Sometimes when it comes to money, I’m Hot Then I’m Cold, a little bit Jekyll, a little bit Hyde. I set aside plenty of money for a Mexican Riviera cruise, then hesitated to book an excursion that felt too pricey. Said no to the hot stone body massage, but signed up for a facial and sauna access that was even more expensive.
Do you ever surprise yourself with money decisions that seem to contradict each other? Maybe it’s your split money personality. Your habits aren’t random, they’re driven by what money means to you. It’s emotional.
Here’s a breakdown of five main money personalities. As you read, I bet you’ll find two that sound eerily familiar and – if you’re like me – sometimes polar opposite.
1. The Spender
Core belief: Money is meant to be enjoyed.
Spenders feel good when they use money. Buying something new, treating friends, upgrading their space – it creates energy and optimism.
Example:
After a stressful week, you book a last-minute trip or a new outfit for dinner with friends. You deserve a reward.
Strengths: Generous, fun, optimistic.
Watch out for: Impulse buys, credit card balances, living paycheck to paycheck, being influenced by what friends purchase.
Idea: Try the 24-hour rule. If you still want it tomorrow, go ahead.
2. The Saver
Core belief: Money is for security.
Savers feel calm when money is growing and anxious when it’s shrinking. They enjoy watching their account balances increase and want structure: budgets, goals.
Example:
You plan your spending with a budget and check it regularly. You pack lunches every week, resist the spa upsell, and automatically transfer money to savings.
Strengths: Disciplined, organized, future-focused.
Watch out for: Missing out on joyful experiences, fear about perfectionism or not having “enough.”
Idea: Set up a separate account and title it “fun money” or “travel” or whatever sparks joy for you. Use it without guilt.
3. The Risk Taker
Core belief: Money is for status and opportunity.
Risk Takers love the good life and finer things. They may be comfortable with uncertainty: starting businesses or making bold financial moves with little research.
Example:
You invest in luxury experiences or designer clothes, or launch a startup while others hesitate.
Strengths: Confident, growth-oriented, enjoy life to the fullest.
Watch out for: Overconfidence, delayed saving, taking on debt to finance big purchases.
Idea: Expand your definition of luxury to include the freedom of a healthy retirement account. Invest early and often.
4. The Security Seeker
Core belief: Stability is everything.
Security Seekers make safe choices: steady jobs, predictable income, low risk investments.
Example:
You stay in a job that doesn’t pay well, or keep money in savings or money market accounts instead of higher-growth investments.
Strengths: Cautious, reliable, resistant to change.
Watch out for: Missing growth opportunities – in career and money.
Idea: Find a low-cost financial counselor you trust to help you take small steps toward investing. Think of it as adding a second layer of stability to your money.
5. The Avoider
Core belief: Money is stressful, it will work itself out.
Avoiders don’t think much about money unless they have to. They delay, ignore, or tune out.
Example:
You don’t have a good sense for how much money you make or how you spend it. You don’t have an organized way to pay bills or allow others to take care of money decisions or prefer it when others take care of money decisions.
Strengths: Flexible. Maybe not a big spender because account balances are unclear — or may overspend for the same reason.
Watch out for: Late fees, missed savings, growing anxiety about money.
Idea: Reduce the number of decisions you need to make: Set up billpay and auto-transfers to savings and a retirement account.
The Jekyll and Hyde Factor
Most people are a blend of two types. You might be:
- A Saver at heart, but a Spender socially.
- A Spender with Risk Taker tendencies.
My conflict comes from my Saver/Spender mix. I’ve always believed in paying myself first, and have a long history of auto-transfers to Savings, 401k, and HSA accounts. Watching those balances grow gives me a sense of safety and freedom.
But I also believe life is short, and creating memorable travel experiences for my family is a reward for working hard. To be honest, it’s sometimes easier to justify spending on my family than it is to spend on myself (but not always.) And even though I have a separate savings account just for travel, watching the balance drop is depressing – even when I’m using it exactly as planned.
Thus, my Hot N Cold conflict.
If you’re interested in learning more about your money personality, take Jean Chatzky’s MoneyTypes assessment. Jean is a well-known financial journalist and CEO of HerMoney, and her podcast is a must-listen if you want to feel more confident about money.
Jean outlines five MoneyTypes, similar to the five outlined above – but goes into more detail about each profile, strengths and weaknesses, and action plans. My Jekyll/Hyde personality also showed up in this assessment, with my “Producer” tendencies (ie grounded and diligent about money) sometimes contradicting my “Visionary” values (ie money as a tool for pursuing passions).
Three Money Nudges
How can you put your money personality to work for you?
- Identify the two money personality types that reflect you best. (Most people have two, which is also why you get mood swings.)
- Write down one strength and how it has – or could – help you feel more confident about money.
- Pick one item on the “watch out for” list and think of a small action you could take this week to prevent or offset it.
Knowing your money personality isn’t about labeling yourself, and it’s not about finding excuses for your money decisions. It’s about noticing your behavior patterns so you can design systems that match your personality and work more easily for you.