Self improvement isn’t just for your character development, it is a useful tool to change and improve yourself in matters of finances too. It is important to know your money personality, so you understand better what is not working for you. Once you understand the gaps, then you can start to create new habits for yourself. Understanding your money personality is a game changer.
How do you act with money? Are you a “Money Star,” “Oblivious,” or “Penny Wise”? In this blog post, you’ll learn about different money personalities and the emotional connections people have to money. You’ll examine your money habits, identify your money personality, and discover how to balance spending and saving. Read all the characteristics of each personality. Each type has positive and negative sides and it is not unusual to resonate with more than one characteristic feature.
The Saver 🏦
Savers are the kids with the piggy banks. They have the habit from childhood.
Very often well organized (has a household book or an excel), exactly keep track of their expenses weekly or monthly.
Loves to save and find bargains or discounts
Savers rarely spend money on superfluous things
Impulse purchases are rare, purchases come from need
Savers get quickly stressed by debt, because of this reason they don’t take big risks
They seldom spend money in a spontaneous manner
They do not invest because they are afraid of losing money.
Tips for Savers: Living in a comfort zone is sweet, however taking safe risks can open new doors for your future.
The Big Spender 💸
Big spenders generally tend to live in the moment and look for a lifestyle. Shopping or simply spending money makes them happy.
At its most extreme, this behaviour can resemble alcoholism or any other impulsive addiction problem.
They have a hard time saving money and prioritizing the things that they want in their lives.
They struggle to save for future goals.
Big Spenders view themselves as generous, but they also use money to make others think more highly of them.
Tips for Spenders: Saving a little bit of money for future never hurts
Avoider 🤯
Avoiders can struggle to face their financial problems.
They have a hard time balancing their checkbook, paying their bills promptly, and doing their taxes until the very last minute.
Often not knowing how much money they have, how much they owe, or how much they spend.
They tend to avoid stress by not thinking about their finances.
Avoiding investing money, even if they do have some, because it seems like too much trouble to attend to such details.
Tips for Avoiders: You don’t need to go big, even baby steps like automated payments for your monthly bills can create stability in your finances.
Money Angel 😇
Money Angels think money is dirty, bad, and if you have too much of it, it will corrupt you.
They worry that they might “sell out,” becoming greedier and more selfish, and losing sight of positive human, political, and/or spiritual ideals and values.
They tend to believe rich people are bad and only doing illegal things to become rich.
Tips for Money Angels: Our subconscious beliefs may be limiting us from a better and stress free life. Try to create new beliefs around money and finance.
Amasser 🤩
They are happy when they have large amounts of money at their disposal to spend, to save, and/or to invest.
If they are not actually spending, saving, or investing, they may feel empty or not fully alive. Amassers tend to equate money with self-worth and power, so a lack of money may lead to feelings of failure and even depression. If you hire an investment advisor or financial planner, their major concern will be finding investments with high rates of return, since they hope to make as much money as they can, as quickly as possible.
The free spirit 🧚♂️
The free spirit is a mixture of personalities. Some days they’re a scrooge because they have to be, sometimes they’re a show off when they’ve got cash to blow, and sometimes they lend money to people they shouldn’t. They know they have the potential to be a mentor but they’re a bit of a procrastinator and not a massive fan of hard work. However, they’ve often wondered what financial success they could have if they did spend an afternoon sorting out their finances and mapping out things to do on their bucket list.
The Planner💰
They love to create structure and clear financial roadmaps.
Planners track their budgets and they are comfortable with setting long-term goals.
They have discipline around their spending and investing habits.
Planners tend to be very rigid which can lead to obsession and stress. They may struggle with unexpected expenses.
Tips for Planners: You can have discipline and be flexible at the same time. Seeking balance can teach you a bit more relaxation.
Which one are you? You can comment below!
If you can identify yourself with any money personality, it means that now you have a bigger picture of what you need to work on. The secret to financial wellness is having self-awareness, adaptation and consistency. When you know your habits and beliefs around money, you can make more informed financial decisions toward your goals. Keep in mind that this is not a one day change but a steady long term journey that requires compromise and commitment.
If you are ready to grow, you have to educate yourself more about money and personal finances. There are a lot of online tools that can help you to start your journey. Check with your mobile bank what type of tools they offer within your banking app. Look online for budgeting and money management tools. Learn more about investing and investing trends. It is possible to start with simple and free AI tools instead of hiring a financial advisor.
You can always visit Jeton blog if you want to learn more about personal finance, investing and similar subjects.
