Finances and siblings

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Editor’s note: This is a transcript of the audio file.

Sibling rivalry has existed since the beginning of time, but according to financial and psychiatric experts, you and your siblings may have different financial views as well. I’m Lucas Wysocki with your Bankrate.com Personal Finance Minute.

Psychiatry experts say that among firstborn children, responsibility is a strong common trait. They’ll tend to pay bills on time, which goes a long way towards maintaining a healthy credit score. Unfortunately, firstborns may also find themselves struggling to meet unrealistic financial goals set for themselves.

Meanwhile, the babies of the family tend to be more social and creative. If you’re the youngest of your siblings, you may find yourself spending on dinners out and lattes more than you should. Make sure to set a discretionary spending budget and stick to it.

Only children can be perfectionists like firstborns, but their need for approval causes them to run the risk of trying to live above their means or splurging where they shouldn’t. No matter what number you are in the line-up, financial responsibility is a trait everyone should have. For more tips and advice, visit Bankrate.com. I’m Lucas Wysocki.