While money types are sometimes under-rated by consumers in my opinion; it is very important that you take the test an identify the category that applies to you.  Here’s why, it is extremely difficult to pin point pitfalls, and/or find your way out, when you are unsure of where you stand.  Knowing your money type is almost as important as knowing your blood type, no pun intended.  Understanding where you stand could reduce your level of stress, save your marriage, your job, your security clearance, save money period; hence your financial wellness.  According to Investopedia (2016):

What’s Your Type?

Money personalities have been analyzed in a variety of ways and many people can identify with aspects of several profiles. They key is to find the profile that most closely matches your behavior. The major profiles are: big spenders, savers, shoppers, debtors and investors.

  • Big Spenders Big spenders love nice cars, new gadgets and brand-name clothing. Big spenders aren’t bargain shoppers; they are fashionable and they are looking to make a statement. This often means a desire to have the smallest cell phone, the biggest plasma TV and a beautiful home. When it comes to keeping up the Joneses, big spenders are the Joneses. They are comfortable spending money, don’t fear debt and often take big risks when investing.


  • Savers Savers are the exact opposite of big spenders. They turn off the lights when leaving the room, close the refrigerator door quickly to keep in the cold, shop only when necessary, and rarely make purchases with credit cards. They generally have no debts and are often viewed as cheapskates. Savers are not concerned about following the latest trends, and they derive more satisfaction from reading the interest on a bank statement than from acquiring something new. Savers are conservative by nature and don’t take big risks with their investments.


  • Shoppers Shoppers derive great emotional satisfaction from spending money. They often can’t resist spending money, even if it’s to purchase items they don’t need. Shoppers are usually aware of their addiction to spending and are even concerned about the debt that it creates. They look for bargains and are pleased when they get a good deal. Shoppers will often shop to entertain themselves, even if the items they buy go unused.  Shoppers are an eclectic bunch when it comes to investing. Some invest on a regular basis through 401(k) plans and other automatic investments and may even invest a portion of any sudden windfalls such as bonuses or inheritance money, while others view investing as something they will get to later on


  • Debtors Debtors aren’t trying to make a statement with their expenditures, and they don’t shop to entertain or cheer themselves up. They simply don’t spend much time thinking about their money and therefore don’t keep tabs on what they spend and where they spend it. Debtors generally spend more than they earn and are deeply in debt and they don’t put much thought into investing. Similarly, they often fail to even take advantage of the company match in their 401(k) plans.


  • Investors Investors are consciously aware of money. They understand their financial situations and try to put their money to work. Regardless of their current financial standing, investors tend to seek a day when passive investments will provide sufficient income to cover all of their bills. Their actions are driven by careful decision-making, and their investments reflect the need to take a certain amount of risk in pursuit of their goals.


Perhaps you can identify with one or more of these money personality types. Finding where you are on the list can be helpful with assessing and/or correcting certain behaviors that could propel you towards financial wellness.  The challenge is not just knowing your type; adjusting accordingly helps.

Your comments are encouraged and welcome.  What’s your money type?

E-mail me at christineroebuck@livemylifedebtfeee.com.

Investopedia http://www.investopedia.com/articles/basics/07money-personality.asp#ixzz449W5JNrS