Market Performance: February 02, 2024.

U.S. stocks finished higher on Friday, driven by strong gains from Big Tech stocks like Meta Platforms Inc., Amazon, Microsoft Corp. and Nvidia Corp.

The S&P 500 and Dow Jones Industrial Average logged fresh record closing highs, their seventh and ninth of the year, respectively, while the tech-heavy Nasdaq Composite logged a fresh 52-week closing high.

Gains on Friday were largely concentrated in shares of megacap technology companies, with communications services stocks on the S&P 500 seeing their best day since April, while consumer discretionary and information technology stocks also saw strong gains.

What's Your Money Personality? How To Manage Spending

We all have pain points when it comes to our finances and we all have different ways of dealing with those. But there’s something about knowing where you stand with your money, and why you behave in the way you do, that makes it easier to sort through what you need to do. Believe it or not, we all have our own money personality — and that personality can shift depending on time and circumstance.

When spring starts stirring, I can switch from being a careful saver to someone who wants to go outside, see the daffodils and spend, spend, spend.

The concept of money personalities was co-developed by financial psychologists Dr Brad Klontz and Ted Klontz. Ken Honda, author of 2020’s Happy Money: The Japanese Art of Making Peace with Your Money later coined seven personality types.

In my opinion, there are five main money personalities (excluding The Saver-Splurger and The Indifferent-to-Money) that many of us fall into. Each of these personalities — The Saver, The Spender, The Investor, The Risk Taker and The Planner — carries its unique traits, strengths and challenges. Knowing your money personality allows you to create strategies that resonate with your natural financial inclinations. While it is no means a substitute for professional financial advice, it will ultimately help you to manage your money in a better way.

Talking about money is still pretty taboo in most social situations. And yet, how we manage our money day to day can really influence how we interact with others in financial contexts, with a partner, with family or with friends.

Didn't Reach Your Savings Goal Last Year? Here's How To Do Better in 2024

The new year is in full swing. But if you’re like many people, you’re reeling with one or more financial regrets from 2023. You know how to budget, you had the best intentions when it came to hitting your savings goals, but an honest look at the numbers shows some serious neglect.

You’re not alone. Data from 2023 shows that while total personal savings in the U.S. is slightly over $800 billion, half of Americans have less than $500 saved. To bounce back from last year’s financial setbacks, you’ll want to call on your emotional resilience and practical planning skills.

Understanding Financial Regrets

If you’re beating yourself up for how you handled your savings account last year, the first step is to acknowledge and understand your regrets.

Reflect and Reframe Your Missed Savings Goals

Take a moment to examine the root causes of falling short on your goals. Life is unpredictable, and financial setbacks are part of the journey. Did unexpected expenses arise? Was your budget realistic? Appreciate that failures provide the key learnings you will need to do better next time.

Here’s how to regain your financial footing with a robust and realistic plan for the year ahead.

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