What Kind of Saver Are You?

Discover what kind of saver you are and tips on how to upgrade your saving strategy with this fun, 5 question quiz. 

*Keep note of your answers as you go – this will determine your result

1. I can afford my monthly expenses such as rent or mortgage, utility bills, and groceries.

• a) Yes, though some months are a close call
• b) Yes, I can manage this each month
• c) Yes, I set the exact amount of money aside as soon as I'm paid
• d) Yes, it's all debited before I can even miss it 
• e) Absolutely! I'm acutely aware of every bill and how much it costs/fluctuates

2. I have an emergency fund that could cover at least 3 months of living expenses.

• a) No, I take each month as it comes
• b) I have an emergency fund, but it wouldn't last three full months because sometimes I borrow money from it for non-emergencies 
• c) Yes, I have a dedicated savings account for this very reason
• d) Yes, comfortably. Plus, I continue to add to it, because ‘why not?'
• e) Yes, I do. I budget for the same amount each month

3. I am setting money aside to put toward my larger goals (like a house, a car, an overseas trip, etc.).

• a) I prefer to live in the moment and spend money on more immediate expenses
• b) Yes, but not every single month, and not a fixed amount (only whatever I can spare) 
• c) Definitely! I pride myself on being able to achieve/fund my larger goals
• d) Yes, I put saving strategies into place the second I have a new goal
• e) Yes, and I know exactly how long it'll take to achieve those goals, down to the day 

4. I consider my budget before making any purchase, big or small.

• a) Budget? What budget?
• b) Only for big purchases, but I'm flexible with my budget and often treat myself/loved ones in favour of it
• c) Yes, for both big and small purchases
• d) Always before making big purchases, but I don't sweat the small stuff. All my other expenses have already been covered.
• e) I won't spend a penny on anything I haven't already budgeted for

5. I am able to stick to my budget in spite of being tempted to purchase the latest trends in fashion, gadgets, lifestyle goods, homeware, etc.

• a) I prefer not having to stick to a budget – I'm more of an intuitive spender/saver
• b) Generally, but I do splurge from time to time and make up for it in other months
• c) I definitely get tempted, but when I do, it's generally for something specific and then I save up for it
• d) I'm not tempted by trends
• e) Yes, I stick to my budget because I know that everything I earn has been carefully calculated and allocated to other important things

Mostly As - The Free-Spender

Savings — what savings? The Free-Spender lives hand-to-mouth, meaning they spend money as soon as it comes in. These spenders are spontaneous, live in the moment, and have little to no savings to speak of.

Saving Tips for Free-Spenders

You don't let money rule your life, which is great, but be mindful that just one unexpected expense, such as a broken boiler or broken leg, could send you into debt. Perhaps it's time to start tracking your spending with a free app like Moneyhub or Snoop to get an idea of how much you spend in a month. This will then help you to set a basic budget. A simple budget will help you to prioritise your needs over your wants by pre-assigning your available money to specific categories before you've spent it elsewhere.

Mostly Bs - The Sporadic Saver

The Sporadic Saver has a savings account but isn't consistently putting money away. They use their savings account sporadically by adding random amounts every other month. One month they might save £100, but the next, they'll forfeit their saving to buy a new pair of trainers

Saving Tips for Sporadic Savers

You're conscious about saving, which is great, but be mindful that without a fixed goal and a consistent savings plan, you probably won't end up saving a substantial amount. Why not try automating your deposits in an untouchable savings account. An easy way to do this is to calculate your budget and figure out a reasonable, achievable number to save each month. Next, arrange your recurring monthly deposits accordingly.

Mostly Cs - The Goal-Getter

The Goal-Getter knows exactly what they're saving for, and they have a plan. The Goal-getter usually has multiples “pots” of money, each assigned with their own goal — a dream holiday, a bathroom refurbishment, a new couch, etc.

Saving Tips for Goal-Getters

You're a Goal-Getter, great work! However, if you don't already have a pot dedicated to emergencies, you'd be wise to start one. It might not be as exciting as a ski trip, but it's a good idea to save for the unexpected too. Another way to bolster your savings is to set up autopayments to your sub-accounts.

Mostly Ds - The Smooth Saver

For the Smooth Saver, saving has become second nature. This saver has automated systems in place for all their monthly bills and savings, which go off without a hitch each month.

Saving Tips for Smooth Savers

If you're a Smooth Saver, congratulations! your saving strategy has reached a level of proficiency and success, just remember to re-evaluate your monthly contributions on a regular basis and to adjust them according to any changes to your income and expenses. If you haven't already, perhaps you could move some of your savings to an account with better fixed interest rates.

Mostly Es - The Budget Master

Some might refer to Budget Masters as frugal, but to others, their Jedi budgeting skills are a marvel. Budget Masters are aware of every penny that enters and leaves their account/s and accommodates for every expenditure – right down to an ice-cream on a hot day. Budget Masters like to track everything, usually in a spreadsheet or some form of budgeting template.

Saving Tips for Budget Masters

If you're a Budget Master, keep doing what you're doing because this savvy strategy is gold. Just be mindful that there may be more efficient and/or creative ways to track your spending than the one you currently have in place. You can even use a dynamic and integrated tool like Nordigen, which can automatically update Google Sheets with your daily account balances.