The Best Financial Products for Every Personality Type

in 1 week

Photo: peopleimages12 via 123RF

Are you an adventurous digital nomad, a creative free spirit, or the life-of-the-party impulse shopper? Believe it or not, your personality can say a lot about the financial products that might best suit your lifestyle choices. 

The Digital Nomad

You’re always on the move, collecting passport stamps and working from the coolest coffee shops around the world. You need freedom and flexibility, and the thought of being stuck in one place too long makes you miserable. If you’re the kind of person who is always looking for your next adventure, these financial tools might be perfect for you:

• Online-only bank accounts: Skip the fees and hassle, and bank conveniently from anywhere in the world. Look for accounts that might offer things like mobile check deposits, ATM fee reimbursements, and mobile apps so you can manage your money easily.
• Travel credit cards: Earn travel points and cash back on flights, hotel stays, and dining abroad. Make sure you get a credit card that doesn’t charge foreign transaction fees and gives you perks like travel insurance or lost luggage reimbursement.
• Mobile budgeting apps: When traveling to other countries and converting your money to other currencies, it’s easy to lose track of how much you’re actually spending. Budgeting apps like Monarch Money can help you easily keep track of every dollar you spend.

The Impulse Shopper

You’re the friend who’s always ready for a spontaneous weekend trip or an exciting night out, but your wallet might not be feeling quite as spontaneous. You love living in the moment, but that can make it easy to neglect your personal financial goals. If this sounds like you, consider using these financial products:

• Prepaid debit cards: Using a prepaid debit card acts like a spending limit, so you can’t blow through your paycheck in one fun night out. Some prepaid debit cards might even send you alerts when you’re close to reaching the limit on the card.
• Budgeting apps: Track your spending in real time and get alerts when you’re about to go over budget. Apps like Rocket Money will help keep you accountable for your budget and spending habits without making it feel too overwhelming.
• Cashback credit cards: If you’re going to spend money, you might as well get some sort of reward for it. Look for cards that offer you cash back on the things you buy most, like eating out and entertainment.

The Creative

You have a lot of big dreams and creative visions. You constantly think about what your life would look like if you quit your tedious 9-5 office job and just started that pottery business. You’re not afraid to take risks and see money as a way to fuel your passion projects. If you’re looking for ways to help your dreams grow, these might be the perfect tools for you:

• Cashback credit cards: Earn rewards on everyday purchases toward your creative projects. Some cards even offer bonuses for categories like home office supplies.
• High-interest savings accounts: Put extra cash into a high-yield savings account where it can grow while you focus on your next big idea. Look for accounts that offer competitive APYs and no minimum balance requirements.
• Investment apps: Start building an investment portfolio. Platforms like Robinhood make it straightforward to start your investment journey.

Photo: milkos via 123RF

The Planner

You’re type A. You have a five-year plan, a 401(k), and you’ve very carefully built up an emergency fund. You love structure and can’t stand when your finances are disorganized and out of order. To help keep you moving forward and financially secure, consider using these tools:

• Retirement accounts: Start investing for your retirement now. Automate your contributions and increase them annually to keep up with inflation.
• Robo-advisors: If you aren’t sure where to start investing your money, or you’re on the move and too busy to manage your investments yourself, consider using a robo-advisor. They can help you manage your portfolios without needing to be a finance expert. 
• Financial planning apps: Set goals, track your net worth, and plan for your future with ease. Platforms like Fidelity and Empower can help you keep track of your finances, from your bank accounts to your investment portfolios.

The Minimalist

If you’re the kind of person who thinks less is more, then simplicity is for you. Why have your money spread across multiple bank accounts and platforms when just one will do? To help keep your finances streamlined, consider looking into these products:

• Low-fee checking accounts: Keep costs down by avoiding unnecessary fees. Look for accounts with no monthly fees, overdraft protection, and easy mobile access.
• Simple savings accounts: Online savings accounts usually provide better interest rates than traditional banks, which makes them perfect for minimalists.
• Budgeting tools: Look for budgeting apps that have user-friendly dashboards and straightforward reporting. These will help you keep track of your finances without having to rifle through unnecessary features.

Whether you’re a sightseeing nomad, a free-spirited creative, or an organized planner, there’s a perfect financial tool out there for you. Take a look at what you really need, see how it fits in with your lifestyle, and watch how easy it can be to make your money grow and work for you when you need it.