Money Personalities: The Saver

A reminder about some characteristics of those Savers we all know:

 

  • Get a genuine rush from saving money
  • Organized, responsible and trustworthy when it comes to finances
  • Accumulate wealth but with little enjoyment
  • Foregoes today’s pleasures for tomorrow’s dreams
  • Actions (way of doing money) are positively reinforced by the financial community and society.

 

I mentioned in an earlier blog that there is no “good” or “better” money personality. Each money personality has strengths and challenges and each personality will bring joy into a relationship. We are after understanding, not judgement, in recognizing our partner or friend’s way of relating to money.

 

Strengths of a Saver
  • Comfortable with a budget, uses store coupons, finds best deals in town, able to resist sales and bargains
  • Excels at creating order, organization and establishing limits
  • Can live within their means and do not have to prove anything to others with their possessions
  • Practical and realistic about money
  • Accumulates wealth
  • Resists debt
  • Their actions (way of doing money) are positively reinforced by the financial community and society
  • Foregoes today’s pleasures for tomorrow’s dreams
  • Excellent saver
  • Savers are convinced this way of doing money is “best”

 

Challenges of a Saver
  • Can be a joy stealer
  • Feels spending money on self is selfish
  • Can be “cheap”
  • Accumulate wealth but with little enjoyment or passion
  • Rarely take vacations, treat yourself or live aspects of the “good life”
  • Resist debt but often at the expense of other goals, jeopardizing long term savings – i.e. pay off mortgage more slowly and put some money into long term savings
  • Fear of losing it all (bag lady) and can turn people into hoarders who live way, way below their means
  • Can tend to invest in only GICS or low interest offering and lose the potential of greater prosperity and security (and offset inflation)
  • Can tend to be in an unfulfilling career for the sake of security and forgo passion
  • Foregoes today’s pleasures for tomorrow’s dreams
  • At an extreme, can be controlling and rigid
  • Excellent saver, counts coins – can get extreme
  • There can be a power aspect to the saving – to keep control or dominate another person
  • Convinced this way of doing money is “best” and can be judgemental

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