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Find your Money Personality

Our attitude towards money is largely dependent on our personality and this turn is influenced largely by family, experiences or any life changing events which occur during childhood. Understanding this money personality is essential to have a proper financial plan.

It is said there are four types of money personalities and we fall into either of these which are savers, spenders, money avoiders and money monks. Here, let us talk about the various characteristics of these money personalities.


Savers are those who find all the possible ways to save money. They do this by

  • Skipping hangouts and entertainments
  • Choosing risk free investments
  • Venturing into only those which they are sure of
  • Checking every minute detail before investing thus ensuring its risk free
  • Investing mostly in fixed deposits
  • Staying away from other investments such as equity and mutual fund
  • Prioritising savings over investments
  • Not maintaining good lifestyle and thus treating themselves badly

To have a proper financial plan, a saver should

  • Analyse their spending habits
  • Set goals and invest according to the lifestyle
  • Diversify the investments
  • Attempt risky long-term equity investments
  • Set up emergency fund as part of savings.


Spenders keep on spending and constantly try to upgrade their lifestyle by

  • Frequently engaging in shopping either out of liking or to ease stress and tension
  • Regularly using credit cards even above their credit limit

Spenders must

  • Give importance to budgeting
  • Analyse the spending habit and invest accordingly
  • Reduce the unnecessary lifestyle expenses

Money Avoiders

Money avoiders dread money, avoid all possible conversations regarding money. They,

  • Consider money as the root cause of all evil
  • Avoid money matters such as financial responsibilities, expenses and bill payments
  • Delay the payments

Money avoiders should

  • Educate themselves about money
  • Make payments on time
  • Take an upfront decision on financial planning.
  • Try to automate the savings
  • Make payments of loans and other services on time

Money Monks

Least interested in money, money monks avoid all conversations regarding money like money avoiders. They take more interest in matters like charity. On the job front, neither they demand salary hike nor ask for their deserving remuneration due to the fear of people considering them greedy.

Money monks must

  • Create a financial plan as per the lifestyle
  • Automate the investments as it is highly unlikely of them to find a suitable plan by themselves and invest
  • Review their portfolio at least once in 3 months.

Make out the category which you belong to which is essential to have a proper financial plan in life.

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