What is your ideal budgeting style? Are you a spender or a saver? Do you like to plan every little thing or do you prefer to go with the flow? According to your Myers-Briggs personality type, there is a specific budgeting style that will work best for you.
Analysts – INTJ, INTP, ENTJ, ENTP
The Analyst personality type includes Architects (INTJs), Logicians (INTPs), Commanders (ENTJs) and Debators (ENTPs).
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Money motto: “Save now, spend later.”
Analysts are practical and logical, and they believe in delayed gratification. They know how important it is to save for a rainy day, and that if they want something, they must wait patiently and save up for it.
Ideal Budgeting Style: The Traditional Spreadsheet
Analysts love numbers and data, so spreadsheet budgeting works best for them. This method allows you to keep track of your expenses and income in an organized way and then dig into the data when you want to crunch some numbers.
Analysts tend to be very frugal and rarely spend on unnecessary things. So while traditional spreadsheets may be too passive for big spenders, they’re probably perfect for money-conscious analysts.
Apps you might like
Traditional spreadsheets are 100% free and are often set up in Excel or Google Spreadsheet. Money Under 30 has several free monthly budget spreadsheets you can download. The downside is that traditional spreadsheets are manually created, so you’ll have to keep track of income and expenses yourself.
If you prefer something more automatic, check out Tiller Money. This is a budget spreadsheet that links your bank accounts so your income and expenses are automatically updated every day.
Diplomats – INFJ, INFP, ENFJ, ENFP
The Diplomat personality type includes Defenders (INFJ), Intermediaries (INFP), Protagonists (ENFJ) and Activists (ENFP).
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Money motto: “It is better to give than to receive.”
Diplomats know that money isn’t everything and that there are more important things in life than material possessions. That’s why they tend to be more sentimental than practical. When it comes to spending, Diplomats are more likely to splurge on an expensive gift for a loved one, even if they can’t afford it.
A good money mantra for diplomats is: “I am aware of my expenses and save for what is important to me.”
Ideal budgeting style: 50/30/20 budget.
Diplomats are creative and compassionate, and they are often very good at empathizing with others. They may find it difficult to stick to a strict budget as they are more likely to make spontaneous purchases that they think will make others happy.
The 50/30/20 method can work well for diplomats as it gives them some flexibility while still helping them stay on track financially. This method involves setting aside 50% of your income for basic expenses, 30% for non-essential expenses, and 20% for savings or paying off debt.
Read more: 50-30-20 Budget Explained – A Simple Budgeting Method
Diplomats might even find it helpful to create a 50/20/20/10 budget where they allocate 50% for essentials, 20% for non-essentials, 20% for savings, and 10% for charity.
Apps you might like
PocketSmith is a budgeting app that aims to help users better manage their finances. The app offers many features, including the ability to create budgets, plan future expenses, and set financial goals.
PocketSmith’s predictive feature, in particular, can be useful for diplomats who need to realistically check how their spending might affect them in a few months’ time.
Guardians – ISTJ, ISFJ, ESTJ, ESFJ
The Guardian personality type includes Logisticians (ISTJs), Defenders (ISFJs), Executives (ESTJs), and Consuls (ESFJs).
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Money motto: “A penny saved is a penny earned.”
Guardians are thrifty and hardworking. They know the importance of living within their means and saving for the future. So when it comes to spending money, they take no risks.
Ideal Budgeting Style: Zero-Budget Budgeting
Guardians tend to have strong organizational skills and like to plan ahead. So the best budgeting method for them is the zero-base budget.
This system involves creating a budget where you allocate all of your income to spending, saving, and paying off debt until there is no money left. This ensures that every dollar has a purpose so you don’t overspend.
Apps you might like
The best app for budgeting from scratch is You Need A Budget (YNAB). I have been using YNAB for over seven years now. And in true Guardian style, it has become a major part of my routine.
YNAB is great because it’s easy to create and stick to a budget. You allocate every dollar of income to work, so you always know where your money is going. You can also track your net worth and expenses, and set Debt Repayment goals to help you get out of debt faster.
Conductors – ISTP, ISFP, ESTP, ESFP
The explorer personality type includes virtuosos (ISTP), adventurers (ISFP), entrepreneurs (ESTP) and entertainers (ESFP).
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Money motto: “You only live once.”
Researchers are enterprising and spontaneous. They love new experiences and dislike being tied up. When it comes to spending money, they are more likely to make impulse purchases or make instant purchases.
Ideal Budgeting Style: The Envelope System
An envelope budgeting system can help researchers stay on track financially while still giving them some flexibility to have fun.
In this system, you allocate a certain amount of money to each category of expenses (for example, food, entertainment, etc.) and put this money in separate envelopes. Once the money in the envelope runs out, you won’t be able to spend any more in that category until the next month.
Read more: How to Make the Envelope Method the Best Budgeting Method
Apps you might like
A physical cash envelope system is one option, but it likely won’t work if you don’t have cash. Instead, you can try a “virtual” envelope system through an app like Goodbudget or Mvelopes.
Both apps let you create virtual envelopes for savings and spending, and provide tools to track your progress along the way.
Summary
Regardless of your Myers-Briggs personality type, there is a budgeting method that will work for you. The key is to find a system that fits your lifestyle and stick with it.
And remember, budgeting is a lifelong habit, not a one-time decision. If you find yourself struggling to stay within your budget, don’t be afraid to try another method until you find one that works for you.
Featured Image: Master1305/Shutterstock.com
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