Do You Know You Have A Money Personality?

Do You Know You Have a Money Personality?

Do You Know You Have a Money Personality?

We’ve all developed money habitudes and attitudes over the years – learned from our parents and other adults, advertising messages, our siblings,  and our peers. Some of the information we absorbed about money may not be serving us so well now.

For example, if you were raised in an atmosphere of scarcity, you may spend your whole life craving things you can’t afford and you now overspend to get them. On the other hand, if you grew up in abundance, you may expect things will always come easily to you. If your mom was a spendthrift, you may become one too or, you may overcompensate by becoming a miser.  If your dad procrastinated about important money decisions and took the attitude “things will work themselves out”, you may find yourself taking the same approach.

Ever wonder why you procrastinate about financial matters? It may be due to your deep-seated money personality.

My Money Story

My mother and father were extremely frugal, especially my father. He didn’t want anything. Buying him a gift was torture because it was impossible to figure out what he would like – except peanuts, he loved peanuts.  So my siblings and I would end up buying him canisters of Planter’s nuts for his birthday, Father’s Day, Christmas.  His frugality rubbed off on my mom. Going out to eat with her was challenging. She’d look at a menu and always order the cheapest thing on it – or a side salad.  She would do the same thing when shopping for clothes – in her mind, nothing was worth the price when you compared it to what you could make it for yourself.

We kids would only get the “necessities” – basic clothing and shoes (thankfully we wore school uniforms!) and no spending allowance. So, I learned early on that if I wanted the “extras”, I needed to find a way to buy them myself. This was probably a good thing, as I became self-sufficient at a very early age. But I also rejected the frugality of my parents and have been known to indulge myself on occasion. I’ve worked hard to find a good balance between being prudent and being extravagant.

Can you change your money personality?

I interviewed a graduate of The Money Coaching Institute based in California, about her insights about money personalities.  She said, “If we don’t pay attention to our money personalities they will act out in louder and more extreme ways. For example, the shopping sprees become longer and more expensive because you can’t quite fill the emotional hole you are trying to fill or the anger towards money grows until you blame it for everything wrong in your life.”

In my financial planning practice,  I find that the more I know about my client’s money type or personality, the better I can serve them. To that end, I have each client complete a money personality and financial satisfaction questionnaire which seeks answers to such questions as:

  • What keeps you up at night (or at least feeling anxious) when it comes to your personal finances?
  • If there is one thing you could change about your personal finances, what would it be?
  • If you had more money to spend, what would your spend it on?

If you think that you may be acting in ways that sabotage your chance of financial success and it’s become a pattern  – read, sign up for a workshop, talk to trusted friends or advisors, or engage a money coach. There are resources available to help you.

Below are a few books and ebooks (including one I wrote myself, called The Happiness Spreadsheet), that can help you discover your values and ideas about money.

Books

Do you want to manage your money (and life!) better?

The Happiness SpreadsheetIf you want to think differently about the relationship between your spending, your values and your happiness, then sign up to get your FREE copy of The Happiness Spreadsheet.

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6 replies
  1. partha iyengar
    partha iyengar says:

    Hi Cathy,

    You have a wonderful way of reaching out to your clients through your blogs.. I am really impressed by the way you put across issues involving money and financial planning in a very simple and effective manner. The piece on Money Personality was extremely interesting and insightful. I fully agree with you on the need to understand the money personality of the clients before embarking on the financial planning aspects for them. The book references related to the topic is wonderful and a great value add..
    Good Job!

    Reply
  2. Lee Doyle
    Lee Doyle says:

    Cathy,
    Wonderful meeting you last night. Your Simple Money Truths are spot-on, especially #1.I do three things a day to keep clear about how I spend my money and my time. Keep blogging–the women and the world need your insights and advice.
    Best,
    Lee

    Reply
  3. Refugio Buddemeyer
    Refugio Buddemeyer says:

    Thanks for the Information, thanks for your great Post. I will come back later. Also great place for home owners: sell your house quickly

    Reply
  4. Ellis Dilibero
    Ellis Dilibero says:

    I realy like your angle that you have on the topic. Certainly wasn’t planning on this at the time I started browsing for tips. Your ideas were totally simple to understand. Happy to find out that there’s an individual here that obviously understands exactly what its is talking about.

    Reply

Trackbacks & Pingbacks

  1. […] anything psychological or emotional, it isn’t easy to change. Read simple truth #2:  “Your Money Personality Affects Your Money Behavior“  for more insights on this topic. But there are things you can do to take control of your […]

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