I ask every guest on the Money:Mindshift podcast one final question: What’s your money personality? Are you a saver? A spender? A giver? A money-maker? Over time, we’re building a fascinating picture of how different people see themselves when it comes to money.
Why ask that question?
Because I believe self-knowledge is the start of better financial decisions. As Carl Jung (a Swiss psychiatrist) said: ‘Until you make the unconscious conscious, it will direct your life and you will call it fate'.1 In other words, if we don't understand our money mindset, we risk being driven by habits and assumptions we’ve never looked at before. But when we shine a light on those inner feelings, we could gain power to make changes.
Dr. Daniel Crosby, himself a psychologist by training, offered a brilliant example of how to do this. In our podcast episode, 'How to be good with money', he walked through a deeply personal and clear description of his own money mindset, and the changes it led him to make.
After recording the episode, I detected five steps he used to identify his money-mindset. Let’s break them down, alongside some questions, to see how you could follow the same pattern to reflect on your own.
1. Think back to where it started
Daniel starts with his earliest memories from childhood around money. These experiences created a natural tendency in him to save, avoid risk, and be cautious.
To help you reflect on what your experiences were when growing up, here’s some questions to think about:
- What are your earliest memories of money?
- In your childhood years, did you experience a sense of abundance, scarcity, tension, or ease during those formative moments?
- How have those early encounters with money influenced your financial decisions and perspectives in the present day?
2. Introduce a point of contrast
Daniel then contrasts his mindset with that of his younger brother, who has a more relaxed attitude towards money. Comparing your money mindset with someone else's can help you see what works for you and identify blind spots or biases.
Consider these questions when comparing your money mindset to another:
- How do your attitudes and / or early experiences differ from your siblings or friends?
- What might those differences reveal about your story?
3. Name your default setting when it comes to money
In steps 1 and 2, you identify your 'default setting'. That's how you naturally feel about finances. In our podcast episode, Daniel describes himself as a natural saver, or a 'tightwad.' He acknowledges this trait, accepts it, and understands its origins and consequences.
Here's how you can apply that to yourself:
- If you had to pick a label for your money personality, what would it be? For example, are you a 'saver', a 'spender', a 'giver' or a 'money-maker'?
- What are the consequences of this default setting? Does being a 'giver' affect you positively or negatively? How does being a 'spender' impact your life? Does it help or hinder your ability to reach long-term goals?
4. Describe the turning point of your mindset towards money
Daniel decided that being a saver wasn't always serving him. And through a mix of research, personal reflection, and advice from his father (also his financial adviser) he identified what a better money mindset might look like.
This is when the money mindshift happened. Here’s how you can apply it by asking yourself:
- Where can you find a helpful counter-example to your money mindset? And what is it countering?
- Is there someone in your neighbourhood with a money mindset you admire? Have you seen an article, book, or TV show character with a money mindset that you can learn from?
- What might you want to take on board from those counter-examples? How do they differ from yours? Why might you learn from them?
5. Show the change in behaviour
You might believe your money mindset is effective for achieving (short- and long-term) financial security. But consider learning from others with different perspectives. Daniel realised that being a saver wasn't always beneficial. So he shifted to spending intentionally: on travel and building memories with his children, focusing on relationships rather than just saving.
You might want to think about doing the same:
- If you had a better money mindset, what would you do day-in and day-out?
- How could you get started today? What might you want to do once you get the next pay-cheque or salary increase?
We can take valuable lesson from Daniel that even good traits, like being a good saver, can go too far. Balance matters. Health matters. Time matters. And in this mix, money is a tool, not the goal.
Your own money mindshift
Looking back on the episode, I can see that Daniel’s self-reflection led him to a shift – a money mindshift. He shifted from saving unconsciously to spending intentionally. After he recognised his default setting, he changed his behaviour with intention.
This is the heart of what we explore at Money:Mindshift. You don’t need to become a different person – you shouldn’t. You are who you are – and that’s great. But by reflecting on why other approaches are equally great, you might detect some flipsides in yours. And decide, with clarity, the right shift and how it shows up financially.
So, what’s your money mindset?
You don’t have to have all the answers. But asking the question is the first step.