Do you know your ‘Money Personality’?


Many of us, especially those interested in self-improvement, are intrigued by things that define us as individuals whether that be personality type (such as the Myers-Briggs personality test) or the 5 love languages (coined by Gary Chapman’s book) and so on. You may have read our article, Define Your Money Story, where we delved into your money stories and personal values that could’ve stemmed from childhood and are reflected in your adult spending patterns. As you would’ve learnt, we all hold our own individual beliefs and feel certain personal emotions when it comes to the topic of handling money, mostly shaped by our individual life experiences. What our money stories can then go on to show us is our individual money personality.

Japanese self-help author, Ken Honda, coined 7 personality types that you can identify with by examining your money management and patterns.


  1. The Compulsive Saver

It’s no surprises that the ‘savers’ are the frugal type who rarely, if ever, splurge on anything non-essential. They feel secure when they have money accumulated in the bank but often don’t have a goal in mind that they’re particularly saving for. The negative of this personality type is that they often go their whole lives without spending any of their hard-earned funds and are far too attached to money that they don’t let it out of their sights, even to purchase wealth-building assets such as stocks or property.

If you identify with this personality type, challenge yourself by bringing in some spending balance. Allow yourself to buy things, in moderation, and set some benchmark goals. It could also help to write up a budget, noting your income and expenses, so that when you do spend that money you know when it will come back around.


  1. The Worrier

One step away from the compulsive saver is the worrier/hoarder who holds on to money with a negative attachment. The issue with this is that they’re incredibly risk averse and may miss out on opportunities to invest the money where it could possibly build wealth due to their desire to stash and accumulate. Often seen as a result of growing up in a family where money was scarce or caused stress, people who identify with this personality type lack confidence in their ability to achieve financial freedom. They spend their time obsessing over what could happen if they run out of money and may benefit from having a financial adviser to introduce them to more positive money habits.

One tip is to challenge yourself to speak positively about money and engage in conversations with others about finance.


  1. The Compulsive Spender

The opposite of the compulsive saver, the spender knows no bounds and has a “treat yourself” day every day. They struggle to save, even when they have long-term goals in mind, and are typically outgoing, social people who spend money on leisure activities. They may be emotional spenders playing into ‘retail therapy’ and spontaneously buying things that aren’t essential.

If you identify with this personality, consider drawing up a budget sheet to allow you to see things from a different angle and look at the numbers on paper. Financial literacy and education is also your best asset, so take the time to listen to some of the Tilly Money podcast episodes with successful CEO role models, read our educational articles, subscribe to our newsletter and stay engaged with our social media pages for constant reminders.


  1. The Gambler

Do you feel as though you get lost in the thrill of risk? The gambler is similar to the compulsive spender as they find joy in spending money via risk with the idea of a rewarding outcome. They may be boredom spenders who buy to fill a void.

Unfortunately, but not hard to guess, the gambler is often affected by devastating losses in money, assets and/or reputation and find balance difficult. Investing doesn’t come without risk, however investors approach their wealth building strategies with a plan and often set money aside in preparation to invest. One tip for the gamblers is to try to be stricter with finances and set money aside before making any big decisions.


  1. The Indifferent-to-Money

Perhaps you rarely think about money or think that its weight isn’t enough to influence your decisions. It’s a healthy mindset in the sense that these personalities are usually happy with a modest amount of money and grateful for what they have, but being irresponsible with finances never ends well.

Also known as a ‘money monk’, people that identify with this personality are likely to be hit with a financial surprise at some point in their lives and not have the emergency funds to help them out. One tip to stay clear of outstanding debt is to ensure you know where your money is going and when – making more of an effort to think about finance.


  1. The Compulsive Money Maker

These personality types typically have multiple income streams, perhaps even multiple jobs, because as the name suggests these people want to compulsively make money. Opposite to the indifferent-to-money mindset, these individuals may put a lot of emphasis on money making them happy and use their time and energy to generate as much income as possible.

Although it’s great to have such a great work ethic and desire to achieve financial freedom, these personalities must ground themselves and realise there is more to life than money. Ensure you’re not compromising or negatively affecting your relationships to solely prioritise money.


  1. The Saver-Splurger

Do you feel as though your savings start to build in your account then suddenly it’s all gone? No one has hacked your bank account, you’re likely a saver-splurger who gives into spending impulses. If you’re on a wealth-building journey, you may feel disappointed in yourself for working so hard to save your money, only to spend and dissolve it so quickly. The future isn’t too dim as you have those savings instincts within you, but in the same sense that there’s an angel and devil on each shoulder, you need to quieten the consumer voice within you that urges you to spend.

One tip to manage this personality is to stop yourself before each purchase and ask whether this is an essential buy or simple a splurge. If it’s a splurge, but you’re finding it hard to resist, ask yourself where you may be financially after this purchase and whether it’s going to take you further from your financial goals.



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