What is your financial personality?

Note: There is no right or wrong in anybody’s financial personality – this post just looks at different people’s financial habits.

Money and finances are tricky for anybody. They were very nice in mathematical problems in school – but they got complicated once we really started earning and did the credits and debits! 🙂 Since we are all not born with a silver spoon and have to work through different work environments to accomplish our financial goals, spending is different for every individual. Family background also shapes our financial habits through the years.

I have read about different financial personality types such as the hoarder, spender, savers, investors and debtors. Though different personalities exist, I feel like a combination of different financial personalities exist in all of us. Let us read about the popular financial personalities in detail:

Hoarder:

Hoarders “hoard” money and are very reluctant to spend money on anything. Now, all of us might be hoarding money for one purpose but we might be comfortable spending it on something else but “hoarders” might be stretching it a little too much.

Spenders:

“Spenders” are typically supposed to be spending lavishly on good automobiles, fancy watches, luxurious vacations and more. They are supposed to spend without worrying about inflow of money. In my view, this may be possible only if you are blessed with unlimited wealth.

Savers:

Savers are eager to save money at every instant. They can save money at the simplest opportunity. Savers are supposed to shop only when needed and are generally very thrifty and try to shop at thrift stores as well. “Savers” might be a milder version of “hoarders” 🙂

Investors:

People in the financial sector typically might have an eagle eye for investing and are always wondering how to double or triple their money. They are always driven by careful decision making. They will be careful spenders as well.

Debtors:

We also have the “debtors” who are not supposed to care much about money at all. They are crossing paths with debts and don’t think too much about earning and spending.

Debtors might not care about bills and payments and might even skip a payment here or there!

Selective spending:

In addition to all the personality types, I have also observed people who like to spend on “selective things”. For example, some might splurge on vacations but might think two or three times before spending money on electronics. This in view is “selective spending”.

With so many personality types, is there a person who might fit perfectly into any of these descriptions? I think not… from my experience, all of us might be “hoarding” for something, but might be “spending” elsewhere…I also think financial habits change over time along with job losses, pay raise, promotions and other career and family changes.

So, where do you fit in? Are you a hoarder, spender or a selective spender or are you a bit of all? 🙂