The success someone has with money has nothing to do with how smart they are and to some degree how much they earn. Instead, our behavior and outlook on money can have a large influence on how we save or spend. Are you an anxious saver or a careless spender? Do you care about material possessions or the amount of money that you have in your account? This article explores how our behavior with money can influence our financial success, and what you can do to better educate yourself about this important topic. At Ameris Bank, we are here to help you make your relationship with money a healthy one. 

Why does it matter how you think about money?

The first step in making a positive change to your financial situation is knowing your thoughts and beliefs about money. Knowing this will allow you to take a step back and become self-aware of your tendencies with money. If you are self-aware, then you have a higher probability of being able to make positive changes. 

If you find yourself stuck in debt, the first thing that you need to do is change your behavior and understand the behavior that got you to where you currently are. Ask yourself why you spent as much as you did, why you did not save and how you feel about those decisions. Knowing the answers to questions like the above will show you how the psychology of money personally affects you. 

What are your financial preferences?

1.    Spender vs. Saver

What is your first instinct when you receive money? Do you buy that next item on your wish list, or do you put the money into your savings account?

• Spenders are the types of people who have money spent before it’s even in their hand, or if they do have it, it’s burning a hole in their pocket. People who are spenders get a higher sense of gratification from swiping their cards than those who err on the side of caution.
• Savers know that when they get their paycheck it is going directly into investments or their savings account. People who align more with this usually do not crave the instant gratifications others get from making a purchase, instead they are patient and think through their purchases.

Both sides have their pluses and minuses. As a spender, you are going to be more willing to travel, go out and enjoy more experiences. While as a saver, you may feel like you’re missing out on some of these opportunities because of the cost that comes along with them. Balancing being both a spender and a saver is the key – so you don’t deplete your accounts but do get to enjoy your life. 

2.    Nerd vs. Free Spirit

Do you have a budget? Are you strict with sticking to it or do you also save room for things like date nights, travel and parties?

When it comes down to monthly budgets, “financial nerds” are the ones who are crunching numbers down to the penny to make sure everything is accurate and goes according to plan. Opposite of that, we have the free financial spirit mentality. These are people that tend to go with the flow, instead of sticking to a strict monthly budget. They will never turn down a night out with friends because of how much it will cost them, it will hardly even cross their mind or it’s not important enough to pick the more conservative approach. 

Having a bit of both in your mentality when it comes to budgeting is important. You don’t want to be living beyond your means, but you want to make sure that you enjoy your date nights, dinners and vacations as well. Including those outings and trips into your budget allows you to live within your means, while also enjoying your life! 

3.    Safety vs. Status

Do you find motivation by financial safety or status? Do you want to show off the amount of money you have with your material possessions, or do you feel better having more money in your accounts?

A person that favors status over safety is someone that would rather buy a new car than have money to fall back on in case an unexpected event occurs. People who lean towards safety are those who feel secure knowing that they have money in the bank in case they lose their job or they get into an accident.

Whatever camp you fall into, it is always smart to have a savings account set aside specifically for emergency expenses. Life is crazy and you never know what the day will bring you. Knowing that you are prepared, no matter what life throws at you, is an amazing feeling. This will also take some of the pressure off stressful situations that could bring you to this point. If you got laid off from your job, but already had enough money saved up to cover your expenses for the next few months, you would be in a lot better of a place than someone who just spent their last paycheck on a new designer bag. 

4.    Family & Childhood

How did your family talk about money when you were growing up?

The way that you heard money being spoken about, or not, when you were growing up influences how you then view it in adulthood. If your parents spent money like it was nothing and never discussed budgeting, then that isn’t at the forefront of your mind when you start receiving your first paychecks. However, if money was always tight and you learned about budgeting and saving from a young age or your parents started you off with a minor savings account, that might be something that you are more accustomed to start doing on your own as well. 
 

How does the psychology of money affect my decisions? 

Now that you know a bit more about the psychology of money, let's get into how it actually affects your decisions. How you handle your money shows more about who people really are than one may think. If you are someone who is selfish and greedy, you keep your money to yourself and buy things to ensure others know that you have money. If you are giving and kind, then you are going to be someone who donates money and takes care of others with your money as well. 

Our psychology of money affects each of the small decisions that we make each day. Do you drive an extra 10 minutes to get to a cheaper gas station or do you go to the overpriced one that you’re close to because of the convenience? Do you make coffee at home or stop at Starbucks everyday on your way into work? If you are aware of the tendencies that you have with money, you can start making small changes every day to correct them and get to a healthier financial status. It may be easier said than done, but it is possible! Some of us need to start making coffee at home a few times a week and some need to splurge on the fancy coffee drink every once in a while! No matter which boat you are in, as long as you are aware, you are making a step in the right direction. 
 

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Money Saving Tip: Skip that daily coffee run to Starbucks and save!
$5/day at 5 days/week = $25/week or $1,200/year

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Need help with money management? Contact us or check out our guide of products, services and tips to help keep tabs on your finances 24/7. Crunch the numbers with our budgeting calculator to set yourself up for success. 


Reviewed April 2025
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.