diff --git a/src/agent/runner.rs b/src/agent/runner.rs
index 1fe7194..f5fce7a 100644
--- a/src/agent/runner.rs
+++ b/src/agent/runner.rs
@@ -193,8 +193,8 @@ impl Agent {
                     } else if text.starts_with("Your context was just rebuilt") {
                         jnl_tokens += tokens;
                     } else if jnl_tokens == 0 && conv_tokens == 0 {
-                        // First user message is personality/memory context
-                        // Count it as memory, not identity
+                        // Personality context — part of identity
+                        id_tokens += tokens;
                     } else {
                         in_conversation = true;
                         conv_tokens += tokens;
@@ -207,13 +207,10 @@ impl Agent {
             }
         }
 
-        // Memory = personality context + loaded nodes from tool calls
-        let mut mem_tokens: usize = self.context.personality.iter()
-            .map(|(_, content)| count(content))
+        // Memory = nodes loaded during the session via tool calls
+        let mem_tokens: usize = self.context.loaded_nodes.iter()
+            .map(|node| count(&node.render()))
             .sum();
-        for node in &self.context.loaded_nodes {
-            mem_tokens += count(&node.render());
-        }
 
         self.context_budget = ContextBudget {
             identity_tokens: id_tokens,