What's your money personality?

Being Mindful With Our Money

It’s everyone’s favorite day of the year… tax day! To “celebrate”, we’re talking about our relationship with our money (and how we can improve it).

We all know dollar bills don’t grow on trees, but what we may not fully understand or know how to practice is how to be mindful with our money. But with just a little thought and planning, your can reduce your stress and fears around your finances.

What is your money personality?

In the same way that everyone has a certain Myers-Briggs personality, we each have our own unique “money personality”. It’s important to know YOUR money personality so you can manage your finances to the best of your ability. It’ll also help you uncover new strategies to overcome the ways that personality may be holding you back.

  • Avoider: You don’t want to think about money at all. In fact, you’d rather ignore that it exists. Avoiders tend to wait until the last minute to do taxes or pay their bills.
  • Hoarder: You like to save money and you love your budget. You feel pride when you come in under budget for the month. Hoarders have a hard time spending on “fun” or “frivolous” things… or even “risky” things like stocks or bonds that could grow their nest egg.
  • Spender: You find joy in buying items and experiences for yourself and others. You have no trouble spending your money. Spenders may find it difficult to save money or prioritize their spending.
  • Amasser: You like to see your balances grow, grow, grow. If your account dips below a certain level, you feel pressure to bring it back up. Amassers are more likely to take more risks with their money.
  • Monk: You find money to cause more problems than it solves. It’s dirty and promotes greed and selfishness. Monks care about spending their money in socially responsible ways, like giving to charities or buying from companies that reflect their own values.

Which one sounds like your money personality? Are you a combination of two or more?

Money can stir up icky feelings

Most of us have some sort of fear around money. Sometimes, it can lead to stress and sleepless nights. It may even cause arguments. Maybe you’ve found yourself thinking: “Do I really have enough money to start that side business or passion project?” or “How can I make enough to provide for my family?”

Once we get a better understanding of our relationship with money and how to handle our finances, we can work on letting go of this idea that we need to constantly stress over dollars. With the right tools, knowledge, and course of action, we can each keep our finances in line, working in our favor, and growing.

Let’s go back to your money personality type. How can you make it work in your favor? Can you identify your challenges with money and slowly push yourself outside of your comfort zone?

If you’re a Hoarder or Amasser, try to find small ways to loosen up with money. A daily Starbucks coffee is overkill, but one a week is a treat that you deserve! Make it a small reward and it will feel special instead of riddled with guilt.

The exact opposite goes for the Spenders. Your goal is to find creative ways to save. Start small and then work toward larger goals. Instead of buying a new outfit at full price, only buy items on sale. Then work towards having more self control and set goals for yourself that will encourage you to save.

For the Avoiders and Monks among us, you will need to take some time to reflect on yourself and figure out ways to look at and work with your money. You may want to start by setting up an automated weekly text message to alert you of your checking account balance.

Knowing your money personality type can help you learn new strategies to improve your relationship with money — and your bank account. The more you practice, the better you will get at it.

Start organizing your finances now

For the Avoiders and Monks, you’re probably quivering in your seat right about now, but please, stick with me!

Let’s paint an all-too-familiar scenario:

You decide it’s time to find an accountant to help you manage your money and taxes. Once you actually find an accountant (a project in itself), you start worrying about what the accountant might need access to. You’re not sure what she’ll need, and you don’t even know where to find it yourself! So you stop yourself from contacting the accountant at all and put it off and put it off… until Tax Day comes around again. 

We have to stop letting things that we can control spiral into overwhelm.

We need to break down these projects into action steps (or baby steps, if you’d like). Don’t start thinking about how overwhelming the next step will be. Think about the first step. Complete the first step. Reward yourself. Then move on to the next one.

5 Steps To Getting Started with Organizing Your Finances

  1. Make a list of every account you have and write down the balance for each. Checking, savings, credit cards, mortgages, car loans, student loans, etc.
  2. Create a folder—digital or paper!—for each one so you can save your statements and important information in each. Create an “Income” folder for your pay stubs and one for “Receipts” too.
  3. Make a list of all of your regular expenses, the ones that don’t change much from month to month like loan payments and utilities. Make sure to know how they are paid, too. (ex. “The rent is $1,000, and it’s automatically deducted from the Checking account.”)
  4. Make a list of all of your variable expenses, the ones that can change each month, like groceries, credit card payments, or gas for the car.
  5. It’s time to celebrate because you now have an organized list of your accounts, income, and expenses! (Also known as a budget!)

Not only will you have everything organized for yourself and your accountant, but you’ll also feel more confident knowing exactly where your money is going! If you’re feeling ambitious, you can go on to create a more in-depth budget for the money remaining after your expenses are paid.

The major point here is that the steps above sound like an overwhelming and stressful project when you say, “I need to organize my finances”, but once you break each piece down into steps that can be done in an hour, it is much easier to complete.

Let’s talk money…

If you’re getting a refund from Uncle Sam, how are you spending or saving it? If you owe, how can you make a plan to have the money on hand next year? Let us know in the comments below or in the inkWELL Press Productivity Co.

I’ve got another free download for you that will help… the Monthly Bill Tracker. If you have a liveWELL Planner, yours will be in the back in your Extras section, but you can also CLICK HERE to get yours sent right to your inbox!

Don’t be afraid to share what works for you or ask for more advice. We are all in this together and are all here to support each other!

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  • leslie

    i just have to say that the phrase ‘stop letting things you can control spiral into overwhelm’ just hit me in the face like a ton of bricks. not only in terms of finances, but in terms of my entire life. i have a pretty good handle on my money, so i wasn’t expecting to come away from my skim of this blog post with a ‘holy cow’ moment but i definitely did. thank you, tonya!

    June 3, 2018 at 5:57 pm

  • inkWELL Press

    Leslie, I’m so glad to hear that this post helped you and gave that ‘ah ha’ moment. Being mindful overall, in each area of our lives is very important in order to find harmony. Thanks for reading!

    June 4, 2018 at 2:53 pm

  • Bianca

    As much as I love this bill tracker.I dont see how to fill out the box’s please help?

    December 21, 2019 at 11:53 pm

  • inkWELL Press

    Hi Bianca! Send the studio an email at hello@inkwellpress.com, and we will be happy to navigate the bill tracker with you! 🙂

    December 22, 2019 at 8:06 pm

Tonya Dalton
Tonya Dalton