Use your money personality within health boundaries.
When it comes to money, we all spend a little differently, but you may not realize how much your money personality influences how you save, invest, and handle debt. We’re taking a deep dive into knowing how your natural tendencies can help you make better financial decisions and break bad habits.
Accredited Financial Counselor Amanda Christensen shared how to discover your money personality.
The Four Money Personalities
The Spender
“This is the part of us that loves to enjoy the moment but may struggle with saving,” Amanda explained. Spenders often find joy in immediate gratification, but may face challenges in building a financial safety net.
To manage this, Amanda suggested setting up a “fun money account” to enjoy spending within healthy boundaries. “ Let yourself spend within a healthy boundary and enjoy that guilt free feeling because you’ll still have money left over to save,” she said.
The Saver
“You’re prioritizing security, but maybe you’re missing out sometimes on the ability to be spontaneous,” Amanda said.
She advised savers to also invest for long-term security. “ Make sure that you’re also investing,” Amanda said. “Saving is usually short term security and investing is our long term security… It makes you feel like you’re saving, but you’re doing it in a way that’s pushing you forward,” Amanda emphasized.
The Avoider
“We feel overwhelmed by money decisions, and so sometimes we just procrastinate,” Amanda explained. Avoiders tend to ignore financial matters, hoping they will resolve on their own.
Amanda recommended automating savings and bill payments to reduce decision fatigue and make sure financial responsibilities are met. “That just helps us lean in and feel a little less like we’re having to manage every little thing with our money,” she emphasized.
The Giver
“Money helps me feel good by giving to others,” Amanda said. Givers find joy in sharing their wealth but may neglect their own financial needs.
Amanda suggested opening a separate savings account for giving, allowing givers to continue their generosity within a sustainable framework. “Let 1% of your money transfer into that account every time you’re paid,” she recommended. “Then you’ll start to notice this little stash of cash pile up that then can be used to still lean into that giving personality.”
Understanding Your Dominant Trait
“Your money personality, you’ve probably got bits and pieces of all of these,” Amanda emphasized. Most people exhibit a mix of these traits, with one often being dominant. Recognizing your dominant money personality can help you set appropriate boundaries and make informed financial decisions.
Find more advice from Amanda on Instagram, @utahmoneymatters, or at utahmoneymatters.org.
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