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What’s Your Financial Personality Type?

Everyone has natural tendencies when it comes to managing money. Learn your financial personality type and how it may affect your approach to spending and saving.

Young black woman shopping at a farmer's market.

You may know certain people who have a more outspoken personality and others who have a quieter demeanor. We all have unique personalities, and in the same way, we each approach our financial habits in our own way. Knowing your financial personality type can shed light on how you think about money and financial health. It can help you connect the dots between your approach to work, possessions, leisure time, relationships, and money – a useful perspective when thinking about saving for the future.

There are four most common financial personality types: Spenders, Savers, Shoppers, and Spreadsheeters.

No financial personality is right or wrong, but each type can benefit from learning different ways to optimize their money management.

Type 1: The Spenders

Spenders enjoy the finer things in life. They relish quality goods and experiences, such as memorable meals out and the latest smartphone models. While many Spenders ensure their income supports their expenditures, their habits may not leave much room for substantial savings, investments or an emergency fund.

Spenders can seem generous, frequently giving gifts to their friends and family or picking up the tab at group dinners. That’s because they think others deserve these things, too. They’re usually on the lookout for new and better.

If you consider yourself a Spender, here are a few things to look out for:

  • Watch to avoid overspending or buying unnecessary items. Spenders may benefit from waiting a few days to pull the trigger for potential purchases, to ensure they properly consider the need for and implications of their purchase.
  • Put your money to work. Spenders may not naturally look for ways to save money on products and experiences – but the good news is, smart saving doesn’t have to be a lot of work. Setting aside savings in a Forbright Bank Growth Savings account can help free up more money to apply toward long-term financial goals, and it allows for an unlimited number of transfers with no fees, so you always have access to your money if you need it.
  • Make your saving automatic. Consider setting up automatic, recurring transfers to a high-yield savings account like Growth Savings. You won’t miss the money if it goes straight into your savings account, and it will help build a valuable saving habit.
Type 2: The Savers

Finding ways to avoid spending money – or spending less when they must – is a lifelong priority for Savers. They may buy generic-brand groceries, take half-priced redeye flights, and wait to replace their car until it’s barely drivable.

Savers are the ones who take pride in maxing out their retirement contributions, paying down their mortgages early, or repairing their current possessions to avoid the cost of replacement – even if the savings don’t go anywhere except their bank account.

While Savers may never suffer from buyer’s remorse, their aversion to spending can also translate to an aversion to risk. In extreme cases, they might avoid investments that pay higher dividends or skip out on experiences that build relationships. Although Savers enjoy building considerable financial reserves over a lifetime of frugality, for them, saving money doesn’t have to have an end goal. It’s more of a lifestyle.

If you think you’re a Saver, here a few things to consider:

  • Take advantage of your natural tendency to save by considering financial products that can generate a higher return over time. For instance, Certificates of Deposit allow you to lock in a higher interest rate for a specific period, or you may opt for an FDIC-insured, high-yield savings account like Growth Savings to earn a higher interest rate, while still maintaining access your funds.
  • Translate your careful saving into smart spending. Consider saving for a specific goal within your high-yield savings account – and don’t feel guilty when it comes time to make the purchase!
Type 3: The Shoppers

Shoppers are similar to Spenders, with one clear distinction: They love the thrill of the pursuit.

While Shoppers enjoy spending money on things, they often jump on a good deal thinking it will help them “get more bang for their buck.”

For Shoppers, spending money can boost self-esteem or provide an endorphin rush, even if it’s not for them. They enjoy buying things for others, making them some of the most reliable gift-givers on birthdays and holidays.

Here are some things to consider if you are a Shopper:

  • Closely monitor your spending to avoid high-interest debt, such as an ongoing credit card balance. If Shoppers accrue debt over time, it’s typically the result of many small to medium purchases – not big, flashy purchases.
  • Build a monthly budget – with some room for spontaneity. You don’t have to give up your shopping altogether but look for purchases that pull double duty – like purchasing an experience for a friend that will also result in quality time together. And to ensure you’re maximizing your savings, consider opening a high-yield Growth Savings account to allow for flexibility, high returns, and environmental impact – a triple win.
Type 4: The Spreadsheeters

Spreadsheeters are related to Savers but tend to be tighter planners when it comes to their money.

While Savers reflexively put away any extra cash, Spreadsheeters use budgeting tools to assess, and even reassess, how their dollars can be maximized. Often planning for the worst-case scenario, Spreadsheeters love to crunch numbers and size up their cash flow and net worth. They know their credit scores, month-end projections, and path to retirement. For them, money is something to be well-managed.

Spreadsheeters find joy in having discipline over their finances. Some may worry about what might happen if they stop tracking their finances as closely. Their habits can overlap with Savers, taking on a scarcity mentality and a tendency to manage every penny.

If you see yourself as a Spreadsheeter, consider the following:

  • Take advantage of money management tools without letting them take over your life. Spreadsheeters can sometimes lose sleep over money, but today’s financial planning or projection tools can make it easier than ever to know where you stand. Check out our Savings Calculator to see how your money can add up over time with Growth Savings.
  • Don’t avoid a (calculated) risk. Spreadsheeters tend to be risk avoidant, but an appropriate level of risk in your portfolio will ensure you’re not missing out on returns that will pay off in the long run.

Remember, there’s no right or wrong financial personality or savings type. And the tendencies and behaviors associated with each aren’t set in stone – people can change. The healthiest versions of each personality can merge the best traits of their type – the spontaneity of Spenders, responsibility of Savers, generosity of Shoppers, and organization of Spreadsheeters – with healthy financial habits that help build toward future goals.

A high-yield savings account like Growth Savings can play a big role in this. Learn more about how Growth Savings can build responsible financial habits and support sustainable outcomes.

Disclaimer: This article is for general information and education only. It should not be considered financial or tax advice.

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