The spender likes to – as the name would suggest – spend money. Whether they spend their money because it makes them ‘feel good’ or they spend to stay abreast of the key trends, there is usually a trigger for their behaviour.
The saver meanwhile, likes to put money aside for a rainy day. The debtor, is a person who has a lot of debt (be it home loans, personal loans, credit cards, etc) and they feel overwhelmed when they try to get on top of their debt, so they keep accruing it.
The Investor is someone who stays on top of their financial situation, they are constantly on the hunt for better deals and for great investments. Meanwhile, the avoider is someone who keeps their head in the sand or puts financial change on the ‘backburner’.
As Matty J discovers, people can often be a mix of the different types of money personalities depending on the day of the week or the situation they find themselves in.
In his podcast, Matty J said while there was no “right or wrong personality when it comes to money”, it is important to understand your behaviours and triggers so that you can put fixes in place and ensure you are embracing the right personality for your goals.
“For example, if my spending gets to the point where it’s stopping me from achieving my goals and also maybe keeping me up at night, it’s important to acknowledge that it’s become a problem and I can start to use the 48 rule. If I want something that bad, I’ll wait 48 hours before making the purchase,” Matty J said in the podcast.
“From this point on, I promise that I am not going to avoid my finances anymore. I need to put a plan in place. And right now, I don’t know what that plan is. But that’s exactly what we’re going to cover off in the next episode, because I’m getting stuck into the basics. Yep, that’s right. I’m learning the sexy art of budgeting, setting goals and getting rid of debt with the help of a financial advisor as well as someone who clawed their way out of a crazy amount of debt.”