# 1 – Ranking – How Can I Change My Money Personality?

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here are several things you can do to change your money personality. The first thing to consider is what your money personality is.

Do you prefer saving money or spending it?  Do you get frustrated when your bank account is low?

If so, you may have a money personality that is more likely to save than spend. On the other hand, if you are always looking for ways to spend less, it may be time to reevaluate your money personality.

In this article, we’ll answer the question;

How Can I Change My Money Personality?

There are several ways to change one’s money personality[1][2][3][4]. Ken Honda, author of “Happy Money,” identifies seven money personality types[1], which can help individuals understand the pitfalls of each and improve their relationship with money. For example, compulsive behavior related to pursuing wealth is considered a process or behavioral addiction [5]. Five common money personalities are investors, savers, big spenders, debtors, and shoppers[2]. Complicators and Contemplators are two additional money personality types that can be identified[3]. Taking a quiz to identify one’s approach to money can also be helpful[4].

There are several ways to change one’s money personality[1][2][3][4][5]:- Recognize that there is more to life than money and give wealth purpose by helping others[1].

• Make it a point to know where your money is going, your monthly expenses, and where you stand on debt[1].
• Seek positivity around money conversations and understand where financial worries come from[1].
• Channel energy into saving and look for slow and steady gains instead of high-risk, quick-win scenarios[2].
• Practice moderation in everything, and don’t let all the fun parts of life pass by to save a few pennies[2].
• Determine which of the five common money personalities best describes you (investors, savers, big spenders, debtors, or shoppers)[2] and make the most of what you have.
• Take a quiz to identify which of the four money personality types best describes you (Complicators, Contemplators, Paper Chasers, or Money Monks)[3].- Understand that money personality are rooted in values around money and may not change over time[3].
• Recognize that the compulsive need to acquire money can be part of a class of behaviors known as process or “behavioral addictions” [5].
• Be aware that wealth can cloud moral judgment, and there is no direct correlation between income and happiness[5].

Building a Wealth Mindset: The Ultimate Guide

Tip #1 – Watch what you spend.

If you want to save more, start by watching what you spend.

If you’ve made duplicate purchases without questioning them, you might spend too much on non-essentials.

Alternatively, you may need services or products but have been ignoring them due to a lack of funds.

Note what you spend, and consider if it’s worth the cost.

If you’re spending too much on non-essentials, think of ways to cut back.

If you’re spending too little on necessities, you can negotiate with your provider to get a better rate or ask your friends and family if they would be willing to help you.

You might be able to cut your spending by 25–30% by making better choices.

For example, you might be paying too much for car insurance if you have a history of traffic violations.

You might spend too much on your cell phone if you have a plan with limited data or excessive fees.

You might be paying too much on your cable bill if you have premium channels or a package that doesn’t fit your needs.

You might spend too much on your utility bills if you use more than you need.

You might be paying too much for your groceries if you’re buying products that are more expensive than others.

Tip #2 – Track your spending.

If you have trouble watching what you spend, try tracking your spending instead.

This will help you spot areas where you’re spending too much and reveal areas where you’re spending too little.

Several apps and tools can be used to track your spending, such as Mint, You Need a Budget, and Prosper.

Tracking your spending also has the added benefit of helping you to manage your finances better.

It’s easy to get overwhelmed with money when trying to change your habits.

Sometimes, it’s helpful to break things down into smaller, more manageable tasks.

Tracking your spending is a great way to achieve this.

You might be surprised at how much you can save by switching from a non-tracking approach to tracking your spending.

Another advantage of tracking your spending is that you will become more aware of how much money you have.

This can help to decrease anxiety around money and make you less likely to overspend.

Here are recommendations for finding a budget planner to track your spending.

Tip #3 – Be mindful of your financial habits.

If you’ve already tried tracking your spending, but it hasn’t helped you find ways to save, consider becoming more mindful of your financial habits.

It may seem simple, but being mindful of your financial situation can help you discover new ways to save money.

Be aware of your purchases, the amount of money you have in your bank account, and how your spending impacts your long-term financial goals.

Keep track of your spending, but don’t let logging into your account or paying your bills stress you out.

Instead, view this process as a mindfulness exercise that can help you discover new ways to save money.

Becoming more mindful of your financial habits can help you find ways to save that you never knew existed.

This can be as simple as putting away a few dollars every time you get paid or eating at home more often.

However, it can also be as complex as reprioritizing your debts or finding a side hustle to increase your income.

There are several ways to become more mindful of your financial habits, such as setting financial goals or reading personal finance books.

Tip #4 – Read up on finance and investing.

If you’re having trouble saving, consider reading up on finance and investing.

You may find that there are ways to save more that you weren’t aware of.

If you don’t know where to start, it may be helpful to look up some basic finance and investing terms and the different types of accounts.

You can also find some great blogs and newsletters that specialize in finance.

Reading about finance and funding can be a daunting task for many people. Plenty of beginner guides are available online if you don’t know enough about finance to start reading.

Sign up for a book club or find a group of friends who are interested in investing or finance.

You can discuss different books and how they relate to your financial situation.

Reading can provide a massive benefit in terms of increasing your financial knowledge. It’s a low-cost hobby that you can enjoy anytime, anywhere.

Tip #5 – Find a mentor/coach and join a support group.

If you’ve tried everything and you’re still struggling to change your money personality, you may want to find a mentor or coach.

A mentor or coach can help you to identify your weaknesses and help you to develop the skills you need to save more.

Alternatively, if you’re struggling to find friends or family members who can relate to your financial situation, you may consider joining a support group.

A support group can help you connect with people who are going through similar struggles and can help you find ways to save.

Find someone who has financial success and start taking advice from them.

You can find a mentor in many places. You can look for financial advisors or business coaches.

Finding someone with the personality you’re trying to adopt is essential.

A financial advisor may not be the best fit if you’re trying to adopt a more spendthrift attitude.

Here is a group that may be interested in seeking a money coach or a financial mentor.

What are the Types of Money Personalities?

‍When it comes to money, people can have very different perspectives.

Some people think of money as a tool, while others see it as something to be guarded or hidden away.

Our personality types often influence how we view and handle money.

This is why understanding the different types of money personalities can be so helpful when dealing with your financial situation.

Everyone has a unique relationship with cash due to many factors, including upbringing, past experiences, and innate disposition.

#1 – The spender.

A spender tends to spend money as soon as they get it.

This could be in credit cards, shopping sprees, or other purchases they can’t reasonably afford.

A spender doesn’t see much value in saving money as they believe it’s meant to be spent.

A spender’s relationship with money can be financially damaging for many reasons.

They may not pay off their credit cards every month, which can hurt their credit score and make it more challenging to get a loan in the future.

They may also have a lot of debt that will take them a long time to pay off.

Spenders can improve their financial situation by being more conscious of their spending habits.

They can ask themselves why they’re spending money on specific items and if it’s worth it.

They should also make a budget so they know how much money is going to different things each month.

#2 – The saver.

A saver is someone who prioritizes saving money above all else.

They might feel uncomfortable spending money even if they have the money to do so.

Some savers are so extreme with their frugal living that they may harm their mental and physical health.

A saver’s obsession with saving money can be financially detrimental in some ways.

They may not be putting any money into savings, which is meant to cover unexpected expenses.

They may also miss out on investment opportunities due to their unwillingness to take risks.

A saver can improve their relationship with money by finding a healthy balance between spending and saving.

They should have enough money saved to meet their financial goals, but they should also have a plan for spending what they have.

#3 – The risk taker.

A risk taker likes to jump into new opportunities without much planning.

This could be in the form of starting a new business, investing in stocks, or even getting a side hustle.

A risk taker thrives on taking calculated risks, which can lead to significant returns.

Risk takers may struggle to save money because they often put their money into various ventures, which can be risky.

But, on the other hand, they might see the potential rewards as worth the possible loss.

Risk-takers can improve their relationship with money by finding a healthy balance between taking calculated risks and being overly cautious.

They should ensure they’re not putting too much money into anything, but they should also be open to new opportunities when they present themselves.

#4 – The investor.

Investors enjoy researching and investing in stocks, bonds, and other financial instruments.

They do this to grow their money over time, referred to as long-term investing.

Investor sees money not only as a tool but also as a long-term investment in themselves.

An investor may struggle with saving money to cover short-term expenses like rent and utility bills.

They may also be hesitant to spend too much on long-term investments, like real estate or stocks because they don’t want to deplete their savings.

Investors can improve their relationship with money by finding a better balance between saving and investing.

They should have enough money saved to cover short-term expenses, but they should also have a plan for investing in their long-term goals.

#5 – The worrier.

A worrier is someone who likes to be prepared for every situation.

They may have a tough time spending money because they fear it will run out, even for something important like paying medical bills.

A worrier probably saves money, but it may not be easy because they like to be prepared for any situation.

This can lead to them having a large amount saved up, but it may be difficult for them to spend any of it because they want to be fully prepared for anything coming their way.

A worrier can improve their relationship with money by finding a healthy balance between saving and spending.

They should have enough money to cover short-term and long-term expenses, but they should also spend some money on things they enjoy.

Final Thoughts on How Can I Change My Money Personality?

It’s important to remember that everyone’s financial situation is different.

What works for one person may not work for you, and vice versa.

Remember that you’re not alone if you struggle to change your money personality.

While it may feel like you’re the only person working to save or pay off your debts, you’re not.

Many people are going through the same things as you are right now.

Don’t be afraid to ask for help, and don’t be scared to try something new.

The types of money personalities can vary significantly from person to person.

Your personality type may influence your money personality, but past experiences can also impact it.

Therefore, the best way to improve your relationship with money is to understand where you’re currently falling short.

When it comes to money, the best financial advice is to be yourself. Instead of changing your spending or saving habits, you should focus on being more aware of what you’re doing with your money.

Do you want to learn more about “How Can I Change My Money Personality?” Check out Building a Wealth Mindset: The Ultimate Guide.