What's my money personality?

What's my money personality?

Saver; spender; optimist; debtor? What's your money personality?

Everyone has a money personality which determines how we interact with money on a daily basis. And like everything in life, how we deal with money emotionally is central to our success with it.

We're all very different, so there is no hard and fast money personality guide. But as a start, have a look at the general money personalities below; think about your money experiences and build a picture of your money behaviour. Once you understand the way you emotionally deal with finances, you can get down to the business of developing a strong money mojo, just right for you.

ms money Saver

Savers think hard before spending. They buy what's on special or in season, never buy what they don't need and can usually extract $1.50 of value from every dollar. Budgeting and keeping track of their spending is a breeze. They hate debt, so their credit card gets paid off in full each month and they're years ahead on their mortgage repayments.
Ask a Saver how much something cost and they will usually be able to tell you to the exact cent. They have a nest egg and a robust retirement, but hate handing over control of their money to anyone, so often leave it in a term deposit rather than growth investments, which they see as too risky. They also find the thought of borrowing to invest far too stressful.
Change tips
It's important for Savers to balance saving and spending because money is also meant to be enjoyed. Savers need to develop a diversified approach to their investments and seek appropriate advice from someone who will talk things through, as opposed to telling them what to do.
ms money Debtor
Debtors are comfortable being in debt. Buy now, pay later is their motto. Why wait to save up the money when they have so many credit cards? Debtors are often generous and anxious to win approval, which contributes to their spending habits.
Debtors view credit cards as a necessary accessory and are usually the first to sign up for the latest card, rewards system or mobile phone contract. They use debt to fund things such as holidays, lifestyle expenses and consumer goods, convincing themselves that these things are absolutely necessary.
They totally ignore the interest charges and the fact that these items have no future value. They tend to have only a vague notion of how much they owe and often juggle debt from one credit facility to another.
Change tips
Debtors need to have a serious look at their spending habits and find ways to use debt to their advantage, such as having a mortgage or investment loan, using debt tolerance to help build assets for the future. They should streamline their credit facilities as that makes them more likely to keep on top of what they owe.
ms money Optimist
Optimists have no cares and truly believe that it will all work out somehow. It's amazing how often a tax refund or unexpected windfall arrives just in time, reinforcing their belief that all will be okay. Optimists enjoy treating themselves and their friends. They don't plan for the future, so are unlikely to have money put away for emergencies. Planning for retirement doesn't even enter their thinking.
Juggling their finances is just part of the Optimist's everyday life and they often incur overdrawn fees and late payment charges due to a lack of focus on the detail around their money.
While maintaining a positive attitude to money is a good thing and successfully juggling the finances might be okay now, the Optimist's lack of attention to detail could be their undoing down the track.
Change tips
Being more involved with their money doesn't mean an Optimist has to plan every step for the rest of their life. Setting some clear financial goals and putting simple strategies in place ensures they have a Plan B should things not work out.
ms money Spender
Spender love to shop. Whether it's the latest designer handbag or a regular small item, spending is part of their daily routine and they love the thrill of the purchase.
This type of spending is usually emotionally linked, but can often be followed by a sense of panic. The Spender spends money because it makes them feel good and they often use spending as a reward or compensation.
Most spenders don't have a clue about their bank balance or their overall financial situation. They hate budgets and detail, but will spend hours sourcing their next purchase. Forget about putting money aside for the future - a Spender may find themselves heavily in debt and struggling to make ends meet.
Change tips
Spenders need to understand that finding the balance between spending and saving doesn't necessarily mean rigid budgets and penny-pinching. By using a structure in which to set aside money for bills and some regular savings, it's fine to spend what's left.
Limiting spending to what's in their everyday bank account or swapping the credit card for a debit card can also help.
Thanks to Susan Jackson, founder of ms money (www.msmoney.com.au) for these tips and strategies.



Cree Thomson on 22 June 2012 11:02
Where is Ms. desperately trying to make ends meet?


Amy Tinker on 22 June 2012 10:29
I am a Ms Saver. And sometimes it sucks. I want to splurge but I just can't bring myself to do it! Even when I do splurge, its never on me, its on my daughter, and even then its usually pratical clothing or something she needs.... sigh.... I think i need to listen to their tips lol


Sian White on 12 November 2013 15:21
Debtor...but not always by choice.


Jess Gabbie on 11 July 2012 14:50
I'm a Ms saver too.. good tips though. but i still think being a ms saver has got to be the best for a rainy day. What's keeping me home away from the shops and saving at the moment is our trip to the sunshine coast next month. Bring on some warmth and sunshine!!!


Abeth Mckerchar on 12 November 2013 23:39
when we buy thing e think it first and decide if really needed then that's the time we buy thing or I just wait to be on sale but im really save a lots now then used to be


Claudia De Jager on 12 November 2013 12:45
Can you be a Saver-optimist (ie hope to save more), but Ms Spender gets involved and reminds you of the need to reward yourself with a wee purchase because you saved soooo much on the other bills?


Di Harwood on 12 November 2013 20:15
Definitely Ms Money Optimist - but it all comes out in the wash :-)


Kim Obrien on 12 November 2013 18:31
I'm a lot of the saver and a little of the spender although when I don't really see any progress with the saving i.e.still waiting to have enough $$ to finish our renovations I get very frustrated and want to spend what we have on a trip.


Louise Ingle on 22 June 2012 11:59
I spend way to much on line I've had to give my credit card to my husband to stop me from spending and now I see you have a sale on its killing me :)


Fran Levings on 13 November 2013 10:02
awww im a ms money debtor :-(


Jennifer Howley on 12 November 2013 11:57
im Ms money saver. not accurately but that's the best option out of whats there - im still need more money - my income only just matches my bills


Susan Ditmer on 22 June 2012 13:16
i sadly am an optimist.. and got my self in a wee bit of trouble from thinkn everything will be ok.. but insayin that i would never out myself or my family in jerpidy from spendin.. im the person who when feeling reali low needs to find a bargin to raise my spirts but its not always worth while.. but it has to be a bargin like half price with the 25$off that tag.. i spend money on my children 1st and then my partne then me.. but we are all happy and alive and well... just makn ends meet..


James King on 26 May 2012 23:59
i spend way to much on dvds for my kids


Veronica Donaldson on 13 November 2013 22:05
I am Ms Money Saver! I am a bit stunned that I am so accurately summed up in this article! I have copied it and emailed it to everyone I know. Great Article!!


Abeth Mckerchar on 12 November 2013 23:37
when I first came in here in newzealand everything for me is very expensive I usedto convert into value in pesos and I keep saying its really expensive...usd to be we get groery a week 300 until we do budget 250 down to 150 and now we get grocery to 100 my husband really happe that we save a lots


Cree Thomson on 22 June 2012 11:02
Where is Ms. desperately trying to make ends meet?


Wendy Owles on 16 July 2012 21:18
Loved this but hmmm sad to say I am between a Ms Optimist and Ms money spender and neither are very good at putting away for the future!!


Catherine Larsen on 17 November 2013 11:14
I definitely have traits of most these personalities. I do my best to be a saver now. I used to be a spender before my family as the money was mine. But when I spent I'd HP everything but only if I could afford to pay it off in the interest free time. But there have been a couple of times now we are down to one income that it's bit me in the bum. We have just refinanced all our debt into one loan and it's amazing how much free-er that makes me feel. We are still paying out the same amount to the debt but instead of it going to 4 different places it goes to one and wow what a difference it makes. I know almost every price of every grocery item I buy regularly so can work out how much I've spent before even making it through the supermarket. I keep my list in a notebook and once finished attach all my receipts it's very interesting to watch spending habits and you can see in a month what the course is and start to adapt to change it.


Claudia De Jager on 12 November 2013 12:45
Can you be a Saver-optimist (ie hope to save more), but Ms Spender gets involved and reminds you of the need to reward yourself with a wee purchase because you saved soooo much on the other bills?


Tavia Khaine on 14 November 2013 01:23
I agree with Cree - where is Ms Ends Wont Meet - for many of us we pay for nothing except the roof over our heads and food and so there's no way can we be spenders or savers.. just tight AS! lol At least I am remain out of debt, but living week to week is not fun!


Toni Taylor on 20 June 2012 08:20
There are so many new toys, around and the kids all want them I spend way to much


Claudia De Jager on 12 November 2013 12:46
Can you be a Saver-optimist (ie hope to save more), but Ms Spender gets involved and reminds you of the need to reward yourself with a wee purchase because you saved soooo much on the other bills?


Nadiya Ilalio on 12 November 2013 12:11
I'm somewhere in between a ms money debtor and optimist but when it comes to buying anything for myself i'm a ms saver!

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