Find out your Money Personality and improve your financial wellness!

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Your money personality is a cocktail of your financial attitude and behavior. Along with external factors, money personalities influence the way we  make financial decisions and how we go about spending, saving and investing. There is no real one-size-fits-all approach for improving  financial decisions making, that is why managing your money involves an understanding of the psychology behind our choices. Just like any behavioral change, improving financial behaviour begins with having self-awareness. Knowing what drives your financial decisions can help you reach your money goals, whether that’s to spend less on impulse purchases or to save more money for retirement. Take our money personality test as the first step to improve your financial wellness.

After awareness comes change. heyfina aims to redefine finance by focusing on financial wellness rather than just numbers. Financial wellness is a comprehensive, multidimensional concept incorporating financial satisfaction, objective status of financial situations, financial attitudes, and behavior. That is why we created this test the 6 most common money types backed by research from the fields of psychology and behavioral finance.

The Economiser

When it comes to the economisers’ personal finances they seem to have a conscious attitude. They tend to manage their money carefully and mindfully. They are not controlled by impulsive urges. With most purchases, they don't only consider if they can afford it but also if the purchase is necessary and compare prices. They're hawk-eyed and always know how much money they have on their bank account. They also have a good price awareness and would win any game of "guess how much it will be" at the supermarket. In spite of that, they don't always manage to pay their bills on time. This results in them accumulating some debt in the long run.

The Orderly

People with an orderly personality are conscious when it comes to their finances. They like to be prepared and structured. That's why they would never go to a supermarket without a shopping list! They are quite literally a walking comparison portal. Whether it is a vacuum cleaner or a new phone - their friends ask them for advice because they know the price of everything and where they can get it. Usually, they don't buy unnecessary things and always make calculated money decisions. Not only when money is tight. When making a purchase, they are problem-oriented and always think of the "Why". Even if they can easily afford something, they don't become a victim of their impulses.

The Planner

When it comes to the planners’ finances, they don't want to leave anything to chance. Pen and paper are their best friends as they love to prepare shopping lists before they actually go to a store. They are well aware of the amount of money that is available to them, keep track of their expenses, and compare prices before they go out to buy something. Being this well-structured and proactive in the way they manage their money plays into their cards. They always seem to have an ace up their sleeve when something unforeseeable happens. The fact that they prefer preparing their own sandwiches to buying ready meals allows them to save cash and stock up on their emergency reserves. Debt? A word that's non-existent in their vocabulary!

The Celebrator

I want it? I got it! That's their life motto and not just the Ariana Grande song playing on repeat in their car. They love to celebrate life. Why wouldn't they put their earned money to good use? They often treat themselves because they think they deserve it, sometimes buying unnecessary things, and loving trendy things. Simply put: they just know how to enjoy the finer things in life.

Yet, they know that their extravagant lifestyle also has some drawbacks. Taking up extra work? Not really their thing. Save more money for a rainy day? Not today! They admittedly have a hard time managing their finances and don't keep good track of their expenses. That's why they often have no clue where their money goes.

Still, they do not tend to have a lot of debt and manage to ration their money until the next paycheck hits their bank account. They're a heavy spenders. But their finances also allow them to be a heavy spender!

The Financial Rollercoaster

As the name suggests –their financial behaviour has ups and downs. They might have some money habits that cost them a lot of money. When they like something, they buy it, and they have a hard time resisting a great deal but they don't go through the internet looking for the best price. They enjoy going out with friends and do not really keep track of their expenses.

In spite of that, they do think they're able to ration their money effectively because they do save on expenses when they are short on money, don't have much debt and aren't likely to throw away something they can still use. This contrast can possibly be explained by them  enjoying spending money on things that they consider worth it but they would never spend money that they don't have.

Compared to the "cannot control finances" category, they don't carry so much debt, and don't need to borrow money at the end of the month. Compared to bingers, financial rollercoasters can be characterized by rather positive financial traits (e.g. saving more money).

The Uncontrolled

They are their life's captain. Now don't let that ship aimlessly drift to Fiji. Their motto should be: regain control of my finances! They might be aware of how much money they have at their disposal, but they have no clue what they spend it on. The only time they save on expenses is when they are short on money. However, they often tend to underestimate their expenses. As a consequence, they end up paying some bills late or not having enough money to pay for unexpected expenses and need to borrow money at the end of the month. Next paycheck? Please come here quickly!

Now that we have introduced you to the 6 personalities,  is it time to ask — which money personality are you? Take the test here.

Disclosure: it may be possible for people to have overlapping characteristics when it comes to managing their finances. Our test will show them the result of their most dominant outcome.

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