OK. Welcome back. I hope you found the quiz interesting. We’re going to spend a little time talking about each of the money personality types. Starting with…
A “hoarder” may find it difficult to spend money on what they consider “extras” or pleasures for themselves and their children. They may have a difficult time with the idea that they may have to use some of their savings for paying for expenses for their partner or their children. There may be accusations that the former partner is only interested in their money.
A “spender” may have a hard time saving, budgeting, and delaying gratification for long-term goals. They may find it difficult to budget for support payments if their payday doesn’t fall on the first day of the month. They may put their own wants and needs ahead of their financial responsibilities, putting them in arrears.
The Money Monk
A “money monk” might avoid having too much money and feel guilty if a large amount of money comes their way unexpectedly. Such a parent may feel guilty accepting the mandatory guideline amount for child support and agree to a smaller amount that adversely affects the children’s standard of living. Money monks may find it difficult to adequately represent their interests in negotiation about property division.
An “avoider” might feel anxious or incompetent about dealing with money, and tend to avoid performing various tasks of everyday money management. Such a person may find himself or herself ignoring requests from the other parent to contribute towards the children’s special expenses – not because they don’t have the money, but because they don’t want to deal with the matter. Or bills may remain unpaid, leading to loss of services and an accumulation of debt and bankruptcy.
An “amasser” is likely to be overly concerned with keeping large amounts of money at their disposal to spend, save, and invest. Such a person may resent having to pay support in the absence of a support order. They may use delay tactics to put off paying support as long as possible. They may feel entitled to keep the money they earn, and be willing to take the risk of a judge ruling on a support order or property division rather than participate in mediation. They may pay only the mandatory amount of child support, and complain at having to pay for any of the children’s special expenses.
These personality types are not intended to provide an exhaustive explanation for all the reasons why people spend, save or otherwise manage their finances. Instead, they illustrate some of the different ways people may think and act regarding money matters.
Let’s look at three cases and see if you can identify the money personalities.