What is your money personality?

Let’s start discussing:

Everyone relates with money in a different way. How good is your relationship with money? Is there a better way to improvise your relationship with money? Many money problems or issues arise out of the way we look at money. Here’s a guide to understand the various level of relationship with money that decides our money personality.

Unfortunately or fortunately this money personality tells your investment style.

Identify yourself with one of these money personality groups:

There are 5 major groups, namely trendy spenders, great shoppers, savers, wise investors and debtors. You could identify yourself in one or more of these groups.

Trendy Spenders:

They believe in experiencing the expensive and trendy things of life. They would love possessing the latest model of car, the latest design in clothing, and latest in technology. This satisfaction lies in spending excessively with least thought of being in debt. They would however not fear high risk for high returns in investments.

Great Shoppers:

They love shopping not necessarily for trendy things, but for emotional satisfaction. Their addiction makes them overspend, sometimes even on things that they may not even use in future. Great shopper may invest on a regular basis, with also investing windfall amounts like an inheritance or bonus.


Savers believe in frugal spending, deriving great satisfaction from saving every penny and earning interest from their savings. These conservative savers just believe in subsistence and are frugal in lighting and heating bills. They never believe in use of credit card. They are also careful in taking risks for investments.

Wise Investors:

Investors consider spending and investment as integral parts of life. They believe that conscious investment of money could earn good returns and make their money work best for them. They aim at caution in taking risks with a stable attitude irrespective of their financial standing and aim at long time financial self-sufficiency.

Careless Spenders or Debtors:

Careless spenders are those who are constantly in debt due to their unwise budgeting practices. They lose track of their spending, get into deep debt and are not aware to take advantage of tax breaks and investment opportunities.

Some valuable investment advice for your money personality:

Once you have identified yourself, next you should embrace a suitable savings and investment plan to suit your personality with a few changes.

Trendy Spenders need to realize that they need to spend less and save more. This involves saving on expensive things that they may not use much in future with reducing unnecessary expenses on fuel, housing, travel and living. They need to consider saving to invest for long term, and not taking a blind/uncalculated risk in high and quick return investment helps.

Great shoppers need to realize credit cards are for emergencies. Lavish spending could wreck long term financial goals, while careful thought before spending with savings helps to meet your long-term financial commitments. So as to avoid emotional pending they need to create a conscious spending plan. They need to make their mind to look at the benefits of long term investing instead of the satisfaction they derive out of emotional shopping.

Savers need to cultivate the realization that moderation is the rule of life. Savings along with having enjoyable and good experiences are important. So they need not be just penny wise or frugal. They need to look for better return in their investments. They need to understand that the high returns come with only high risk. If one is not taking risks in investments then the safe returns will not be sufficient even to beat inflation.

Careless spenders or Debtors need careful budgeting to become debt free. Getting advice from a professional would help. They could focus on paying back loans carrying high interest and take advantage of tax deductions on loan payments. Creating a debt payoff plan will help them in having a financial recovery. In addition, they could plan investments with higher return and set up a plan to return loans carrying low rates over a period of time.

Wise Investor is the ultimate group of money personality. My congratulations and best wishes to them for their great money management and investment planning. However they should also not stop learning newer ways to increase the value of their investments. Be focused and avoid distraction.

The last advice for all money personalities:

I am sure that knowing your follies and ways to improve must have made you a wise money manager. Self-awareness with keeping track of innovations would help you gain from your investment experiences and emerge out rich at retirement.

The author is Ramalingam.K an MBA (Finance) and certified financial planner. He is the Director & Chief Financial Planner of holistic investment planners (www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He Can be reached at ramalingam@holisticinvestment.in

Author Bio

Qualification: MBA
Company: Holistic Investment Planners Private Limited
Location: Chennai, Tamil Nadu, IN
Member Since: 01 Dec 2017 | Total Posts: 242
Ramalingam is the Founder and Director of Holistic Investment Planners Private Limited (WEBSITE - https://www.holisticinvestment.in/). As the creator and architect of the 3-Dimensional Holistic Investment Approach, he has advised hundreds of clients including affluent business owners, corporate e View Full Profile

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December 2020