From spender to saver: exploring your money personality

Do you find yourself always holding back on spending, even when you could splurge a little? Or maybe you’re someone who spends impulsively, leaving little room for saving? 

Understanding your money personality can help you find a good balance between frugality and overspending – so you can enjoy your money while also saving for the future. Read on to learn more.

What’s your money personality?

Ever wondered why some people find it easier to save than others? It might have to do with their money personality – a complex mix of attitudes, beliefs, and behaviours that shape how you think and feel about money. This can be influenced by a variety of factors, including life experiences, your cultural background, and even your upbringing. 

As deeply rooted as your money beliefs may be, once you’ve identified them, you can start making changes that will help improve your financial situation. 

How many money personalities there are?

The number varies depending on the source, but here are some common money personalities to get you started:

• The Saver – The Saver is someone who takes pride in saving money and tends to be frugal in their spending habits. They aim for financial security and stability, but when it comes to enjoying their hard-earned money, they struggle a little.  
• The Spender – Spenders enjoy spending money and often find it challenging to save or stick to a budget. Unlike Savers, they tend to be more spontaneous with their purchases, and often place short-term impulses over long-term planning. 
• The Worrier – Worriers tend to be overly cautious with their spending, out of fear of running out of money or making a financial mistake. But as a result, they might not make the most of their financial growth. 
• The Avoider – For Avoiders, dealing with money is a challenge in itself. They may avoid budgeting or delay making financial decisions, due to feeling overwhelmed or having a sense of powerlessness around money. This can lead to missed opportunities and lingering debt.
• The Dreamer – Dreamers aim for the stars, but they may not always take concrete steps to achieve their goals. They have the vision, but often lack the motivation to turn their aspirations into reality. 

These are just some examples. Plus, many people may exhibit traits from several different personalities at the same time. And the good news is that these archetypes are not set in stone… 

How to change your money personality

If some of your habits and beliefs are getting in the way of your financial well-being, you can make changes that align with your goals. Here’s how: 

• Identify your financial goals: Before you start changing your money personality, make sure you know what you’re working towards. Is paying off debt your goal? Maybe saving to buy a house, or build up your emergency fund? Clear, specific, and measurable goals are the key. 
• Understand your triggers: Your financial behaviours are often triggered by underlying emotional or psychological factors. By understanding your triggers, you can learn to manage and overcome them. For example, if you tend to turn to overspending when you’re feeling stressed, working on your stress levels may improve both your personal and financial well-being. 
• Develop positive habits: Changing your money personality is not an overnight process, but it’s achievable with consistent effort and time. Step by step, positive financial habits like tracking your spending, automating your savings, or sticking to a budget can become part of your daily routine. It’s all about being mindful of money.
• Learn from setbacks: A setback doesn’t need to derail your motivation. In fact, it’s a natural part of the learning process. Rather than being too hard on yourself, take the time to reflect on what went wrong and what you could have done differently. Then, use that knowledge to inform future decisions. 
• Get a support team: Unity is strength, as the saying goes. So why go it alone? Surround yourself with supportive people, like friends or family who are also trying to improve their financial habits. For extra help, you can even seek professional financial advice. 
• Celebrate your wins: No success is too small to be celebrated. This could be as simple as treating yourself to a small reward when you reach a savings goal, for example. By acknowledging your efforts, you can stay motivated and build confidence in your ability to make positive changes.

The bottom line?

Changing your money personality is not an easy task. But with the right knowledge, mindset, and support, you can transform your relationship with money and create a brighter financial future for yourself. Keep following our blog for more tips.  

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion, and seek independent guidance.