Money Personality Type: What Type of Spender Are You?

14 July 2022
Money Personality Type What Type of Spender Are You

If you receive a million pesos to spend for only twenty-four hours, how will you use it? There may be various things you want to buy, but did you know that your answers define your purchase behavior?


"Some things related to money management are part of our personality," Sarah Newcomb, behavioral scientist and author, relates. "Others are inherited or absorbed from our surroundings as we grow up - and the same circumstances can produce very different results, depending on the person."


If you want to know how you can start improving your spending habits, you must check your money spending patterns--how do you spend money and save money?


How will you use your resources? Are you willing to risk your wealth spending cash for online shopping, or spend it for your security by putting it to good use such as car insurance?


To take the first step to organizing your personal finance, you must first be conscious of spending money.


9 Money Personality Types You Need To Know

Want to discover which type of spender are you? Here are 8 types of spenders you can identify with. 


Financial Goals: The Minimalist

If you have limited resources, do you think you'll also be a minimalist? This personality type saves costs and is always making small purchases for their basic needs. This spender uses a certain amount for every essential and ensures that they don't overspend. If you want to reach your financial goals, then you must become The Minimalist.

What they usually spend on: Maslow’s Hierarchy of Needs

What they usually sound like: Do I really need these?


Compulsive Spender: The Hivemind

If you are this kind of busy bee, then you're always on the lookout for the latest trends and viral products and services you can try. This spender has spent most of their energy and income on new stuff and worries about their future credit card bill later.


If you're this money personality type, you may not have more money for emergencies or are even not yet aware of your need to save money for your retirement.

What they usually spend on:The Newest everything

What they usually sound like: I want to get those!


Compulsive Spender, Too: The Shopaholic

What sets apart The Hivemind from The Shopaholic is how they spend their money. The former's focus is on everything new, and the latter just spends money on small purchases, regardless of whether they are old or new. The desire to shop is always there and very much the target of impulse buys in stores.


However, if you continue to mindlessly purchase, then you may not afford to balance your finances and experience a fall in your cash flow.


What they usually spend on:Anything that has a price tag

What they usually sound like: I deserve this


Sudden Windfalls: The Hulkster

How do you make your life be better when you're stressed? Perhaps when you have some money, you borrow a leaf from the books of the Compulsive Spenders, and purchase whatever makes you feel good. Let's buy milk tea, iced coffee, a new shirt, perhaps a new pair of shoes? You justify that you want to just take a break from the stress of your business or work. Be careful, though. You might just open a key to a list of services to get your pheromone boost and develop a hands-off approach to money management.


What they usually spend on: Sweets, Alcohol, other feel-good purchases

What they usually sound like: I want to get these to feel good.

Financial Health: The Open-minded

"Open-minded ka ba?" While people may tend to steer away from these opportunities, the Open-minded person does the opposite. They welcome life-changing chances to start saving for the future. If they can pay off their debt using their services, or when they sell products, then they are willing to make small changes to their life to accommodate this new gig. They are the ones who you know who took a chance to start investing in a start-up and reap the rewards because they took a chance early on.


What they usually spend on: Investments

What they usually sound like: Raket! Raket! Raket!


No Cash-No Pay Gang: The Cheapskate

Who comes first to mind when you think of a person who always likes stuff for free? While there is nothing bad with getting freebies, it says something if you always rely on friends and family for the things you need. While it may be a way to save money and get away from debt, it's not a good idea to deal with a person who always expects to get things free.


What they usually spend on: Almost Nothing

What they usually sound like: Libre mo?


Money Management: The Treasurer

The best friend of The Minimalist, this personality type may have more room for other stuff other than the basics but does not overdo it. This person knows to determine which items are a priority to spend their hard-earned money. A Treasurer-type spender often creates lists and ensures that only whatever is written will be purchased. "If it's not on the list, then you must resist", that's their motto.

What they usually spend on: Anything on their shopping list

What they usually sound like:Sorry I don't have a budget for that


Spend Money Challenge: The Escapist

This personality type spender is similar to the Hulkster. They use money to purchase stuff, they want to feel good, however, they could go extreme opposites. They perceive money as a way to "escape" daily living but also know it is an essential part of life. Hence, they can either spend a lot, or spend nothing at all. They feel nervous about spending money, but they can also buy things that catches their fancy.


What they usually spend on:Almost nothing or almost everything

What they usually sound like: Let’s go to the mall


Family and Friends First: Selfless Spender

If there is a person who expects everything to be free, there are personality types that by default become those who spend for their loved ones. They have this tendency to spend for their others. However, they may spread their budget too thin and be left with little to nothing for their personal needs and savings.


What they usually spend on: Family's, friends', and loved ones' needs

What they usually sound like:"My treat."


Savings Goals: How To Start Saving Money

Once you've determined your money personality type, you can now try these new tips to change your spending habits.

  1. Evaluate your purchase capability.
  2. Create a budget.
  3. Determine your priorities.
  4. Set a balance between needs and wants.
  5. Start investing- for example, buy REITs, open a business, or purchase a house and lot


As you try to improve your financial health, you will start to experience the benefits of having the means to buy for your tastes. You just have to track your expenses so that your efforts to acquire money will not be in vain. Want a good way to keep your money? Buy something you can keep forever in Lumina Homes. For a list of places you can choose, check our property listings.

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