SPENDTHRIFT OR SAVER?

SAVE MORE, BUDGET BETTER, SPEND LESS...

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