Everyone works hard to earn their share of money, so that they can spend it in the best way they think is possible. Spending habits are not just limited to how and how much we spend. But how we interact with our earnings is what distinguishes us in the financial world and gives us a unique identity. Our spending habits are led by a purpose, and when we discern it, it sets us apart. So, if you thought everyone puts their hard earned money into budgeting and saving with a similar vision, these vivid financial personality types are your myth buster. Social value shopper

If you ever have been alluded to as being “terrible with money” or a “carefree shopaholic”, because all your money swiftly slips away at the cash counter at your beloved stores defying your control, you have discovered your financial personality type- a social value shopper!

A social value spender does this to fulfil their void of self esteem or to overcome tough emotions like anxiety, and is the simplest way for them to correct the same. They might buy you something as an offer to diminish your lack of self esteem too and boost it. Such personalities are the ones you find often compulsorily picking a restaurant bill or showing up with unexpected gifts and surprises.

Such personalities often fill their psychological insecurities with finances, simply with an aim to appear generous, accepted and needed. It is their way of compensating for the absent love and affection by embarking on a journey from crying to buying. They might even attempt to maintain their social status on similar accounts.

This type can literally risk their financial soundness to keep up with a set lifestyle, which might as well land them in huge debts, on grounds that owning certain brands or things fuels them and feeds their social standing. Next time you wonder how credit card companies flourish, here is the vindication. They use money as a tool for social, emotional and psychological contentment.

A ‘retail therapy’ in sinister shape, is a primary or sometimes, the only solution to all their problems, although dangerous as it makes people believe that spending is the ultimate medium to feel better about oneself.

The social value spender will unfasten their wallet and part their money anywhere they go. What’s important to note is that this isn’t performed in a bid to just acquire things or to own a bunch of things. It isn’t as simple as going to a shopping plaza and buying a lot of things. Instead, such actions are performed out of compulsion rather than requirement. They would always value the joy of purchasing rather than owning things. They buy things they do not need, and don’t use all things they buy.

They need as innocent a reason as “just because”, to abandon their budgets midweek or escape their resolutions to operate within a preset budget. It is an irresistible impulsive spending habit initiated, because to them, it ensures a better connection and feeling of their own self. When people seek euphoria by means of spending huge amounts of money, it might translate itself to a form of addiction at an extreme point, where the slim line between spending and overspending vanishes off.

Cash Splasher

Do you often find yourself amongst people who “too” keenly declare they will pick the bill of  the restaurant in the beginning only, as if it instills a feeling of pride and honour in them, and through this they become extremely visible and centric to your meeting? If yes, then you are already acquainted with a cash splasher – the show off spender.

A cash splasher is identified by the ‘visibility’ of his expenditure, specifically on others. It is a close cousin of the social value spender, except it spends extravagantly on others rather than himself. A cash splasher’s sole motive is to make the occasion ‘all about them’ through actions of generosity, that is through spending money. When presented with the idea of paying, they will always choose their spending to be noticed against just going and paying quietly. They use money and their habitual spending as a tool to make them the pivot point, and the attention received in return is their ultimate goal. They attempt to seek validation through spending, either on someone else or in front of someone else. Such spenders might consider themselves as generous, but money here plays an extended role too.

They will coax you into believing their superiority and convince you to think highly of them, all through exorbitant deployment of money.  Quite often we notice people who frequently indulge in non essential purchases like waving their cheque books without a thought, expensive and unnecessary club memberships or surprising their partners with costly presents.

Money here, fulfills their desire to be admired and applauded. It is not practise that emerged out of them owning wealth, but because of a compulsive requirement to be ‘seen’ spending money. For them, they could ‘earn’ money and ‘buy’ relationships through money. The most teen-genic example is a person doing something really expensive in order to be able to just share it on social media. 

One noteworthy aspect of this type of personality is that a cash splasher will not spend money right away like a social value spender. If the cash splasher aims to achieve an extremely treasured possession, again out of above mentioned reasons, they might prove to be great at saving money. Of course such savings will have a predetermined goal and area to spend, with a clear direction ahead, because they have the next big target in sight.

Maybe after getting to know this, next time you shop or dine with them, the purpose might flash brighter than the purchase!


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