Financial Personality Quiz: Spender or Saver?

We all have a financial personality, even if we are not fully aware of it.

Some of us are natural spenders. Others find it easy to save money. Yet, some are between the two.

By completing this quiz you’ll gain knowledge about your financial strengths and weaknesses. Understanding your financial personality will help you make better saving and spending decisions. And that’s something everyone can benefit from.

In the bigger picture, it’s important that more people have a better handle on their finances because as a person becomes aware of their spending, they naturally start buying less consumer items.

What’s needed right now is for everyone on the planet to purchase fewer items for the health (some would say survival) of our environment. Consumerism is damaging the world before our very eyes.

We all need to spend less, consume less, tread lightly upon the Earth AND understand our own financial personality to be better informed about our money choices. Money and the planet are woven together in every possible way for every area of your life.

There is a direct connection between environmental stewardship and financial literacy.

Every time you spend money, you are casting a vote for the kind of world you want.

Anna Lappe

What kind of a world do you want?

Where are you on the Seven Stages of Financial Independence continuum?

What are your strengths and weaknesses when dealing with money?

Have a go at the financial personality quiz below to help you have a better understanding of your spending habits.

The Financial Personality Quiz

Beauty! You’ve just received a $10,000 tax refund. What would you do with the money?

  • a) Go on an awesome shopping spree or book a holiday. You deserve it, right.
  • b) Put some of it towards that new car you’ve always wanted, and pay some debts.
  • c) Stick it in a high interest bank account while you figure out how to invest it.

The credit card statement has arrived. What do you normally do?

  • a) Only pay the minimum, what’s the point of paying more? And now I’ve made a payment and have wiggle room, I can buy something else on the credit card.
  • b) I pay as much off the credit card as I can afford that week.
  • c) I pay off the entire balance every month.

Your attitude towards money:

  • a) I enjoy today and let tomorrow look after itself. You only live once and money is there to be spent.
  • b) I’m pretty good with money and only overspend now and then.
  • c) I always track my money and am in control of my finances.

Damn, an unexpected bill has arrived in the mail:

  • a) I shove it in the drawer with all the others and figure it out later.
  • b) I put it on my to-do list.
  • c) I check the details are correct and pay it by the due date.

Savings are:

  • a) What savings? Who are you kidding. I don’t have any spare money.
  • b) I put some money into savings to buy a car, or to go on a holiday.
  • c) Savings are part of my monthly budget. I put money aside for investments.

My monthly budget:

  • a) Budget – I never have enough money to go around, let alone budget.
  • b) Sometimes I overspend, but usually my budget is okay.
  • c) I’m good at sticking to my budget. On the rare occasion I’d struggle with keeping to my budget but it doesn’t happen often.

I get worried when:

  • a) I see something I want and I can’t get it straight away. FOMO gets me bad.
  • b) I don’t have enough money to treat my family and friends, especially for special occasions like birthdays and parties.
  • c) I can’t identify all the transactions on my bank statement.

When I need more money:

  • a) I take the first loan that I’m offered.
  • b) I check out a few loan options and go with the one that feels right.
  • c) I shop around for the best loan deal, always reading the fine print.

I prefer to:

  • a) Put everything on the credit card and think about it later.
  • b) Use my debit card for my everyday spending, and only put bigger purchases on my credit card.
  • c) Stick to my budget and only use my debit card.

I’m most likely to blow my budget when:

  • a) Eating out, or buying new clothes, or on sports and hobbies.
  • b) Out with family or friends. I want to make sure everyone is having a good time.
  • c) Wha? Overspend? Not if I can help it.

If you were to ask me about my money:

  • a) I wouldn’t be able to tell you how much money I owe. I don’t like to think about it.
  • b) I could tell you roughly how much my debts are.
  • c) I’d know exactly how much money is outstanding and when it is due.

The day before payday:

  • a) I have no money left and I need to ask family and friends if I can borrow money.
  • b) I’ve paid all my bills and covered all my expenses. I might be down to my last few dollars but I’m doing okay.
  • c) I still have money in the bank.

End of Quiz

Now it’s time to add up all your answers for A, B and C.

If you answered mostly A

Money is for spending and enjoying.

It helps you to buy things like a newer car, better furniture and the latest phone as you view them as modern essentials. It can feel hard to cut back on these expenses as you view them as must have items.

You will have great time – until your overspending catches up with you as credit isn’t free cash and bills ultimately have to be paid.

It will help to understand the difference between wants and needs. And by knowing what is essential and what is a luxury.

To get ahead financially, you’ll need to avoid temptation and learn to say no. You can still have fun without spending money. Check out Frugal Fun and Intimacy Done The Frugal Fun Way for further ideas.

The next step is to make a budget. The Barefoot Investor has a great strategy to help with budgeting. Press here for more information.

If you stop using your credit card and start by putting small and regular amounts of money into your debts, you’ll be able to get on top of them.

If you answered mostly B

Money is for leading a comfortable life and for sharing with family and friends.

You’re usually well organised with your finances but can overspend when feeling stressed or unhappy. You may even use the excuse that spending too much money is okay if it is making other people happy.

It will help to make a budget that includes money for indulging those you care about – and stick to the budget. Sometimes you may need to say no.

To get ahead financially, you’ll need to stick to a budget, learn to say no, and save regular amounts of money. If you don’t have one, consider putting money aside into an emergency fund to cover unexpected bills.

If you answered mostly C

Money is for security and freedom from financial worry.

You are capable of making and sticking to a sensible budget. Repayments are made on time and you save money for the future. It’s likely you have money in an emergency fund to cover unexpected expenses.

If you haven’t yet already, learn about the different types of investments and how they can provide you with a passive income.

Since you have financial stability in your life, it’s time to look further into and implement more environmentally friendly lifestyle habits.

Please share your quiz results below and how can improve your finances.

*This quiz has been adapted from the resource Be MoneySmart, Student Workbook (Modules 1-5): March 2019.

2 thoughts on “Financial Personality Quiz: Spender or Saver?

  • 16 October 2019 at 8:28 pm

    I’m loving the quizzes, such a fun blog post! Thanks

    • 16 October 2019 at 8:59 pm

      Thanks for the feedback. Much appreciated!

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