We all have pain points when it comes to our finances and we all have different ways of dealing with those. But there’s something about knowing where you stand with your money, and why you behave in the way you do, that makes it easier to sort through what you need to do. Believe it or not, we all have our own money personality — and that personality can shift depending on time and circumstance. When spring starts stirring, I can switch from being a careful saver to someone who wants to go outside, see the daffodils and spend, spend, spend.

The concept of money personalities was co-developed by financial psychologists Dr Brad Klontz and Ted Klontz. Ken Honda, author of 2020’s Happy Money: The Japanese Art of Making Peace with Your Money later coined seven personality types. In my opinion, there are five main money personalities (excluding The Saver-Splurger and The Indifferent-to-Money) that many of us fall into. Each of these personalities — The Saver, The Spender, The Investor, The Risk Taker and The Planner — carries its unique traits, strengths and challenges. Knowing your money personality allows you to create strategies that resonate with your natural financial inclinations. While it is no means a substitute for professional financial advice, it will ultimately help you to manage your money in a better way.

Talking about money is still pretty taboo in most social situations (it’s the reason Refinery29 launched Money Diaries, after all). And yet, how we manage our money day to day can really influence how we interact with others in financial contexts, with a partner, with family or with friends. Imagine a risk-taking partner telling you about a get rich quick scheme. If you’re a careful saver you could react with horror. Recognising your persona, and that of those you are close to, can foster understanding and empathy, leading to healthier financial relationships and decisions made in unison.