What Is Your Money Personality?

Money Personality

Money personality affects the way we behave when making financial decisions and how we go about spending, saving, and investing. Successful people come in a variety of types, but a common denominator in successful people is that they have a good awareness of their own personality with money.

Here’s a money-spending pop quiz for you: Do you shop to relieve stress? Can you window shop without spending money? Do you buy things that are on sale even if you don’t need them? If you’re wondering what your answers mean, keep reading! They’re just some of the questions financial expert and author Carla Cargle created to help you try to recognize your money personality. Why is that so important?

Cargle warns it directly impacts people’s bottom line. “It enables them to predict potential habits and choices concerning money. Therefore, if a person realizes that they spend too much time and money shopping, they can make a more conscious decision before going to the mall. Similar to an alcoholic going to a bar. If it is their weakness they should avoid it.”

Cargle identified five main types of money personalities and their primary characteristics. See if you can figure out where you fall:


1. Mattress Mogul



  • Hoarder
  • Stuffs bundles of money under the mattress, in a shoe box, coffee can, etc.
  • Usually distrusts banks, financial institutions
  • Conservative – doesn’t like to take risks


2. B & B (Broke & Beggin’)



  • Poor saving habits
  • Living paycheck to paycheck
  • Usually, the person borrowing money from co-workers for lunch and/or gas until the next pay period
  • Not afraid to take risks (Possibly lost money taking risks.)


3. Sales Pro



  • Shopaholic – Shopping helps to relieve stress.
  • Saves to spend.
  • Functional budgeter: Does just enough to maintain a household. Uses “extra” to shop.
  • Moderate risk taker


4. Livin’ Large



  • Flashy – expensive taste
  • Aspiring to have a “lifestyle of rich & famous”
  • Fixated on materialism – Thinks wealth is defined by luxury items
  • Aggressive – Willing to risk it all


5. Balanced



  • Balance is essential – Balanced budget. Sound Financial Plan
  • Zen-fully rich – Money works for them not against them
  • Appreciates finer things in life for their value, not image
  • Wise & Stable – Thinks through decisions based on the sound outcome

Could you identify yourself in those money personality types? If you don’t like where you “found yourself”, can you change? Cargle says absolutely. “People can change their money personality through consciously changing their mindset. If they really want to be wealthy they have to make choices that coincide with the wealthy lifestyle.”

Cargle recommends working with a financial advisor or money coach to develop a plan to get on the right spending and saving track as well as implement a budget.

Still wondering what your answers to the shopaholic pop quiz mean? Check out Cargle’s website and take the complete test.

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