Introverts, extroverts, and everything in between – it’s no secret that our unique personalities impact how we perceive and react to the world around us. How we handle money is no different! Below are some money personality traits, and how they might influence your financial behaviors.

The Spender: Spenders are not afraid to part with their money and may derive some fulfillment from using money in short-term situations. It’s great to be able to enjoy your income, as long as you don’t overspend or turn to debt. Spenders might prefer having their savings automated, so they don’t have to decide to save; employer-sponsored plans are great for this, since contributions are deducted from pay!

The Saver: Savers may feel comfortable having sums of money at their disposal in case they need it. Savers may be adept at finding ways to reduce costs and make the most of each dollar. It’s important to have a sufficient emergency savings, which is good news for savers! To help strike a balance between saving for retirement and enjoying income today, many plan providers have retirement income projection tools and planners to help gauge retirement readiness.   

The Non-Budgeter: The non-budgeter doesn’t see value in physically categorizing and tracking income and expenditures. Perhaps they have a plan for their money “in their head.” While a non-budgeter may have a functional balance of income and expenses, there are probably some efficiencies or goals that could be discovered through a written budget. If tracking down to the penny is too tedious, maybe more general categories could still offer some insight into where income can be optimized. Even if it’s just for a few months, a budget can be an eye-opener into areas we spend the most.  

The Procrastinator: The procrastinator may be overwhelmed by managing their finances. Perhaps they have debt or less retirement savings than they’d have hoped, or maybe they are fearful of doing the wrong thing or unsure of what to do. Procrastinators may avoid logging into their accounts, so a good first step is to log into your retirement plan provider’s website. This will get you in touch with your retirement savings options, and most providers have online resources to address a range of other financial concerns.  

Most of us are not “all or nothing” when it comes to how we view and handle money. The trick is recognizing your most and least productive traits and how they might motivate your actions. Whether you’re a mix of all the traits listed here, we want everyone to be a planner. Planners understand that they may not have all the answers right now, but thinking ahead towards the future, taking appropriate actions today, and seeking resources can help.

FOR INFORMATIONAL PURPOSES ONLY. This is a general guide and not intended as advice. This is not a complete analysis of all topics covered. Individual factors may influence your specific circumstance.