When it comes to money habits, we often lump people into two categories: spendthrifts and stingy savers. But according to financial experts and psychologists, there are different types of personalities that describe how we handle our funds. These “money personalities” derive from various aspects of ourselves and inform our emotional responses and approach to money management. 

While no personality type is necessarily better than the other, knowing which one perfectly describes your spending style can give you insights into your financial literacy and which habits you need to work on. In this article, we’ve narrowed down the most common money personality types to help you determine which one best describes your budgeting and spending style.

The Super Spender

To put it bluntly, Super Spenders are the maluho types. They are easily swayed by luxurious items like cars, jewelry, gadgets, and branded clothing. Super Spenders are not the bargain-hunting types and most likely spend money on things they don’t need. They also tend to go on shopping sprees for stress relief and instant gratification, which often leads to large amounts of debt. Typically, people with this personality type are outgoing and love treating others regardless of the occasion.

Needless to say, the best way to address the downsides of this personality type is by controlling unnecessary spending. If you’re a Super Spender, you may want to create a budget plan to help you tone down short-term gratification and focus on long-term rewards through savings and investments. 

Additionally, it may help if you avoid making big purchases in one go. If you want to buy a flat-screen TV, for example, you may want to stop and think for a moment before whipping out your wallet. Let it go for a day or two and think about whether the TV would be a good investment. If you’ve decided to go for it, consider exploring your options for making big-ticket purchases more manageable. For instance, you can check out cash loans Philippines-based consumers prefer in terms of flexible payments, easy applications, and quick disbursements. These options can help you manage your spending better without missing out on the purchases you want to make.

The Anxious Saver

On the other end of the spender-saver spectrum is the Anxious Saver. The polar opposite of the Super Spender, compulsive savers take tipid tips to the extreme. Anxious Savers are extremely frugal and tend to constantly worry about losing money even if they only have to spend a few pesos. You belong in this category if you tend to go with the cheapest options and compulsively put away your money even if you have no saving goals in mind. You also tend to shop solely out of necessity, rarely use a credit card (if at all), and always make it a point to turn off the lights and close the faucets when not in use to save on utility costs.

While habits such as conserving water to lower your water bill are great, you don’t have to be too worrisome and kuripot that you’re depriving yourself of well-deserved rewards. With this, you may want to establish a system for tracking your budget and expenses to have a clear idea of how much leeway you have for personal spending. Remember, it’s okay to shell out cash from time to time!

The Splurger-Saver

The middle ground between the compulsive spenders and hardcore savers is the Splurger-Saver. You have this personality type if you save a lot of money but tend to have splurging impulses. So while you are mindful enough to put away your money, you are also prone to sudden bouts of retail therapy. Splurger-Savers often get emotionally exhausted and guilty after making a big purchase.

Most of us fall under this in-between personality, especially once we start to see that our efforts to save up are paying off. Still, we can work through this behavior and prevent it from potentially derailing our attempts to preserve our funds. Having a budget planner would help, but you may also try to incorporate a financially mature mindset and think about how you would feel about your purchase after a week or two.

Compulsive Earner

Compulsive earners are those who expend most of their energy to make money. Most workaholics tend to be compulsive earners, especially if they’re the type that thrives on getting recognition and approval for their financial success. Taken to the extreme, compulsive earners can miss out on life as much as the Anxious Spenders and neglect their loved ones. In addition, Compulsive Earners are prone to making risky investments on the premise of making big returns.

While it’s good to reap what you sow, you also need to know that money isn’t everything. Take the time to kick back, relax, and be satisfied with what you already have instead of working yourself too hard for the dough. It might be helpful to establish a well-funded savings account and an emergency fund to give you enough financial assurance to turn your hustling down a notch.

The Money-Indifferent

The opposite of the Compulsive Earner, the Money-Indifferent doesn’t put too much thought into making and managing money. They rarely take the initiative to set up their savings, and they’re usually contented with having a modest amount of funds.

While being satisfied with what you have is a healthy mindset in general, not caring about managing your funds can lead to financial irresponsibility, gambling tendencies, and insurmountable debt. If you’re a Money-Indifferent type, you should take control of your money to avoid financial stress in the long run—both for you and your loved ones. Consider brushing up on good budget management practices to help you avoid carelessness in handling money.

Good Practices Transcend Personality Types

Our money personalities are defined by our life experiences, temperaments, self-esteem, values, and motivating factors. That said, these money personalities are usually not one-size-fits-all characterizations. Most people tend to be a combination of one or two personalities, which may change along with shifts in life situations.

That said, it would be ideal to practice good spending and saving habits regardless of which personality type you most identify with. Money problems can be experienced by anyone, but those who come financially prepared will always have the upper hand.