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The type that’s unashamedly old school

Disclaimer: The contents of this article are for general information purposes only and do not constitute financial advice. If you’re in any doubt about your finances, you should seek financial advice. The views and opinions expressed by Dr Oliver are those of the author and do not necessarily reflect the views or opinions of first direct.

You’re traditional, loyal and principled. Your friends and family know they can trust you when they ask you for financial tips – you always have their best interests at heart.

You’ll avoid borrowing money if possible: the feeling of owing someone makes you feel a little bit uneasy. You don’t like wasting money, but you’ll always pay more for a quality item that lasts. For big expenses, you’d rather use your savings, however long it takes to reach the amount you need.

You’re naturally responsible and cautious when it comes to money and it’s important to consider your financial decisions thoroughly before you do anything at all. Preferably, you’ll do your own research and talk things through with someone, so you can be sure you’re making the right move for your money and getting the very best deal.

Does this sound like you?

  • Owning the latest luxury brands is not for you. Instead, it’s more important to buy quality products that last.
  • You spend within your means and you save regularly – it’s what you’ve always known.
  • You prefer not to borrow money if you can help it.

Psychologist, Dr Oliver, shares his tips on how you could improve your financial wellbeing…

You’re known for being able to manage risk and stay secure, but you’re likely to have a low level of what psychologists call ‘uncertainty tolerance’. This means you tend to avoid anything that is uncertain. Research by neuroscientist Daeyeol Lee found that we learn and grow best in situations of uncertainty. Risk-taking pushes you outside of your comfort zone, and you usually learn something new along the way – so embracing your ‘uncertainty tolerance’ could help you.

Try the following tips:

  1. You could seek some advice on what you could potentially do to help you maximise your budget. By exploring your finances with an advisor, you might learn more about different opportunities you may not have considered before, which could ultimately help you in the long term. Be sure to allow some time to consider your options before settling on any one of them – or none of them if you feel they’re not right for you.
  2. Do one thing every week that is outside of your routine and comfort zone - search online for ‘activities outside of your comfort zone’ and you’ll find plenty of ideas for what to do. Remember to set a budget limit for these activities and monitor over time what new things you learn. You may find this gives you a new perspective on your finances, as well as changing how you approach uncomfortable situations.

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