When it comes to money -- whether we most enjoy spending it or saving it -- we all have a money personality. Olivia Mellan, author of "Money Harmony: Resolving Money Conflicts in Your Life and Relationships," has identified five distinct money personalities. Do note that each type has good qualities and shortcomings, and most of us are a combination of several types. The five money personalities:

1. The Money Hoarder
You really enjoy saving money, and your financial goals are carefully prioritized. You not only have a budget you faithfully follow, but also one of your favorite pastimes is creating and fine-tuning that budget. Spending money is difficult for you--be it for yourself or your loved ones--because purchases seem frivolous. Spending money on entertainment and vacations is especially unnecessary in your mind. When you invest money, it is for the future. "Saving for a rainy day" is your personal slogan. Extreme money hoarders will even keep a stash of cash in secret places in their home.

2. The Money Spender
Money is meant to be enjoyed and to make life better. You get a real kick out of buying things and services for your immediate pleasure, as well as buying gifts for others. You have difficulty saving money, so it can be a challenge to put aside enough to meet your long-term financial goals. You may spend so much money that you have some debt--perhaps, significant debt. (Do note that many people who are in debt are not necessarily Money Spenders; instead, they just don't make enough money to meet their basic needs.)

3. The Money Monk
Money is dirty. And if you have too much of it, it will corrupt you. You believe that money really is the root of all evil. You avoid investing money because you don't want to become wealthier, since that can lead to greed and selfishness. If you do invest, you look for socially responsible investments that reflect your personal values.

4. The Money Avoider
Who wants to think about money? And that's why you procrastinate balancing your checkbook, may not pay your bills on time and delay doing your taxes until the last minute. You probably don't make a budget or keep any kind of financial records. You have no idea how much money you actually have, how much you owe or how much you spend. Investing is way too much work. Many people who are money avoiders feel incompetent or just overwhelmed by money tasks. Extreme money avoiders have so much money anxiety that they can be paralyzed when faced with money tasks.

5. The Money Amasser
Having large amounts of money at your disposal to spend, save or invest is what makes you happiest. Because you equate having lots of money with self-worth and power, you feel like a failure if your bank account balance drops too much. You are a high-risk investor, seeking high rates of return so you can make a lot of money quickly.


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