5 Money Personality Types: Which One Are You? (2024)

Like almost everything else in life, your response to money is dictated by your personality. But have you thought about how your behavior affects your bottom line? Understanding your money personality will help you shape your spending, saving, and investing.

Key Takeaways

  • Understanding the various money personalities helps with investing, spending, saving, and finances.
  • Five common money personalitiesare investors, savers, big spenders, debtors, and shoppers.
  • Debtors and shoppers may tend to spend more money than is advisable.
  • Investors and savers may overlap in personality traits when it comes to managing household money.

1. Big Spenders

Big spenders love nice cars, new gadgets, and brand-name clothing. People with a "spending" personality type aren't typically bargain shoppers. This often means a desire to have the latest and greatesttechnology and a beautiful home. When it comes to keeping up with the Joneses, big spenders are the Joneses. They are comfortable spending money, don't fear debt, and often take risks when investing.

2. Savers

Savers are the opposite of big spenders. They turn off the lights when leaving the room, close the refrigerator door quickly to keep in the cold, shop only when necessary, and rarely make purchases with credit cards. They generally have no debt and may be viewed as frugal. Savers are conservative and don't take risks with their investments.

3. Shoppers

Shoppers often developgreat emotional satisfaction from spending money. Theycan't resist spending, even if it's tobuy items they don't need.They may be aware of their urge and concerned about the debt that it creates. They look for bargains and are happy when they find them. Shoppers are varied in terms of investing. Some save regularly through 401(k) plans and may even invest a portion of any sudden windfalls to make a purchase.

4. Debtors

Debtors aren't trying to make a statement with their expenditures. They commonly don't spend much time thinking about their money or tracking what they spend and where they spend it. Debtors generally spend more than they earn and are deeply in debt.

The Fair Credit Reporting Act (FCRA) requires that credit bureaus ensure that the information they collect about you is accurate and provide a free copy of your report once every twelve months.

5. Investors

Investors are consciously aware of money. They understand their financial situations and try to put their money to work. Regardless of their financial standing, investors tend to seek a day when passive investments will provide sufficient income to cover their bills. Their actions are driven by careful decision-making, and their investments reflect the need to take a certain amount of risk.

Making Changes

Many spenders and savers share parts of all five personality types. After evaluating your habits, here are some tips to help tweak your dominating trait:

  • Spenders: Shop a little less and save a little more
  • Savers: Use moderation. Sometimes, a saver who is too conservative may be missing out on high-return investments
  • Shoppers: Establish a weekly or monthly budget, and don't spend money that you don't have
  • Debtors: Evaluate your debt and credit limits and start a saving plan
  • Investors: Keep up the good work and stay mindful of long-term goals and opportunities

How Can Spenders Cut Back on Purchases?

Spenders can limit spending to only things they will use and save more. This provides spenders the opportunity to think long-term and look for slow and steady gains as opposed to high-risk, quick-win scenarios.

What Is a Risk for the Debtor Personality?

Credit scores and credit reports are a concern for this type of spender. Relying on credit or debt can affect long-term goals, such as obtaining a car loan or qualifying for a mortgage.

How Can I Start a Budget?

Start by calculating your take-home pay. Know how much money is coming in each week or month. Begin tracking and categorizing your expenses and what is left for saving and investing.

The Bottom Line

While you may not be able to change your money personality, you can acknowledge it and address the financial challenges that it presents. Managing your money involves self-awareness; knowing where you stand will allow you to modify your behavior to achieve financial goals.

5 Money Personality Types: Which One Are You? (2024)


What is your money personality type? ›

Five common money personalities are investors, savers, big spenders, debtors, and shoppers. Debtors and shoppers may tend to spend more money than is advisable. Investors and savers may overlap in personality traits when it comes to managing household money.

What is a risk taker money personality? ›

Risk Takers are take big chances when It comes to money. They are Intrigued by the possibility to make more money, even though it Is risker. THE RISK TAKER PERSONALITY. Risk Takers aren't worried about the details. They don't care how an Idea will work out.

Which money personality describes someone who is most likely to want their money in a bank and will avoid creating debt? ›

Final answer: The 'Saver' money personality describes someone likely to keep their money in a bank and avoid debt. They value financial security and stability, often prioritizing these over paying off debts.

Why is it good to know your money personality? ›

Understanding your money personality is the first step toward financial health, helping you uncover your approach to spending, saving, and investing, and where you need to take action.

What is the richest personality type? ›

Extroverts, sensors, thinkers, and judgers tend to be the most financially successful personality types, according to new research. The researchers surveyed over 72,000 people measuring their personality, income levels, and career-related data.

What personality type has the best money? ›

Debaters (ENTP)

The combination of their adventurous Extraversion and Prospecting traits can make costly, shiny objects difficult to resist. They tend to measure success by wealth, so they are often strong earners and hard workers. Debaters can't spend money they don't have.

What is sanguine money personality? ›

The Sanguine: The Spontaneous Saver

Meet the Sanguine, the outgoing and optimistic financial personality. These individuals have an unparalleled ability to enjoy life to the fullest while still managing to save for their future.

What personality types make money? ›

Traits With the Highest Earning Potential

Based on the above four dimensions, extroverts, sensors, thinkers, and judgers tend to be the most financially successful.

What are the signs of a risk taker? ›

Characteristics used to define a risk-taker include the ability to make decisions quickly and easily, understanding the value of creativity and innovation, being unafraid or courageous, tolerating loss, having heightened expectations, and being comfortable in the face of uncertainty.

What are the traits of a money minded person? ›

7 traits of people who are good with money
  • They Live Within Their Means: People who are good with money are acutely aware of their financial limitations and make conscious efforts to live within them. ...
  • They Are Goal-Oriented: Setting clear financial goals is a hallmark of those good with money.
Jan 19, 2024

Why do I worry about money when I have enough? ›

Fear of insufficiency: Many people with money anxiety live with a fear that they'll never have enough money, regardless of their current financial status. This fear can drive compulsive behaviors such as excessive saving or being so frugal that they go without basic pleasures or necessities.

Which personality type will tend to spend money impulsively? ›

Extroverted and Prospecting types are often much more likely to spend their money impulsively, and are less likely to put money into savings than Introverted and Judging types.

What can your money personality affect? ›

This brings up the concept of “money personality” — a reflection of your attitudes, behaviors, and habits related to money. It greatly affects your financial decision-making process. Whether you are a spender, saver, avoider, or a worrier, understanding your money personality can help you transform your finances.

Why are some people so cheap? ›

Being cheap can be a personality trait, but it need not be a permanent one. It could be a habit developed because you grew up poor and wished for more money or possessions or it can stem from other insecurities. It's possible to change this behavior if you become more aware of it and are motivated to be less stingy.

How does your specific money personality play into your relationships now? ›

In a relationship, one person's attitude toward money has an effect on the other. Getting down to the nitty-gritty of one person's feelings about bills, retirement, and spending can shed a lot of light on arguments, miscommunications, and face-palm frustrations.

What is your money mindset? ›

A money mindset is an overriding attitude that you have about your finances. It drives how you make key financial decisions every day. And it can have a big impact on your ability to achieve your goals. If you change your mindset about money, you tend to make better choices about how to overcome challenges.

What are the 6 character types in how people view money? ›

You just learned that there are six major characteristic types in how people view money. They are Frugal, Pleasure, Success, Indifference, Powerful, and Self-worth.

What personality type is the most frugal? ›

It may come as no surprise that the orderly and responsible Sentinels were the most likely personality types to engage in frugal spending behaviors. These Observant and Judging types prefer practicality and planning over spontaneity in all aspects of their lives, including their spending habits.

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