Money personality pin imageI’ve always known that we all possess certain behaviors around money. But, I never knew someone had actually coined these into personality types until I started reading Money Harmony by Olivia Mellan and Sherry Christie. 

I’m always looking to learn new things to better myself and so that I can share them with others. According to the ladies who wrote Money Harmony, there are 9 money personality types. Now, we can all possess a combination of these money personality types. It’s not that one is good and one is bad, what we want is balance. Everything in moderation is the goal!

Here are 5 of those personality types and how you can use them to grow a healthy relationship with money for yourself and your family:

The Spender

Everyone can usually relate to this from time-to-time, especially if you’re someone with a bit of debt. Spenders are also often impulse buyers. You might have a tendency to spend a little too much and then feel guilty about it. It’s a cycle of spending followed by guilt. It can also cause some tension and friction in the family.

If you’re a spender, you can find a friend or accountability partner to help you out with this. Put them on speed dial and give them a call next time you’re ready to make an impulse buy. Take a step back and have your friend talk you through it. 

You can also have a portion of your paycheck automatically transferred to your savings account. Now, since it’s deposited automatically, it’s done and you don’t even have to think about it!

The Hoarder

Money Personality type - the hoarder

This person likes to save and doesn’t like to spend. You definitely don’t like to spend on yourself and you especially aren’t buying frivolous stuff! You’d prefer to save for a rainy day. We all want to save, but you need to be aware of if it is causing friction between you and your family or friends. If that’s the case, you’ll want to take a look at your habits.

Consider once a week spending $20 on a treat or a snack you can enjoy right then and there. Or, once a month, spend $25-$50 on a gift for someone you care for. See how that makes you feel and make note of what it brings up for you. 

Giving to others can feel nice and balance out your tendency to save too much all the time. It’s great to save, but it’s also okay to splurge from time-to-time. Don’t feel guilty about that!

The Money Avoider

If you are so overwhelmed with your finances that you don’t have any idea about your money situation, this might be you! You don’t know what’s coming in or what you owe, this can get messy really quickly.

Reach out to a family member or friend who is good with money. Maybe even a professional who can help you get organized. It’s okay to start slow to get a handle on your finances. Maybe just choose 3 bills to start with. List out how much you owe and the due date and start to track them on the calendar on your phone. Each month, add on another bill and eventually you will be on top of everything you owe!

The Money Monk

This person thinks that money is evil or that you are not worthy of having money. What these people usually end up doing is self sabotaging. So, subconsciously you self sabotage to the point where your life is suffering.

It’s nice to be generous and to give back, but if it’s to the extreme that it’s harming you, that’s not good. 

If you’re a money monk, try to think of people that are wealthy and doing really good things in the world. Ask yourself what qualities you admire or respect in those people. Then ask yourself what you have in common with those people. Chances are, you’ll find that they are generous and so are you. It will help you see that being wealthy isn’t bad. The more wealth you have the more you can do for others. It’s all about a simple mindset shift.

The Amasser 

Money personality - the emasser

This is your workaholic – they eat, breath, and live for work! They feel they can never have enough money even if they live a comfortable life. They’re never satisfied with what they have. When they go on vacation with their family, they are always working. This type of behavior will cause friction within the family. 

If this is you, you can make sure that all of your work is taken care of before going on a trip. If that sounds like too much, start out with just one day where you put all your focus on your family. 

I’m guilty of this one myself. I get so engrossed in my work that I tune everyone and everything else out. Then, I feel bad about it. You can ask your kids and family how they perceive your relationship with work. The last thing you want is for your kids to only see you working. Then, they may grow up thinking all there is to life is work. 

Do you see yourself in any of these money personality types? Are you one or a combination of a few? How about your spouse? If you and your spouse have different money personalities, that can be good! You can balance each other out.

Looking for help setting a family budget that works for all of the different personalities in your house? Book a FREE 15 min call with me to find out how I can help you with your budget plan. To schedule your call, click here!