How your money personality can help you stop overspending.


In last weeks blog we spoke about what a fun fund is and why you should start one want if you want to avoid overspending.

The other piece of the puzzle is this:

The way you save and use your fun fund has to fit in with your money personality.

Your money personality is a combination of what we learned about money growing up, what our experience of money has been and what we value. Your money personality is as unique as you are.

When it comes to starting your fun fund, knowing your money personality can help you understand why you may have had problems saving for something like this and how you can play to your strengths and set yourself up for success this time around.

To get started, take our free quiz to discover your money personality.

Then read below to find out more about each profile, their fun fund challenge and how to overcome it.

We hope this helps you create a fun fund that really works for you.

The Ruler:

Rulers are a force to be reckoned with. They like making money and they are very comfortable and confident doing so.

Fun fund challenge : Actually spending the fun fund. Rulers are driven and their money challenges are never feeling there’s enough money and not indulging in enjoying life in the moment. So to spend money on “fun” may be tricky.

They will be great at putting the money on one side but actually parting with it, that’s another thing altogether.

How to overcome it : Fun can be an awkward word for Rulers so instead see it as an “Everyday life improvement fund”. What could you spend it on to help you enjoy moments now as you build your empire? A special cup for your morning coffee, a relaxing bath oil or maybe a new purse?

Take a slow journey through your day and see where you could enhance it.

The Maverick:

Mavericks are fascinated by money and love to take risks. They like the thrill and will go against the tried and true and do things their own way.

Fun fund challenge : It may not be enough fun for a Maverick. Mavericks are risk takers and attracted to get rich opportunities so a fun fund may seem too pedestrian to be bothered with.

How to overcome it : How about using the fun fund to satisfy your need for financial excitement by investing it? Use it as a fund for those risky investments and so safeguard the rest of your money. Once you’ve used your fun fund you’re done!

The Romantic:

Romantics love to live life fully. They like to eat, dress and live well. They are generous and love to spoil and be spoiled. They love luxury and to be pampered.

Fun fund challenge : To only spend what’s in the fun fund. Romantics tend to only save what’s left after they’ve had fun so this is a different way of managing money. You are limiting the amount of money available for enjoying life now and putting money away to enjoy life later. This is tough for Romantics.

How to overcome it : Romantics know how to use money to enjoy life. You are the experts so use that expertise to maximise the enjoyment you can get from the money you set aside in your fund. Challenge yourself to curate the best experience possible with the money available.

The Alchemist:

Alchemists are out to do good in the world and are very society-minded. They are very connected to money and if they can transform their ideas into financial success they can help people in really powerful ways.

Fun fund challenge: Alchemists can have a love/hate relationship with money so a fun fund could be tricky. The words fun and money don’t sit easily together for Alchemists who often believe there is an unfair balance of wealth in the world.

How to overcome it : Fun doesn’t have to be frivolous. Use your fun fund to support causes that are important to you. Alchemists are extremely creative. They are brilliant at seeing possibilities and coming up with new ideas. The more money you can make from your ideas, the bigger your fun fund will be and the more people you can help.

The Connector:

Connectors are all about relationships and people. They have a lot of faith, optimism and trust but they can be taken advantage of financially because of their lack of concern for money. It’s really not important.

Fun fund challenge : Connectors are often confused by money and they can feel overwhelmed with basic financial details so anything that feels like budgeting might seem intimidating.

How to overcome it : Take out cash for your fun fund. Connectors find it difficult to connect with money and paying with cash is a great way to improve this. If the fun fund is in cash you don’t have to worry about managing it. When it’s gone, it’s gone, you can’t get it wrong and using cash will have helped you to connect with money.

The Celebrity:

Celebrities love money and are very aware of it. They are often very charismatic and love status symbols that have meaning for them. This could be designer clothes, jewellery, cars or a house.

Fun fund challenge : Celebrities will probably hate the idea of a fun fund. You can’t possibly put a limit on fun and the idea of missing out of something because their fun fund has run is unthinkable.

How to overcome it : One of the gifts of the Celebrity is leadership so how about setting a new trend and show off how much you are saving or investing? Your fun fund will still mean you have money available for going out but you will be safeguarding the rest of your income so you can build your shiny future.

The Nurturer:

Nurturers have a good appreciation of money. They understand how it works and are often good at saving and paying bills on time. If Nurturers get into financial trouble it’s usually because they are helping others.

Fun fund challenge: Nurturers are quick to give away what they have, particularly to family so even if they have a fun fund it may end up being spent helping out their friends and family.

How to overcome it : It’s probably too much to ask a Nurturer to make sure they spend their fun fund on themselves. Actually that probably wouldn’t be much fun.

So how about you use your fun fund to help your family if they need it. But that’s it, so once the fun fund has been used, there is no more. This will help to safeguard the rest of your income and who knows you might find yourself spending some of it on fun for you!

The Accumulator:

Accumulators have a strong connection to money and respect for money. They can appear to be very good with money because they rarely get into debt. However, they have a deep‐seated fear of being poor so they hang on tight to money and live below their means.

Fun fund challenge:

If a Ruler finds spending a fun fund challenging, an Accumulator will find it virtually impossible. They will probably save the fun fund from one month and add it to the next. They will accumulate their fun funds.

How to overcome it : How about using your fun fund to “spend” on investments? This might actually increase the amount of money and opportunities you have and the rest of your income will be safe. One of the main challenges of an Accumulator is to invest money rather than just save it and so using a fun fund for this might really help.

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