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Money Style | CrunchyTales

Discover Your Money Style To Build Your Financial Confidence

5 min read

Is your style a winter, spring, summer, or autumn type? If you’ve ever had your look analyzed for you, you’ll know which shoes, jackets, dresses and colours help you look your best. Finding your money style is very similar: it’s about discovering and understanding your unique financial personality for helping you shape a better approach to spending, saving and investing.

The first step on your financial journey starts with learning the truth and reality about your relationship with money and what might be holding you back. Here are five money personality types. Which one are you?

The Self-Reliant

Those who fall into the self-reliant money style are very independent. They value autonomy and being able to take care of themselves. They must live their lives on their terms and have the financial resources to follow their joy. When money is getting in the way of living the life they want, they tend to start thinking about money itself. They do not like having them dictate choices, and some of their options may not make sense to others.

They are rule-breakers, and they may see money as a game with too many rules. The Self-Reliant people have usually an easy-come-easy-go personality because they are resourceful. They are big-picture thinkers and trust they will always figure it out.

The self-reliant money style would be thinking: “I will always find a way to work things out” or “Conforming to society’s standards about money is not for me.”

Your strategy: take one step towards a more secure future

For the self-reliant, if you’re dreaming of taking memorable vacations and travelling in the future, you’ll need to fund these excursions. Saving now and using tax deferral to your advantage can be the difference between having to keep working and being able to set sail on your adventure a few years early.

The Protector – Nurturer

Those who are protectors see money as a tool to help others, whether their children, coworkers, communities, or partners. Relationships will always come first for Protectors, and they will always keep others in mind when making financial decisions. They are natural givers, and they love empowering others financially when they have money and are very generous with their time. If they have a family or are in a relationship, being a good provider is a priority. The Protector is someone who feels they can not stand by if someone is in need. They might say: “it’s my responsibility to make sure he/she is taken care of.

Your strategy: don’t go into debt for others

Compounding interest can work for you and against you. Don’t use your credit cards to finance gifts or loans to your loved ones. If you find yourself bailing out many people, redefine what an emergency is and set clear boundaries.

The Architect – Producer

They are even-keeled and consistent with their finances. They enjoy watching it grow. They are methodical about their financial decisions and watch over their money closely. Architects/Producers can be financially conservative as they prefer to minimize their risk exposure, regardless of their financial status. These are the practical women when it comes to money, and they would save rather than spend on things they feel like they don’t need or can do without. They are comfortable with budgets and financial plans, as they value structure and control.

This person would say or be thinking: “I like knowing just what I spend and where” and especially “Let me research that purchase first.” This is the woman who will write a pro and cons list about why she should make her purchase once completing her research.

Your strategy: don’t lose money due to inflation

Some Architects/Producers can focus too much on preserving and too little on growing and enjoying. While inflation may not seem significant in today’s economy, if your money isn’t working for you and growing at a pace at least equal to inflation, you can lose money by saving too much in cash.

SEE ALSO:  What Are The Details Of Your Life?

The Idealist

Idealists are also visionaries who see money as a tool to follow their passion. Their love of work drives them, and they are very excited when the projects they are working on are financially successful. Some idealists may be highly motivated by money. Others are satisfied with having what they deem to be enough, as long as they can do their creative work. These are people who thrive when able to express their vision in the world. They view money as a symbol of success, proof that their ideas and achievements are valued.

Someone who has an idealist or visionary money style might think or say: “I’ll do whatever it takes to make this work” or “Let’s brainstorm a way to monetize this.”

Your strategy: make your safety net 

Since the Idealist is willing to take risks to live inspired lives, it’s essential for them to create their safety net. Having a short term cash reserve is imperative for Visionaries who don’t want to feel beholden to an employer or partner and need to know they have the support to make a change in course without disrupting their entire financial lives.

The Connoisseur – Epicurean

We typically think of epicureans as people who take pleasure in food. Connoisseurs – Epicureans love money, too. These women like spending it, primarily on material possessions, services, and experiences. They may even enjoy saving it, but usually with a spending goal in mind, because they live in the here and now when it comes to money. They seek the good life and like the finer things; however, they define them. They pride themselves on their excellent taste, and it’s all about quality for these women. Epicureans work hard for their money, which allows them to feel good about spending it, treating themselves and others well.  They like to enjoy life with all five senses, and when they have money, they’ll invite others along for the ride.

Something an Epicurean might say or think would be: “You only live once” or “I’d be crazy to pass up this opportunity.

Your strategy: be aware of debts

Whether you’re trying to keep up with a coworker or just treating yourself, it’s easy to supplement your income with credit cards. If you’ve already built up debt, prioritize paying off the cards with the highest interest rates first.

So what makes one person a hoarder and another a spendthrift? Most of us are actually a combination of types with one prevailing trait. And that plurality makes sense, considering our money personalities are shaped by several factors, starting way back in childhood. By knowing your money style, you’ll realize that you are perfect just the way you are, giving you the confidence you need to manage your finances with style and flair that is all your own.

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About The Author

Patty Bonsera - Financial Therapist

Expert Patty Gale | CrunchyTales

Patty is the Founder of Fear.less Girl Financial, a personal finance boutique offering heart-centered money coaching and financial life planning for midlife women seeking, “What’s next?”. She picks up, where mainstream financial services leaves off, to bridge the gap between the emotional and practical in helping women shift how they see their relationship with their money. Patty believes money stories are not a taboo topic and she is passionate about changing the narrative of the discussion and removing the stigma.

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