What Is Your Money Personality?

When it comes to handling money, we all have different tendencies, habits, and go-to behaviors. Olivia Mellan, psychotherapist, money coach, and groundbreaker in the field of money psychology, calls the ways we tend to approach money our “money personality.” And while this personality is not set in stone and can’t always fit into a neat category, knowing your money personality type can go a long way toward offering insights into how you feel and act with your money. 

It may seem odd to think you have a personality specific to money, but you do! In this article, we are going to walk through five different money personalities Mellan and her co-author Sherry Christie developed. You can take their quiz to identify which personality best aligns with you by visiting https://moneyharmony.com/moneyharmony-quiz.

Now, let’s take a look at the five money personality types to see if you recognize yourself.

Amasser

If you are a money amasser, this means you are someone who enjoys the feeling of having large sums of money to use however you wish. Whether through spending, saving, or investing, working with money gives you a sense of purpose and brings meaning to your life. 

Not having money at your disposal brings a sense of emptiness, while having money to handle injects a feeling of power and self-worth. Because amassers like managing their money, it can be difficult for you to give someone else the responsibility of handling your finances and you may miss opportunities to grow your wealth.  

Avoider

If you’re a money avoider, this means you’d rather not handle money at all if you can help it. It’s likely that you have a hard time meeting important financial deadlines and accomplishing tasks such as paying your bills or getting your tax returns done on time.

Avoiders often struggle to make budgets, keep detailed records of their finances, or make an effort to invest. Why? Because when you are an avoider, you feel overwhelmed by money, which leads to feelings of incompetency when it comes to handling money on your own.

Hoarder

Money hoarders are people who live by the mantra, “save, save, save!” You’re someone who loves saving money, budgeting, and reviewing your finances to track progress toward your goals. 

Can you relate to stories about people who hide money under a mattress? Those are extreme hoarders who feel the need to keep their money so close to them that they miss the opportunity to invest, potentially grow their wealth, and accomplish more than merely saving.

Money hoarders also tend to avoid spending money on gifts, entertainment, or activities that allow them and their loved ones to live a full life, which can cause resentment and tension in relationships.  

Money Monk

If you hold the belief that money is bad and having too much of it can corrupt you, your money personality type is a money monk.

Money monks tend to be modest people that avoid any efforts to amass wealth because, from their perspective, “money is the root of all evil.” Sometimes money monks invest, but they are usually careful only to make socially responsible investments that align with their values.

Spender

Finally, a spender is a person who finds buying goods and services to be a pleasurable activity. They enjoy the act of shopping for themselves and buying presents for others. Splurging offers a sense of excitement, purpose, and power.  

Getting the things you want and being generous can feel good, but people with the spender personality type have a hard time conquering the urge to spend impulsively or following a budget. These habits make saving for the future and prioritizing what’s important extremely difficult in most cases. Something else to look out for is that sometimes spenders get used by others, leading to disingenuous relationships and feelings of resentment. 

Money Self-Awareness

None of these money personality types are inherently bad or good. And recognizing these tendencies in yourself doesn’t mean you are unable to change. Your money personality type is not set in stone and, in some cases, will shift over time and depending on your financial circumstances. But the tendencies are there and being more self-aware of your money habits can help you learn to handle money in a more effective and positive way. 

This information is not intended to be a substitute for specific individualized advice, and we suggest you discuss your specific situation with a qualified financial advisor.  Aspen Wealth Management is not affiliated with Olivia Mellan, Sherry Christie or Olivia Mellan & Associates and this blog is not an endorsement.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.