All of us relate to money in different ways and our relationship with money can shape our overall finances. Most of us fall into 1 of the 5 following categories or a combination of some. What is your money personality?
Savers do not tend to spend money on themselves. Frugal in nature, they are less concerned with keeping up with the Joneses and not worried about having the latest iPhone model or branded clothing. Saving, rather than spending will keep them content.
Although they can come across as ‘tight’, savers are most likely to be in the position to retire early. If you are a saver, bear in mind that some purchases can pay off! Don’t be scared to invest in things such as property investments.
For spenders, buying power is the ultimate power! Buying new items makes them feel good. They can often believe it makes them appear more attractive to others. Spenders can’t wait until payday so they can buy themselves something special.
Spenders are often fun to be around and may seem cool to others but are more likely to land themselves in debt. If you are a spender, consider your financial future and try to spend in moderation.
The avoider is either too overwhelmed or simply unphased when it comes to their finances.
They tend to avoid looking at their bank balance and do not have any idea where their money is going. Avoiders can be seen as easy going and free spirited but often forget to pay their bills on time!
If you are an avoider, it’s time to wise up and get your finances under control, it does not have to be as stressful.
Givers enjoy spending their money on other people.
Givers will often shout people meals or buy extravagant gifts. They can also be extremely charitable to those in need. Givers are seen as extremely kind and generous but can often affect their own finances negatively or be taken advantage of.
If you are a giver, make sure you are only giving as much as you can afford and do not give into pressure if others ask you for money
Investors are bargain hunters who love to spend to save and will risk spending money to receive higher returns. They enjoying comparing prices and negotiating and are often seen as intelligent risk takers.
However, investors can often spend unnecessary money. They will spend money on items they don’t actually need, only because it is on sale.
If you are an investor, make sure you are not buying items you don’t need for the satisfaction of saving $20. Be sure to make informed decisions and seek advice from professionals when making large investments.
Disclaimer: The above information is general in nature and not intended to be financial advice. You should consider seeking professional advice before following any suggestions in this blog/website.