What is your money personality?

Understanding your money personality can be the key to achieving financial success and peace of mind. Just as everyone has their unique personality and characteristics, we all also have distinct attitudes and behaviours when it comes to our finances.

Recognising your money personality can help you make better financial decisions, improve your saving and spending habits, and even enhance your relationships. So, let’s explore the six different money personalities so you can decide which one best describes you.

The Saver

If the Saver was an animal, they would be a squirrel – burying nuts for later instead of eating them now. Savers prefer to save money rather than spend it, and as a result they have healthy savings, an emergency fund and probably even separate retirement savings too. Tracking expenses meticulously and sticking to a detailed budget are also common Saver traits.

Strengths of the Saver:

• Financially prepared for emergencies
• Less likely to experience debt
• Can achieve long-term financial goals like homeownership or early retirement.

Challenges of being the Saver:

• May miss out on enjoying the present by focusing on the future
• Could be seen as frugal or miserly by others
• May feel uncomfortable spending any money, even when it’s necessary.
• Could be missing out on growing money by not diversifying investments.

If you’re a Saver, you can grow your nuts into a tree with a Term Deposit account.

The Spender

For Spenders, money should be used not saved. What’s a budget?

Shopping, eating out, holidays and experiences are classed as hobbies for them, and they tend to live very much in the moment. Some people would describe them as reckless with their cash, but a Spender finds satisfaction (and comfort) in treating themselves and others around them.

Strengths of the Spender:

• Enjoys living in the present moment
• Generous with friends, family and often acquaintances too
• Can be seen as fun and spontaneous.

Challenges of being the Spender:

• At risk of accumulating debt
• May struggle with reaching long-term financial goals
• Impulse buying can feel like a necessity and provides instant gratification.

If you’re a Spender, you may find that mymo by P&N Bank is a handy for identifying exactly where your money goes.

The Investor

When it comes to money-making, the Investor knows what they’re doing and doesn’t need to find a money tree.  They love growing their wealth through investments, just like they love learning and talking about investment options and strategies. An Investor is confident in balancing risk and reward to maximize their financial returns.

Strengths of the Investor:

• Have the potential for significant wealth growth
• Financially literate and savvy
• Potential to achieve financial independence.

Challenges of the Investor:

• At risk of losses in volatile markets
• May become overly focused on financial gain
• Need to ensure a diversified portfolio to mitigate risks over the long term.

If you’re an Investor, having a healthy savings account will ensure you have instant access to some of your cash, in case of an emergency

The Avoider

Returning to animal comparisons, the Avoider could be referred to as ‘the Ostrich’ thanks to their tendency to bury their heads in sand. Ignoring financial matters and conversations, and avoiding dealing with money as much as possible, comes naturally to the Avoider. Financial planning or budgeting can be overwhelming for Avoiders, and they’re often late paying bills.

Strengths of the Avoider:

• Stays relaxed by not thinking about money
• May be more focused on personal passions and interests and don’t let money influence important life decisions
• Will seek help from those more financially savvy when necessary.

Challenges of the Avoider:

• At risk of falling into debt or financial trouble
• Would benefit from developing financial skills and literacy
• Could miss out on financial growth opportunities.

If you’re an Avoider, you can build up your money knowledge and financial literacy by using the Your Financial Wellness tool.

The Giver

Generous but in a different way to Spenders, the Giver derives joy from helping others financially. They regularly donate to charities and often support friends or family in need regardless of the impact it may have on their own finances. Gifting their money is how Givers find fulfilment.

Strengths of the Giver:

• Build strong relationships through generosity
• Feels a sense of purpose and satisfaction by putting their money into a cause
• Contributes positively to their community.

Challenges of the Giver:

• May neglect their own personal financial needs
• At risk of not managing money well and becoming financially dependent on others
• Needs to balance giving with saving and investing.

If you’re a Giver, you can give back to your community without getting into money strife by nominating a worthy cause for a P&N Bank Empowerment Grant.

The Debtor

Unlike Spenders, the Debtor spends more than they earn and have no problem borrowing funds to “see them through until payday”. They likely have several credit cards and use ‘buy now, pay later’ services and personal loans. Like Avoiders, Debtors usually don’t think too much about their finances and often don’t know how much money they really owe.

Strengths of the Debtor:

• Adaptable and confident dealing with change.
• Resourceful in finding ways to access funds quickly in emergencies
• Experience with a variety of financial products and services.

Challenges of the Debtor:

• Continuously borrowing funds and relying on credit can lead to significant debt and no financial stability
• The money they do have is used on high interest repayments and fees
• A lack of savings can lead to future financial problems.

If you’re a Debtor, talking to a professional could help you make a positive change towards a financially healthy future – check out our free Financial coaching service.

Identifying your money personality is the first step towards making more informed and conscious financial decisions. Whether you’re a Saver, Spender, Investor, Avoider, Giver, or Debtor, understanding your strengths and challenges can help you navigate your financial journey with greater confidence and success.

If you want to learn more about your financial position and the areas you can focus on to improve your financial wellbeing for the long-term, give Your Financial Wellness a try. The free online tool is designed to provide guidance and support on the journey to financial wellbeing.