Are you a spender or a saver?

are-you-a-spender-or-a-saverDoes money burn a hole in your pocket? Or are you tighter than tight? Well the truth is that you should be somewhere in the middle – spending a little but not choosing an iPad over a cooked meal.

Take our test to find out if you’re a spender or a saver.

The day I get paid, I…

  1. Put a chunk of it away in my cash ISA
  2. Pay off all my bills before I buy anything else
  3. Have no idea how I’ll spend the money
  4. Hit the shops for some retail therapy

When I have to spend money, I…

  1. Only look for sales and discount deals
  2. Buy what I need but keep within my budget
  3. Spend generously
  4. Pick up whatever I fancy even if I don’t need it right now

I mostly spend money on…

  1. Necessities such as food and groceries
  2. Food and entertainment
  3. Dining out, clothes and films
  4. The latest gadgets and clothes

When it comes to saving money, I…

  1. Put away every penny even if I have to let go of some comforts
  2. Have a clear plan which includes making regular investments
  3. Save for key goals, but dip into it occasionally
  4. Prefer to rely on friends and family

If I see something that’s beyond my budget, I…

  1. Usually give up on the idea
  2. Save for it and then buy it, or wait for it to go on sale
  3. Tweak my budget so I can buy it
  4. Buy it anyway and figure out how to pay later

When it comes to credit cards, I…

  1. Keep away from these
  2. Use them rarely, but when I do I pay the entire bill on time
  3. Use these occasionally and pay the minimum amount every month
  4. Think they’re a blessing, but miss the payments frequently

If your answers are mostly…

A. The penny pincher

You don’t waste a penny and always haggle for the best deals. You easily reach your goals, but sometimes you should loosen your purse strings to enjoy the finer things in life.

B. The frugal saver

You’re in total control of your money and save for important financial goals by putting aside a sizeable portion of your income. You’re on the right path to secure your financial future.

C. The aspiring saver

You try to curb spending, but can’t resist spending money when you fancy it. You take some care of your finances, but don’t save enough for crucial purchases. You need to examine your budget and stick to a regular savings plan.

D. The wasteful spender

You simply can’t resist a sale. You’re probably on the verge of a credit card debt trap, overdue on loan repayments and running behind on your rent or mortgage. But don’t despair – it’s never too late to stop and turn things around.

Financial support

If you’re having problems paying your rent or other bills, please contact our income team straightaway. If you have rent arrears they’ll work with you to come up with a repayment plan, so you don’t end up losing your home.

Our income team can also put in contact with Catalyst Gateway or independent financial agencies who can help you manage your money or support you in getting into work or training.