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What’s Your Money Personality?

“You may never know what results come out of your actions, but if you do nothing there will be no result.” – Mahatma Gandhi.

You may not have given much thought to how you behave towards money and how this affects your financial wellbeing. But the reality is, as with most things in life, your personality influences your attitude towards money. Therefore, understanding your money personality is one step closer to helping you shape your approach towards saving, spending, and investing. The holy trinity of personal finance.

There are various ways of analyzing money personalities and, perhaps, you may find that you can identify with aspects of several profiles. The key to finding out your exact money personality lies in identifying the profile that most closely matches your behavior. There are five major profiles:

  • Spenders

Big spenders, as the name suggests, are comfortable spending money. They love nice cars, expensive clothes, lavishly furnished homes, and new technological gadgets. They are not out for any bargains, but simply shop to be fashionable and to make a statement.

There is absolutely no problem with spending your own money. If anything, we make money, save and invest it so we can spend. But the key to managing your money better is to seek long-term value, rather than short-term satisfaction. It is also important to ensure this personality does not drive you to debt.

  • Savers

The exact opposites of spenders are savers, who are far more conservative than their counterparts and prefer not to take big risks with their investments. They shop only when necessary and rarely take up debts. They are also not concerned about following the latest trends.

While it is a good idea to save for the future, the notion that human beings should seek moderation in all things is particularly good advice for savers. In other words, you should not let all the fun parts of life pass by just to save a few shillings. You may also want to compliment your efforts by maximizing your returns and making your money work for you, for instance, by saving in the Zimele Savings Plan.

  • Shoppers

Shoppers are almost similar to spenders in their spending habits, being barely able to resist spending money on items they may not even need. What sets them apart is that they are usually aware of their addiction to spending, albeit for emotional reasons, and may even be concerned about the debt it creates. Further, they look for bargains and are pleased when they get good deals.

The growth of online shopping has made it easier for shoppers to spend even more money.

A critical step towards fixing your money issues as a shopper is to take control of your debt. You need to think before you spend, particularly if you want to use a loan. If you use spending to compensate for other aspects of your life in which you feel inadequate, you may want to think about them and find ways of changing that instead.

Also, remember you don’t have to buy everything that is on sale. Some traders are unscrupulous, and the items might not really be on sale. They just slap the SALE tag on the item and don’t even bother reducing the price.

  • Debtors

Unlike spenders and shoppers, debtors are neither trying to make a statement nor shopping to cheer themselves up. They simply neither spend time thinking about their income nor do they keep track of how much they spend and what they spend it on. As a result, they end up spending more than they earn.

If you are a debtor, you need to get your finances in order. The best way to do that is to create a budget. Consider having a personal finance diary to track all your expenses.

You may be spending more than you earn, but by setting up a plan and dedicating yourself to following it, you could reduce or eliminate your debts and begin to focus on saving and investing.

[Read More: Budgeting Strategies That Work]

  • Investors

These individuals are consciously aware of their financial situations and the value of money. Their actions are driven by careful decisions made in order to put their money to work. They also understand the need to bear a considerable amount of risk in seeking to achieve their goals.

As an investor then, financially speaking, you are doing well. But remember that successful investing is a journey, not a one-time event. As you continue to put in time and patience, keep yourself educated while sticking to the long-term strategy that works for you.


It is very important to be honest with yourself. That is especially true when it comes to personal finance. Know yourself. Understand your personality, your strengths, and weaknesses. Work on your weaknesses and lean on to your strengths. And finally, remember that financial freedom is a lifelong journey. Never stop.


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