point is that you get to keep more of your hard earned cash. It means you can have more security and also look after yourself and your family a bit better.
So why not look into it?
In my recent Blog about post-Brexit advice I talked about how lenders are currently offering historically low rates on ten-year fixed deals, which were previously unpopular with borrowers but might enjoy a resurgence as uncertainty about rates leads many more to pick them. This is just one example of some great lending opportunities which may well save you some money.
So if you are ready to bite the bullet and review your mortgage I will be delighted to have a chat with you over the phone or meet with you to discuss your options so drop me a line.
Your property may be repossessed if you do not keep up repayments on your mortgage.