Your money personality

How do you perceive money?

What are your money values?

What motivates your financial choices?

Do you have so much money and you can't stand the thought of spending it? Do you have trouble coming out of debt? Do you have issues squandering all your income and have no savings at the end of each month?

We all relate in different ways towards money depending on the level of influence we've had from our upbringing. How you relate to money will definitely affect your finances.

I was able to detect my money personality at an early stage in my work life and it has impacted my financial choices greatly.

Your money personality affects the way you handle money. Your awareness of your money personality is the first step in creating a positive change towards your finances.

If you can detect your money personality, you will be able to make better financial decisions.

Our money management habits can fit into 4 major personality types. I would like to share some excerpts from “Money personality types” by Olivia Mellan 

The 5 Money personality types:

1. Spenders - Believe money is meant to be spent. Sometimes they spend more money than they should or live above their means. They live in the spur of the moment. No wonder nothing is in their account at the end of the month. They wonder "where does it all go". Spenders values wants above needs. It may be difficult to put aside money for future financial goals.

2. Savers - Love to save money. They are careful about spending money; they believe you have to prepare for the future. They are organised with their finances. Conservative with where they chose to put their money, preferring a high interest savings account over investments such as mutual funds.

3. Money monk - They think that money is dirty and bad, and that if you have too much of it, it will corrupt you. They identify with people of modest means rather than those who amass wealth.

4. Amasser - If you tend to be a money amasser, you are happiest when you have large amounts of money at your disposal to spend, save and invest. If you are not doing any of these, you tend to feel empty. You tend to equate money with self worth and power, so a lack of money may lead to a feeling of depression or failure.

5. Avoider - If you tend to be a money avoider, you probably would have a hard time balancing your check book, paying your bills and leaving your financial obligations till the last minute. You may not even have a budget or keep financial records. You won't know how much you own, owe or spend.

Which money personality describes you? How can you use this awareness to build a stronger financial future?