What's Your Money Personality? Discover The Five Types And How Knowing Yours Could Help You Save Better

Personal finance is shaped by various factors, including experiences, upbringing, and personality. Recognizing your "money personality" — a concept developed by financial psychologists Dr. Brad Klontz and Ted Klontz — can help you understand your financial habits and make better decisions. The five distinct types include The Saver, The Spender, The Investor, The Risk Taker, and The Planner, each with its own strengths and challenges.

Each money personality type has unique characteristics that influence financial behavior. For instance, Savers prioritize building safety nets, but may miss out on high-return investments due to their cautious nature. Spenders enjoy life's pleasures but risk instability if they overspend. Investors focus on wealth-building through diverse portfolios but must manage market volatility. Risk Takers embrace high-reward investments, though they need to avoid reckless decisions. Planners excel in financial organization but may struggle with flexibility.

Understanding your money personality helps tailor financial strategies to your natural tendencies, reducing stress and improving money management. By identifying whether you are a Saver, Spender, Investor, Risk Taker, or Planner, you can align your approach to personal finance, ultimately leading to better financial outcomes. (Full story)

Indian writer Pranjali Hasotkar moved to London for her studies but quickly realized that the city's high cost of living left her feeling financially trapped and socially isolated. In a candid account, she shared how her limited budget forced her to make excuses to avoid social events, leaving her feeling inadequate. Initially, she struggled with reckless spending to keep up with her peers, but eventually adopted a strict budget to regain control of her finances. While Hasotkar continues to face financial challenges, she has grown more accepting of her situation and remains hopeful that, in the future, she will be able to balance her needs and wants more freely. (Full story)

A new study reveals a significant gender disparity in parental financial support for first-time homebuyers in the UK, with sons receiving an average of £13,333 more than daughters from the "Bank of Mom and Dad." According to a poll by Zoopla, 63% of first-time buyers received family financial aid, with parents providing an average of £58,129. While funds are mostly used for deposits, legal costs, and renovations, sons received more overall. The disparity is believed to stem from traditional gender roles and different financial expectations, reflecting broader issues such as the gender pay gap, where women earn 91p for every £1 men earn. Campaigners are calling for stricter government action to address these inequalities. (Full story)

A Wells Fargo employee, Denise Prudhomme, 60, was found dead at her desk in the Tempe corporate office, four days after she was last seen at work. The incident has raised concerns about the company's lack of accountability and the treatment of its employees, as her death went unnoticed despite the building's 24/7 security and the presence of other employees. The discovery of her body has drawn criticism and scrutiny towards Wells Fargo, highlighting broader issues of negligence and a perceived lack of care for employee welfare in corporate environments, exacerbated by the company's history of ethical controversies and indifference towards its staff. (Full story)

A Reddit user, dang_zoey, shared her dilemma on the AITA subreddit about not attending her best friend Sarah's wedding due to an unaffordable gift demand. Despite their decade-long friendship, Sarah hinted at expecting a "generous" $1,000 gift, which dang_zoey, facing unexpected medical bills, couldn't afford. When she offered a more modest gift, Sarah expressed disappointment, suggesting that a smaller contribution would reflect poorly on her. This incident underscores a rising trend where couples prioritize expensive gifts and contributions at weddings, often causing financial strain and relationship tensions among guests, as highlighted by a LendingTree survey showing many Americans incur debt to meet such expectations. (Full story)