I'm an Aries, a Type A, and a Ravenclaw. And, at this point of my life, I'm a saver. Your money personality largely dictates how you think about money and how you feel most comfortable managing it. There's no 'best' money personality (unlike Hogwarts houses) and your money personality now might not be your money personality forever. 

Regardless of the reason, understanding your money personality can help you in all sorts of ways. Think of yourself as your own personal accountant or financial advisor who needs to evaluate your attitude towards money.

If you don’t know the different types or the category you fall into, you’ve come to the right place. Here's a breakdown of the five financial habits - or 'money personalities' that could describe you:

What is a money personality?

Betsy Westcott told Savings.com.au a money personality describes the way you interact with money. Essentially, it determines our comfort level when it comes to making financial decisions and how we go about spending, saving, budgeting, investing, and everything in between.


Betsy Westcott

Betsy Westcott

Inner Money Journey founder, Millie CEO, and financial coach

“A money personality refers to the combination of your thoughts, feelings, and beliefs about money that characterises how you behave with it.

“While all of us are unique, our patterns of behaviour relative to money can often be represented in one or a combination of money personalities.” 

  1. Savings.com.au’s two cents

While you may not be able to change your money personality in a heartbeat, you can acknowledge it face-to-face and address the financial challenges that it presents.

Managing your money involves self-awareness. Knowing where you stand will help you correct any subconscious habits standing in your way to achieving your financial and personal life goals. 

Why should you ‘get to know’ your money personality?

It’s important to take charge of your money habits because it can establish a deeper sense of control in your life - and one way to help you do this is…discover your money personality.

“Having awareness about your money personality is helpful because it allows you to identify things you do that support your financial wellbeing and work on the things that undermine your financial wellbeing,” Ms Westcott said.

“For example, if you know you're impulsive when it comes to making decisions [shopping for example], then you can implement strategies to slow down your decision making so that you have time to make a mindful decision. For instance, you could apply a 24 hour wait on purchases or unsave your credit card or Paypal details from online stores.”

Quiz: What's your money personality?

What are the 5 money personalities?

There are five major money profiles - spender, saver, bargain hunter, juggler, and investor. Most people don’t fit neatly into one - instead, they may have a primary and secondary money personality.

You may feel that the ‘spender’ type fits you well, but you may also be a careful ‘investor’ when it comes to trading and investment portfolios.

While there are various schools of thought out there, Ms Westcott has her own set of ideal money personality characteristics.

“They are a positive mindset, being goal oriented, possessing a desire to learn about money, discipline to spend wisely, the balance of enjoying today whilst nurturing your future prospects, a healthy relationship with risk, confidence in your ability to overcome any challenge, the patience to let investments grow, and a desire to help others,” she said.

1. Spenders

Big spenders tend to make a statement with their purchases. While they aren’t necessarily materialistic - they will purchase anything no matter how cheap or expensive - they do often want the latest and greatest. They're likely to have a modern car, brand-name clothing, or the latest iPhone.

But they don’t only spend money on themselves. They often enjoy buying gifts for their loved ones or close friends.

Big spenders are proud of the hard work they put in to earn their money and have no shame in impressing those around them.

  1. How to improve as a big spender: find the right balance

Set yourself some spending limits - make a shopping list, find a bargain, establish a budget, set a goal - and try not to make too many impulse decisions on a temporary emotion. Ask yourself whether you really need to buy a particular item and what it will really mean to you in a year's time. In other words, buy things you’ll actually use.

2. Savers

Savers are on the complete opposite side of the spectrum compared to big spenders. Spending heaps of money (especially impulsively) makes them uncomfortable.

Savers get a kick out of stashing as much of their hard-earned dollar bills into a savings account and watching it grow over time. They are organised, sensible, shop for bargains, and pay close attention to their spending habits. They’re at their happiest when they know they have enough money locked away in the case of an emergency.

To some, they may be considered ‘cheapskates.’ However, savers are often happy to go out with friends, buy new clothes, and book a getaway. But within a budget they're comfortable with and if they blow through their budget, they might start to feel anxious. 

  1. How to improve as a saver: keep it going, but also enjoy life

Don’t let life just pass you by to save a few extra dollars here and there, you’ll miss out on too much. Don’t be too hard on yourself if you fancy the dress in the window shop or the new FIFA Xbox game - treat yourself as you’ve earned it. And of course, keep up the hard work.

3. Bargain hunters

Do you walk out of the shops towing five bags in each hand, each item within them purchased on sale? You may be a bargain hunter.

Bargain hunters love the thrill of a discounted purchase, sometimes even if the usefulness of the item is irrelevant. They're often found scrolling Facebook Marketplace or Gumtree and perusing op shops or lining up out front of stores during big sales periods.

While they aren’t totally clueless about their spending habits or debt, they can lack financial discipline.

  1. How to improve as a bargain hunter: focus your efforts on saving money

Attach emotion to saving money in an account instead of saving money on purchases. Think before you buy something on sale or second hand and ask yourself whether it will benefit you in the long run. Do you genuinely like the item - not just the price tag? Do you really need it? Can you take a step back and think about the purchase for a few hours?

4. Jugglers

If you hold multiple forms of debt, live for airline points, and have accounts with dozens of banks, lenders, and buy now, pay later (BNPL) providers, you’re likely a juggler. Jugglers often manage a complex web of accounts and repayment schedules at once.

Jugglers aren’t necessarily bad with money. In fact, many are highly engaged with their finances and spend hours optimising their setup to make repayments work, earn rewards, or smooth cash flow from paycheque to paycheque.

That said, juggling comes with risk. Repayments can absorb a large share of income, leaving little room for error if expenses rise or income drops. Credit cards can end up nearing their limits, BNPL debts due, and in such situations new spending often replaces debt as soon as it’s paid down.

Unsurprisingly, jugglers are prone to spending more than they earn and may be unaware of how much, and who, they owe. 

  1. How to improve as a juggler: get back to the basics

First things first, get some help/advice if you’re feeling overwhelmed. Whether that be from family, close friends, or a financial advisor. Stop any habits that are putting you into more debt, track your spending on a daily/weekly basis via an app, and set up a clear budget. 

You might also consider help from free resources like the National Debt Helpline (1800 007 007) and MoneySmart.

If you're not feeling snowed in, stop to consider if the complexity is worth it. Rewards programs and loyalty points can feel valuable, but if they’re driving higher spending or spurring interest costs, the benefit is likely illusory. 

5. Investors

Investors are aware of their financial situation and often like to put their money to work, so to speak. They like to keep themselves updated about different markets, have high standards for all of their purchases, and seek investments that they believe will payoff over time.

Investors are generally financially successful because they have a healthy discipline with their money.

  1. How to improve as an investor: keep the emotion out and keep on top of your investments

Don’t trade for the sake of the ‘rush’ as you could end up picking underperforming investments. Keep them in check.

Manage your daily investments and future investments to ensure they’re on the right track. And last but not least, enjoy the present moment too. Set aside a chunk of money to spend on yours truly.

See Also: Who offers micro-investing apps in Australia?

How to identify your financial personality type

Know thyself, know thy finances.

One of the easiest ways to figure out your money personality is by observing your own thoughts and actions with money. Consider asking yourself the following questions:

  • Does spending a lot of money cause you stress? Or, are you comfortable spending money on things you value?
  • Do you get a kick out of stashing away your savings?
  • Do you get a thrill out of purchasing anything, no matter how cheap or expensive it is?
  • Do you have little to no emotional attachment to your finances?
  • Are you careful about where you put your money for the long-term? Or, are you looking for short term rewards instead?

“Much of the characteristics of our money personality are unconscious and running on auto-pilot in our brain. To bring these patterns into the light requires us to spend time reflecting and observing ourselves,” Ms Westcott said.

In addition to the above, Ms Westcott suggests reflecting on the following self-conversation starters:

  • What did my parents teach me about money?
  • What did it feel like to earn money for the first time?
  • How was money discussed at home?
  • My relationship with money is best described as...
  • For me to feel financially secure, I would need...
  • Rich people are...
  • Poor people are...
  • If I had more money I would...
  • Money equals....
  • The idea of investing makes me feel....
  • If money was a person it would be…