…What is yours?

Do you constantly struggle to get ahead and pay the next lot of bills? Or maybe you’re someone that always has money in the bank for whenever you need it. When it comes to money there are four types of personalities that people either have or don’t have.

Depending on how you’ve been brought up and what habits you’ve learned along the way, determines just how well you’ll be able to handle your finances

Some of us were lucky enough to have learned good money management skills when we were younger and they’ve helped us stay afloat even in the toughest of times.

So what money personality profile do you fit?

The Hoarder

Hoarders hold onto every last penny that comes into their possession. What’s most important to them is security – and money makes them feel secure in themselves and their future. But no matter how much money a hoarder puts away, they’ll always hoard more.
There’s a constant fear of making one wrong move and losing it all – so they make buying decisions very slowly. Hoarders have a few common behaviours that make them stand out from other money personalities such as:

• Sneaking snack foods and drinks into movie cinemas or stage shows
• Regularly reviewing your bank account to see how much money you’ve managed to put away
• Always being on the look-out for the next bargain
• Wherever possible, buying the best value (cheapest) products possible                                       Hoarders can improve their financial future by loosening the reins a little bit every now and then. They need to learn to take some risks with their money in order to grow your capital faster.

The Spender

Feeling important because you can afford to buy things is what motivates spenders to splash their cash. Spenders feel loved, validated and happy when they are buying new things for themselves or others. The biggest spenders often seek out large purchases to signify their important and wealthy status amongst their friends. Spenders are easily spotted by:

• Excessive quantities of clothing
• Cupboards stuffed with appliances and knick knacks
• Big showy gifts for friends at parties
• Large houses and new cars
• Multiple credit cards

Spenders need to set boundaries for how much they spend. Having a clear budget and sticking to it will help them manage their money better.

The Avoider

See no evil, hear no evil. That’s the approach of the avoider when it comes to managing their money. They have no idea how much is in their bank account and avoid talking about money with friends or family. Here’s how to spot an avoider:

• They avoid discussing money
• Piles of bills waiting to be paid
• Rarely checks bills or invoices for errors
• Pays bills late

If you avoid making decisions about money, you’ll need to change how you think about it. Start taking courses on how to manage your money and map out a budget so you know how much you should be spending each month.

The Money Monk

Money is the root of all evil – that’s what the money monk thinks. It’s a strong belief that is usually reinforced through religious faiths or political convictions. Here’s how a money monk behaves:

• Shy away from raises
• Avoid dealing with finances because you think it interferes with your moral values
• Regularly donate extra cash to charities
• Perform volunteer work frequently
• Always give small change to the homeless and street performers

Money doesn’t have to be bad, after all, you use it to put a roof over your head and feed your family. To reduce the interference of money on your moral values create as many automatic processes to manage your money for you.

For ideas on how to save your money as a family, or ideas to earn some extra cash, check out           Fran Christie’s debut book “101 Money Tips for Kids and Parents” here.