What's your money personality type?

We Talk Cents Podcast

Learn about the 7 financial personality types & identify yours to better understand why you make certain decisions around money.


The following is a transcript taken from episode 42 of the We Talk Cents podcast. The transcript is created by AI software so it might not be perfect - please forgive any imperfections or grammatical errors.


Blaize Pengilly  00:09

Personal Finance, budgeting cash flow and investing don't have to be scary words. The We Talk Cents podcast is here to help you learn more about money and take control of your personal finances. We Talk Cents podcast is not a financial advisor. This podcast is made for entertainment and educational purposes only. All information shared is of a general nature and does not take into account your personal situation, you should consider whether the information is appropriate for your needs and where appropriate seek professional advice from a financial advisor.

Dan Jovevski  00:45

For more information, please check out wemoney.com.au/disclaimer. Hey everyone! Here is another episode of the We Talk Cents podcast number 42. Can you believe it? I'm Dan,

Blaize Pengilly  00:59

and I am Blaize a millennial that is learning a lot from Dan and our guests about money. Now it's Monday, the 16th of August, if you're tuning in, and today we are talking about personality types in relation to money, which is a pretty new concept to me. But you know, it's something that I'm very excited to learn about. But before we get into that, and before we get into the news, Dan, I have right now at this very moment just seen something in the community face that I think will bring a smile to your dial. So in the WeMoney app on the WeMoney community. We have just seen a post from Marko, who said: "just saved myself $20 a month by canceling my phone insurance. Thank you to the WeMoney podcast, We Talk Cents Episode Six. I definitely didn't realize I even had phone insurance. I must have forgot! Over 12 months. That's a saving of $240. I'm shocked I didn't know I was paying it. I will have a close look at my bill from now on." How awesome is that? Good on you, Marko, for checking your bill and for for hearing something on the podcast and taking action and saving yourself 240 bucks over 12 months. That's awesome.

Dan Jovevski  02:11

Marko - props, my friend. That is absolutely incredible. And you know, Marko, has been an active member of the WeMoney community and the $20 per month is absolutely incredible. But he also made a massive payment on paying out some Buy Now Pay Later obligations, which is also awesome as well. And I think that that was like $4,000. So Marko has really taken to the wider community. So massive props and we love following your journey and love seeing people save a lot of money and also getting help and tips from from the podcast. It's amazing.

Blaize Pengilly  02:41

Yeah, well done Marko. We love seeing your success. So well done pat on the back from you. We are very, very happy for you. Now Dan, let's open up our metaphorical paper and take a squiz of the latest money news. If news doesn't take your fancy, totally, no worries at all. Go ahead and fast forward a few minutes to learn about the seven money personality types. Dan - news. What's in the paper this week?

Dan Jovevski  03:05

Oh Blaize, one really interesting things that we've seen is that this opening up of this debate around giving an incentive to go get a vaccination and 300 bucks. And that's not it's not chump change. That is quite a bit of cash that people would get if they went ahead and got themselves vaccinated, which could be, you know, super good way for Australia to lift and boost up its vaccination rates. I certainly know that there's some things in the United States which are very similar where certain states and counties are offering like a case of beer or like a dash to go to a pub and get you know, a couple of pints, which is pretty cool, right? You get yourself vaccinated, get a couple of pints and just sleep it off and wake up in the morning and hopefully you're recovered and not in a daze depending on which type of vaccine that you get. So well i don't know i'm, i'm kind of supportive of this. If if it does boost the vaccination rates, and it takes up those skeptical people that may not want to get vaccinated. And just as a reminder, as we talk, the current vaccination rate in Australia is sitting at roughly about 23% of all people fully vaccinated over you know, a couple of doses hitting on which vaccine they are getting, which is a fairly low number when you consider the other countries around the world have gotten much higher vaccination rates. So I think Australia is like God, look, Money Talks non payment of non vaccination doesn't walk so I'm, I'm supportive.

Blaize Pengilly  04:26

Yeah, well, I've had I've had both jabs. I mean, double jab, not both of them. I've had just one of the vaccines. You know, I'm feeling protected, ready to go. And I would love I mean, when you're a kid and you go and get your vaccinations as a child, you usually get like a lollipop or a sticker afterwards. As an adult, I would be very, very happy for that juice box to be replaced with a $300 check. You know what I mean? So I'm all for it. I saw that the Grattan Institute also had a similar idea which proposed a $10 million per-week lottery which would pay out-

Dan Jovevski  05:01

That's pretty cool.

Blaize Pengilly  05:02

- Yeah 10 $1 million prizes per week. And so one vaccination gets you a ticket, 2 gets you two tickets into the lottery, which I thought was a pretty cool idea. But yeah, I think it's just an interesting proposal. And it will be interesting to see if the government acts on it. Because as we know, lockdowns have a massive impact on the economy. And public health is so so important as well. So if we can use money as an incentive for people to do the right thing and get vaccinated, I think it could be a wonderful thing and a good thing to use that little cash boost.

Dan Jovevski  05:37

Absolutely. What else has caught your attention in the news, Blaize?

Blaize Pengilly  05:41

You know, I can't get enough of it buy now pay later. When will it not be in the news? You know what I mean? So I saw earlier in the week, that Klarna, which is one of the buy now pay later platforms, is temporarily removing merchant fees. So I didn't really understand properly how it works. So buy now pay later. If you're a customer, you buy and pay in four installments, and you don't pay interest, but you do pay late fees if you miss a payment. Speaking of which, I saw an article saying late payments have gone up by 83% in the last few months, which is a bit of a scary figure. But back to merchants - if you're a merchant you and say say you buy something from Dan's Boutique Jean Store, and using Klarna, normally the merchant, so Dan, would be paying a very small percentage of that to the buy now pay later provider which in this case, is Klarna. However, Klarna has ripped out those fees for the moment, which I think will be pretty enticing for a lot of merchants, a lot of retailers, Dan and his boutique jeans to jump ship from potentially Afterpay or Zip or whoever they're currently with to Klarna. So yeah, it'll be interesting to see how this is another move in the buy now pay later space, how will it affect us? Dan, you and your boutique jean shop? What do you think?

Dan Jovevski  07:04

Well, I love yourself a good pair of jeans. I've been wearing the same pair of jeans for the last 12 years. I'm not sure how creative I shall be-

Blaize Pengilly  07:10


Dan Jovevski  07:10

Yes, I have. Levi, Levi five elevens. That's, that's my horse when it comes to the gene department. But I agree. And one thing that people may not know is that Klarna is the OG buy now pay later. When people learn about Klarna, they are shocked to know that it was founded in get this 2005 in Stockland, Sweden. I know can you believe it? They are literally the Buy Now Pay Later OG's. And they have made a big international push really big in Europe, not so big in the US now. But they try to spread around the world and Australia is one of those big markets and who better to partner with thant the Commonwealth Bank. So I think the CBN and Klarna put their heads together and said, How do we take on the big massive guys of afterpay and zip and the others? Well, let's just remove the fees. And I think it may be a useful strategy because merchants now are going to be battling every single dollar they can get and i think going to remove the merchant fees that would probably increase adoption, why? We all know this. They want to create habits. They want users to keep using Klarna instead of afterpay or Zippay or the 10 million other miscellaneous buy now pay later providers and make Klarna the default option? Look tough we'll get because I think a lot of Aussies have just warmed up to this afterpay phenomenon. It's it's part of meme culture. It's not like I Klarna'd this or I Klarna'd that - I afterpayed it. Come on, guys.

Blaize Pengilly  08:43

Yep. Yeah, well, we'll see how it changes. All right, so we get into the show.

Dan Jovevski  08:48

Let's do it Blaizey. Right? Well, everyone knows that we're all different, right? We've all got our own personalities, we've got friends that are completely different to us some are the same as us. And this is the same when it comes to money. So today, I'm going to run through the seven big money personality types, and I want you to think about which one are you? Which one really sings out to you, and which one do you most identify with? So personality types are often learned from our upbringing, we tend to have similar traits to the role models where we're younger. So if we saw mom or dad or your uncle, your aunt do something, we're more likely to pick up these habits from our surroundings or things that we know that we can see. Blaize -  does anything come up to you - Did you do anything in your childhood that stuck around with you?

Blaize Pengilly  09:41

Mom, if you're listening, don't don't shake your head at me. But my mom loves shopping and splurging and 100% hand up guilty love shopping in spurts, treating myself as well. So I definitely think that that has rubbed off on me, but in saying that my eldest brother, who, you know has the same mum had the same room role models growing up, total stinge. And I can say that because he doesn't listen to the podcast. But he is very good with his money very strict with his budgeting, which is pretty awesome. But yeah, I can definitely see how my spending habits have been impacted by the way that I was raised for sure. 

Dan Jovevski  10:19

Fascinating, fascinating.

Blaize Pengilly  10:20

What about you?

Dan Jovevski  10:21

Well, Blaize, I don't think I- in specially my early or late teens, early 20s, I had a completely opposite view of my parents. So my parents were very frugal, I would say, I wouldn't say stingy but very frugal, right, they would always go to the shops always go to the little rack that was lots of discount rack where everything was about to be with either passed it's due date or close to the due date. And it was like 16 cents. That's what I grew up in my household. But,

Blaize Pengilly  10:47

They're moneysmart,

Dan Jovevski  10:49

Money Smart. But I think as early child, I saw that as like we were always getting maybe the second best. And this could be a right way and one way of thinking about it. And then when I got to my like, when I had my first job, I still remember I worked for a little supermarket called Jewsons at the time. And I remember my first paycheck, and I just removed myself while I go to liberation and freedom. I can buy whatever I want right now. And I think that sense of liberation probably led to a pathway of completely overspending there was a person that, especially in my late teens, early 20s lived paycheck to paycheck didn't save at all, and I always was constantly reminded all the parents how terrible of a saver I was terrible with money in my late teens and early 20s. So I think it was probably overcompensating for a lot of the things that I probably saw my childhood that yeah, maybe exploring a different way. But funny enough, like they always say you always end up like your parents are now that type of person that loves to buy a discount in the shops and get quite a thrill out of it. It's funny.

Blaize Pengilly  11:50

Hunting the yellow tag, yeah, yeah. You are. Yeah, you've come full circle. Well, so I assume. So you said you sort of changed over time, I'm assuming that these money personality types, they're not things that I mean, they could stick around forever, but I'm assuming that they'll change at different life stages. I mean, for me, my money personality type, I would guess I haven't I don't know what the types are yet. But I would guess that over the last year, mine has changed quite significantly from the way that I was living paycheck to paycheck to now where I am actually putting money aside for my future and thinking about the impact that my purchases have on my, on my current life and my future life as well.

Dan Jovevski  12:29

Absolutely. Well, let's get stuck into it. And the first one that we have is the compulsive saver, also known as the hoarder.

Blaize Pengilly  12:39

All right, what does the compulsive saver do?

Dan Jovevski  12:41

constantly putting money aside with no end goal. So every single last bit of saving, they're going to take that they go to-

Blaize Pengilly  12:49

Can not relate.

Dan Jovevski  12:54

They probably buy the most largest meal at the restaurant. If it's rice, not one grain of rice is not eaten on the plate, every single opportunity, they have to save money, they will. They're the type of people when you go to the petrol station, and you see them right from time to time, they're pulling the petrol up, but they also get the hose and they pull the hose up to that last little liter.

Blaize Pengilly  13:16

Aw I do that. I'm like I pay for every cent of this, I deserve it. So they're super frugal. The compulsive saver is a really, really frugal person.

Dan Jovevski  13:24

Absolutely. difference, it might even call them a stinge. So they may be less, you know, open to you know, shouting the next round of drinks or contributing to you know, a group outing or things like that. Yeah, so that that's the beliefs of the compulsive saver. And the things to be aware of is they might be too obsessed with savings, and not enjoying the rewards and the money that they've saved. So you can get this perpetual cycle you save, you save you save. But as time goes on, you kind of realize, well, I've saved all his money, but for what? Maybe I haven't enjoyed my life, maybe I haven't done certain experiences, maybe I haven't bought certain things that could save my life a little bit easier. So yeah, it's a really interesting personality type, that once they're sort of their ways of becoming this capacitance over water. And yes, you probably have just thought about a friend that's popped into your mind that meets this personality type. And it's probably making you giggle. Like it is for me, I've got one and God he is  annoying sometimes, but-

Blaize Pengilly  14:22

But he's saving, so that's good, he's thinking of the future.

Dan Jovevski  14:25

And he's probably well ahead of probably everybody in his friend group. So kudos to the compulsive saver.

Blaize Pengilly  14:32

If you are a saver. Do you have any tips for if you if you're living in this mindset of being a compulsive saver? What What should you be aware of or what advice I mean, not hashtag not financial advice, but what what would you say to someone that that has this sort of mindset or personality type?

Dan Jovevski  14:50

I think life is about moderation, including savings and if you really want to think about your future and how you're going to use your savings to get to your ultimate sort of goal is - Do you think you're potentially saving too much and not living life to the fullest? And sometimes, that's what life can be about, you know, do you want to be looking back when you're old, you know, at 70 or 80 years old thinking, you know, what could I've done with my life I saved and pitched and screwed, but for what? To have this in my bank account? I mean, once you're dead, you're dead, right? You can't really go back and experience life. So I think moderation is the key here that if you are excessively saving money to the point where you meet all your current needs, you've made all your expenses, you know, you live a pretty good life. I don't know for me, Blaizey - one of those things is you've just got to enjoy life a little bit, because we're only on this planet once and it's very short.

Blaize Pengilly  15:39

Yep, agreed. Good for saving. But if you can possibly call it compulsively saving and sacrificing your happiness and not doing anything with the money. Yeah, I agree. moderation is key, even when it comes to spending. What's our second personality type Dan? 

Dan Jovevski  15:53

The second one is the compulsive spender, or the cash basher or the money machine that just makes it rain like you wouldn't believe. So one of the beliefs of the compulsive spender is that you often spend money for the things that you don't need. So you're very, very caught up in, you know, potentially the hedonic treadmill where you're buying stuff. And you ultimately end up in a point of what centers post purchase dissonance where you buy something, thinking that will make you happy, you, you work yourself up to making this purchase, you get it, and you think -  is that it? There was no reward after the purchase

Blaize Pengilly  16:31

Buyer's remorse

Dan Jovevski  16:32

Totally. You have a very outgoing personality, and you love treating people to something special, and sometimes for no particular reason. So that could be buying people gifts, it could be going out certain events, it could be the person that's shouting, you know, drinks at the bar all the time. When you're upset, your solution is to spend. There is nothing better than a bit of retail therapy that can potentially pick up your moods momentarily by going out to the shop and spilling the money that you may have just earned from your job. You're always chasing instant gratification by spending so that don't mean hit. Or that chemical process in your brain that's firing off every single time that you spend, may be contributing to your personality type of being a compulsive spender. Now the things you need to be wary of is that, you know, you want to probably try and limit your shopping sprees for just because do you really want to be going out there and spending half an afternoon or a full afternoon, going out there and going up and down the aisles of shopping, maybe there could be a better way that you could spend your money than simply buying stuff that you don't need, there's going to accumulate your wardrobe. And you're probably going to end up just in the process of throwing this stuff out. or spending an ordinate amount of time posting that stuff on Facebook or Depop to get rid of it in the future.

Blaize Pengilly  17:48

I don't know Dan, spending an afternoon shopping sounds like a lot of fun. I think I may be a compulsive spender. Spending is fun. But yeah. Chasing the instant gratification of a new purchase. I'm totally guilty of sometimes going, ah, I'm in a bad mood, I'm sad, or I'm in a great mood. And the solution for all of those can be treating myself to an awesome new jacket or pair of shoes or something so I can relate hard as a compulsive spender. What would your advice be for someone like myself that loves to spend just, they just love to spend?

Dan Jovevski  18:26

Well, number one, I think you've got to recognize that you need to spend less than you earn, I think a lot of compulsive spenders end up using money that don't have like debt, buy now pay later, credit cards, short term loans or to find that if you're lost, while everyone knows that is not sustainable, it often ends in financial ruin. And it could potentially limit your ability to do things like buy a home in the future or start a family etc. Because you're taking this debt not only from spending what you earn, but also the debt that you can live by funding this type of lifestyle. So the first step that we often like to say, here at We Talk Cents is create a budget and track your expenses. By viscerally understanding where your money is going and almost shocking yourself to uncover how much you spent at Betts and Betts or Myers or David Jones or any store that is your favorite, you're probably going to recognize and understand, you know how much of impact that is having on other things that you may want to achieve in your life. And remind yourself of the sacrifice to make a purchase. You know, I often think this could just be made wise but saving for something and then buying it often gives you a much better reward because of the toilets taken to get to that point. And I think you probably feed the dopamine response from the instant gratification that purchase a good walk in the store and getting that fancy bag and walking out walk to your car, then the time it takes to actually go on sale for something that is important to you. That might actually change that neural chemical process to then flip away from instant gratification to delayed gratification which could actually change you from becoming a compulsive spender, which could be something that you may want to potentially amend. If you feel like you're getting stuck financially, if you're this personality type, or money personality type rather.

Blaize Pengilly  20:10

On that point, I would love to shout out to my friend Jackie, who I had a lovely phone call with the other day, she's stuck in lockdown. And she said, Blaize, I have some fantastic news. I have just ordered the new iPhone 11. With money I saved up and I paid for it outright. And it's the first time she's bought a phone outright with money she saved up not putting yourself into debt. And I was like, heck, yes, Jackie, that is awesome. So super proud of her. And she was so satisfied with herself. And so she should be putting in the hard work. Saving that money. Putting it aside is no easy task. You know, she chipped away at it each week, every payday. So very proud of her for that. And another point on that. Dan, you were saying about debt. Something that you said many episodes ago, I can't recall which one but it was debt is borrowing from your future self. So if you are putting yourself into debt to buy something you are really taking from yourself next week, next month, or maybe even next year, you're sacrificing money that you have coming in at that point in your life for current pleasure. So yeah. Is it really worth it if you're a compulsive spender?

Dan Jovevski  21:21

Absolutely. And going to the third money personality type is the compulsive money make. So you have the belief that earning more money is a signal for happiness. So you're constantly trying to get promotions at work, you're working endless hours, you're probably grinding yourself to the ground, sleeping four to five hours, each day, every single day, just to get ahead and pump out more work. And you believe that the spending of your energy to try and make as much money as possible is the peak thing in your life. You've got to look around yourself and goes, why is anyone else doing this, everybody is a bunch of losers and look at me I'm so successful. 

Blaize Pengilly  21:57

Make it rain!

Dan Jovevski  21:58

That's right, and get pleasure from the approval recognition of other people of your financial success. So you've tied your identity, to the fact that you are on this money making train. And you love the affirmations that you get from other people about the aura of your success. Now, there are obvious pitfalls with this money personality type, where you sacrifice the things that really matter to you. Your health, relationships, happiness, all for the pursuit of making money. And I think sometimes you've got to smell the roses, as they say, and kind of really think to yourself, is it worth it? Now I get it, right? People in the 20s they're hungry, they're motivated, they want to achieve some stuff. But this shouldn't go in the way where you sacrifice other parts of your life where they're not in harmony, or resonance to your core values. And I think a lot of people Blaize I'm sure you'll agree probably got heaps of people that you know, and I know of that are in this situation where you kind of realize to yourself, when you get a little bit older and wiser, hey, you know - was working 14,15,16 hours per day really worth it at the end? Because I didn't spend enough quality time with my family didn't spend enough time with my friends, which often leads to a lot of regret

Blaize Pengilly  23:12

For sure. Do you know this actually reminds me of now I had an Uber driver a few years ago. And this is an Uber driver story. And sometimes I think, is this a real story? Or Mr. Uber? Are you pulling my leg but I'll share the story anyway. So I had a half an hour ride with this gentleman, I got picked up ordered a black and got one of the- oh I ordered the regular Uber and got whatever the fancy, I forget the name. And I get picked up in a BMW and I'm like, Oh my gosh, I'm living large today. Thankfully, I'm only playing the cheaper price. The man opens the door for me to get in start chatting, etc, etc. I asked how he got into Uber driving. And he told me the story of how he used to be the CEO of some mine. And he used to be, you know, living large, catching helicopters places, absolutely rolling in it. And then there was some issue at his mine or one of his mine or something. And he lost everything. And he was saying how he had gone from this really lavish lifestyle where he was constantly working, but making absolute bucket load of money to losing the job having to move house, downgrade his entire life. And that's when he realized, you know, he was he was chasing the money and sacrificing the time that he had when his kids grew up, and he barely knew his kids and they turned I think they were 18 or something at the time. And I thought you know, it's not an uncommon story where you hear about the person that really chases the dream works hard for their family, but then spent so much time working hard and compulsively making money that they actually miss out on their family entirely because the moments that we remember is not the time that you got your fifth iPad for Christmas, but it's the time that you you know you spent down with your dad  at the beach or taking your mum shopping and getting pedicures or whatever it is, you know. So that sort of reminds me of that Uber story, which could be total, you know, Bull, but I think it was a real story because he still picks me up a nice car in a nice car.

Dan Jovevski  25:16

Makes a lot of sense makes at lot of sense Blaize. So advice, if you are a compulsive money maker remember there is more to life than just earning money. And if you're loaded, you know gives you money some purpose, donate to a good cause, book yourself, holiday support someone you know, spend more time with your family, get some more sleep, I think you know, all the responses, but hey, you're gonna feel much better for it and much more rounded human being than constantly being somebody that is on this money making endeavor. And the research has shown is that comparatively speaking, once we earn more than $70,000, then our general happiness in life doesn't grow with the more money that we earn. So if you then say, if you're a really big high roller, or you're like in some corporate executive job, you only want 350k per year. I know it sounds like a lot of money. But you know, you ask those people that are earning that cash, they think it's not enough. They think it's - How do I get to the next job? How do I get to the next, you know, board position and really earn more money. And they might think that even a million dollars might become the new normal. And it sounds pretty crazy to think about that. But ultimately, the happiness doesn't grow linearly with the amount of money that you earn. So it's something to think about and something if you are this type of personality, type of being a money maker to reflect on and check in to see if it's something that really aligns to what how you really want to live your life.

Blaize Pengilly  26:43

The We Talk Cents podcast is produced by WeMoney. MeMoney is a smart money management app that lets you see all of your bank accounts, your finance accounts, super accounts, your mortgage, even your buy now pay later accounts in one place. We've also got a community feature. So you can share money tips and tricks and be inspired by other people just like you. It's free to download and use. So get the WeMoney app today from your Google Play or Apple App Store. And if you use the code word podcast, you'll earn $5 on sign up when you connect an eligible bank account. Alright, let's get back to it.

Dan Jovevski  27:17

Now, the fourth money personality type is just being indifferent of money. So you really think about money, you the idea of credit budget just makes you feel a little bit sick. Why do people do it? You know, earn money or spend money? I've got enough, a little bit left over, or good? Yeah, why don't why do people make a huge fuss about managing their money. In some extreme cases, you may believe that money is inherently bad or evil. So you might have a relationship with money that thinks that the pursuit of money and economic resources is the root of all evil, and you feel strongly that money shouldn't influence the board decisions. You have lots of very carefree, lackadaisical view of money in your life. Well the things to be wary of, if you are indifferent about it is that things get ugly. If you're not responsible with your finances, I not take control or your partner look after them for you. So if you're in different to money, you probably need to get more - I wonder what opposite word is - different to money, I don't know. But just pay more attention to your cash because it is very important to get yourself unstuck.

Blaize Pengilly  28:23

And what advice would you have for those that are indifferent to money, Dan?

Dan Jovevski  28:27

Well, number one, try get excited about money because you're probably not excited by a lot of things to do with cash in the first place. But see, if you can be self motivated about things that are going to be important to you in your life. Now you're indifferent you probably have some hobbies and interests, some things that are happening in your life that you want to learn more about, then why not monitor your cashing in that way that might disappear off one of those sparks of interest to learn more about your money, and if you do, then maybe you can become less indifferent about your money and control your money a lot better. Now moving on to the saver and splurger number five. Now the saver and splurger has a lot of common traits between the savers and spenders. Now you start out by having a lot of money. Then you give in to spending impulses and you basically spiral out of control and-

Blaize Pengilly  29:18

Up down like a roller coaster. It sounds like the old saver splurger.

Dan Jovevski  29:23

Totally. So when you use your savings, you might spend it on things that you don't need or will also really use. Now things to be wary of is that it can be draining, saving a lot of his splurging all at once right? You're going through emotional highs of saving a lot of it also just letting all that money go into all different locations and things that you probably don't need. Now money may feel like a roller coaster to you as Blaize said. So you want to avoid that emotional high and low and proper keep more even heeled. So here's some advice for the saver splurgers: Put some thought into what you're saving for citizen very clear goals, you can use a bucket method. If you don't know what the bucket method is, you can give that a quick Google and you'll be able to uncover an easier way to save your money. Now, you may also want to set up different accounts. So this could be, you know, accounts with, say a bank like, you know, ING, for example, doesn't have to be an ING, but I'm using ING because I know the process very well. You can set up multiple accounts to label things like your savings account, holiday account, new car account, or even a new tent account whatever you want, then you can feel less guilty when you use the money for the purpose of allocated for as opposed to something like walking down the shopping aisles and just picking up anything that catches your fancy.

Blaize Pengilly  30:45

Yes, I I'm glad you mentioned the bucketing, but Dan -  Google it? You could Google the bucketing method. Or you can listen back to episode nine where we talk about the bucketing method for budgeting. So you could Google or if you love listening to us and prefer that instead, listen to episode nine. And on the topic of savings accounts, labeling what you're saving for fantastic idea, because it just makes it really, really easy to put money towards that goal. And like we discussed when we had that one on the show makes it difficult to take away from that goal. I myself have I think I'm up to nine different savings accounts now, and definitely helps with saving goals, so highly recommend that. Now Dan, what is personality type number six.

Dan Jovevski  31:30

Number six is the gambler. Now you share a lot of common traits between the moneymakers and spenders and the thrill of risk of a promise reward is a pleasure unto itself, that you can quickly get lost in you just get a little bit seducted by the thought ofgambling. Now you gamble all your money and sometimes the purposes of escalating boredom, right? I think seeking out the thrill seeking behavior is very, very common to people that have a predisposition to gambling traits. It might be things like lottery tickets, go to the pokies, the cass or the casino, racing or whatever is interesting to your mind that lends itself towards gambling, your love risk and you love the entertaining nature of it. Now, things to be wary of is that risking your money will impact your life IE withdrawing from your super fund is probably not the best bet and idea to having a long sustained financial life full of goodness is probably going to end you up in financial ruin and it often does. Now taking more risk than you can afford and gambling and the money that you don't have is obviously going to not be a good thing for your longer term. And so the advice that we have for the gambling personality type is to be strict with yourself. And the money risk that you take. In fact, there are certain banks institutions that you can contact that you can put a block on your account for any types of gambling transactions now that will stop money leaving your account at its root. Now, if your bank wants

Blaize Pengilly  32:56

That's cool

Dan Jovevski  32:57

Yea it's super cool. Now, if your bank or your financial institution doesn't have this feature, what you can do is place a self imposed ban at these gambling institutions to stop you from escalating your gambling before it gets out of control. So you can always seek support from these institutions that you can gamble with. That's one way to stop yourself getting into a fast state of financial ruin. The other advice is sometimes people just need help, right? If you're in a state of being seducted by, always gambling your money, always thinking that you can probably win more than you put up to bet, then maybe you should seek some professional advice. And you need to find a balance. Look, I think everybody's impartial of checking out the prices of the TAB,  Melbourne Cup day everybody can, you know have a bit of fun, but please have a bit of fun with what you are prepared to lose. And something that won't In fact, impact your day to day life and more importantly, your long term future. 

Blaize Pengilly  33:59

That gambling help number if you do need assistance with this is 1-800-858-858. And it's free and confidential support. I'll also chuck that in the show notes. And Dan I'm guessing gambling isn't just the betting, right. It could be people that are risking a lot of money by taking risky investments or betting more money that they can afford on things like investments, right?

Dan Jovevski  34:21

That is absolutely correct. It could be absolutely anything, anything that you're putting up for risk for the promise of future reward. You know what it could be like, even little micro business ideas, you could be thinking to yourself that you could become the next Bill Gates or Mark Zuckerberg, and you could be like placing money with using excessive credit card debt. In order to fuel some of these hopes and dreams and ambitions. There probably are sounder ways of starting a business then getting yourself into a whole bunch of debt. So yes, it's not just gambling by rolling the dice or spinning the roulette wheel. It could be anything that could be a promise of future reward. Good spot Blaize.

Blaize Pengilly  34:58

Alright, so we have the gamblers number six. Lucky last we have the final money personality type. What is it Dam?

Dan Jovevski  35:05

Blaize - Number seven is the worrier. And when I say the worrier, not a warrior swinging an axe or swinging a sword, cluttering the tea. They are worrying away with sweat beads rolling down our forehead, who basically doesn't matter how much money they have you constantly worried that you'll lose it at any given moment. You lack confidence in your abilities to achieve financial freedom, and you constantly obsess over the worst case scenario of what will happen if you run out of money.

Blaize Pengilly  35:37

If you are a worrier, what I mean, I want to ask what should you be wary of, but it sounds like the're wary of a lot already. What's something that you should be aware of, if you are one of these worrier types?

Dan Jovevski  35:50

Well, it is good to be aware of what could happen to you if you don't plan for the future. So worrying often comes from a heightened state of uncertainty, you're unsure about what will happen next, or you scenario plan all the different permutations of what can happen in the future, thinking that one of them might be bad. The reality is that oftentimes things aren't as bad as you think they are. But the more you can understand and plan for the future, the more likely you are to get a better understanding about your probable outcomes of what will happen. So planning for the future is a good way for worriers to alleviate some of their stress and anxiety that comes within you about money. And try not to let it overwhelm you and impact your current happiness, right. Think about issues that can happen and thinking about problems I mean hey, just log on to any type of us website or turn on the TV, you can find plenty of things to worry about of the world that are probably a lot worse than what's happeneing to you at this present moment in time. So chill. I know it's a bit trite to say. But the more you worry, the less productive you are. You want to feed yourself with positive energy, positive vibes that can help you take control your money and your financial future.

Blaize Pengilly  36:54

You know what, there's a bunch of fantastic influences or content creators on Instagram in this in the space of money being frugal chasing fire being becoming debt free, that have a really positive mindset towards money. And I know for me personally following those accounts has really impacted the way that I think about money. So maybe if you are a worrier, that is something that could help change the way that you see money and your mindset around it as well.

Dan Jovevski  37:19

Blaizey - that wraps up the seven money personality types. So which one are you? Are you a worrier? Are you the compulsive saver, the compulsive spender? It's a great way to assign yourself an understanding of your own money habits and the way you think about a and also good ways that you can overcome the issues that you might face by being one of these seven money personality types.

Blaize Pengilly  37:49

Thank you so much for tuning in to another episode of We Talk Cents! We love having you listen to show and tuning in via your earholes. We'll be back next week with more money news.

Dan Jovevski  38:00

And if you want to get on top of your finances, why don't give the WeMoney app a go? Simply log into the Google Play Store or the Apple App Store. And on sign up. If you use a referral code podcast and make your very own budget, you get $5 by simply signing up. How good is that?

Blaize Pengilly  38:14

If you are feeling like you'd love to give Dan and I am a very big smile on our faces. We would absolutely love if you could rate and review our podcast on Apple podcast. This helps other people find our podcast so they can learn about money just like you. Now that's all from us. We'll catch you next time. See you later. See ya. Bye



The author is not a financial advisor and the information provided is general in nature and was prepared for information purposes only. This article should not be considered to constitute financial advice. Accordingly, reliance should not be placed on this article as the basis for making an investment, financial or other decision. This information does not take into account your investment objectives, particular needs or financial situation.

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