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, it’s all about striking a balance. To help you get started, why not compare savings options below?