Which of these 4 money personalities are you?
When evaluating your financial health, determining your money personality — the way you think, feel and behave toward finances — is a great place to start. Read more to discover which of these four personalities best describes your approach to money. You likely share traits with more than one personality type, or your approach may change depending on the situation, but greater insight can help you understand what financial habits you can focus on improving.
1. The saver: Save today to enjoy tomorrow
You enjoy the security that saving brings. You’re a natural bargain hunter and will look for the best prices or purchase secondhand. You buy when necessary and will put off immediate gratification, preferring to save now and spend later. You’re conservative by nature and less comfortable with risk, debt, and credit.
- Financial strengths: As a saver, you’re good at thinking long-term. You make financial plans and set aside money to achieve them, taking careful note of where every dollar goes.
- Build on your strengths: Put your natural discipline to work by setting clear savings goals for short-, medium-, and long-term priorities. Automating transfers into separate savings accounts can help you stay consistent while still making room for the things you enjoy.
- Work on your weaknesses: Saving is important, but being too cautious can mean missed opportunities. Consider setting aside a small portion of your money to explore low-risk investing options, so your savings have the potential to grow over time.
- Ways to improve: Since you’re naturally risk-adverse, you may find it difficult to make the most of your money. A wealth advisor can help walk you through safe ways to grow your savings.
If you’re a saver, you may want to consider…
Just because you’re putting money into savings doesn’t mean you’re making the most of your money. Our Member Financial Relationship Advisors (MFRAs) can help you explore your investing options.
2. The spender: Enjoy the best that life has to offer
You enjoy your life and want to live well now. An early adopter, you like the latest and greatest and will pay a premium to be the first to buy it. You’re content spending money, comfortable with debt, and see luxury purchases as status symbols.
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Financial strengths: As someone who sees value in the moment, you’re focused on living life in the present. To you, money is a means to an end, not an end in itself.
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Ways to improve: Although it’s good to enjoy life now, you also want to keep track of your spending so you don’t accumulate high amounts of debt.
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Build on your strengths: Your ability to enjoy life and recognize what brings you value can help you create a budget that feels realistic, not restrictive. Try building “fun money” into your monthly plan so you can spend with confidence.
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Work on your weaknesses: Before making a bigger purchase, give yourself a short waiting period (consider 48-hours) and ask whether it fits your goals. Setting up automatic payments toward savings and debt can also help you stay on track without feeling like you’re missing out.
If you’re a spender, you may want to consider…
Creating a set budget can help you build a solid framework, which allows you to put limits on your spending. Our budgeting tool and savings calculator are a few great resources to help you get started.
You’re naturally innovative and constantly searching for new ways to make money. You focus on building personal wealth and enjoy the influence that comes with it. An enthusiastic investor, you are comfortable with higher risk so you can build a greater legacy for you, your family, and generations to come.
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Financial strengths: You are willing to put aside money now to earn more long-term. You’re also comfortable with a degree of risk if it will grow your wealth.
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Ways to improve: As someone with a higher tolerance for risk, it’s good to be cautious when considering large or high-risk investments, or if you’re not familiar with the market.
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Build on your strengths: Your curiosity and motivation to grow wealth can be powerful when paired with a clear plan. Review your goals regularly, diversify your investments, and make sure your strategy matches your timeline and comfort level.
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Work on your weaknesses: High-growth opportunities can be exciting, but it’s important to slow down before making major decisions. Consider speaking with an advisor, researching the risks, and keeping an emergency fund in place before committing to larger investments.
If you’re a builder, you may want to consider…
If you’re interested in growing your wealth, an MFRA can help you explore all your options. Talk to us about creating a diverse portfolio of high, medium, and low-risk investments.
4. The giver: Care for the community first
You’re a giver and a caretaker to those around you. You’re generous to family, friends, and the surrounding community. You make plans for what you give, often donating through regular monthly withdrawals or your estate. Though you share with the people in your life, you also avoid substantial long-term debt.
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Financial strengths: You give to charities and the community consistently, planning your giving carefully to make sure you spend within your means.
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Ways to improve: While you are careful to put aside money for others, you also want to think about how to grow your savings for your own financial goals.
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Build on your strengths: Your generosity is even more impactful when it’s planned. Consider setting an annual giving goal, tracking donations, and choosing causes that align closely with your values.
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Work on your weaknesses: It’s important to make space for your own needs, too. Build personal savings goals into your budget alongside your giving, so you can support others while continuing to protect your own financial future.
If you’re a giver, you may want to consider…
Creating goal-oriented savings accounts can help you keep track of how much you give — and remind you to set aside money for your own financial goals. Get started by exploring our savings options today.
