Spending money, in theory, should be a source of satisfaction. Basically because if you spend it, it's because you have money to spend, right?

This story is not as simple as it seems. There are, for example, people who spend compulsively and have a hard time when they can't pay the bills. Or those who have had a life of deprivation and when they have the chance to spend, they restrict themselves on even the most basic things for fear -consciously or unconsciously- of falling into poverty again.

Others are devoured by their own greed and prefer to take their money to the grave. The list of reasons associated with the fear of spending money is very long. But when this behaviour starts to interfere with the normal course of life, it is likely to be a rare condition called chrometophobia (chrometophobia is the extreme fear of spending money).

We often emphasise the importance of financial education, such as gaining a solid understanding of how money works and having the resources to make informed decisions.

But when it comes to establishing financial health, one thing most people don't consider is their financial personality type, or their approach and emotional responses to money.

We each have our own beliefs and emotions about money, and they are mostly shaped by our individual life experiences.

Are you a “compulsive spender” type?

• You tend to spend money on things you don't necessarily need.
• You have an outgoing personality and love to treat people with something special, sometimes for no particular reason.
• When you are emotionally distressed, your solution is to spend, especially for immediate gratification.

Even if they have large amounts of debt, compulsive spenders will often continue to shop. They may even try to hide large purchases from friends and family. In extreme cases, they may risk bankruptcy if they consistently spend more than they earn.

Simply enjoy the moment and be happy.