Financial experts say there are four different ‘money mindsets’ that dictate how we spend and save. Which one are you?

While we might all be unique and special in our own characteristic ways, some groups of people are more alike than others. Those who believe that our destinies, or at least our personalities, are written in the stars feel that the population can be divided into 12 zodiac signs, while others really resonate with their results on the famous Myers Briggs test. When it comes to our finances – more specifically, our thinking and behaviour towards banking and saving – experts are also able to segment people into categories, using the four ‘money mindsets’.  The data, collected and published by customer experience companies Accenture and Fjord, is often used by banks in order to understand their customers better and work out how to best address their needs. But for the average person, knowing which of the four money mindsets you have could be the key to helping you on your path to financial freedom. Or at least, help you to understand your spending habits and the consequences thereof a little better. So what are the four money mindsets? We’re so glad you asked. 

1. ACHIEVERS
Like to be in control of your life and finances? People with this money mindset tend to save for clear, tangible goals, and are the best at setting and sticking to budgets. ‘The Achiever feels empowered and optimistic about future goals. They view the long-term as being more important than the day-to-day expenses,’ says Piercarlo Gera, senior managing director for Accenture’s Distribution and Marketing services. ‘This type has a manage-it-and-get-it attitude, using financial tools to track progress, and they believe that making wise financial decisions now allows them to save and work for something later on.’ 

2. BALANCERS
Like to get as much bang as humanly possible for your buck? Then you’re probably a Balancer. ‘These are people who define success by getting the best deal in each and every transaction, maximising rewards and staying on their financial plan so that they don’t have to worry,’ says Piercarlo. ‘They are very risk-averse; they see what they’re doing right now as affecting their future. To Balancers, all of the little things matter, which is why it’s important to weigh and find the best value.’ People who fall into this category feel that monitoring their finances is a way to maintain control over their lives, and unexpected expenses can throw them off. 

3. EXPERIENCERS
For the experiencer, life is for the living, and they are not going to let money concerns slow their roll. ‘Experiencers seek delight in how they choose to spend their money and are optimistic about the future,’ Piercarlo says. ‘To them, their lifestyle will always come first, and they will do whatever it takes to maintain it. They believe that too much structure and thinking about budgets interferes with their lives; they think they’ll always have enough money and can bounce back from unexpected financial problems. People who ascribe to this mindset feel that spending money is what makes all the hard work and daily grind worth it.’ 

4. ​EXPLORERS
Just like the intrepid explorers back in the day, those who fall in this category feel that rules are meant to be broken when it comes to achieving financial freedom. ‘Explorers believe that too many rules and too much structure inhibits a well-cultivated intuition,’says Piercarlo. ‘For them, quality of life defines success and one’s financial needs must be balanced with all of the other needs. Their definition of “financial independence” is that they can do what they want in the future. Explorers are confident; they think everything will be fine ultimately, so there is no need to be anxious about their future as it pertains to money.’