Olivia Mellan is a professional speaker, author, money coach, business consultant and psychotherapist. Since 1982, she has been a pioneer in the domain of money psychology, couples communication, stress management, and conflict resolution. The information below is from her Moneyharmony website. I find her work fascinating and her “Moneyharmony Quiz” is very accurate. The link to access the quiz is included at the end of this article.
Here is a list of terms coined by her and a colleague. These types were named for the imbalances in each of them – not for their strengths. Each type has strengths and weaknesses, and most people are a combination of types. You can be one major type as a single person, at home, another at work, and another in a couples’ relationship. What’s important to note is which of these types are giving you trouble, and to begin “practicing the non-habitual” to move toward balance, or what I call “money harmony.”
- Hoarder
- Spender (Binger: combination hoarder-spender). Kinds of Overspenders:
- The Money is Love Spender
- The Blue Light Spender
- The Esteem Spender
- The Overboard Spender
- The Spin-of-the-Wheel Spender
- The “I’ll Show You” Spender
- Money Worrier
- Money Avoider
- Money Monk
- Money Amasser
- Risk-taker
- Risk-avoider
- Money Merger
- Money Separatist
The last four are mostly relevant in couple relationships. More men are risk-takers and more women are risk-avoiders, when it comes to investing, especially. In terms of overspending, it is not sex-linked, though I believe there are more men in the Spin- of-the-Wheel Spender group, and perhaps more women in categories A, C and F. That’s not a valid research finding, though – just my own clinical experience over the last twenty years.
How does each person work on balancing the type or types that give them trouble?
- Practice the non-habitual (“be where you ain’t” — “do what doesn’t come naturally”) – weekly, daily or monthly, depending on what it is you need to change.
- Reward yourself for your new behavior or attitude, in a way that doesn’t sabotage your progress.
- Monitor your progress and/or your resistance, preferably in writing.
To take the quiz and find out what your money personality type is go to: http://moneyharmony.com/moneyharmony-quiz
