Financial Impact with Holly Morphew, AFC® Financial Coach

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Quiz: What's Your Spending Personality?

I came across this quiz in the Institute of Financial Counseling's Keys to Success and thought it would be fun to share!

Is your spending personality costing you hundreds or even thousands of dollars a year? Take the assessment below and find out. It is based on a questionnaire developed by Grady Nash. Read each of the following statements and check mark each one that applies to you. Which category has the most check marks?

The Fanatical Shopper
1. You shop for weeks for the best price.
2. Others consider your bargain hunting to be excessive.
3. You neglect quality in an effort to save money.

The Impulsive Buyer
1. You make unplanned, impulsive purchases often.
2. You have little willpower when considering a purchase.
3. You buy items you don't need because they're on sale.

The Passive Buyer
1. You put off making necessary purchases.
2. You are easily persuaded by salespeople.
3. You blame the product or salesperson when the purchase is unsatisfactory.
4. You rarely ask questions or feel insecure when talking to salespeople.

The Ulterior Motive Spender
1. You shop to escape the pressures of life.
2. You spend money to get back at your spouse or significant other.
3. Buying certain items makes you feel superior.
4. You buy gifts out of guilt or to gain approval from others.

The Esteem Spender
1. You prefer to shop in prestigious stores.
2. You avoid discount chains like Wal-Mart or K-Mart.
3. You buy items because others have them.
4. You buy items to impress others.

The Special Interest Spender
1. You have a collection, hobby, or activity others might consider excessive.
2. Others consider your spending on it to be excessive.
3. The collection, hobby, or activity is potentially harmful to your health or finances.
4. The collection, hobby, or activity is the cause of family conflicts.

The Hot Potato Spender
1. You worry about important purchases.
2. You put off important purchases for weeks and then make a sudden decision to “get it over with.”
3. When faced with complex financial decisions, you tend to get overwhelmed and make quick choices rather than thinking through all the variables.

Read the descriptions for each of the seven spending personalities. Think of ways to overcome each type of problem spending.

1. The Fanatical Shopper. It's one thing to be frugal, but if someone is obsessed with getting the lowest price and is giving up a lot of time and energy, he/she is not seeing the big picture. Some fanatical shoppers hunt for months to save ten or twenty dollars but think of all the time and travel expenses involved. The effort just doesn't make sense. Placing a value on your time and energy is a way to overcome fanatical shopping.

2. The Impulsive Buyer. This is the most common type of spender. That's why retailers put all those nick-knacks near the check out! Impulsive buyers lack control and do not plan before they shop. Leaving money at home while shopping is a way to overcome impulsive spending.

3. The Passive Buyer. Passive buyers are pushovers. They are easily persuaded to buy items they may not really want or need. They generally do not like to shop and put very little time and energy into making purchases even for big-ticket items. Asking questions when talking to salespeople is a way to overcome being a passive buyer.

4. The Ulterior Motive Spender. This type of spender uses shopping as a means of escape or to deal with stress. Often there are hidden emotions at play. For example, the ulterior motive spender may shop as a form of revenge against someone. They may also spend money as a way to win someone's approval. Exploring other ways to manage daily stress is a way to overcome ulterior motive spending.

5. The Esteem Spender. This spender tries to “keep up with the Joneses” by shopping in the prestige stores and buying in order to impress others. Identifying what you value as opposed to what other people think is important is a way to overcome esteem spending.

6. The Special Interest Spender. This type of spender has a hobby, collection, or activity that is eating up a good deal of income. In some cases, the special interest spender is addicted to gambling, alcohol, or drugs. Reasons behind this type of spending could be boredom or a need to be unique. Finding new less expensive hobbies is a way to overcome special interest spending.

7. The Hot Potato Spender. These spenders procrastinate and worry about making new and unfamiliar purchases. Then, at the last minute, they buy as a way to quickly put the ordeal to an end. Trouble is, what they bought is probably far from what they really needed. Researching products before you buy them is a way to overcome hot potato spending.

author avatar
Holly Morphew AFC®, Award–winning financial coach, author, global speaker, and multi-generational entrepreneur
Holly’s own journey to eliminating $67k in debt in her twenties, reaching financial independence in her thirties, and creating 11 streams of income are what inspire her to help others live their wealthy life.
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