Does your money just seem to walk out the door? Or do you keep it firmly underfoot but sense you might be missing out? Whatever your relationship with money, it’s probably complicated. In fact, it has a personality of its own. Understanding your money personality equips you to make more sensible decisions or perhaps have more fun. This is our round-up of the key money personalities, and what you can do about yours.

Penny Hoarder

If you’re a money hoarder, you’re convinced there’s a wolf waiting at the door, and that one foul move will render you penniless. You love a bargain and you take your own popcorn to the movies.

Tip: Take a risk. This might be something as basic as shifting your money out of a low-interest bank account into an investment. You’ll realise it’s not all that bad and you could grow your wealth.

Big Spender

Money is status and you like to show you can afford the finer things in life. After all, you’re worth it! If you’re a spender, you could be overworking at the expense of relationships, or have problems like credit card debt or compulsive gambling.

Says money psychologist Dr Brad Klontz, big spenders “are often after more stuff to make themselves happier and the latest purchase … does not fundamentally change how you feel on the inside.”

Tip: you’ve probably heard this before but set a budget and stick to it. And put some time between spotting that pair of shoes and buying it. It’ll get easier to start saying no.

Money Avoider

Avoiders adopt a “see no evil” approach to money. They give it away so they don’t have too much, don’t know what they spend or how much is in the bank account. Being avoidant means missing out on a sense of security and greater prosperity.

Tip: Get educated about your finances and get a family member or advisor involved. Write down five near-term financial goals and actively work towards them.

Extreme Tracker

Also known as the “fitbit financier”, you obsessively check investments and bank balances, and the comparison sites are the first thing you browse over a morning coffee. Needing to keep this sort of control over your finances might mean you’ve lost control elsewhere in life. And you’ve probably lost the big picture.

Tip: Consider seeing a financial advisor instead of relying on Dr Google for finance tips. Planning for the future might make you less inclined to be so controlling about the present.

Are you curious about your money personality? There are heaps of quizzes available, but here are two we liked:

FT Psychology of Money

Dr Brad Klontz’s quiz on The Pineapple Project

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