Personality quizzes claim to do everything from finding you the perfect job to helping you choose a compatible spouse. While a really accurate personality quiz takes a long time to develop and to take, it’s always a good idea to do a simple self-assessment to find out how you handle money. There are five basic money personalities, and knowing which one best describes your behavior can be the first step toward a stronger financial future.
Ready to find out what your money personality is? Choose the description below that is closest to the way you feel about your finances and care for your cash:
The Saver
Savers are naturally frugal and actually find joy in getting the best deals on everything from groceries to evening gowns. They’re the ones who shop around for weeks or even months before pulling the trigger on a large purchase, and they usually hate spending money on luxurious experiences.
If you’re a saver, congratulations! Your finances are probably in good shape. Just make sure you don’t buy cheap goods that will fall apart within the year — sometimes it’s smarter to make an investment for quality that lasts.
The Spender
Big spenders are the opposite of savers: They love to flash their cash and tend to feel the whole point of money is to enjoy living life to the fullest. Spenders are the ones who don’t think twice about buying brand new luxury cars and fancy vacations abroad. Spenders tend to live in the moment and want to have a good time while they can.
If you’re a spender with the cash to back up your lifestyle without carrying a balance on your credit cards, go for it! Many Canadians don’t have enough savings in the event of a job loss or other unexpected catastrophe, though, so do make a point to start a regular savings and investment plan before buying things you don’t really need.
The Shopper
Shoppers are the lovechild of the saver and the spender. On one hand, they love to get great deals and tend to view shopping as a big game — think extreme couponers and people who always know when the next sale is. On the other hand, they love their brand new goodies and often buy things they don’t need just because it was on sale.
If you’re a shopper, challenge yourself to put the money you saved by snagging a great deal directly into a savings or investment account instead of using it to buy more stuff. You can also earn even more cash to invest by selling all the items in your closet you don’t actually use anymore.
The Debtor
Debtors live paycheck to paycheck and have serious anxiety about being able to make ends meet. They usually have high balances on their credit cards, empty savings accounts and non-existent retirement savings plans. Debtors may also be depressed about their financial outlook.
If you’re a debtor, seek professional help by consulting with a financial adviser to develop a plan to pay off your bills and get back in the black. Getting control over your finances will pave the way for a brighter future.
The Investor
Investors care about financial independence and are taking steps to secure their futures. These savvy financial wizards have maxed out their contributions to retirement funds and aren’t afraid to take on a little risk for higher returns. They’re educated about personal finance and keep track of their income meticulously.
Investors are the personality type to emulate! With some tweaks to the way you think about your money, you can incorporate good investing habits into your financial plan and teach yourself to overcome the worst habits of your own personality type. And if you already are an investor, don’t settle for financial autopilot. Instead, keep learning about all the ways your money can work for you.
I’m somewhere between the Saver and the Investor…hoping to transition more into The Investor!
Elle @ New Graduate Finance recently posted…How Much Money Do You Make?
I am a cross between the shopper and the investor. I am basically three personalities in one. Talk about money schizophrenia.
I am proud to say that I am now a saver, which started when I became a mother. Those circumstances of being a mother helped me become one.
Kelly recently posted…CFD Online: A Guide to the Different Contracts of Difference
Thankfully I’m a natural saver. The thing I actually struggle with is being an Investor. Taking risk doesn’t come quite as naturally to me so I have to work at making sure my savings get invested properly.
Thomas @ i need cash ASAP! recently posted…Making Money From Home: January Update $1,358
That seems to be a recurring comment on this thread. A lot of us can save, but it’s the investing part that’s a little harder to bring out – I totally feel you on that as well.
Anum @ Current on Currency recently posted…Debt Dodging Is Now a Thing
Everyone wants to be a saver. But, I admit I am more of a shopper but I am trying to be a saver as part of my New Year resolution. My husband is really a saver and an investor, which makes it balance.
Jamie recently posted…Saving Money on International Bank Transfers & Credit Cards
I just wrote a blog post a few weeks ago on how financial resolutions for New Year’s actually work! So good luck with bringing out that saving personality of yours!
Anum @ Current on Currency recently posted…Debt Dodging Is Now a Thing
I’m somewhere between saver and spender… depending on what the item is. I will usually save but with food, I spend spend spend. Haha. ^___^;
We all have our weaknesses where we just spend spend spend xD For me, I rarely ever go out to eat (or even coffee or drinks). But when anybody mentions Brunch… It’s a struggle to not accept every single brunch invite, haha.
Anum @ Current on Currency recently posted…Debt Dodging Is Now a Thing
I think I am more of a saver than an investor. But, I hope I can be of balance of these two this year as I want to increase more of my savings by investing.
Jayson @ Monster Piggy Bank recently posted…Saving Money on International Bank Transfers & Credit Cards
I’m trying to get the investor side of my money personality to come out as well. I should be putting more of my savings to work this year as well.
Anum @ Current on Currency recently posted…Debt Dodging Is Now a Thing
I consider myself a Saver though I hope some of the Investor is a part of that. The downside is that sometimes I find myself shopping way too long for a deal and overthinking a purchase.
Aaron recently posted…2 Worthwhile Splurges at Disneyland
I know exactly what you mean, Aaron! Sometimes I find a really good deal, and I STILL stay on the fence about the purchase and then deal ends up expiring. It’s a blessing and a curse.
I’d say I’m a hybrid – both a saver and an investor. Buying stocks and ETFs (and travelling) are probably one of the few things I don’t mind spending large amounts of money on. Despite having fluctuating income and periods of unemployment here and there, my finances are in pretty good shape.