What kind of budgeter are you?
Being able to budget is one of life's most important skills. Budgeting properly can open the doors to all sorts of opportunities: from saving for your dream vacation or home, to ensuring that you and your family are prepared in case of a financial emergency. Not everyone can, or wants to, budget the same way. Factors such as age, income, and lifestyle can all influence our approach to budgeting, which is why it's crucial to find a budgeting style that suits you, your specific needs, and is something you will keep up with.
For some people, it’s all about living in the moment, while others prefer the delayed gratification of a future reward. Certain budgeters set money aside for specific rainy-day scenarios, while some seek to strike a balance between living well and saving. Many are just starting their budgeting journey and should utilize educational resources and tools frequently to help them along the way.
Discover what kind of budgeter you are by taking this First Merchants quiz!
Spending and savings habits in detail
As First Merchants has previously revealed, half of all U.S. adults overspend monthly, emphasizing the importance of developing budgeting skills.
One very apparent thing is that differences are heavily prevalent along generational lines. For example, 43% of Gen Z overspend weekly compared to 19% of Gen X, and just 5% of Baby Boomers. There are several potential reasons for this disparity. Older generations are typically further along in their careers, meaning they earn higher salaries. In other words, it's harder to overspend if you're earning over $70k a year as opposed to $30k. Baby Boomers and Gen X also have more financial experience than Millennials and Gen Z and this can manifest in their approach to budgeting.
On a similar note, just under a quarter of Millennials don’t feel confident when it comes to budgeting and managing their cash flow, demonstrating the importance of financial education. Negative emotions are frequently associated with budgeting for some generations, with 1 in 4 millennials saying they feel stressed, anxious and guilty when managing their finances.
Overall, fewer than a third of adults feel very confident when it comes to budgeting. Part of this lack of confidence can be attributed to not knowing where to begin, particularly if you have never budgeted before. Utilizing budget calculators and expert budgeting advice is an excellent way to get started and build your budgeting confidence.
To discover more about budgeting habits across generations, read First Merchants primary research.
Budgeting Personalities Quiz
Question 1 of 7
How regularly do you budget your personal finances?
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Please select an option to continue.Question 2 of 7
How confident do you feel when it comes to budgeting and managing your cashflow?
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Please select an option to continue.Question 3 of 7
How often do you overspend?
Select one option below
Please select an option to continue.Question 4 of 7
Which of the following statements best describes your attitude to budgeting?
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Please select an option to continue.Question 5 of 7
If you do overspend, what is the most common reason?
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Please select an option to continue.Question 6 of 7
How do you usually handle unexpected expenses?
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Please select an option to continue.Question 7 of 7
When you do save, what are your priorities?
Select one option below
Please select an option to continue.Budgeting Personalities Quiz
Your Result
The Beginner
Every budgeting journey must start somewhere. Beginners might not be the most confident when it comes to budgeting, but that does not mean they’re not eager to learn. Beginners, unsurprisingly, are likely to be on the younger end of the scale. They might have just started their first part-time job in high school or at college, or maybe they’ve just graduated and entered the workforce for the first time. It’s also likely that they lack experience when it comes to managing things like bills and rent.
The beginner should consider opening a regular savings account and downloading the First Merchants app to establish a solid platform to build their budget. Beginners can also benefit from engaging with financial wellness resources in order to enhance their financial education. Finally, they should make use of tools like budget calculators as well as the budgeting tool found within the First Merchants app to help them track household spending and cash flow as they take their first steps toward financial freedom.

Use links and tools for the Beginner
Continue your budgeting journey with our recommended tools.
Financial Wellness
Learn how to budget and invest, as well as how to build mindful money practices.
Budget Calculators
Calculators to help you plan and manage all of your finances effectively.
How can we help?
If you have questions or need assistance, we're here for you. Give us a call at 1.800.205.3464. Our Customer Service team is available weekdays from 8 a.m. – 8 p.m. ET and Saturdays from 9 a.m. – 3 p.m. ET. You can also reach us via our Contact
Your Result
The Balance Seeker
Life is all about balance, a mantra that the balance seeker embodies. As a balance seeker, saving for the future is important, but not at the expense of enjoying life. For example, they may go out one weekend and stay in the next. Similarly, they may treat themselves to some takeout, but no more than a couple of times a month. Being a balance seeker is not about saving for the sake of saving, but rather living well within your means, where the occasional sacrifice offsets treats and rewards. Alternatively, they may also try to find cheaper ways of enjoying themselves. For example, instead of paying $100 for a concert ticket the next time a big band comes into town, they might instead pay $10 to see an up-and-coming artist at a local venue.
The balance seeker can benefit from opening a CD (certificate of deposit). CDs reward consumers with a fixed high-interest rate over a flexible time period. This can give the balance seeker peace of mind for the future while allowing them to enjoy themselves a little more in the present. Combine this with savings calculators such as our CD interest calculator, and the balance seeker can maintain their centered approach to saving with peace of mind.

Use links and tools for the Balance Seeker
Continue your budgeting journey with our recommended tools.
Savings Calculators
Set financial goals, track progress, and optimize your savings strategy.
How can we help?
If you have questions or need assistance, we're here for you. Give us a call at 1.800.205.3464. Our Customer Service team is available weekdays from 8 a.m. – 8 p.m. ET and Saturdays from 9 a.m. – 3 p.m. ET. You can also reach us via our Contact
Your Result
The Future Visionary
Patience is a virtue that the future visionary understands well. Although skipping vacation for a year might be hard, it’ll make the next one twice as good with the added savings you can put toward it. The future visionary's savings goals are not limited to the short term. They think in terms of years and even decades. Not spending on rewards in the immediate term is difficult, but it’ll make the high quality of later life, including retirement, all the more worthwhile.
Future visionaries are naturally savvy savers, but there is always room for improvement. Investing is arguably the most significant thing they should consider. By investing wisely with an eye to the future, they can help secure the poolside retirement they dream of. They should also utilize the aptly named smart saver CD or money market savings account to boost their long-term savings with high interest rates, which is especially useful when saving over an extended period of time, as the future visionary aims to do.

Use links and tools for the Future Visionary
Continue your budgeting journey with our recommended tools.
Savings Calculators
Set financial goals, track progress, and optimize your savings strategy.
How can we help?
If you have questions or need assistance, we're here for you. Give us a call at 1.800.205.3464. Our Customer Service team is available weekdays from 8 a.m. – 8 p.m. ET and Saturdays from 9 a.m. – 3 p.m. ET. You can also reach us via our Contact
Your Result
The Safety Net Saver
The safety net saver knows it never hurts to be cautious. While their current situation might be healthy, there's no telling what could be around the corner. While this approach helps deal with short-term emergencies such as a broken boiler or unexpected car repairs, it does leave the future slightly less secure. So long as their savings goals are on track, though, the safety net saver can still treat themselves to things like eating out, shopping trips, and concert tickets.
The safety net saver should therefore make use of traditional CDs, to help keep their savings in a healthy position. By using a CD, financial emergencies in the future can be more effectively addressed. This can allow the safety net saver to embrace the present a little more, safe in the knowledge that any future issues will at least be partly mitigated by their smart saving decisions in the present. The safety net saver should also make use of our 401(k)calculator to help them save for the distant future, rather than just individual events that may come around once in a blue moon.

Use links and tools for the Safety Net Saver
Continue your budgeting journey with our recommended tools.
Traditional CD
Our high-interest accounts help your savings stay in pristine condition with high yields.
401k calculator
Determine how much you need to save to meet your retirement goals.
How can we help?
If you have questions or need assistance, we're here for you. Give us a call at 1.800.205.3464. Our Customer Service team is available weekdays from 8 a.m. – 8 p.m. ET and Saturdays from 9 a.m. – 3 p.m. ET. You can also reach us via our Contact
Your Result
The Vibe Spender
The vibe spender wants to enjoy life, even if it makes their day-to-day more expensive. Vibe spenders are more common among younger generations, and they’ll be more likely to spend on everything from hobbies and going out to streaming and takeout. By taking each day as it comes, the vibe spender is happy to sacrifice an unknowable future for a more perfect present. The priceless memories from good times with friends at concerts and on vacations are worth far more than the idea of any singular savings goal such as a house.
The good news for vibe spenders is that it's still possible to have fun while saving. The basis of this should be a regular savings account paired with mobile app-based banking. This combination of on-the-go banking and a savings account is perfectly suited for the busy lifestyle of the vibe spender. In other words, by being able to check their finances even when out and about the vibe spender can always see where there at with First Merchants mobile budgeting tool, while the savings account is a first step to a more secure future. Vibe spenders should also consider building an emergency savings fund, allowing them to continue enjoying their lifestyle while being protected in case of future financial issues.

Use links and tools for the Vibe Spender
Continue your budgeting journey with our recommended tools.
Build an Emergency Savings Fund video
A simple five-point plan to build your savings for any urgent need.
How can we help?
If you have questions or need assistance, we're here for you. Give us a call at 1.800.205.3464. Our Customer Service team is available weekdays from 8 a.m. – 8 p.m. ET and Saturdays from 9 a.m. – 3 p.m. ET. You can also reach us via our Contact