Get more from your money with up to 5.00% p.a. interest

with a National Seniors Term Deposit account

What’s your money type?

How you think about money can impact your savings and be a good indicator of your general financial health.

Sponsored Story

  • Finance
  • Read Time: 6 mins

We all have different opinions about money and financial habits developed from life-long exposure to varying money-related issues, attitudes to spending and saving, financial conditioning, and our own disposition. Everyone has a money personality type and recognising yours may help you to better understand how you work with money and could lead to better budgeting in the long run. Read on to find out what money personality type you identify with and what you can do to help boost your funds.

Money types

Spend and splurge: Currency is fluid like water and this money type must spend it, often for the sake of spending. They may be aware of their spending, even concerned but they thrive on shopping and often buy items they don’t need – even items they don’t want! This type will often look for a bargain or discount to justify their spending. They will often buy items they don’t use but will have a great sense of fulfilment when making the purchase.

Status shoppers: This type of spender loves to have the latest and greatest and will typically not buy anything unless it’s brand new. They tend to place their value on what they own and are always after top-of-the-line products, no matter the price. This type of spender may give the impression they are earning more than they do.

The dedicated saver: This no-risk type is always saving up for a rainy day and will only spend money out of necessity and after a great deal of research. Conservative savers generally have little to no debt and spend a great deal of time looking for cost-cutting measures in day-to-day living such as with groceries and electricity.

Finance phobics: Money is feared by this personality type who can be easily confused and overwhelmed by it. Finance management may create high levels of anxiety and this trusting type will tend to avoid dealing with money, preferring for someone else to take control rather than making their own financial decisions. Such is their fear, they would rather not have to deal with money at all and usually have little to no financial strategies.

Debt dwellers: Those who fit with this type don’t tend to track what they spend and often spend more than they earn. Not much effort goes into keeping tabs on their debts, in fact, they would rather not think about their money at all. This type will often be spontaneous and optimistic without much thought to the consequences of their spending. Budgeting is of no concern and if they make payments towards their debts, these will usually be minimal.

Wealth builders: A wealth builder is a well-educated investor who is most likely to be financially successful. They focus on financial end goals and make carefully thought-out decisions when it comes to their money, though are not averse to some level of risk. They will follow financial experts and accept advice but, in the end, will make their decisions based on their own keen judgment.

Improving your money mindset Did any of these money types resonate with you? You may find that you fall into one of these categories or you may sit somewhere in between. In reality, there’s no right or wrong type, and certainly no need to change—each type has its pros and cons. Let your type work for you by acknowledging and responding to it.

Budget and Save

Even if you are a big spender, in debt, or a total money avoider, there are ways you can grow your savings towards a comfortable retirement. Do your research and find the right savings products to suit you—whether it’s a long-term ‘set and forget’ option with the possibility of earning high interest or a financial setup that gives you the flexibility to move money around, there are options to suit all money types. Think of the small everyday changes you can make to help you budget and create good habits such as preparing cost-effective meals, reducing insurance, phone, and electricity costs by shopping around, and downgrading or eliminating unused paid subscriptions. Every little bit counts.

Money aware

National Seniors Money Manager account 

The National Seniors Money Manager account pays interest on every dollar you deposit, and your money is there whenever you need it.  

With no monthly fees, and access to your available balance online or via a Visa Debit Card, National Seniors Money Manager account offers you a flexible savings account anytime, anywhere.

Learn more

Understanding and managing your money may help you achieve your financial goals. While everyone has a different perspective on money, acknowledging your money personality and the challenges it presents is the first step towards effective money management. Self-awareness is key. By recognising your current financial situation, you can make necessary adjustments to your decision-making to align with your financial objectives.

Further reading: ABC News, Moneysmart


This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives.

Terms & conditions: 

National Seniors Australia Ltd ABN 89 050 523 003 arranges deposits as an authorised representative (AR 282736) of Auswide Bank Ltd, ABN 40 087 652 060 Australian Financial Services Licence 239686. We do not provide any advice based on any consideration of your objectives, financial situation or needs. A target market determination can be obtained at Before making a decision to invest, please consider the Terms and Conditions. If you make a deposit, we will receive a commission from Auswide Bank. For more information about our relationship with Auswide Bank please read the Financial Services Guide contained in the Terms and Conditions.*This account is protected by the Australian Government deposit guarantee. Up to $250,000 of deposits in ‘protected accounts’ held by an entity with Auswide Bank are covered under the Financial Claims Scheme. Information on the Financial Claims Scheme is available at

We've got your back

With National Seniors, your voice is valued. Discover how we campaign for change on your behalf.

Learn more