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Here’s How Your Money Personality Type Affects Your Spending and

While your type can influence your behavior, there are steps you can take to turn things around

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If you’re worried about your finances, you’re not alone.

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According to FP Canada’s 2022 survey, Canadians viewed money as their top source of stress for the fifth straight year. Last year also brought more pessimism about money, with two in five Canadians saying they were less hopeful than 2021.

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While times are indeed tough, your relationship with money could be making things a lot worse.

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Ken Honda has spent years studying how people manage money and identified the seven most common personality types. We sat down with the “Zen Millionaire” to learn more about how your money personality could be helping or ruining your financial well-being, and what you can do about it.

WATCH NOW: Video: What Does Your Money Personality Mean for Your Relationships? Ken Honda shares his insights.

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Do not miss:

The Seven Guys by Ken Honda

Your money habits say a lot about you and can be hard to break. Honda has spoken to thousands of people for their money throughout its career and has seen the same traits over and over again.

The Money Maker:

“When you get together [moneymakers], they’re always talking about cryptocurrency or whatever they’re doing,” says Honda. “They love to make money.”

Money makers are fueled by external validation. They want approval and recognition from others. In romantic relationships, they are generally attracted to donors, which can be a dangerous combination.

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If this sounds familiar, you’ll benefit from finding a balance between making and saving money, but also having fun doing it. You can find fulfillment by donating money to charity or by taking up a hobby that doesn’t require money at all.

The problem child:

This personality fears for finances regardless of how much money they have. Honda says worriers are generally pessimistic and lack confidence.

People who worry are afraid of life in general, a fear they project onto money. Without addressing the true path of your fear, you will not be able to make peace with your finances.

Bring a positive perspective as you save money by imagining the fun things you can do with it. You could focus on a vacation you would like to take or something fun to do for your family to make them happy.

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The Compulsive Donor:

Compulsive spenders, no matter the situation, dump their money as soon as they get it.

In his book Happy Money: The Japanese Art of Making Peace with Your Money, Honda suggests that this personality needs to feel in control and often suffers from low self-esteem.

If you’re feeling this way, take the time to think about the reason for your purchases. Before you buy anything, pause for a moment and ask yourself if you really need it. Question why you’re buying something, and if it’s not absolutely necessary, reconsider the purchase.

The need to save:

These people are the polar opposite of donors. The saver takes any money he gets and stashes it immediately.

Honda writes that savers generally come from households that have faced financial difficulties. This creates fear for money which prevents them from enjoying things like hobbies.

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To overcome this, explore where your fear of money comes from. When you face your fear, you can let go of your fear of losing money and thus enjoy a more fulfilling life.

The player:

Whether it’s going to a casino or betting online, gamblers are addicted to the thrill of risk. The danger is drowned out by the hope of a big win.

To reset your relationship with money, Honda recommends finding a healthier way out of your addiction. If you put your energy into a hobby, you can spend your energy in a different way. This way you can identify the source of your addiction and find a healthier balance in your life.

The indifference to money:

This personality gets by without worrying about money. Honda cites one of his friends as an example.

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“He didn’t realize he had lost his wallet for a week,” Honda said. His friend only found out when the police returned it.

The person who is indifferent to money is often seen as a happy personality and is generally focused on intangibles such as academic success.

You can rely on others to take care of financial matters, e.g. B. by letting your spouse cover your expenses. This can be risky if something happens to your partner and you are not sure how your money is being managed.

Start engaging more directly with your accounts and become more aware of where your money goes and how you manage your day-to-day financial affairs.

The savings spurger:

Honda recognizes that there are gray areas when it comes to personality types, and sometimes individuals exhibit more than one trait.

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The seventh personality he identifies are savers-splurgers. This personality will be very regimented and serious, but then prone to impulsive spending.

Honda believes this personality tries to control her life through her relationship with money. You can work tirelessly, save your money, and then make an extravagant purchase you’ll regret.

“When you spend a lot of money,” says Honda, “the biggest fear is that you’re missing out.

To overcome the anxiety you feel about spending, Honda recommends facing your fear head-on. Identify where your fear is coming from and discover positive ways to counter it.

What to read next:

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your money plan

In Happy Money, Honda argues that your relationship with money arises from your parents’ relationship with their finances, creating a “money blueprint.”

For example, if your parents tell you as a child that they can’t afford to buy you something you want, you may feel like you’re not worth it. How you internalize this over time can define your money personality.

But that doesn’t mean you can’t change your habits.

In Honda’s experience, when people worry about money, they actually worry about a future without money.

Honda acknowledges that openly discussing money with friends and co-workers is taboo in North America. But having a support system of friends and family to discuss your finances with lets you discover other perspectives on how to manage money. Strong friendships and interpersonal relationships are one way to develop a healthier relationship with your finances.

When you learn to be vulnerable and ask for help when it comes to your problems, you can reduce your anxiety and stress and gain more control over your money instead of money controlling you.

This article is informational only and should not be construed as advice. It is provided without any guarantee.

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