Different types of money bullies and what you can do

Jacob Joseph 14 November 2016 NEWS

What to say next time you speak to a money bully.

Don’t let a money bully feel big at your expense. These types of people leave you feeling insecure and deflated about your money and finances. Different money bullies include know-it-alls, penny pinchers and the shamer type who puts you down for less-than-perfect financial decisions. Read this page so you can give an informed answer about your finances the next time you’re faced with a money bully.

Who are the different types of money bullies?

The shamer

The shamer won’t let you forget your financial mistakes and is quick to point out where you went wrong and what you could have done better.

The know-it-all

One of the most common types of money bully, the know-it-all will always make it known what they would have done differently and why. The know-it-all can also show elements of the shamer.

The frugalist

Frugal is the new black for this type of money bully. The frugalist type distances themselves from the murky world of credit and will cast judgement on your choices with creditors. They prioritise saving over spending and don’t understand why you don’t do the same.

Savings accounts

Thanks to the concept of interest, money makes money. If you have friends or acquaintances who don’t stop talking about how much they earn from their savings accounts, direct the conversation to high interest accounts and automatic savings plans. This is a feature you can use to automatically grow your savings balance each month and earn more money from interest payments. Money bullies won’t have a leg to stand on in the face of budgeting and automatic savings plans.

Some of the money bullies’ favourite topics

Have a read about what to say next time these topics come up in conversation.

Credit card debt

If a money bully has a go at you because you’re carrying credit card debt, say you’re doing a balance transfer so you can save money on your credit card interest repayments.

You can read more about how to do a balance transfer on our balance transfer credit card comparison page. The three most important points are:

  • Balance transfers are a money-saving credit card feature for new customers only.
  • At the end of the introductory period your credit card repayments will increase. Any balance transfer balance you haven’t paid back will accrue interest at the purchase or cash advance rate of interest, depending on the card.
  • You don’t get interest-free days on your credit card purchases if you’re carrying a balance on your balance transfer.

Home loan interest rates

If your money bully always talks about how they’ve got the best home loan rate, or how they fixed their mortgage at the right time, compare mortgage lenders to see if you can refinance your mortgage at a better rate. We make comparing mortgage lenders side by side simple. You can see what’s on offer from different lenders and calculate your mortgage repayments.

Money bullies don’t have a chance if you’re armed with information. If you’ve run into a money bully, share your story about how you got the upper hand.

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