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What’s Your Money Personality Type? It’s More Complicated Than You Think

See which of the five financial habits describes you.

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Handling your own finances can be daunting as a student or young adult, and it’s likely you’ll make mistakes along the way. It’s important to nurture a healthy relationship with money so you avoid experiencing high stress that gets in the way of enjoying life. There’s so much financial advice out there, but many people don’t know their own patterns regarding saving, spending, and investing. If you’re wondering what is your money personality type, here’s what to know about the five types of financial habits, as well as how they may overlap.

What Is A Money Personality?

The unique ways in which you manage money are described as a “money personality” by psychologists. According to psychologist and financial coach Piotr Łabuz, a “money personality is the overall set of resources which determine our financial decisions and actions.” It is closely connected to your temperament, self-esteem, values, beliefs, habits, and even mental health. It determines your financial security and can also reflect behaviors in other parts of your life. Your belief system towards money may have been influenced by your parents or childhood, and is more of an emotional relationship than you may expect.

Learning what your money personality is can help you correct your subconcious habits and stabilize your financial status for success. It’s kind of like learning your love language to communicate with your partner about your natural inclinations around loving and being loved.

Consider yourself your personal accountant who needs to evaluate how your behavior towards investing, saving, and spending affects your life. Once you know where your strengths and weaknesses are, you’ll learn how to avoid impulse purchases, save up for important life matters, and know when to invest.

So, what are the five money personality types? The major categories of financial habits are savers, investors, big spenders, debtors, and shoppers. Psychology experts have identified these five distinct financial “types,” though the majority of people have a primary and secondary money personality. You may feel that the “shopper” type fits you well, but you can also be a careful “investor” when it comes to big purchases. It’s definitely possible to be a “big spender” and a “debtor” at the same time.

Why Is It Important To Know My Money Personality?

Your money personality will likely evolve based on your financial circumstances over your life. It’s important to understand your purchasing behavior because it can help you avoid repeating financial mistakes or motivate you to level-up your self-discipline and invest in your future. These five money personality types are tied into emotional attachments with money, where financial instability can lead to low self esteem and even risk your mental health. Long story short, it’s important to take charge of your money habits because it can establish more control in your overall life. It’s self-care in a way, because you’re looking out for your best interests to benefit you in the long run.

Want to know your financial type? You can take a financial personality types test for more detailed results, but these descriptions of the five money personality types will help you figure out which one you are. Plus, each type has tips for how you can improve your spending habits.

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1. What Is A Saver Money Personality Type?

Savers generally feel a sense of accomplishment when they can stash their money away and watch it grow over time. They’re organized, shop for bargains, and pay close attention to their purchases. They rarely spend money impulsively, feel like they are financially trustworthy, are very focused on their financial goals, and feel happiest when they know there is a substantial amount of money available to them in case of emergency.

The “cons” of being too much of a saver can include an exaggerated sense of anxiety over maintaining your savings and avoiding fun purchases. They may feel sadness when their bank account balance drops below a certain amount, and can be hard on themselves. Being frugal is good to an extent, but when it keeps you from putting your money towards exciting life experiences like travel, concert tickets, or education, it may be time to reevaluate your emotional attitude about cash.

How To Improve As A Saver:

Financial security and a fun, full life don’t have to exist separately. It’s all about finding a comfortable balance and practicing moderation. It’s important to reduce your financial risks, but being a smart investor includes spending some occasional cash so you eventually receive a return on your investments. You can heal this anxious relationship by setting savings goals and rewarding yourself with a treat, like a quality clothing item you’ve been eyeing or making travel plans that spark joy. You deserve to enjoy your money — you’ve worked hard to earn it.

2. What Is A Big Spender Money Personality Type?

Spenders tend to get a thrill off of purchasing anything, no matter how cheap or expensive the price. They tend to live in the moment and don’t hesitate to spend cash in exchange for fun experiences. They also likely enjoy buying gifts for their loved ones. Big Spenders are proud of the money they earn and want to enjoy it, so they tend to say “yes” when it comes to spoiling themselves and others.

Being a Big Spender should have its limits, of course. When it goes too far, this money personality type can become an impulse buyer that makes purchases on a whim or based on temporary emotion. They may not prepare before they make purchases, such as making a shopping list, finding bargains, or establishing a budget. This can often be followed by buyer’s remorse, which can lead to a drop in self-esteem and a cycle that repeats when they receive their next paycheck.

How To Improve As A Big Spender:

Big Spender habits can be healed through careful planning and by setting financial goals. When you have savings goals and a budget in place, it’s easier to identify your needs versus wants. Don’t wait until after you’ve purchased something to realize it was a mistake — take your time and make decisions before you drop cash on something that may hold you back from reaching your financial goals.

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3. What Is A Debtor Money Personality Type?

A Debtor money personality has less of an emotional attachment to their financial matters than the previous types. They pay little attention to their spending habits and tend to make impulse purchases above their means without keeping track of what and who they owe. Being in debt is a constant for them, where even when they’re on a budget, they still owe money elsewhere and can never seem to get ahead. They don’t have any anxiety over purchases until they eventually must face their debts. Overall, their financial lifestyle has many liabilities and can become a larger problem later in life.

How To Improve As A Debtor:

The first thing you should do is to organize all your purchases and establish financial goals you can strive for. Those goals should include both saving and investing, which will help you become more aware of your money habits. You should also incorporate regular discipline by setting clear budgets for yourself. There’s also no shame in asking for financial guidance from a professional when you’re feeling overwhelmed.

4. What is a “Shopper” Money Personality Type?

Shopper money personalities love the thrill of the purchase. They enjoy hunting for good deals and can’t resist the satisfaction of buying something new. If they see a good sale, they’ll shop it just because of the occasion, and not for the usefulness of the purchase. They may lack financial discipline, where they don’t know when is the right point to stop spending money and start saving. Shoppers may also lack financial security without an emergency savings fund or long-term financial plans.

How To Improve As A Shopper:

Shoppers should shift their attention to their savings instead of looking out for the next best sale. Chances are, you have plenty of stuff already, so consider “passing” on that splurge and put it towards an even better purchase later on, like a higher-quality version of the same item, a rejuvinating vacation, or a future home. Practicing conscious consumption is a great way to apply discipline to your spending, too. This means you should pay close attention to what you are investing in and deciding whether it will benefit you in the long run. Will the purchase satisfy you in a week, month, or year? Will you be able to reuse the item many times? Are there better deals you can research before you hand over your credit card? Consider these questions to focus your spending and reduce unnecesary purchases. It’s also a good idea to identify which aspects of your life you are compensating for through your impuse purchases. That way, you can soothe the emotional trigger with something that doesn’t come back to bite you later on.

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5. What Is An “Investor” Money Personality Type?

Investors are very careful about where they put their money. They are aware of exactly how much money they earn, spend, and save. They are most concerned with putting their money towards assets and quality purchases so they can reap the fruits of their labor without remorse. Investors have high standards for all of their purchases and aren’t inclined to entertain financial risks. They are cautious decision-makers and seek passive investments that will benefit them over time.

This money personality type is usually financially sucessful because they have a healthy shopping discipline, they build good money habits, respect the value of their own dollar, and are eager to learn new strategies to become more financially literate.

How To Improve As An Investor:

Investors are generally in a healthy place when it comes to finances, but there’s always room to improve. Make sure to manage your daily investments and future investments so all your financial needs are met. It’s great that you’re highly aware of your finances, but don’t just work for your money — make sure it works for you, too. You’re in a position where you can afford to plan towards long-term investments like owning property, starting a family, or even retirement. You can always reflect on unnecessary spending, shift your budgets to reach higher goals, and use your disposable income towards conscious consumption.