What’s your spending personality?
I’ll admit it, I’m a big spender. I regularly splash out on the latest kicks (especially during sale season), eating out, weekends away and buying my kids toys they definitely don’t need. But all this spending has got me thinking, surely I’m not the only person in Australia with a spending problem?
In reality, we all have our unique ways of handling money. Whether you’re a stickler for saving, a lover of luxury or a mindless bargain hunter like me, understanding your spending personality can be the key to better financial health. With this in mind, there’s no better time to take stock of your habits and see where you can improve with these simple tips.
The Saver
If you’re the type who gets a thrill from watching your savings grow, you’re probably best known as a Saver. Savers are disciplined, often setting strict budgets and sticking to them.
Tip for Savers: Consider diversifying your savings by exploring high-interest savings accounts or term deposits. With interest rates fluctuating, now is the time to shop around for the best deals.
The Spender
Do you love to indulge in the finer things, or are you quick to swipe your card when something catches your eye? If so, you might be a Spender. Spenders enjoy life’s pleasures, but sometimes at the cost of their financial stability.
Tip for Spenders: Try adopting the 50/30/20 rule – spend 50% on needs, 30% on wants, and save 20%. This can help you strike a balance between enjoying life and securing your financial future.
The Shopper
Do you love the thrill of a sale and pride yourself on getting the best deals? Then you’re probably better known as a Shopper. Shoppers are savvy with their spending but can sometimes fall into the trap of buying things they don’t really need.
Tip for Shoppers: Set a budget for discretionary spending and stick to it. Also, consider unsubscribing from retailer emails and unfollowing social media pages to reduce the temptation to buy on impulse.
The Investor
Investors are focused on the long game, whether it’s through property, shares, or superannuation. They’re always looking for ways to grow their wealth and diversify their portfolios.
Tip for Investors: Keep an eye on emerging markets which are expected to perform well in the coming years and websites like Moneysmart who can help you get started. Don’t forget to regularly review your portfolio to ensure it aligns with your goals.
The Giver
Are you the person who always picks up the tab or donates to every cause? You may be commonly referred to as a Giver. Givers find joy in helping others, but this can sometimes lead to neglecting their own financial needs.
Tip for Givers: Set a giving budget to ensure you’re still meeting your own financial goals while helping others. Consider setting up a separate savings account for donations to keep track of your contributions, which also makes it simpler for you to claim at tax time.
Recognising your spending personality is the first step toward financial wellness. Whether you’re a Saver, Spender, Shopper, Investor, or Giver, understanding your habits can help you make smarter decisions with your money in 2024. Remember, it’s all about striking a balance. To help you get started, why not compare savings options below?
Top savings accounts
Macquarie Savings Account
- 5.35% p.a. for the first 4 months (5.00% p.a. ongoing)
- Mozo Experts Choice Award Winner 2024^
The award-winning Macquarie Savings Account offers a cracking intro rate of 5.35% p.a. for the first four months on balances up to $250K. The ongoing rate is a competitive 5.00% p.a. and there are zero account keeping fees. You'll need to open a Macquarie Transaction Account as a first step, but once that's done you can open as many linked Savings Accounts as you like using the Macquarie mobile banking app - one for each savings goal!
MyState Bank Bonus Saver Account
If you’re a committed saver who likes to be rewarded for your good habits, take a look at the Bonus Saver Account from mutual bank MyState. This award-winning savings account features a neat 5.00% maximum interest rate and no account fees. Simply deposit $20 or more each month and make a minimum five transactions via a linked MyState Bank everyday transaction account to score the maximum rate.
ING Savings Maximiser
- 5.50% p.a. Maximum interest rate
- High Interest Savings Winner- Mozo Experts Choice Award 2024
The ING Savings Maximiser’s 5.50% maximum interest rate is hard to beat. You can earn a high bonus rate of interest when you make 5 card purchases on your linked ING translation account, deposit at least $1,000 and grow your balance every calendar month. The maximum interest rate is available on balances up to $100,000 and there are no monthly account fees.If bonus interest conditions are not met in a calendar month, the standard variable rate of 0.55% p.a. will apply in the next calendar month. Mozo Experts Choice Award winner^.
Top term deposits
Judo Bank Term Deposit
Judo Bank offers some of the highest term deposit rates in the Mozo database, across a range of term options between three months and five years. Interest can be paid out annually or when the term deposit hits maturity (there’s also a monthly option with a slightly lower interest rate). Judo Bank also lets savers have their interest paid to another bank and offers a 0.10% interest rate bonus on rollovers once your deposit reaches maturity.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Savings Account Awards
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