What Is Your Money Personality?
Might you have some sort of money personality. Utah State University Extension financial expert Amanda Christensen says yes. In fact, much of her career includes.
“Helping people see how money is very much influenced by the messages and the experiences that we've had, those messages come from various sources, certainly our families and other significant people, inner circles, but also our outer circles; celebrities for example, the media, our culture and certainly religious and spiritual teachings influence money personalities.”
And while there are six distinct money personalities.
“There's no perfect money personality,” Christensen noted. “Typically with this topic, what we're trying to teach people is that you need to discover your own. What is your money, personality? And then what can we do to curb the weaknesses and lean into the strength?”
So, what exactly are these six types of money personalities anyway?
“These are 1.) Security, so money helps you feel safe and secure, Christensen said. “2.) Planning, money helps you act intentionally. 3.) Spontaneous, money helps you enjoy the moment, 4.) Status, money helps you make a good impression. 5.) Giving, money is used to help others and then 6.) Carefree, money is just not a priority.”
And it turns out everyone has some combination of two or more of these money personalities.
“Over using or under using any one of these six can be challenging, so these money personalities can change over time depending on circumstances. Or if you intentionally decide to try to be more spontaneous, for example, that's certainly going to change. Most people have a couple money personalities that are dominant.”
Knowing Your Money Personality Is Important
Christensen provides an example of the importance of money personality awareness in the context of knowing strengths and potential challenges within a person's money personality spectrum.
“Both my spouse and I have a giving money personality that's pretty strong. We're not trying to squash that, we're not trying to say stop giving. We're trying to give within a healthy boundary so that we can be financially well. So that's where we would set money aside in a separate account where we both agree this is to be used for these purposes related to giving or donating and whatever it is and that money is there and when it's gone, it's gone and we don't borrow into next month. But every month we're transferring money over into that account.”
In essence, discovering one’s money personalities and implementing financial practices that balances expression and financial health. Christensen says another way to look at money personalities.
“Many people are aware of a love languages that's kind of this. It's money personalities similar to love languages, right? You gotta find out what works for you and how to navigate those.”
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