We often talk about managing money. But life doesn’t always have one-size-fits-all solutions. Did you know that different money personalities affect how you interact with your finances? Discover your personality and learn how to make the most of it.

Your money personality describes your natural and emotional approach to money. Your values, and financial life experiences,  often influence how you feel about and manage your money. 

In this blog post, we outline seven different money personalities. You might recognise yourself in these descriptions, or even have traits from more than one. Check out our tips to make the most of your finances based on your money personality. 

The Saver

If you save constantly, without any clear plan or goal, you’re The Saver. You find comfort in saving, and may feel guilty spending even small amounts.  You’re an expert at making your money go further, and other people might sometimes ask you for financial advice.

While saving is brilliant for your bank balance, it’s also important to make sure you’re enjoying your hard work. Remember to prioritise your happiness as well as working towards a bigger nest egg. Why not make a plan to reward yourself for reaching your savings goals?

If you love saving, but rarely have a plan in mind, you could make your money work harder by setting some stretch goals. These goals are big ideas that may push the boundaries of what you can achieve. They may seem ambitious but, with your saving power, they could be within reach.  Why not use your money to build your perfect future, or use it for something truly amazing?

If grand plans aren’t your thing, you could try indulging in some guilt-free spending. Allocate a portion of your monthly income toward rewarding yourself with something fun. Saving and being sensible is important, but life is for living!  As a Saver, you probably already have savings set aside for emergencies. That puts you one step ahead when planning for a secure financial future. If you want to grow your wealth even further, you could research investing.  

The Spender

If you’re a Spender, you probably love a spending spree. You might be known for living life to the full, often treating yourself and your loved ones with impulse purchases. While spending can make you feel good in the moment, it might sometimes distract you from your goals. 

Start with a spending tracker to see how your spending impacts your day-to-day life. Keep a detailed record of where, and how you spend money over a set period of time. This gives you both a detailed and big-picture view of your finances. It can be surprising to see how much you spend on stuff you don’t really need, and how much extra money you’d have if you saved it instead.

Knowing you need to reduce your unnecessary outgoings is one thing, but actually stopping is another. Spending limits support your budgeting plans by putting a daily restriction on your account that stops transactions which go over it. You could then redirect those funds into a savings account instead. 

Try cash envelope stuffing to get a tactile view of your spending. This can help you to control your finances by separating physical cash into different envelopes, dedicated to your various financial goals. 

The Money Maker

Money Makers love making as much money as possible, as quickly as possible. If that sounds familiar, this might be you. You have a strong work ethic: you might  have more than one job, or pick up every hour of overtime you can get your hands on. You rarely let anything get in the way of your pursuit of a bigger bank balance. 

There’s nothing wrong with hard work, and you deserve the rewards. But being the Money Maker can come with a price. It can be isolating to put the pursuit of wealth above the emotional richness of time spent with family and friends. Sometimes it’s important to remember that there’s more to life than money.

You might benefit from taking some time to reflect. Try to get a view of all aspects of your life to check that nothing is being neglected. Find ways to use your hard-earned money that feel fulfilling. 

Staying at work for another hour to finish off that thing on your to-do list is easily done. But those hours can quickly add up. If you’re worried you’re spending too much time working, there are tools that can help. Time tracking records where you spend your time to give you a big-picture view of your work-life balance.

Another approach is to give yourself a leisure budget. That's money that you put towards time spent with your loved ones. Using budgeting rules, you can allocate a percentage of your monthly income to simply having fun. Just don’t forget to allocate some time as well as money! 

As well as being in the here and now, you can also start thinking about your future. With all that hard work, you’ll be in a great position to relax when you reach pension age. Why not start retirement planning? Set your ultimate goals, work out how much you’ll need to sustain your lifestyle, and grow your pension.

The Indifferent to Money

If you don’t think about money much, or you often feel that it does more harm than good, you might be Indifferent to Money. People with this money personality are often suspicious of financial products. They might even say that managing their finances with things like budgets is their worst nightmare. If this is you, you might ignore your bank statements and only spend when you have to.

Distrusting money and living a simpler life without it isn’t a bad thing. We’re so much more than our bank balance. But ignoring your financial obligations can leave you with bigger problems that make money a bigger part of your life than it needs to be. It can also have a negative impact on your loved ones.

Understanding money better can help you to disconnect from the frustrations of finance, without leaving yourself with bigger issues. Getting your finances into a great place, where they tick along responsibly, can be a great way of rising above money and living a freer existence. 

Direct Debits and standing orders are great tools that you can use to automate regular payments from your bank account, like rent and bills. Let your bank account do the work for you. A great tip is to set your automatic payments for payday so the money goes out before you can spend it on anything else. 

You might benefit from using a minimalist budget, where you declutter your finances by getting rid of all your unnecessary spending and focusing on the things you value the most. As somebody who is indifferent to money, you might enjoy streamlining your expenses. 

If you’ve been avoiding your money matters for a while, it might be time for a financial check-in. Think of this like an MOT for your money, where you get under the bonnet of your finances to fix any problems, set up useful processes, and make sure you’re headed towards your future goals.

The Saver-Splurger

You may have recognised yourself in both The Saver and The Spender, but neither seemed quite right. You’re somebody who can save lots of money, but you have a tendency to give in to impulse spending. If you find yourself saving and splurging over and over, you might be The Saver-Splurger.

It’s great that you have the ability to save money. And it’s great that you’re willing to use, rather than hoard, your money. But when these traits are combined, it’s common to feel a bit disappointed or frustrated. You might sometimes realise that you’ve spent your hard-earned savings on things that  don’t fulfil you. 

So, how can you stop swinging from saving to spending? The 70/20/10 rule splits your income into 70% for essential expenses, 20% for non-essential, and 10% for your goals. Setting clear goals and organising your finances towards hitting them can help you build positive financial habits. 

Having goals to motivate you can help you avoid making unplanned purchases. There are a couple of ways to do this. A sinking fund is a savings account — or savings pot — that you set up specifically to work towards your goal. It is separate from your other accounts so you can really visualise your progress.

Working towards new financial achievements should feel enjoyable — stay driven by planning rewards when you reach certain milestones. Break your target total into bite-size chunks and treat yourself every time you hit one. Milestone rewards can help you stay focused on the bigger picture by acknowledging the progress you’re making. 

The Gambler

Are you someone who makes decisions quickly? Do you enjoy the thrill of taking risks? The Gambler money personality shares traits with both the Money Maker and The Spender. If this is you, you probably enjoy taking a gamble — whether that’s through betting or by making high-risk investments. You might take risks just to avoid feeling bored, and you believe that the biggest rewards come to those who dare. 

But constantly swinging between wins and losses can be tiring. Gambling can bring you big rewards, but the flip side is that you are equally at risk of big losses. Taking too many risks can endanger your savings and investments. 

If you don’t want to give up taking risks entirely, you can take steps to protect yourself from the negative impact of a big loss. The key is finding a balance. 

Why not use your winnings to build up an emergency fund?  A separate emergency fund can act as a financial safety net. This is a pot of money that covers between 3-6 months' worth of your income. Emergency funds are used as security against a loss of income or large unexpected drains on your money.

Another way to minimise risk is by exploring low-risk investments. By keeping your investment portfolio diverse, you can limit the amount of risk you’re exposed to.  Remember, no investment is entirely secure, you could still lose your money, but they are a safer bet.

If your Gambler personality is causing you real problems, don’t be afraid to ask for support. You could get free help from a charity like Gamble Aware, or speak to a financial advisor. Getting an expert eye on your financial circumstances can help you to overcome bigger issues. Don’t suffer in silence, reach out for help whenever you feel overwhelmed.

The Worrier

If you’re The Worrier, you might feel worried about money most of the time. No matter your wealth, you still don’t feel truly financially free. This makes you avoid risks and you may suffer from stress, anxiety or sleep deprivation. 

Everybody has money worries — it’s a normal part of life — but if yours are eating away at your wellbeing, it’s time to take action. So, what can you do? Financial education and financial therapy are a good start. Knowledge is power, so improving your understanding could help you confront your money worries with more confidence. 

Building your awareness could help you reframe your finances — with a plan in place, and a sprinkle of positivity, they might feel less scary and more manageable. Find out how to say yes with 10 money mindset tips from a life coach here.

Emergency funds can be great for Worriers. Saving between 3-6 months of income gives you peace of mind that you’re covered should the worst happen. Holding your emergency fund in an instant access savings account also gives you better access to the money when you need it, albeit for lower interest returns.  

Your credit score and your money personality

Your credit score lets you know how creditworthy you appear to potential lenders. Generally, the higher your score the more likely lenders are to accept your application and offer you better interest rates. It’s calculated by the top three credit reference agencies (CRAs) in the UK: Experian, Equifax and TransUnion.

You might find that your money personality is reflected in your credit score. Spenders, Money Makers and Worriers might have higher scores from building savings and not spending, whereas Spenders, Gamblers and the Indifferent to Money may be less in control of their  credit. 

There’s no money personality that will guarantee a good or a bad credit score. But if you’ve struggled with credit, Loqbox can help you grow your credit score while you save towards your financial goals. Your savings payments are reported to the CRAs which helps to grow your score. Once you smash your target, the money is yours.

Improvements to your credit score are not guaranteed. 

These money personalities are useful tools to help you recognise your financial behaviour and your approach to money. The tips are there to give you a first step towards your own financial wellbeing. But they aren’t the final word. Everybody’s finances — our struggles, worries and goals — are different.