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  • Noble Credit Union

Why We Spend Money The Way We Do

Updated: Jul 20, 2022

Personal finances consist of much more than just income and expenses. Our spending habits are affected by our emotions, thoughts, and desires. So, when it comes to managing your finances, understanding your thought processes will help you shape your approach to spending, saving, and investing. Many people will identify with sections of each of these money personalities. Once you find the type that most closely matches your behavior, put some thought into how you approach money and then make some small changes; this can likely yield big results for your bottom line.

The Five Money Personality Types

1. Spenders: Comfortable spending money.

Spenders don’t fear debt and often take big risks when it comes to investing. If you’re a Spender, try shopping a little less and saving a little more.

2. Savers: Conservative by nature.

Savers get more satisfaction from keeping their money in a savings account than from buying something new. If you’re a Saver, don’t let all the fun parts of life pass by just to save a few pennies.

3. Shoppers: Emotions drive spending habits.

If you’re a shopper, consider why you are purchasing a particular item. Ask yourself if it’s a need or a want, and then try to find the balance between buying things that make you happy and serving your best interests in the future.

4. Debtors: Generally, spend more money than is earned.

Debtors will borrow more money to continue spending. If you’re a Debtor, create a financial plan that you can stick to.

5. Investors: Consciously aware of money.

Investors like to put their money to work. If you’re an Investor, keep in mind that no investment is risk-free, and don’t forget to enjoy the present moment.


Want additional information? Here's a 25-minute lesson on why we spend the way we do.


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