What’s Your Child’s Money Personality?


Imagine your child as a superhero with a unique set of financial superpowers! As parents, our mission is to help them harness these powers for good, guiding them towards a future of financial responsibility and success. Which one of these super-personalities lives within your child?

The Spender

This personality has the power to make money vanish in the blink of an eye. The Spender is always on the lookout for the next irresistible purchase and has a difficult time saving or planning for future purchases. They're impulsive and derive pleasure from acquiring new things.

How to harness their spending

Set clear limits: It's important to set expectations with your child regarding their spending habits. Talk to them about the importance of saving money and the consequences of overspending.

Create a budget: Help them make a plan to manage their money. This will help them see where their money is going and make more informed decisions about their spending.

Set savings goals: If your child is motivated by spending, the promise of a future purchase could be a great way to inspire them to save a portion of their pocket money. Savings goals will help them practice delayed gratification and curb impulsive spending tendencies. 

Let them experience the consequences of overspending: Running out of money is an excellent teacher. Having to wait till their pocket money payday will encourage them to manage their spending better. 

Monitor their spending: Keep track of your child's spending and chat with them regularly about their spending habits, how they could make smarter decisions and when they may need to cut back.

Read more about 5 smart spending habits to teach your kids.

The Saver

Armed with an impenetrable shield, the Saver fiercely protects their money from any expense. The opposite of the Spender, this child is naturally inclined to save their money and can sometimes be overly cautious with their spending. Their challenge is learning when to let their guard down and enjoy their hard-earned wealth.

How to support their saving

Encourage smart spending: Show them that it's okay to spend for the right reasons, even if that reason is a little treat for themselves. 

Discuss the importance of balance: Talk to your child about the benefits of balancing saving and spending. Help them understand that while saving is essential for future goals, it's also important to enjoy life and make wise spending choices.

Set spending goals: Help your child create a list of things or experiences they’d like to spend their money on. Work with them to allocate a portion of their savings to these, which will give them a sense of purpose when spending.

Create a budget: A simple budget that outlines their income, savings, and spending will help them understand how much they can afford to spend while still maintaining their savings goals.

How you can make saving more fun for your child.

The Giver

The Giver is a compassionate and generous money personality. With a heart of gold and a wave of their wand, this child conjures up joy for others through their boundless generosity and enjoys sharing their wealth with others. Their challenge is finding a balance between sharing their wealth and maintaining their own financial well-being.

How to manage their generosity 

Teach about different ways to give: Help them see that there are many different ways to give beyond money, such as volunteering time, doing acts of kindness or donating to charity.

Set a budget: A budget will help them learn the importance of balancing their desire to give with managing their own financial needs.

Monitor giving: You may need to keep an eye on their generous spirit and ensure they're not being taken advantage of. And that they are not putting themselves in an unfavourable position. 

Encourage thoughtful giving: Giving is a wonderful habit, but it's important that your child understands where and why they're giving. Discuss the impact of their generosity and help them make their generosity meaningful. 

The Entrepreneur

With a keen eye for opportunity and a daring spirit, the Entrepreneur is always on the hunt for new ways to turn their dreams into gold. This child is a natural-born hustler who loves finding creative ways to earn money. They often display strong leadership skills and a keen interest in business ventures. It's important to nurture this entrepreneurial spirit while teaching them about responsible money management.

How to nurture their interest

Support their ideas: Encourage your child's entrepreneurial ideas, perhaps even invest in them and help bring those ideas to fruition.

Help them learn from mistakes: Missteps are a natural part of the learning process. Help them rise from mistakes and learn to try new things, even if they're uncertain about the outcome.

Help them understand the business of money: Show them the basics of budgeting, saving, and investing for their business ideas. 

Give them entrepreneurship ideas: Feed their appetite for opportunity by giving them different ways to explore entrepreneurship, such as setting up a lemonade stand, selling items online, or starting a small business.

The Avoider

Possessing the power to make money matters disappear with a wave of their wand, the Avoider often feels overwhelmed by the world of finance. This child is often reluctant to engage with money matters. They may feel overwhelmed and have difficulty making financial decisions, often ignoring or procrastinating essential tasks like budgeting, setting goals or tracking their money.  It's crucial to help them develop a healthy relationship with money and feel confident managing their finances.

How to build their confidence

Start small: Encourage your child to tackle small financial tasks, and reward their progress with fun incentives like treats, a special outing or even bonus pocket money. 

Pair them with a money buddy: Interacting with a more financially-savvy friend or sibling, or even you can help them learn and collaborate on fun money-related activities. It makes their learning experience less intimidating and more enjoyable.

Talk money with them: Make conversations about money a regular thing. Share stories, books, or movies that feature characters overcoming financial challenges or learning valuable money lessons. These narratives can provide inspiration, relatable examples, and an engaging way for your child to absorb financial concepts.

Read why it’s important to give your child pocket money.

Understanding what makes your child tick will help you make learning about money an exciting and magical experience for your kids. Help them unleash their financial prowess and make money their superpower. So they can wield it with confidence and responsibility and are ready to face any challenge life throws their way. 

The information in this post is provided for general information only. The information does not take into consideration your or anyone else’s objectives, needs or financial situation and does not constitute financial advice or a recommendation of any kind. Before acting on any information consider its appropriateness and, where appropriate, seek professional advice. Although every effort has been made to verify the accuracy of the information as at the date of publication, Spriggy its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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