Your 'money personality' could be ruining your finances. This is how you can change it.

We all have our own unique personality that shapes how we think and interact with our money.

Whether you’re an impulse spender, a serial saver or somewhere in between, it’s important to know where you stand with money, so you can better manage your household budget.

Understanding your financial personality can help you identify any issues you might have with money management and help you implement positive changes. Accepting your financial flaws might be hard, but it will make it a lot easier for you to realise your long term financial goals.

Have a think about which of these three financial personalities best describes you, so you can make a change to your financial habits for the better:

The Money Procrastinator.

If you find yourself doing anything and everything before forcing yourself to open your monthly credit card statement, then you’re probably avoiding your finances too much.

While we’re all guilty of procrastinating at some point, if you’re avoiding your finances so much that you aren’t even sure if you have enough to pay your monthly electricity bill or school fees, then you might need to be a little more proactive and in tune with your finances.

If you can relate to this, then it’s time to sit down and assess your financial health. This probably doesn’t sound like a lot of fun, so you may want to seek some professional advice from a financial planner to help you get through it. Talking things through can help you get motivated and can also help set you up for long term financial success. Consider using a budget planner or an online app to help you get back on track.

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The Reckless Spender.

If you find that you’re living pay cheque to pay cheque, you may be a reckless spender. This means you will often spend more than you can afford. Given your kids’ after-school activities, car loan repayments and household bills, it can be difficult to manage your family finances, but you need to learn how to better manage your cash flow.

If this fits your financial personality, try cutting back on your spending and identify money-saving opportunities where you can. Negotiating a better deal with your internet provider, refinancing your home loan or opting for homemade lunches (instead of takeaway) are simple ways you can spend less and avoid reckless expenditure.

The Frugal Saver.

If controlling your spending and regularly contributing to your savings is a breeze for you, then you’re probably already pretty smart with your dosh. Frugal savers usually have their finances in order and want to save as much as they can for a rainy day.

While this financial personality means you’re savvy with your money, there’s always room for improvement. Don’t let your frugality turn you into a buzzkill who worries about money so much that you can’t have fun. Remember to reward yourself for your hard work by taking a family holiday or treating yourself to a nice dinner every once in a while.

Your financial personality may present you with an uncomfortable truth, but it’s important to become familiar with your money habits so you can improve your family’s financial position. If you understand why you’re using your money in a particular way, it’ll make it easier for you to know what changes to make and how to improve your financial health for the better.

Bessie Hassan is a money expert at