What's your spending personality?

Have you ever set a financial goal or promised yourself to make a change, only to slip back into old habits? You’re not alone. Many Canadians struggle with spending—not because they lack discipline, but because of their spending habits and personality.

What’s a spending personality?

A spending personality is how you emotionally respond to money. It shapes how you spend, save, and use debt.

These personalities are influenced by:

• Learned behaviours from your childhood and observations from your parents

• Your current stress, habits, and lifestyle

• Your level of financial literacy

• Peer pressure and social influences

Understanding your spending personality can help you identify your triggers and the emotional responses they lead to. Knowing your type can help you recognize, break, and make new spending habits. There isn’t a single profile for someone who gets into financial trouble. While the factors that lead to financial difficulty are unique, certain spending personalities are more likely to carry higher levels of debt.

These are the spending personalities most linked to debt in Canada. Do they apply to you?

The impulsive spender

They buy now and think later.

Impulsive spenders focus on wants over needs and often make decisions in the moment. They may shop for a quick mood boost or grab deals without thinking long term. Over time, these small, unplanned purchases add up—often leading to higher credit card balances.

You might be an impulsive spender if you:

• Spend money on things you don’t need

• Shop when you feel stressed, bored, or upset

• Shop without a budget or spending plan

• Carry a credit card balance

The social spender

They spend to impress or connect with others.

Social spenders use money to build relationships or maintain an image. They may treat others often, buy thoughtful gifts, or spend more to keep up with friends or social expectations. While it feels good in the moment, this type of spending can lead to debt when it goes beyond what they can afford. Social spenders are willing to put their financial stability at risk to fund their image, resulting in the overuse of credit and large amounts of debt. 

You might be a social spender if you:

• Overspend on holidays, birthdays, or other events

• Experience fulfilment or pride when treating others

• Feel you must give gifts to achieve social acceptance or appreciation

• Spend beyond your means to maintain an image

The avoider

They avoid looking at their finances altogether.

Avoiders feel uncomfortable or anxious about money, so they ignore it. They may avoid checking their accounts, opening bills, or talking about finances. They also neglect important aspects of financial wellness, such as their credit score, budgeting, and emergency savings. This “out of sight, out of mind” approach can lead to missed payments, poor credit, and growing debt.

You might be an avoider if you:

• Don’t know your bank balance

• Spend without a budget or without tracking your finances

• Ignore bills, emails, or phone calls about money

• Avoid discussing your finances because it makes you feel anxious or ashamed

The follower

They buy what they see online.

Followers are heavily influenced by social media, ads, and influencer content. When something is trending, they feel the urge to try it—whether it’s a product, lifestyle, or “must-have” item. These purchases often feel justified in the moment but can quickly lead to overspending.

You might be a follower if you:

• Buy items recommended on TikTok, Instagram, or other social media platforms

• Feel pressure to keep up with trends

• Trust influencer recommendations without much research

• Often regret purchases after the excitement fades

• Overuse credit or “Buy Now Pay Later” offerings to fund their lifestyle

The chaser

They shop for the feeling, not the item.

Chasers are driven by the emotional rush that comes with spending. Shopping becomes a way to escape boredom, stress, or routine. The “high” of buying something new fades quickly, leading them to repeat the cycle again and again.

You might be a chaser if you:

• Shop when you’re bored or need a mood boost

• Feel a short-lived excitement after buying something

• Find yourself browsing or shopping without a clear purpose

• Keep spending to try to recreate that feeling

The convenience spender

They pay more to make life easier.

Convenience spenders prioritize ease and time savings. With food delivery, subscription services, and one-click shopping, it’s never been easier to spend without thinking twice. While each purchase may seem small, the total cost can quietly add-up over time.

You might be a convenience spender if you:

• Use food delivery or ride-share services frequently

• Have multiple subscriptions you rarely review

• Choose convenience even when cheaper options are available

• Feel surprised by how much you spend each month

How to change your spending habits

The good news is, your spending personality can change! It can be intimidating to address how your habits impact your financial well-being, especially after years of building them, but even the smallest steps can make a big difference. Follow these tips to start taking control of your finances:

Stay informed

Broadening your financial literacy skills will help you confidently make financial decisions, meet your goals, and manage your money effectively. A great place to start is our debt help hub for simple, easy to use resources.

Know where you stand

Looking at your current financial situation can help you understand what changes you need to make. A good place to start is by understanding your credit score and how you can improve it. 

Build a budget

Following a budget is the most important tool for those struggling with spending habits. New to budgeting? Check out our budget guide to help you get started.

Set a goal

A financial goal is a target to aim for when managing your money. Financial goals give you a sense of direction, help guide decision making, and act as a source of motivation. We’ve developed a financial goal-setting guide, with examples you can achieve this year.

When to get help with your debt

If your spending habits are leading to growing credit card balances, missed payments, or high stress about money, it may be time to speak to a professional. A Licensed Insolvency Trustee can help you understand your options and create a plan that fits your situation. Get started with a free, no-judgement consultation.