We all spend, save, and invest differently. That’s because we’re all inherently different people with different personalities. Knowing your financial personality can help you make a plan to spend more responsibly and come up with a budget that works for you.

Today, we’ve come up with four different personality types. We’ll talk about each and how you can better control your finances if you fall into a certain category.

Don’t take it too seriously – these are clearly not scientifically accurate. But it’s a fun little quiz, and hopefully it’ll be a good way of getting you to think about personal finance.

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Frugal Saver

These folks are all about saving—maybe even too much so. But, the good news is, their savings and emergency funds are fully stocked.

Why it’s good to be a Frugal Saver

Being a Frugal Saver means all your money is going towards saving. That’s awesome! Saving when you have a goal is obviously highly recommended. Maybe you want to buy a house or a car.

It’s when you start oversaving that it becomes a problem.

How you can improve

Oversaving won’t make you happy. You can responsibly spend and you’ll be all the better for it! It’s good to have a break from being overly frugal.

Plus, if you’re not saving, you may also not be investing. Investing allows you to grow your money over time. A few thousand dollars could grow into millions! Or at least a couple hundred thousand, which is what’s going to get you through retirement.

Investing doesn’t have to be all about stocks and bonds, you can invest with just a few cents thanks to apps, or you can invest through robo-advisors who do nearly all the work for you!

Remember, Savers, there’s more to life than watching your bank account grow.

Financial Sage

Financial Sages are masters at ignoring their urge to spend. When they do spend it’s not on frivolous things. Instead, they put their money towards investing or in a savings account.

These folks are also the ones who are on track to retire early!

Why it’s good to be a Financial Sage

As it suggests by the word “sage”, this is one of the most beneficial financial personalities. It can help you get far in the financial world.

If you’re a Financial Sage, you likely invest and have a nicely balanced portfolio. And you have a healthy chunk of change in an emergency fund. That’s great! There’s not a whole lot of room for improvement—but that’s not to say there aren’t any areas…

How you can improve

If all of your money goes towards saving and investing, you’re probably depriving yourself of something, even if that’s just a cup of coffee now and then.

If you’re seriously concerned about money, the answer might not be to save ever single dime you make, but to make more money in general. You can do that by getting a side hustle!

You can do something as simple as taking some surveys, or you can write for blogs, or get a side job one or two days a week. The opportunities are endless!

The Spendthrift has a spend-first mentality, as you may have guessed. Their first instinct when they get their paycheck is to empty their account. For the most part, that’s exactly what they do, but they also make sure to sock a little away in savings.

Why it’s good to be a Spendthrift

It may sound like a terrible thing to be a Spendthrift, but it’s not all bad. Spending on things you need and even things you want every once in a while is a good thing. And, saving a little bit is great too! But, chances are, you aren’t saving as much as you could be.

How you can improve

Combining responsibility with a little bit of spending is the key. Here’s a guide for spending money wisely to help you get started!

If you’re sick of seeing dismal savings rates in your bank account, upgrade to a high-yield savings account!

Remember, saving is a balancing act. We’re not meant to save everything; the challenge for you is to tip the scale just a little bit. Spend a bit less, save a bit more. You can do it!

YOLO Spender

Most people know how important it is to save. They might still overspend, but there’s a voice in the back of their head saying “don’t do it.”

YOLO Spenders don’t have that voice. They’ll spend it all, happily. “You only live once,” they tell themselves.

Why it’s good to be a YOLO Spender

If you’re a YOLO Spender, you probably hate contributing to a retirement account because you might not even make it to retirement (hey, things happen). That thinking makes sense, to a point. But spending on everything you want can be a problem.

How you can improve

I understand that sometimes it just feels like you were born to spend. But, there is a way to combat that!

One of the best options for those who overspend is paying yourself first. It takes just a few minutes, all you have to do is put a chunk of money into your savings account every paycheck. You can even automatically set up an automatic transfer so you don’t even see the money leave your account.


All of us look at spending and saving differently. Some of this is due to how we were raised, the rest is based on our personalities. All the above spending personalities have pros and cons, but luckily there are some easy strategies you can do to improve some bad spending habits.

Read more

  • Money Challenge: Spend Less In 21 Days
  • Using Multiple Bank Accounts to Control Your Spending