Planners - they control their financial affairs and budgets to save
Strugglers - they have trouble keeping their heads above water and find it difficult to budget to save
Deniers - they Refuse to see that they are in the soup (Financial Trouble) and, therefore, don't not see the need to budget to save
Impulsive - they seek immediate gratification, spending today and letting tomorrow take care of itself. They care less about budgeting to save

What is important from all of this is knowing what type of financial manager you are. Once you have identified the manager in you, this will help you determine the changes required to make the most of your ability to create wealth. So, who are you and where do you fit?

Let's look at two examples:

Single parent on a modest income
A Person with a good job earning above the national minimum wage

In the first example, a single parent will have to budget in order to live on a modest income. He/she will keep a record of how every penny is spent. Therfore, saving is very important, as their goal is to start saving for their child’s education and to buy a home. He/she starts by paying themself first and commit that amount to a regular monthly savings plan.

Borrowing Money

If you must borrow money due to a financial emergency, consider the costs and look at all options available to you first.

Selling Investments

If there is a financial emergency, you may need to consider selling investments. It is usually advisable to sell taxable investments first.