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.