As people's personalities differ, there are also differences about the way they use money.
However, the money personality is not easy to identify, because people are not used to discuss about money: most people think it is not nice to talk about financial matters.
At the other hand, money has a strong link to emotions: the sense of dignity, feeling of being loved and lovable, sense of justice and fairness.
This is why people tend to disguise their emotions about money.
It is not possible to change your financial situation before you fully understand what exactly your relationship with money is.
Personality experts talk about five different money personalities.
The planner knows every detail about his money, where does it come from and where it's going.
Usually the planner makes careful budgets every month, and has no problem sticking to it.
However, if some unexpected income or expense arises, a planner has problems and gets frustrated.
But if he manages to change his budget in a way to accommodate the unexpected change, everything will be all right.
The spender is the opposite of the planner.
The spenders follow the crowd, without having an objective.
They make impulse purchases, and they rely heavily on other people's opinions.
Because they don't know what they want, subconsciously they think if everybody has something, they also have to have it, because that thing must be good.
They are likely to daydream about getting rich, but they are always waiting for some miracle to happen, and they never take any actions to reach their dreams.
The needster spends money on himself only he really needs it.
His philosophy is "making yourself feel good isn't a good enough reason.
" But this doesn't mean needsters are good at saving money: because they don't like confrontation and they can be easily influenced, it is likely they spend all their earnings on their family.
The needster also has a disposition for overspending, as he always wants the best for his money.
The lord or lady bountiful wants to make everybody happy, therefore will spend everything he/she has to achieve that.
The lord or lady bountiful always lives for the moment, takes financial risks and never worries about the future.
If he earns some money, he instantly thinks he is rich, and never save anything.
The hoarder makes an end by itself about the accumulation of money.
He never enjoys money for what he can buy with it: he enjoys having it.
This money personality comes from a childhood in which the person was not allowed to have anything.
The hoarder had nothing, so when he grows up, he tends to be very possessive.