Whether you’re money-savvy or frequently find yourself strapped for cash, most of us have our money habits set in stone. From getting your card out a little too often to holding on to your money a little too tightly, take our (unofficial) money personality quiz and find out what money type you are.
What are money personalities?
People’s relationships with money is a keen area of interest for psychologists and researchers alike. You’ve likely been told more than once in your life to be money-savvy, but when financial sense means something different to everyone, this can be a lot trickier than it sounds.
For some people, being good with money means saving every pound, cutting back on frivolous things and keeping a very close eye on your banking apps. But for others, it can be spending big money on the things that matter most to you and living in the moment. Which is right?
Ultimately, nobody can say. While all money personalities have strengths and weaknesses, only you can have the final say on what your money should go towards. But do you know which money type you are? Take our quiz and find out more about your habits.
What money type are you?
1. When it comes to buying a product:
A. I buy the product and brand I have in mind
B. I shop around to find the best value for money, even on an alternative product
C. I check customer reviews to see what problems the product has
D. I usually talk myself out of buying things
2. How are you saving for the future?
A. I should probably save more than I do
B. I have a savings account and pay something into it fairly frequently
C. I have savings accounts and apps that help me meet fixed saving goals
D. I have a range of different saving and investment tools to help me meet my future goals
3. How does spending money make you feel?
A. Retail therapy makes me feel great!
B. Not too different, but buying a high-quality item is always nice
C. I sometimes feel like I’m overspending even when I’m not
D. Something that has to be done from time to time
4. When you go on holiday, you prefer to go to:
A. Wherever I want! Expensive or not
B. A mix of expensive and cheap locations — wherever will be the most fun
C. I try to go to cheaper places
D. I often space out my holidays to spread the costs
5. How does managing your money make you feel, such as paying bills, checking your account etc?
A. I don’t like it
B. It’s something that has to be done
C. I keep an eye on my finances regularly, so I feel okay
D. I check my money all the time
6. Is money central to your future happiness?
A. Money will help me enjoy my life more
B. Money is important to an extent
C. Money offers security for the future
D. Money is essential for the future I want
7. What are your financial goals?
A. To afford the things I want
B. To help me enjoy my life in whatever way that is
C. Money helps me avoid precarity and insecurity
D. To push my earnings so I have multiple sources of income
Mostly As – Happy spenders
When it comes to spending your money, you know exactly what you want, and nothing is going to stand in your way. From top brands to top-of-the-line items, money is there for spending and that’s exactly what you’re going to do. Looking good is feeling good and retail therapy helps you feel great.
But when it comes to turning your gaze to the future, things aren’t always as clear. There may come a time when you want to save , or face some unexpected costs. Without much of a financial safety net, you may find yourself in a tight squeeze without emergency money to fall back on, and that could cause you issues. If that means you don’t always have to get the rounds in at the pub, then that might just be something you have to get used to.
Having something in the way of savings might also go some way to resolving the anxiety you feel when it comes to carrying out money management tasks, so consider putting a lump sum in your piggy bank every month just for safekeeping.
Mostly Bs – Cautious spenders
Cautious spenders like to find a middle ground between over saving and overspending. When it comes to spending, this money type is all about getting value, whatever that looks like, but also being discerning and not buying everything you want all at the same time.
Instead of buying the latest and greatest phone, you prefer to buy one that lasts for several years. From smartwatches to your wardrobe, you get the best use out of everything before moving on to the next thing. You’re happy to save and spend money as you see fit as long as whatever you spend it on is worthwhile.
You’re not too concerned about cutting back and saving substantially, but you do your bit to keep your savings account ticking over a little and that will put you in good stead for the future. You could save more, but all in all, as long as you don’t follow your happy spenders down the overspending route, you’re in a good place to carry on as you see fit. Should your financial goals change though, you might need to adjust your habits too. Consider taking on some long-term savings advice to see whether you might want to save more.
Mostly Cs – Reluctant spenders
You run a tight ship, and whether or not you do it deliberately, you frequently talk yourself out of buying things. You’re more likely to remind yourself to sleep on it, rather than spend rashly, and even one bad review of a product is enough to give you pause for thought.
Your friends might not always get it, but at the end of the day, you’re probably saving more for the future you want. Money offers security from unexpected bills and precarity, and having that little extra can be good for your mental health too.
You could spend more, but you’re in a healthy place if anything unexpected was to come around the corner.
Mostly Ds – Dedicated saver
Save now and reap the rewards later. Financial and prudence are your middle names, and everyone knows it. If anything, you find it only too easy to keep hold of your cash, and through a variety of savings accounts and apps that pop your spare change into stocks and shares, you’ve been slowly totting up the savings over many years.
For that reason, you keep an extremely close eye on your money and where it’s going. There’s always a reason to hold back from spending your cash. But, while your savings are in undoubtedly healthy shape, you could be guilty of over saving. You could certainly spend more on certain things and still be in good shape. Don’t be afraid to let loose from time to time.
If you have any outstanding and high-interest debts, you could also put some of your monthly savings towards that, if you aren’t already. By getting rid of high-interest loans, you’ll be freeing up more of your monthly pay packet. So, while you may be a dedicated saver, you can still make sure you’re using your savings efficiently.
Get expert advice today
Whatever your money habits, striving towards your financial goals can be a lot easier with the right expert advice. Find a financial adviser for you with Unbiased, and you can take big steps towards achieving your money saving — or spending — goals. Find an adviser today.