It is not a secret that over time, there has been a lot of research and discussion on habits and attitudes and how these affect our financial decision-making. More and more, people are starting to talk about different money personalities to assist in this matter and help think more deeply about it. There are different types of money personalities defined but overall there exists 6 main ones and to define them we will be using Olivia Mellan’s categories . Olivia is a renowned therapist and consultant who specializes in resolving financial conflicts and has been a pioneer in the field of money psychology.
The hoarder
Someone who enjoys putting money aside, in other words saving. Most likely they’re someone who prioritizes their financial budget and likes to make a budget and then play with it on a daily, weekly, or even monthly basis. They may find it difficult to spend money on themselves or also to buy gifts for others. Items that other people might consider are important or that are worth the expenditure for hoarders; it can be seen as unneeded or even frivolous. At a first glance, these traits may not be a problem for a person, but it all relies on their interpersonal interactions and how they feel about it. However, if a person is constantly worried or stressed about spending money, it may be a good idea to have a slight change in their behavior and attitude and find a better balance in their life.
The spender
The spender would be quite the opposite to the hoarder. This is a profile of someone who enjoys buying goods and making use of them right now. Spending money on gifts for others is likely to bring them joy. As a result, they will almost certainly spend all of the money they earn and will not be able to save anything. Actually, they may discover that they are heavily in debt. Yet, it’s crucial to remember that not everyone who is in debt is a spender; they may simply be unable to meet their fundamental necessities. If your own income isn’t enough to cover your bills, you’re in serious financial trouble. Then you’ll need to devise new revenue-generating tactics and find a way to spend less or in a more moderate way.
The worrier
The money worrier is preoccupied with money almost all of the time. They desire to be in charge of their finances, so they may spend a lot of time monitoring account balances and figuring out where their money is. Surprisingly, having more money does not make them worry any less. So that’s an interesting point to consider. Once again, being concerned about money and being aware of where it stands can be beneficial. But if the worry takes over your life and you find that you’re doing it all the time, then it might be a good point in which to think about whether you want to take some steps and take control of these feelings so that it isn’t something that is overwhelming you.
The Money Monk
Money, according to the money monk, is bad and the source of all troubles. They don’t desire to amass wealth. Indeed, if they, for example, inherit a large sum of money or receive a promotion with a bigger pay increase, it might be extremely difficult for them. That could make them feel very uneasy, and they will most likely avoid investing money as a result.
The avoider
Someone who is likely late paying bills because they don’t want to have anything to do with money or think about it. They probably have no idea how much money they have or how much money they’re spending. And, if you ask them, money appears to be both boring and overpowering. What is the source of this avoidance attitude? Actually, they may lack the confidence to properly manage their finances. But with education and experience, a money-avoider may regain confidence and skill in managing their own finances and re-establish that balance, so they don’t have to worry about late payments anymore.
The amasser
On the other hand, the money amasser is someone who enjoys having a large sum of money. In reality, they are always seeking to accumulate wealth. This could make finding a life balance tough. They may not have enough time to spend with those who are important to them if they are constantly working to increase their money. And they may only feel fulfilled when they’re working to earn and collect more money. They might, as you might expect, have a hard time spending money.
These money personalities help to understand how some attitudes can influence someone and the individuals with whom they’re involved. Yet it’s good to keep in mind that most people are a mix of money personalities, not one of these extremes, even though there are cases where some of us are close to one of them.Therefore, this is only a tool to help us comprehend and think about it a little better. Here we leave you a very interesting quiz by the Financial Times to know better what kind of financial personality you have traits from!
