What’s your financial personality?
Whether you’re a super-savvy saver or cash burns a hole in your pocket, there’s an expert tip with your name on it, says VICKY SHAW
WHAT type of saver or spender are you? According to a new survey by HSBC UK, in partnership with YouGov, who quizzed people on how they handle their finances and their spending habits, there are eight different personality types when it comes to managing our money.
Curious to know yours? Take HSBC’s online Bank-Life Balance test to find out (webforms.hsbc. co.uk/banklifebalance).
Meanwhile, here are the eight financial personality groups identified in the research, along with the percentage of people in each category, and tips for each one...
DRIVEN ACHIEVER (15%)
YOU feel you know what you’re doing when it comes to managing money. You’re comfortable pushing your financial boundaries if you think there’s going to be a pay-off. Tips for driven achievers: People in this group tend to swap shopping habits based on speed and convenience. Try buying food online so you can save by planning meals.
SELF-SUFFICIENT SPENDER (14%)
YOU’RE confident, independent in spirit and like to make life as easy as possible.
Although you’re not flashy, investing in quality matters and you like to live life your way. Tips for self-sufficient spenders: You like to be loyal, but try shopping around instead of sticking to one supermarket to shave money off bills.
SKILLED SAVER (10%)
YOU keep a tight rein on your finances and strict budgeting means you always stay on track. Your resourceful nature means that nothing goes to waste and you live within your means.
Tips for skilled savers: Skilled savers hate wasting money. So while you may not want to throw out your old sofa just yet, try freshening its appearance up with new cushions or a throw.
Also, as you love a bargain, try hunting around for discount vouchers if you’re planning a meal out.
TREND SPENDER (16%)
YOU’RE ruled by your heart and aren’t scared of stretching your finances as long as you can maintain your lifestyle. If you see it, you want it!
Tips for trend spenders: Try giving yourself a few days’ breathing space after seeing something you like. That way, if you’re still thinking about it, you know it’s a considered decision.
You love to pile up your shopping basket – but try doing it for less money. Pop to the supermarket just before it closes to see if they’ve reduced any prices.
SENSIBLE SAGE (15%)
‘SAVE now to spend later’ is your motto. You see no point getting into debt unless you can pay it off in full every month. Bargains matter as does finding the best deal.
Tips for sensible sages: If you’re catching up with friends, look for local free attractions or pop-up food stalls that may offer great quality food at a fraction of the cost of dinner on the high street.
BUDGET GURU (7%)
YOUR financial discipline is the envy of your friends in your determination to balance the books to come in on budget.
Tips for budget gurus: You may have firm habits – but try challenging yourself to trying something new once a month, such as a new hobby. This group also tends to borrow more money than other personality types – not to splash the cash, but to pay for everyday essentials, which is something budget gurus may want to address.
SPONTANEOUS SPENDER (9%)
YOUR friends come to you for wisdom, as you’re always trying new ideas. If it’s a choice of staying in to save money or going out to the latest restaurant you’ll do the latter. Tips for spontaneous spenders: Try a bit of planning, such as making a shopping list before going out and avoiding shopping for food when hungry.
CONTROLLED SAVER (14%)
YOU’RE cautious about any financial risk. You’ve little interest in labels and rarely splash out, but you’re loyal to the brands you know and love. The personal touch is important, so you prefer to conduct your financial affairs face-to-face. Tips for controlled savers: Boost your savings even further by selling unwanted goods online before buying something new. Controlled savers often steer