One-question test could save you from debt, money expert explains spending types

Your relationship with moneyis influenced by more than just your current income levels, according to one financial expert. Some people seem unable to splash out on anything they consider non-essential, while others struggle to live within their means. This all boils down to different moneypersonality types, says Aaron Peake, a money expert at CredAbility.

Aaron elaborated: "Your relationship with money is often shaped more by your personality than your income. Some people feel safest when they're saving, others thrive on spending, and some would rather avoid the subject completely."

The expert outlined six distinct money personality types, and determining which one you are begins with answering one straightforward question honestly: what do you do most with your money? Understanding your type can help tailor budgets and goals to suit you best, making them much easier to adhere to.

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Savers

Aaron explained: "Savers love security and get a buzz from seeing their balance grow. This is a great habit, but some savers miss out by being too cautious. "If this is you, put a portion of your cash to work in a high-interest savings account or a fixed-term product. You'll still feel safe, but your money will grow faster."

Spenders

Nearly the complete opposite of savers, spenders find it difficult to set money aside when they could use it immediately to enhance their life's enjoyment. Whilst they typically experience more than savers, creating a wealth of memories, they frequently discover themselves buried under a corresponding pile of debt.

The financial expert suggested these money personalities establish a "fun fund", allowing them to allocate a fixed sum monthly for their spending allowance. This approach prevents them from accidentally using funds earmarked for essentials whilst still maintaining their preferred way of life.

Avoiders

If you have a stack of unopened banking correspondence, neglected bills or find it challenging to discuss financial matters, you might be an avoider. Aaron advised: "If you recognise yourself here, start small. Open one letter or check one account today.

Then build up slowly. Services like CredAbility let you track your credit score for free, which can be a good first step in facing the numbers without fear."

Planners

Should your financial arrangements for the coming years already be meticulously organised in a spreadsheet, you're probably a planner money type. Whilst the structure and commitment can establish you for excellent financial achievement ahead, there are certain drawbacks to this character type as well.

Aaron explained: "This is a brilliant trait, but planners can sometimes get too rigid. Life happens and plans need adjusting. My advice is to allow yourself a bit of flexibility, so you don't feel stressed when things change. "

Risk-takers

These people are constantly on the lookout for new ways to boost their income, whether that's through investments, side gigs or more concerning methods like betting. The expert cautioned: "Sometimes this pays off, but it can just as easily backfire. If this sounds like you, set clear limits. Only invest money you can afford to lose and spread your bets across safer options too, like pensions or ISAs."

Givers

If your initial reaction upon receiving money is to share or enjoy it with loved ones, you're likely a giver. However, Aaron warned that this generous trait often jeopardises your own financial stability.He advised: "If you're a giver, remember that looking after yourself first means you'll be in a stronger position to support others later. Put boundaries around what you give, and don't be afraid to say no."