If you’ve watched Episode One of the Agenda Women Money Dates In Partnership with Nedbank, you probably heard Zodwa (The Financial Expert in the conversation) emphasise the importance of understanding your money personality as the foundation of building healthy financial habits, and i didn’t fully understand the need for this until I had a very uncomfortable conversation with my mother over the weekend about how I manage money, and therefore manage those around me when it comes to money.

So just to give you a bit of a back story, when I was in varsity, my mom basically had to take care of all the expenses, my accommodation, food, all the expenses you can think of, and as an unemployed single mother, you can imagine how tough some months must have been. After that, I promised myself that I would manage my money better when I started working, but at the core of how I started to go about it, exists the biggest fear of being in a situation where I don’t have enough to get by, and that has made me a penny pincher. I am proud of myself for being able to minimise the amount of debt, and being able to comfortably say I have an emergency savings account, but I am also aware of how much I sometimes struggle to live a little, and to let go of the worry and the ‘what ifs’. Understanding my money personality has granted me the opportunity to identify the pros and cons of being a penny pincher, and thanks to work done by our friends at Nedbank, I am also able to get some insight into my emotional and money blind spots, and be aware of a few tricks that I can apply to make my relationship with money a bit healthier. So I’d like to challenge you to do some reading and empower yourself with knowledge and information that will help you build healthier money habits.

But first, what is a Money Personality?

A money personality is essentially your financial behavioral pattern. It includes your attitudes, habits, and emotional responses towards money. Recognising your money personality can help you understand why you make certain financial decisions and how you can adjust your habits to achieve better financial health.

Here’s a breakdown of the different Money Personalities, their characteristics and some advise from the Nedbank team:

1. The Gifter - “Spoils with love and strings attached” 

LIGHT

• A magnetic and charismatic leader. 

• Has the potential to do good and create real  change in the home and community 

• Loves to spend on luxuries or financial support  for those around them. 

DARK

• Gifts can be transactional - the Gifter often  expects something in return.  

• May come to feel that they own the people  they are buying for, resulting in unhealthy or  even abusive relationships.  

• May neglect to save for the future.

EMOTIONAL BLIND SPOTS 

Gifters may, on some level, believe that they do not deserve their success, love or affection. So, all  the over-the-top spending is a way to ensure love, respect, recognition and status – all of which the  Gifter needs in order to feel a sense of self-worth. 

POSITIVE ACTIONS 

When Gifters overcome their challenges, they’re able to focus on what is really important to them,  such as relationships that are based on love and care. They’re able to make changes in their  communities and give out a sense of mutual love and respect.  

MONEY BLIND SPOTS 

Although Gifters are often successful, they don't always focus on saving. If they find themselves in  financial difficulty, they’re unlikely to reveal any money issues to those around them. Gifters can be  prone to placing themselves at risk.  

POSITIVE MONEY SECRETS 

Gifters need to prioritize who and what they spend their money on. A financial plan or budget can  help them to see where they can spoil themselves and others within their financial means. Once  they have the emotional aspects of their money habits under control, they could refocus their  generosity towards long-term financial security or building a legacy for change within their  communities.

2. The Big Shot  - “Got money, will spend. Loudly”

LIGHT

• Successful, self-made, charming and generous. Has the potential to achieve great things. 

• Always the centre of attention. 

• Enjoys arriving in style. 

• Loves expensive luxury items.  

• Will likely pay for the next round of drinks. 

• Can be well-known or even ‘famous’ in the  community, which is useful for developing their  business/es.

DARK

• The potential to live beyond their means. 

• Compulsion to chase empty praise from the  people around them. 

• Often fail to channel their wealth into 

• protecting their legacy or securing the future.  

• May invest time and money into shallow,  fleeting relationships which puts them at risk of  others taking advantage of them.

EMOTIONAL BLIND SPOTS 

The Big Shot may have grown up without money and may have even experienced rejection or  ridicule as a result. This may result in painful emotional scars which are the root of their compulsion to reaffirm their achievements in the eyes of others.  

POSITIVE ACTIONS 

By looking into their past, Big Shots may discover how or when they started believing that they  needed “things” to feel good. This could help them identify their triggers for over-spending. Once  they do that, they can begin to break the cycle, opening the door for change. 

MONEY BLIND SPOTS 

The Big Shot’s need for instant gratification means they don’t always think long-term and will often  go into debt. Once they are in financial difficulty, they may become resistant to acknowledging it,  spending even more to feel better. 

POSITIVE MONEY SECRETS  

Big Shots who have the financial means could consider using their wealth for good as a healthier way  to get the validation they seek. Less wealthy Big Shots may need to put stopgaps in place to funnel  their money into savings or investments – or to pay off their credit – before they can spend it.  Spending time (not money) with people, by volunteering, is another way to start to fill an emotional  void.

3. The Carer : “I’ll beg or borrow to help  you out”

LIGHT

• Honest pillar of the community who embody  the ideals of ubuntu. 

• Supports their immediate family as well as  people in their community.  

• Often self-made successful individuals with  roots in poverty or lack of wealth.  

• Are finally in a place where they can afford to  loosen up and live a little.

DARK

• May be compelled to step in when someone is  in need – even if they do not have the means. 

• May put the needs of themselves and their  immediate family last, placing their own  financial security in jeopardy out of a sense of  duty. 

• Could go so far as to incur personal debt in  order to help. 

EMOTIONAL BLIND SPOTS 

The biggest hurdle the Carer needs to overcome is their sense of guilt for having money when others  don’t – even though they worked hard for their success. They feel they must help anyone and  everyone who approaches them. This duty to ‘rescue’ can create situations where others are  dependent on the Carer which makes the Carer feel needed. 

POSITIVE ACTIONS 

Instead of giving those in need money, Carers could find ways to educate and equip them to be self-sufficient. This way, the Carer shifts their role from that of a rescuer to that of a teacher. From there,  they may be able to set new boundaries that give them the freedom to say no. 

MONEY BLIND SPOTS 

Carers may be channeling so much into others that they neglect building their own financial legacy.  In extreme cases, they may end up falling prey to money lenders or “mashonisas”, which could spell  the end of all they have worked so hard to achieve. 

POSITIVE MONEY SECRETS  

Scenario planning might be a good idea. By running through a few ‘what if’ scenarios, a Carer will be  able to see what would be left for their immediate family to live on should something happen to  them tomorrow. This should help them realize that giving without end could lead to insecurity in  their own financial affairs. Then, they can create a new plan that allows them to help while still  building their wealth, giving them even greater scope for service in the long run.

4. The Penny-pincher - “Save a penny, just in case, because disaster is always close.”

LIGHT

• An Expert saver 

• Usually have a plan for their financial future  and that of their families. 

• Seldom prone to debt. 

• Always prepared for the worst. 

• Financially savvy, stable and reliable – great  providers.

DARK

• The amount of money that they have is never  enough. 

• May find it difficult to spend money on things  they don’t need. 

• Maybe I'm missing out on life. 

• May become workaholics. 

• They could alienate loved ones through  extreme frugality. 

• May cause loved ones to overspend to  compensate for their frugality.

EMOTIONAL BLIND SPOTS 

Most Penny-pinchers have experienced extreme poverty or financial loss at some point in their lives,  and the idea of spending their money frivolously or of not adding to their wealth is completely  unimaginable to them. This could lead to them missing out on experiencing the life they envisioned  for themselves. 

POSITIVE ACTIONS  

Identifying the time in their life when fear and desperation were triggered around money could help  the Penny-pincher to see how they are caught in a kind of emotional time capsule, despite the fact  that their financial situation is now vastly different. However, there are times when compulsivity  and fear can be so deep seated that professional help is needed. 

MONEY BLIND SPOTS 

The Penny-pincher’s extreme hesitancy to part with their money may cause them to second-guess  every move. From missing out on a great sale item to being so risk-averse that they miss big  investment opportunities and living a full, rewarding life. 

POSITIVE MONEY SECRETS  

The Penny-pincher could take a deep look at all the things they secretly want to have, own or  experience. By writing these things down, they can create a budget and a plan to achieve them, so  that they can avoid missing out on all that life has to offer in a way that aligns with their need to be  in control of their money.

5. The Risker - “Win big or go home! That’s what money’s for.”

LIGHT

• Have the potential to make a lot of money. Are courageous deal makers. 

• Great at making the numbers work. 

• Able to manage complicated financial  transactions.

DARK

• They have the potential to lose a lot of money. Prone to depression after losses. 

• Erratic with money. 

• Unreliable financially when it comes to regular  payments

EMOTIONAL BLIND SPOTS 

When a Risker wins big, it becomes like a drug, urging them to reach for more unusual, more daring  and more exciting opportunities to get the rush they’re looking for. When they lose, the resulting  unhappiness could lead them to take even crazier risks in search of the next big win. 

POSITIVE ACTIONS  

When a Risker harnesses their financial bravery while maintaining an eagle-eye on whether they’re  using their head or their heart in a deal, they have the potential to be abundant wealth creators. By  looking into their emotional state at the time of a financial decision, they could assess whether they  are chasing the rush or making a level-headed, sound choice. 

MONEY BLIND SPOTS 

Riskers are capable of losing all but the clothes on their backs through one unfortunate twist of fate.  This kind of frenetic behaviour makes them unreliable when it comes to things like regular payments  and “adulting”. 

 

POSITIVE MONEY SECRETS  

For those with minor risk taking behaviuor, they may want to identify what, or who, are the triggers  of their risky behaviour. This can help them develop a structure, using boundaries for their identified  triggers and enablers, that prevents the patterns from unfolding. An example of this is to set up  debit orders to override the temptations to spend their available cash on a risky deal. For individuals who are compulsive spenders and risk takers, it is recommended that they seek  professional treatment. 

6. The Dreamer  - “That was my idea, and now my friend’s a millionaire.”

LIGHT

• Optimistic out-of-the-box idea generators. 

• Highly creative people discovering  

• revolutionary ways to do business or to work. 

• Have the potential to become powerful  catalysts of change in their communities – or for their country. 

• Not driven by money, but appreciative of it. 

• Have the potential to make money easily. 

• Can inspire and empower others.

DARK

• Can be too trusting of others. 

• Are resistant to monetising their ideas. 

• Can be unrealistic about the world or  

• impractical when it comes to money. 

• May find it difficult to achieve financial security  and independence. 

• May feel that having money makes them a bad  person.

EMOTIONAL BLIND SPOTS 

Many Dreamers have a deep-seated, often unconscious belief that having money makes you a bad  person and that talking about money is rude. This means that, on some level, they may be resisting  the opportunity to make money, leaving the field open for someone to swoop in and turn their ideas into a business. 

POSITIVE ACTIONS  

Writing down their beliefs and feelings around money, or the things that they say when talking  about money, is an excellent exercise for Dreamers. It may reveal to them unconscious beliefs that  they didn’t even know that they had. It could also help them see how their own financial success  does not have to come at the expense of others. 

MONEY BLIND SPOTS 

Dreamers may find that they’re so focused on the outcome of their idea that they lose track of how  it can be used to make money for them. Their altruism can blind them to their need to succeed or  live in the world of money. They may also find it difficult to assign a value to their ideas or creativity.  

POSITIVE MONEY SECRETS  

Dreamers need to learn that it’s okay to spend as much energy on themselves as they do on others, and that it’s okay to put themselves first. Once they do, they may discover that money enables their  ideas, and that their own financial prosperity can be their most powerful a tool in making the world  a better place

7. The Mattress Banker - “If anything happens to me, look under the floorboards.”

LIGHT 

• Great savers that are financially responsible and independent.  

• Can be smart and incredibly money-savvy. 

• Can wrangle numbers into submission, allowing  them to conduct complicated financial  transactions in their heads.  

• Prepared for the worst.

DARK

• May lack generosity. 

• May have a poor credit rating. 

• Very secretive, trusting no one. 

• May allow mistrust to prevent good  

• investments. 

• Always expecting the worst.

EMOTIONAL BLIND SPOTS 

While the Mattress Banker can be relied upon to create an impressive legacy for their families, their  secretiveness and mistrust of others may be keeping them from developing truly meaningful  relationships.  

POSITIVE ACTIONS  

It would be useful for Mattress Bankers to understand what trust means to them. Who do they trust  and why? Who trusts them and why? How has their trust been broken in the past? And how is this  transferred, perhaps unjustly, to their current personal relationships? If they can trust other people,  is it possible that the world isn’t such a dark, scary place after all? 

MONEY BLIND SPOTS 

The Mattress Banker’s mistrust of financial institutions means that their money is, obviously, under  the mattress, in the floorboards or buried under the rose bushes. They’re likely not to tell anyone  how much they have or what they have done with it. The responsibility for their wealth is entirely on  their shoulders. This usually results in a very poor credit rating, and leaving them one fire, flood or  theft away from losing it all. 

POSITIVE MONEY SECRETS  

Mattress Bankers may need to reassess their values and behaviour around saving and investing. How  secure is their wealth? Is there a chance that diversifying their financial portfolio from everything  under the mattress to a few more secure investments could solidify their wealth rather than risking it?

8. The Social Bonder - “I trust anyone who wants to look after my money.” 

LIGHT

• Generous, charismatic relationship builders. 

• Great at creating powerful connections within  their social circles. 

• Natural optimists with an intrinsic faith in the  goodness of humankind. 

• The ability to inspire people towards their  vision for the world. 

• Baffled by people’s obsession with money.

DARK

• Overly trusting and lacking in financial  awareness. 

• Use their connections for the profit of others,  not themselves. 

• The ease with which they make money can  make them complacent about its value. 

• Can become easy prey for unscrupulous people  in their social circles. 

• Lack of personal financial accountability.

EMOTIONAL BLIND SPOTS 

For many Social Bonders, their disinterest in money comes from never having been in control of  their money, or not understanding how it all works. The resulting lack of confidence makes it harder  for them to stand up for their right to be in charge of their own financial destiny. 

POSITIVE ACTIONS  

Just because Social Bonders don’t understand money now doesn’t mean that they can’t. They are  just as capable as any of the other more “numbers oriented” archetypes of gaining control of and  managing their own money. Simply shifting their belief in their own abilities can be all it takes to set  them on a path to independence. 

MONEY BLIND SPOTS 

Leaving the “money stuff” to someone else could end up costing the Social Bonder more than they  can afford to lose. Should anything happen to the person who does control their money, would they  know what to do? Their power lies in knowing what is happening and taking control. 

POSITIVE MONEY SECRETS  

Understanding of where their money is going, what it is doing and who controls it is vitally important for everyone – including Educating themselves on the basics, like how to create a budget, and  getting a financial advisor to conduct a risk assessment, are easy and attainable steps Social Bonders  can take towards becoming their own financial powerhouses.

Understanding your money personality is crucial, not only for knowing how to better manage your money, but also how to better manage your relationships with those closest to you who may be affected by your financial decisions. I hope this information, and taking the Money Personality Test helps and guides you in the right direction, I know it has definitely helped me, so I’d love to give a big shout out to Nedbank the work they do. Signed, a proud Penny Pincher