What kind of spender are you?

What kind of spender are you? Scoring your spending habits is a great way of understanding how you can budget your money better, giving you more disposable cash to treat yourself on little luxuries, or splash out on a holiday.

    Published: 21 Feb 2018

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    1. You’ve had an unexpected £5,000 windfall. What do you do?

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    2. How does your bank balance look at the end of the month?

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    3. Saving money is…

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    4. What are your money goals?

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    You’re an Impulsive Spender

    You love to spend but rarely plan on spending at all – it just ‘happens’.

    It’s ok to treat yourself every now and then as long as you have funds to spare and it doesn’t impact on other areas of your life. But, if deep down, you realise you can’t really afford to splash out like you do, here are a few tips to get you back on track:

    • Remember: shopping isn’t a hobby. Window shopping rarely is for the impulsive spender, so keep yourself away from temptation and find other ways to entertain yourself – go for a run, bake a cake or meet a friend for coffee.
    • Get organised. Set yourself a ‘fun budget’ each month but know exactly what that amount is. If you can, keep it in a separate bank account away from your everyday outgoings so you can’t be tempted to overspend. Tell yourself, when it’s gone it’s gone, it might make you think twice about how much you ‘need’ that thing you’re lusting after!

    Important information

    The content on this page aims to offer an informative introduction to the subject matter but does not constitute expert financial advice specific to your own situation. All facts and figures were correct at time of publication and were compiled using a range of sources.

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      You’re a Status Spender

      You allow yourself regular big-ticket purchases and you wouldn’t be seen without the latest fashion or gadgets.

      If you can afford a designer lifestyle, then great, but if you are turning to credit cards or savings to fund your purchases, you could be storing up problems for the future. Here are a few tips to help status spenders get on top of their spending:

      • Try to change your mindset towards money. A healthy savings account is now the ultimate status symbol and will give you that buzz far longer than the short term joy of flashing the latest gadget.
      • Set yourself a ‘one in, one out’ goal.

      If gadgets are your thing, before you allow yourself to upgrade to the latest model, sell your existing one on eBay first and put your earnings towards your new purchase.

      The same goes for designer purchases, clothes, bags and more. It will not only help fund your purchase but means your cupboards stay clutter free too!

        Important information

        The content on this page aims to offer an informative introduction to the subject matter but does not constitute expert financial advice specific to your own situation. All facts and figures were correct at time of publication and were compiled using a range of sources.

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          You’re a Considered Spender

          You like spending but you’re savvy enough to know that your wallet isn’t a bottomless pit.

          You manage your money really well, but although you’re really careful with your money there never seems quite enough of it to go round.

            Important information

            The content on this page aims to offer an informative introduction to the subject matter but does not constitute expert financial advice specific to your own situation. All facts and figures were correct at time of publication and were compiled using a range of sources.

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              You're a bargain spender

              If hunting down a bargain was a sport you’d have an Olympic Gold. You seldom pay full price for anything. But – and be honest here – how many of your bargains do you actually use?

              Even when something is half price, it still puts more of a dent in your bank balance than saying ‘no’, so have a think about these things before you head to the checkout:

              • Instead of hunting out lots of bargains, why not save yourself for the really good ones. Put aside the money you save from resisting everyday bargains you don’t need into a savings account.
              • Try to resist the thrill of the hunt! Even when you are getting a great deal, you need to first ask yourself ‘Do I need it?’ and second, ‘Would I buy it full price?’ If the answer to either question is no, put it back!

              Important information

              The content on this page aims to offer an informative introduction to the subject matter but does not constitute expert financial advice specific to your own situation. All facts and figures were correct at time of publication and were compiled using a range of sources.

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                You’re a Smart Spender

                You know money - when to spend and when to say no. Viewing your bank statement is never a cause for concern, because you’re always in credit.

                You’re a brilliant budgeter, a sensational saver!

                Just remember, you’re allowed to treat yourself from time to time too.

                  Important information

                  The content on this page aims to offer an informative introduction to the subject matter but does not constitute expert financial advice specific to your own situation. All facts and figures were correct at time of publication and were compiled using a range of sources.

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