Quiz: What’s Your Money Mindset and is it Working for You?

Take Our Quiz To Find Out

There are many ways to be good with money. Some of us are good at saving, others at spending, some at investing and others at budgeting. Often, though, it’s a combination of all of these ways that can get us where we want to be. Determining your own money mindset is a great first step to building a strong financial foundation. Take our quiz to learn more about your own money views – and how improving your mindset can help you grow your money.

  1. Surprise! A totally unexpected $250 rebate just increased your checking account balance. What will you do with it? (choose one)

  2. All that saving is paying off and your rainy-day fund is looking tempting. You’re most likely to: (choose one)

  3. A year from now, you’re looking at your bank statements and smiling. Why? (choose one)

  4. The dinner-party conversation takes an unexpected turn towards RRSPs. Your first thought is: (choose one)

  5. After a long, frugal decade, you’ve finally saved enough to trade up your vehicle. But thanks to inflation, your dream car now costs far more than you expected. You: (choose one)

Mostly As: You are a Spectacular Spender

No, that’s not sarcasm, it is indeed commendable to know how to enjoy your money in the moment, which is something that eludes nearly all financial worrywarts. Spenders tend to skew younger, without families to feed or mortgage payments to make, so you may just be getting started on your long-term financial plan. (No shade, everyone starts somewhere!) But do you ever find yourself thinking any of these self-sabotaging thoughts? “Financial planning is all too overwhelming,” or “I don’t have much saved so there’s no point in investing,” or the timeless classic “I’ve waited too long to start and now it’s too late!”? The Spender’s challenge is getting over whatever thoughts are holding you back, and to find a better balance between living well today and tucking a little something away for tomorrow. A great way to harness your gift for living in the moment? No matter how small, choose a single savings task and do it today. A few ideas: open a TFSA, set up automatic payments to an RRSP, or make a call to an investment advisor and ask for help. Get inspired right here.

Mostly Bs: You are an Advice Activist

Admitting you don’t know everything is an admirable trait. While you might occasionally lack “money confidence,” you know there are boundless resources available to help you strengthen it, and you don’t mind using them. Or, perhaps better yet in your case, you feel no shame in outsourcing that stress entirely to someone else. Advice Activists tend to rely on experts, prefer a human over a bot any day, and constantly communicate with advisors. Advice Activists like you thrive not only on asking for advice, but on actually taking it. You do best by committing to a budget and doubling down with pre-authorized contributions to savings, RRSPs and other investing accounts, and enjoy nothing more than watching your money grow. And as someone who loves budgeting, you might boost your savings game with these tips and tricks.

Mostly Cs: You are a Goal-Getter

Some people work better with an endgame in mind. That’s you, Goal-Getter, and the best way for you to get to the finish line is to run directly towards it. You know that time is on your side, and people like you are gifted with tunnel vision and the ability to ignore distractions along the way. You are a lone wolf of sorts, willing to do your own research by following business and finance news. You’ve also likely embraced the latest online tools and investment apps, which allow you to do your own thing in your own way. Your challenge, however, may be keeping your stamina up for the long haul. Here are some ideas to keep you going.

Mostly Ds: You are an Intelligent Investor

No-nonsense investors like you value financial confidence over anything money can buy. You’ve dug yourself out of debt and paid off those student loans, and you’re thinking carefully about how to get your money working for you. Alongside your TFSA and RRSP are a mix of other holdings, including some shares you picked up after finally feeling savvy enough to invest on your own. But you know you don’t have to go it alone, so you might also use a full-service investment provider that you never think twice about paying for. In fact, you consider it just another investment! We’ve got some great insights for you here and here.