Your Money Style Quiz

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1.	You lucky devil! Upon arriving in Las Vegas for a week-long vacation, you win $1,000 on your first bet. What do you do?

a.	Wire the money to your tax-free bond fund immediately and stick to your pre-arranged spending plan for the rest of the trip.
b.	Put it all on the next turn of the wheel or luck of the draw.
c.	Spend it all on shows, restaurants, and spa treatments before you leave town.

2.	When shopping at your favorite store, you spot the perfect pair of pants. They suit you to a T! Only one problem: they are way out of your budget. What do you do?

3.	Good news arrived in today’s mail! You have inherited $10,000 from crazy old Aunt Minnie, whom you have never even met. You:

4.	When it comes to saving money, you:

5.	Honestly, how do you drive your car?

6.	If you could choose any one of the following occupations, regardless of income, it would be:

7.	Regarding money, your best wish for your children is that:

8.	Money-wise, what do you look for in a mate?

9.	When you think of your retirement, you:

10.	Your worst money problem is your:

11.	Your worst fear about money is:

12.	If asked how much is in your bank account right now, you’d say:

13.	When you get a retirement account statement, you:

14.	A quality that you admire in yourself is:

15.	The reason you don’t have as much money as you want is:

16.	Guests are arriving for Thanksgiving dinner in one hour. In the kitchen, you’re:

17.	When entertaining, you like:

18.	Your attitude toward life is best summed up with the phrase:

19.	When tipping in a restaurant, you:

20.	What you don’t know about money:

Scoring:
In the chart below, circle the letter (H, A, or S) to which each of your answers corresponds. Then count the number of circles for each type and fill in the blanks next to each type. The type with the highest number is your money style.

 ______ Hoarder
______ Avoider
______ Splurger

Rating:
From the scores above, you can see which of the money styles dominates your personality.

The Hoarder 

The Hoarder is deeply attached to her money. Her hobby is saving money, and she loves to see her bank account grow. She is also apt to clip coupons, set budgets, and prioritize financial goals, although she may not be inclined to take on much risk. The Hoarder keeps her money “safe in the bank,” never considering that inflation is eating away at her savings every day. She is less concerned with having money now than with her security in the future, and although she appears successful, she often worries that she may outlive her money and end up in poverty.

The Hoarder also has a hard time spending money on herself and her loved ones, especially on luxury items or things that offer only short-term gratification. Many Hoarders worry about money and feel that they will never have enough to feel secure. Others channel their thrifty tendencies into bargain hunting, always looking for the big sale. Getting a bargain makes her feel great, but finding out there was a better deal elsewhere makes her feel awful. Whatever outlet she uses to channel her anxieties, the Hoarder attempts to assert financial control of her life by focusing on details, and she is usually apprehensive about making mistakes.

If you are a Hoarder: With obvious exceptions, the Hoarder is onto a good thing. Financial security is essential for creating and building self-esteem. But too much hoarding can be destructive and can lead to inner turmoil and bitter conflicts with family and friends.
If you are a tried-and-true Hoarder, you can take three positive steps toward a secure future:

1. Systematically examine your financial situation and assess your goals; then decide how much money you will need to reach your goals.

2. Take more risks with your money to gain greater rewards; make your money work as hard as you do. For example, channel the energy you might use looking for bargains into researching appropriate investment options for your financial goals and risk tolerance.

3. Once you know what you need to reach your goals and you have your money working for you, enjoy life! After saving and investing for your future, spend the remainder without guilt or anxiety.

The Avoider 

The Avoider has trouble dealing with her finances, whether balancing her checkbook, budgeting, paying bills or investing. She may have a fear of money that stems from a lack of self-confidence in dealing with financial transactions. As a result, the Avoider prefers to ignore the issue of money rather than confront her anxieties and take control of her finances.

Alternately, the Avoider might believe that money is evil and has the power to corrupt. She feels that having too much wealth or making a profit on investments means she is being greedy or selling out on her values and beliefs. Avoiders are not inclined to keep tabs on their current spending or invest for the future, and they may alienate their loved ones with their self-righteous attitude toward wealth.

If you are an Avoider: First, you need to take an honest look at why you’re evading the issue of money. Do you feel like you lack the knowledge to make informed financial decisions? Or do you think that money and material possessions are superfluous, and want to follow a more spiritually virtuous path of poverty?

If it’s a lack of self-confidence that’s standing in your way, make an effort to learn about financial planning. You can find both basic and detailed information in books such as this one, magazines and newspapers, and through the Money Club website. If you haven’t already joined a Money Club, start your own with a few of your friends. In the Money Club, you can figure out which financial issues need to be addressed immediately, like learning to balance your checkbook, and paying your bills on time, and which you can tackle in the near future, like researching different mutual funds for your retirement plan.

If you think money is the root of all evil, remember that you can do a lot of good with your wealth, and there is no sin in success. Consider investing in socially responsible companies or creating a charitable fund in your own name. And recognize that having money affords you the opportunity to help the people and causes that are nearest to your heart. You don’t have to live extravagantly, but you shouldn’t jeopardize your future security either.

The Splurger

The Splurger’s credit cards are her best friends, but like some friends, they frequently talk her into spending money she can’t really afford. The Splurger hates to limit herself-after all, she works hard for her money, and deserves to have money make her feel good. At the same time, however, she might feel frustrated that all her hard work hasn’t garnered her more spectacular financial rewards, and she often splurges to cheer herself up or make herself feel more successful. Splurgers have a hard time budgeting, and difficulty delaying gratification in the present to save for the future.

The Splurger is also prone to fantasies of financial rescue, and fears achieving success on her own, afraid that she will give up a certain emotional dependency that has been keeping her from being self-supporting. While she waits for the miracle person or event that will solve her financial woes, the Spender may spend most of what she has at her disposal, or rack up a hefty amount of debt.

If you are a Splurger: Although money is tightly intertwined with the Splurger’s definition of success, Splurgers never feel they have enough money, or seldom have a clear perception of what money is. For many Splurgers, money is also a measure of love and approval. The Splurger uses money to make herself feel good, but when splurging undermines her financial security, it’s time to get a grip on it.

If you share some of these characteristics, reward yourself for good performance with occasional splurges rather than all-out spending binges. Or perhaps you can learn to enjoy making sound financial purchases: Splurge on some smart investments that will grow in value in the future, rather than buying more clothes you don’t need.

Similarly, instead of lavishing money and gifts on others, concentrate on building personal relationships on foundations other than money. Invest your time and your attention in your relationships with others, and invest your money in yourself. You will achieve considerably more satisfaction on both fronts.

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Our thanks to Olivia Mellan, whose groundbreaking work in this area appeared in her bookMoney Harmony: Resolving Money Conflicts in Your Life and Relationships (Walker & Co., 1994).