Understanding Your Money Personality:

Discussing finances can often feel intimidating, but it doesn't have to be. Recently, we explored this topic with Michelle and Baylie, who have different money personalities and strategies for managing their finances. 

Michelle, a dedicated saver, emphasises the importance of setting clear goals and planning ahead. Her methodical approach allows her to stay organised and achieve her financial objectives. In contrast, Baylie identifies as a spender and has faced challenges with prioritising debt payments. Through tracking expenses and making small, incremental changes, she is gradually working towards a more balanced financial life. 

Here are the key takeaways from their discussion: 

Set Clear Goals: Define what you want to achieve financially and create a plan to reach these goals. This clarity helps in maintaining focus and motivation. 

Understand Your Income and Expenses: Knowing how much you earn and where your money goes is essential. Track your spending to ensure you’re managing your finances effectively. 

Establish Non-Negotiables: Determine your financial priorities and adhere to them. These are essential commitments that should guide your financial decisions. 

Use Effective Communication: Understanding money personalities is key to tailoring financial advice and conversations to fit individual needs. Each person's approach to money is shaped by their unique personality traits, which can influence how they manage, save, and spend their finances. By identifying these money personalities, we can better understand how to communicate financial advice in a way that resonates with each individual.

Take Incremental Steps: Financial improvement is a gradual process. By making small, manageable adjustments, you can steadily progress towards better financial health. 

To better understand your own money personality and how it influences your financial behaviour, complete Sorted Money Month's money personality quiz. It’s a helpful tool for learning how to manage your finances based on your unique tendencies. 

Sorted Money Personality Quiz

By approaching money conversations with these principles in mind, you can transform a potentially daunting topic into an opportunity for growth and success. 

*This is not financial advice. Kōura Wealth is the issuer. View our PDS at kourawealth.co.nz