SPENDTHRIFT OR SAVER?

SAVE MORE, BUDGET BET­TER, SPEND LESS...

Good Housekeeping (UK) - - Contents -

Take our quiz

Even those of us with healthy bank bal­ances make prom­ises about our fi­nances when we’re fac­ing the fes­tive spend­ing frenzy. So why do we fall back into bad habits? Take our quiz to see what type of spender you are and how to keep your fi­nances in shape all year

1 When it comes to in­sur­ance poli­cies, whether it’s home or car, how do you man­age re­newals? A I keep a note on the cal­en­dar for when they’re up for re­newal and shop around to see if I can im­prove the deals. 12 pts B I tend to go with the re­newal quote from my in­sur­ance com­pany. I’m too busy to swap un­less the price has shot up. 20 pts C I usu­ally go with the au­to­matic re­newal if I’ve had good ser­vice. 25 pts D I’ll look for the ab­so­lute cheap­est deal there is, even if it means re­duc­ing the amount of cover. 5 pts

2 The lat­est iphone is launched and you really like the look of it. What do you do? A I’ll stick to my old hand­set but ne­go­ti­ate a new con­tract with my provider so that my son can get the lat­est hand­set he’s had his eye on. 20 pts B I’ll pay more to my ex­ist­ing provider to

get my hands on it quickly! 35 pts C I’ll stick to con­tract-free – I’ve not had a new phone for years as there’s noth­ing wrong with my cur­rent one. Of course I’d like a newer phone but it would be a real ex­trav­a­gance. 8 pts D I’ll ne­go­ti­ate with providers to see if I can get a fan­tas­tic deal and switch. If I can’t, I’ll go con­tract-free and save up to buy the phone out­right. 10 pts

3You’ve been told you can ex­pect a bonus this month. What will you do with it? A Bril­liant – we can go on that dream

hol­i­day this year! 30 pts B I’ll buy my­self a few lit­tle treats and then use the rest to max­imise this year’s ISA al­lowance. 12 pts C I’ve max­imised my ISA al­lowance so I’ll

put it into my pen­sion. 8 pts D There are some im­por­tant fam­ily spends

that will have to take pri­or­ity. 15 pts

4You’re on babysit­ting duty and your grand­child wants you to buy them the lat­est su­per­hero toy. How do you han­dle it? A I don’t mind the oc­ca­sional treat, as long

as it’s within my budget. 10 pts B I like to spoil them oc­ca­sion­ally but won’t waste money so I will shop around for the best pos­si­ble price. 18 pts C I’d say no be­cause they need to learn to save for things. But I might buy it for their birth­day. 0 pts D Prob­a­bly buy it, even if it means putting

the spend­ing on a credit card. 25 pts

5You have the op­por­tu­nity to put some ex­tra money into your pen­sion pot. Do you? A Of course it goes in the pot. I put any ex­tra in­come I have into long-term sav­ings and ISAS. 5 pts B Re­tire­ment sav­ing isn’t my pri­or­ity at the mo­ment, so there’s things I’d rather spend the money on. 35 pts C I al­ready have pen­sion sav­ings and I’ve got more press­ing things I need to worry about at the mo­ment. If I need to, I will put some ex­tra money into my pen­sion when I get closer to re­tire­ment. 25 pts D I have a good pen­sion and I want to be really com­fort­able when I re­tire and be able to en­joy it, so nor­mally I’d top it up. How­ever, on this oc­ca­sion it makes bet­ter fi­nan­cial sense for me to over­pay my mort­gage. 14 pts

6What would your money mantra be? A What’s mine is yours. 25 pts B The best things in life are free. 5 pts C If you’ve got it – spend it! 40 pts D If it sounds too good to be true,

it prob­a­bly is. 15 pts

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