Your Money Personality

Identifying your financial needs and wants

Needs examples

Fundamental needs that seem universal include clean water, nutritious food, shelter and the capacity to acquire these. For some, they catch water in tanks, and grow food in their backyards, while others work to earn an income to purchase these basic survival needs.

The amount of money required to make such a purchase represents a financial need.

Although not necessarily easy, it is possible to break up your spending between needs and wants. For example, water and electricity are needs, while confectionary and alcohol could go into wants.

We are certainly not encouraging you against enjoying the things you want, but to increase appreciation of how you’re using money and as a result help you further identify your financial needs and wants and in turn behaviours.

While there are common financial needs and wants for all of us, there are also differences between these things for different people.

This is where an appreciation of money personality is helpful.