Quiz Time: What's Your Financial Type?

Quiz Time: What's Your Financial Type?

When it comes to money, everybody has a weakness, whether it's overspending, impulsivity or constant worrying. Identifying what these problems are is important—but so is taking advantage of the strengths that accompany these character traits.

To help people hone their individual financial skills, psychiatrist Judith Orloff, M.D., lays out the key characteristics of five money personalities on PsychologyToday.com. Where do you fall?

1. The Worrier

Although this individual may excel at problem solving and rarely makes financial mistakes, worrying can have negative health effects. If you fret about money daily, turn financial problems into catastrophes, and actively seek out a new money issue immediately after solving the one at hand, you may fit this type. Instead of getting overwhelmed, take measurable steps, like gradually paying down debt.

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2. The Procrastinator

If you live paycheck to paycheck, avoid financial issues and frequently put off paying bills, you may feel like you're living a worry-free lifestyle—but in reality, you're setting yourself up for mountains of overdue notices and a whole lot of guilt. Ignoring debt and constantly missing payment deadlines are sure signs you're a "Procrastinator."

You don't need to overcompensate by piling on a bunch of worry, but do develop money habits to keep you on track, like taking one minute to review your finances every day.

3. The Addictive Spender

People in this category choose the short-term high that often accompanies spending to the long-term security that comes from saving. Snatching up bargains that are outside a budget or hitting the slots at a casino may help somebody overcome low self-esteem, but it's a short-term fix for a larger, often emotional issue. Counseling and basic money management skills can be helpful for this person.

4. The Saver/Miser/Hoarder

Savers come on a spectrum. There are the practical planners ... and the obsessive penny pinchers. Constant stinginess might make it impossible to enjoy a well-deserved vacation or give a large gift to charity. It's a fine line, but if holding onto money is just a way to keep unrelated anxiety at bay, it can be a huge relief to let go of the scarcity mentality. Practice small indulgences and learn to enjoy your earnings.

5. The Intuitive Spender

These people can be excellent money managers—if they balance gut reactions with good old common sense. If something "feels right," double check that it's not just wishful thinking or fear. Taking advantage of genuine intuitions and not overthinking simple decisions can make your money life a whole lot simpler.

RELATED: 9 Money Beliefs That Can Hold You Back

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