It may be helpful to explore more about different money personality types so you can better understand each other. Each type has both good qualities and shortcomings. Most people are in fact a combination of types.
Below (way below), you can take a short (unscientific) quiz that can give an idea of your money personality. (Note: Some of the money types are not addressed in this quiz. An understanding of this quiz’s money types, however, is a great way to start getting to know your own money personality.)
Hoarders like to save money. They work from budgets and may enjoy the processes of making up a budget and reviewing it periodically. They have a hard time spending money on themselves and loved ones for luxury items or even practical gifts; these purchases would seem frivolous to them.
Spenders enjoy using their money to buy yourself goods and services for their immediate pleasure. They have a hard time saving money and prioritizing the things they’d like in their life.
Money monks think that money is dirty, that it is bad, and that if they have too much of it, it will corrupt them.
Avoiders have a hard time balancing their accounts, paying bills promptly, and doing taxes until the very last minute. They don’t know how much money they have, how much they owe, or how much they spend.
Worriers tend to worry about money all the time. They want to have a great deal of control over their money. They believe that if they had a lot more money, they could stop worrying about it.
Amassers are happiest when they have large amounts of money at their disposal to spend, to save, and/or to invest.
What is your money type?
When shopping, you find the perfect coat, but it is so expensive and out of my budget, I would probably:
The reason I do not have as much money as I would like is:
My worst money problem is:
When I receive a bank account statement, I:
If $20,000 came to me unexpectedly, my first impulse would be:
My goals about money are:
When it comes to following a budget:
When it comes to spending money:
As far as credit cards are concerned:
When it comes to providing for emergencies:
When I want a certain item, but it’s not within my budget:
When I’m feeling down in the dumps, spending money:
I would take a bank loan under these circumstances:
If I won a million dollars in the lottery, my first reaction would be:
Spenders' credit cards are their best friends. They often spends money on things they really cannot afford. They hate to limit themselves; after all, they work hard for their money and it makes them feel good to spend it!
At the same time, they may feel frustrated that they don’t have more. Spenders have a hard time budgeting, and difficulty delaying gratification in the present to save for the future. Spenders are also prone to fantasies of financial rescue, and fear achieving success on their own. While they wait for the miracle person or event that will solve their financial woes, they may spend most of what they have at their disposal, or rack up a hefty amount of debt.
Savers are deeply attached to their money. They make a hobby of saving money, and they love to see the bank account grow. They may also clip coupons, set budgets, and prioritize financial goals, although they may not be inclined to take on much risk. Savers enjoy keeping their money safe in the bank. They often worry that they may outlive their money and end up in poverty.
Savers also have difficulty spending money on themselves and their ones, especially on things that are not a necessity. Many Savers worry about money and feel that they will never have enough to be secure. Others channel their thrifty tendencies into always looking for the big sale. Getting a bargain makes them feel great, but finding out there was a better deal somewhere else makes them feel terrible. Savers attempt to assert financial control of their life by focusing on details, and they are usually very apprehensive about making mistakes.
Avoiders would rather do almost anything than to think about their finances. They typically handle financial matters at the very last minute, or even late – such as failing to pay bills on time and then owing a premium. They do not like keeping financial records or a budget. They tend to be quite fearful of making a mistake, so it is easier to do nothing.
Most avoiders feel some level of inadequacy when it comes to financial matters. They wish someone else would just take care of it. Money matters can be so complex and confusing. There can be so many details and decisions to make. It is no wonder they may not be well prepared for the future.
Worriers have a difficult time dealing with their finances, whether balancing their checkbook, budgeting, paying bills or investing. They are likely to engage in "robbing Peter to pay Paul" behaviors, all the while self-flagellating for doing so.
Worriers think constantly about money but rarely take charge of their finances or strategize for financial comfort. They may feel that money is bad and has the power to corrupt. They may believe that having too much money or making a profit on investments means that they are being greedy or selling out on their values. Worriers are not inclined to keep tabs on their current spending or invest for the future, and they may alienate their loved ones with their self-righteous attitude toward affluence.