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Beginner's Guide to Money Personality

admin Posted by


2022-01-10 08:15:28.578352+00:00



Have you ever thought about what influences your financial decisions? Most likely, your values play a huge role in how you choose to spend your money. The values could be family, security, friendship, environment, beauty, health, or even achievement. By clarifying your values, you make a first step in organizing your financial plan. If you think about it, values evolve over time, hence all the more reason to know what factors influence your values. Is it media, family, religion, or society?

In addition, we develop habits and attitudes about finances. For instance, some of us consider taking a loan to be a bad idea. To be fair, no one wants to be paying interest fees for the rest of their lives. However, some situations such as wanting to start a business or get more education require a lump size of money that isn’t just lying around. Wouldn't that attitude have a negative effect on the person? Thinking about it according to a given situation does help align which decisions would benefit you. 

This is where money personality comes in. Money personality is basically an identity that explains why you spend or save the way you do in your day-to-day life. With that in mind, let’s take a look at the different money personalities;

  • Hoarder. 

A money hoarder is someone who likes to save money. They like to create a budget and maybe play with it daily, weekly, or monthly. Also, they may find it hard to spend on themselves or other people. What others may think as a necessary purchase, to them it may seem unnecessary or even frivolous. 

Doesn’t seem like a bad personality right? But if a person feels too worried or anxious about spending money all the time, then it may be a good idea to modify this behavior and attitude somewhat and find a balance in their life. 

  • Spender.

This is someone who spends all their earnings. You know the type of people when they get paid today morning, by evening 70% of their income has been spent? Those are spenders/ splungers.

  • Worrier.

This is someone who is constantly concerned about their money. Having full control of it, constantly checking account balances. Funny thing is, even if they have more money, the worry doesn’t lessen. Don’t get me wrong, knowing where your money stands is healthy but letting the worry take over your life can be detrimental.

  • Avoider.

This is someone who wants nothing to do with money. To them, if you ask them, money sounds boring and maybe overwhelming too. They might not feel competent to manage their finances. Sounds rare right?

  • Monk.

 A money monk will rarely think about money and when they do, they may treat it as dirty, that it is bad or that it would be corrupting by having too much of it. To them, having a lot of money could make them feel uncomfortable.

  • Amasser.

This is the opposite of the monk. They like to have a lot of money, therefore would end up working more to accumulate it. As you can imagine, spending their money may be difficult.

Did you recognize yourself from the above personalities? Is your money personality helping you reach your goals or is it standing in your way? Personally, I’m a mixture of spender and a worrier. So by knowing this, I now need to work more on my savings which means locking my accounts to make it harder for me to access my money, which in turn will limit my expenditure. Knowing what type of money personality you have will help in knowing the changes that are needed, and what primarily influences your financial decision.


Written by: Grace Mwarania


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