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What Is Your Financial Personality Type?

Whether you’re a Type A, Pisces, or introvert, you’ve heard dozens of ways to define your personality type. The internet is filled with online personality quizzes for everyone, whether you’re looking to find who you are or just what kind of fruit you would be. But have you ever considered what your financial personality type is?

Yep, there are even labels for how you save, spend, and invest money. All jokes aside, figuring out what kind of financial persona you fit in with can help you determine what you’re doing right and where you still need some work in your financial life. It offers you a chance to change your spending habits - much more useful than finding out you are indeed a rare pomegranate.

What Kind of Spender and Saver Are You?

You may think these two are self-explanatory labels, but you would be wrong. In fact, there are several different Spender types and Saver types. Make a note of which one feels right for you and consider the tips provided to elevate your personality type. Remember, you can be both a Spender and a Saver.

Spender Types

Decisive Spender: You like what you like and you usually prefer quality over quantity. While not flashy, you do prefer things done a certain way and you’re happy to pay for it. Don’t be scared to branch out to save a little money, though!

Trend Spender: If it’s the latest, you’ve got to have it. And you don’t mind seeing how far your finances can stretch in order to get it. Instead of following the trend, look for ways you can set the trend - and save money making waves.

Spontaneous Spender: When it catches your eye, you can’t walk away. Or, maybe we should say when it catches your heart! A best practice for you would be to give yourself a cooling off period - a few days - before deciding if you really want to make that purchase.

Saver Types

Skilled Saver: Not only do you know where your money goes, but you make sure most of it goes to your savings or retirement accounts. You have a solid budget and you rarely veer off track. No advice for you, except to make sure you enjoy your wealth when you retire!

Bargain Saver: While you may not have the most robust savings account, you can smell a bargain from 50 miles away. You save when you spend, which allows you to put a little away for that rainy day. We suggest you work a little more on just saving; remember, just because it’s on sale, doesn’t mean you need it!

Opportunistic Saver: You don’t have a set amount every month that automatically goes into your savings or retirement account, but when extra money comes in, you try to put it aside. It’s hard to be consistent, but why not set up your paycheques to automatically deposit even just a little into your savings?

How Do You Invest?

Your financial personality type also includes how you put your money to work. Are you in it for the long haul? Looking to make a quick loonie? Check out these investing styles to see which one resonates with you. And of course, this isn’t investing advice - seek out a professional for that!

The Guardian: You’re all about being responsible and planning for the long-term. Thus, you couldn’t fathom gambling with your financial future. Although this is can be great in life, in investments, it could leave you with much less return.

The Artisan: Opposite of The Guardian, Artisans want adventure and excitement. You have a bit more of an aggressive, riskier investing style, which can net some big returns. Just be careful not to put everything into high-risk options.

The Idealist: Forget money - what’s the meaning behind it? You’ll never earn anything if it compromises your beliefs, which means you only invest in companies you can get behind. Having a financial advisor who understands that is key.

The Rational: Who said micromanaging was a bad thing? It’s a way of life for you, and that means you know all the nitty-gritty details about your investments. The best tip for you would be to avoid what Huffington Post calls “analysis paralysis” - meaning, don’t let the data manage you.

What’s Your Money Role in Relationships?

Believe it or not, our financial personalities can change when we get into a serious relationship. If you’re currently cuddling up to someone, or considering a new relationship, finding out what kind of financial personality you have as a couple can go a long way in preventing potential future fights.

Pioneer or Homesteader: Do you prefer to rule the workplace or the home? Figuring out your financial roles can help you determine what each of you value. It can also help you decide if a stay-at-home-parent is financially feasible.

Spartan or Monarch: What kind of lifestyle you lead can lead to a big money clash. Do you like the finer things in life or are you more simplistic? If you find that one person is a big spender while the other keeps the wallet close, you’ll need to strike a balance.

Gambler or Banker: Do you prefer commission or consistent pay? Do you want to take on the stock market or stuff the money in a mattress? In times of security or in times of uncertainty, does that outlook change? Knowing when to take a risk and when to reign it in can help you strike a balance together.

There’s a lot to learn about yourself when it comes to your financial personality type. And while this isn’t an all-encompassing list, hopefully, it gives you a helping hand in discovering how you traverse the world of spending, saving, investing, and maybe even love. To take it a step further, compare your financial personality type to your financial goals. This exercise will help you determine if you’re on the right path or if a slight change is needed to be successful.

No matter what kind of financial persona you relate to, at 310-LOAN, we welcome everyone! We’re happy to assist in any of your payday loan or cash advance needs. Apply today to see how much we can help you!

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