What Does Your Money Personality Mean for Your Finances?

Everyone has their own personality, but did you know that people also have a money personality? This can affect the way you spend, save, and budget.

There are good and not so good traits with each type. You may be more inclined to save or spend, to think about your financial future or not.

No matter what, you can succeed with money. Find out what your money personality is and how to use it to your advantage.

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How Your Money Personality Affects Your Spending Behavior?

Everyone spends differently. Some people take a lot of time to consider purchases. Others are impulsive.

Your money personality is part of this. It affects the way that you think, as well as how you plan out your spending.

Your money personality will help you or hinder you with managing finances, depending on how you use it.

Why is it Important to Know Your Money Personality?

The more knowledge you have about why you make certain financial decisions, the better. Knowing how your mind works concerning money can help you use your strengths to be successful.

Learning more about who you are can help you reach your financial goals. Using your strengths, such as risk-taking, or a tendency to save, can pay off financially.

As long as you are wise and make conscious money choices, your strengths can really help you. It’s also good to remember that no money personality is good or bad. It’s all about how you use it.

The 7 Money Personality Types

There are seven money personalities, and everyone has one that they will identify with the most. I’ll explain details about each one to help you understand which personality is yours and the strengths of each one.

1. Always Worried

Some always think they need more money, no matter how much they earn or save. They are usually concerned about the future and distracted by what financial struggles could come up.

This makes them often worry about money. Their general attitude towards money is that there is not enough of it. They must constantly think about how to get more of it or prepare for the next crisis.

There are some great things about this personality, though. They tend to prepare well for the future.

This will cause them to save to be ready for any financial events. They also take care of others, like family and friends.

They will try to help out others with money whenever they can. They may view money as something that helps you, so this is a good perspective.

And they are likely willing to learn more about money because they want to succeed financially. 

There are some negatives, though. This money personality will typically be stressed out.

They will constantly be thinking of what needs to happen to avoid financial disasters. This can be exhausting for them.

It can also cause them to view life negatively, thinking they never have enough. They may also lack confidence in the future and find it hard to believe that things will work out well.

2. Compulsive Saver

The compulsive saver is always saving for a rainy day. They feel confident that tough times are coming, and they need to be prepared by always making sure they have enough cash.

Because of this, they may find it hard to spend money, sometimes even on things they need. Their money is a valued resource that they often use as a form of protection.

The pros for this personality include being extremely prepared for the future. Having a pile of cash or investments is indeed a great way to protect yourself financially.

The compulsive saver is all about being ready for anything. They are also very frugal and want to save every last penny.

They will try to get deals or get things for free when they can. This personality type is great when you want to find a sale or have a no-spend weekend. They will probably part with money only when extremely necessary and view savings as security.

A compulsive saver has attached their well-being to their money. Because of this, they are sometimes unable to enjoy life.

They are always thinking about costs. This can make them come across as cheap or not fun on occasion and limit how they spend time and the things they choose to buy.

It can be difficult for them to accept that sometimes spending some cash is worth it. This may even apply to rare opportunities or things they really want and can afford.

3. Saver/Splurger

A saver/splurger has great intentions, and they start off well, only to get derailed later by a lack of self-control. This personality may get a paycheck and start off by saving money.

But after a short time, they’ll find something they want to buy and impulsively spend too much. The thing they buy is generally something they don’t need, either.

The good things are that this personality understands some money basics and does want to save money. They don’t intend to spend it all, and they like saving.

They generally start off well with budgets and paychecks. They like to have a financial plan, even if they don’t do well on following through.

But the cons are that this personality has unstable self-control. They may spend money depending on feelings rather than what they’ve already decided.

This can make them feel disappointed in themselves when they don’t stick with their previous decisions. It may be challenging for them to achieve financial goals because of this.

Related: How to Have a Successful Spender/Saver Relationship

4. Big Spender

The big spender is always spending money. They see something new or expensive, and they have to have it.

They like having a lot of things and tend to not think much about the consequences of spending. They may have trouble saving money because they are always buying something new.

A great thing about this personality is that these people are usually very generous. If they have money, they are willing to share it with family and friends.

They live in the moment but like to help others. They may even give up their last dollars to help someone.

The bad part is, this personality often spends to make themselves feel better or because they think having a particular item will make them more exciting or happier. They might practice retail therapy and buy something new if they’re in a bad mood.

Because they spend money so quickly, they are often in debt. They don’t generally make good decisions financially, either.

There may not be much money left shortly after a paycheck, and they may find themselves wondering where all their money went.

5. Moneymaker

The moneymaker loves working and finds it easy to make money. High paychecks come naturally, and they are constantly working to make more.

This person usually has to be making money to be happy and has trouble enjoying life when not working.

They may work an impressive job that pays well or be an entrepreneur. They are also quite likely to have side hustles and constantly think about ways to earn.

A pro for this is being on a sound financial path. This person has some money common sense and is usually good about handling finances well.

In fact, they will probably have a lot of money, maybe in investments and savings, and they may also spend a lot. They are very confident that they can make as much money as they need, which can be both good and unstable.

This personality type can become obsessed with making money. They may sacrifice essential relationships to focus on careers and money-making.

This attitude may lead them to believe that money is everything and make it difficult to find their worth in other things besides making money. They may be disappointed in themselves if they cannot make as much money in the future as they do now.

6. Indifferent

This personality doesn’t like to be bothered with money. They are not usually concerned about making money other than what they need to live, and they go with the flow.

They tend to think about other things more often than money or use money while it’s there and when it’s gone, they don’t get worried. They might think money is beyond their control or not be interested in budgeting.

The pros to this include that this personality is usually not stressed about money. They also don’t need much money to be happy. They aren’t concerned about making a lot more just for the sake of it. 

The bad thing is this type of person can be irresponsible with finances. This isn’t on purpose; they just don’t pay enough attention.

This can also cause them to focus just on the here and now and not think about the future. They may not have many financial goals or a retirement plan. 

7. Gambler

The gambler personality believes in high risk and high reward. They may view money as a game and not take it seriously enough.

They find thrills when taking money risks and always think about making more money quickly and without much effort. They may get caught up in get-rich-quick schemes or the lottery.

The pro to this way of thinking is that sometimes risks can pay off. If they didn’t, people wouldn’t take them.

So the gambler always believes that the following risk will be the one that makes them rich. They are often willing to invest in new businesses or ideas and can see the best possible outcome.

The cons for this personality include an unstable income. Even if they have a regular job, they may find that they still do not have enough to pay their bills because of gambling on things that don’t pay off. They often lose money and live in a constant state of financial instability.

What is Your Financial Personality?

Each of the seven personalities has good and bad, and some people will strongly identify with a particular type. But you may also find that you have traits from two or more of the personalities.

Everyone is a combination of many things, but it’s good to find out which personality is the most like you. That way, you can tell what you’re likely to do with money and know your strengths and weaknesses.

It will help you to be wiser with your finances in the future. 

Remember, no matter your personality type, you can still make good money decisions with a bit of knowledge and practice. Even if your natural tendency is to spend everything you make, you can adjust and learn to save and invest with some effort. It’s all a matter of choices.

Knowing Which Type of Money Personality You Have Can Help You Identify and Improve Your Money Habits

You may see certain aspects of your own personality in all seven of the ones listed above. But try to find the one that seems the most like you.

Once you know your personality, you know your strengths and weaknesses. 

After you find out how you usually handle money, you can make changes for the better. You can fight tendencies that don’t help you, like overspending or not caring about budgeting and use those that help you and others, such as saving and being generous. 

Use the positive parts of your money personality and improve the negative ones by knowing what they are. You can then train yourself to redirect your attention to better habits.

Over time, you will get better at handling your money, even if you don’t know much about finances now. Try to pay more attention to each dollar you spend and save.

Changing your habits can help you to save for the future and also enjoy today. Getting a good idea of what you tend to do financially will help with impulsiveness and help you make thoughtful decisions in the future.

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Steffa Mantilla

Certified Financial Education Instructor

Steffa is a Certified Financial Education Instructor (CFEI) and the founder behind Money Tamer. Her 12-year background in operant conditioning and positive behavioral change training is used to help people find effective motivators to change their harmful money behaviors. Steffa explains the reasons “why” behind people’s financial behaviors and how to successfully change them. After paying off over $80,000 in debt through budgeting, she now teaches families how to get their own finances in order. You can learn more about her here.

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