What is Your Money Personality?
By Amelda Woest
There’s no denying that money does indeed make the world go round – it helps us achieve our goals in life and gives us the resources to look after the things we care about. Knowing what type of money personality you have, will help you understand your attitude and emotional response towards money, and it can help you eliminate bad habits and build better ones.
1. The Free Spirit
As a free spirit, you refuse to be defined by the job you do and the salary you earn. Secretly you wish everyone could just share what they own and live together off the fruits of the land in peace and harmony. You may never have had a budget in your life, and you won’t let money determine any of your major life decisions. You like to enjoy life to the full, and that includes working hours too.
TIP – As a Free Spirit, there are probably plenty of other things you would prefer to do, but don’t ignore your finances. Make an effort to educate yourself about money and make a plan for your future. With the help of an expert, you should be able to make a plan that will allow you to enjoy your life with little financial stress far into the future.
2. The Splurge Spender
You tend to treat yourself to the point where you buy things you don’t even need. You don’t let the lack of funds dampen your spending desires, and you have no problem going into debt to buy what your heart can’t refuse. You ENJOY spending money and generously spending it on others too. You are a marketer’s dream, as you are an easy target for 50% off sales and Instagram buys which make you feel better when you are feeling low.
TIP – If you are a Splurge Spender, you need to work on sticking to a monthly budget and not buying on credit. No one has unlimited funds, and continually overspending can get you into deep trouble. That doesn’t mean you have to totally deprive yourself though. Make a reasonable budget and add a small amount for a monthly ‘splurge’. Just make sure it is controlled and you should be fine.
3. The Super Saver
You’re extremely responsible with your spending and find security in retaining this control. You know every special deal and are an expert on the best way to save money by using vouchers. You have no problem sticking to your budget and often save even more than planned. You would rather go without than to spend unnecessarily.
TIP – First of all, well done on your saving accomplishments. Having money set aside for the future is something we all need to do. Just remember that we need to enjoy life too, so don’t get so focused on saving that you deprive yourself and your family. Set aside a bit for a special treat from time to time. A proper financial plan will allow you to enjoy life in the present and in the future.
4. The Worrier
You always worry about not having enough or losing what you have. You lack the confidence to make financial decisions pertaining to your future. Even if you have a solid financial plan in place, you keep double-checking for other options as you are doubtful of your own decisions.
TIP – If you are a Worrier struggling with confidence and find making financial decisions stressful, educate yourself. A Genistar representative can take you through our financial education programme. After you learn how money works, you will have a solid foundation and the confidence to make informed financial decisions.
5. The Status Seeker
You attach importance to the outward show of wealth, often going into debt to improve your image. You own the best of everything and keep growing your collection with every shiny new item that comes out. Your self worth is tied to an image of wealth and success.
TIP – There’s nothing wrong with having the best of everything – as long as you can afford it. But if you are going into debt for it, you may have a problem. There’s no shame in living within your means, and it’s much more satisfying than carrying a heavy burden of debt. Don’t worry about what others think, your true friends won’t care whether you wear Armani or Primark.
Did you see yourself in any of these money personality types? Most people will fall into more than one category.
The idea is to become aware of your intrinsic attitude towards money. This can help you change the long-term effects your money habits will have on your life. And remember, it’s never too late to improve your relationship with money – as on old Chinese proverb says: The best time to plant a tree was 20 years ago. The second-best time is now. We can revise that to say that the best time to make your financial plan was when you were in your 20s, but the second-best time is now.
If you are ready to take a look at your finances, contact your Genistar representative for a free Financial Game Plan.
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