When identifying your emotional responses to money, it can be helpful to look at patterns of behaviour that give you clues. Here are some common character traits and money habits to take up that could help you reframe these. You may find you identify with more than one…
THE SPENDY WENDY
Motto: When the going gets tough, the tough go shopping.
This could be you if: You know the three security digits on the back of your bank card off by heart as you do so much online shopping.
Personality traits: Often, spending money is all about boosting self-confidence for Spendy Wendys. They’re convinced that buying that dress, those shoes or that new gadget will bring them happiness, but the buzz doesn’t last for long. This could be connected to ‘status anxiety’ or low self-esteem, but whatever is driving their compulsion to spend and build up debt risks blowing their future happiness.
A new habit to consider: A spending plan! A less off-putting word than a budget, it will at least help you set limits. Fixing tangible savings goals could also help you learn to delay gratification. I always leave items in my online shopping basket overnight – by the time morning comes, the urge to splurge has often gone.
THE GOBLIN
Motto: Money – my precious!
This could be you if: You get more of a kick out of saving money than spending it.
Personality traits: Goblins are essentially frugal hoarders. They like counting their gold and have a tendency to be money-obsessed. They strongly associate money with security – maybe there was not a lot of it around when they were growing up. They can struggle to take risks and may well have excessive amounts of cash in savings accounts that risk being gobbled up by inflation.
A new habit to consider: Giving yourself permission to enjoy some of the money you’ve worked so hard to earn. You’ll find spending and investing easier if you do some cashflow planning first to show there’s definitely enough slack in your budget.
THE OSTRICH
Motto: I bury my head in the sand.
This could be you if: You say a silent prayer every time you tap your card to pay.
Personality traits: Emotional triggers for Ostrich-type behaviour could stem from a bad experience in a school maths lesson, feeling unable to focus on money due to other problems in life or feeling too embarrassed to ask for help. Deep down, Ostriches know not staying on top of their finances has a cost, but their fear of getting to grips with it is greater than their fear of losing out.
A new habit to consider: Taking things one step at a time. Pick one thing to tackle with a deadline and a reward for completing the task. This could be something as small as checking your bank balance every day, but it will give you the confidence to move on to the next step. If you’re still
