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Tuesday, December 17, 2019

There Are Three Types Of Spender – Which One Are You?

Abigail Montrose a Personal Finance Expert at Royal London is here to help you consider your spending behaviour.

In a perfect world, you get paid at the end of the month, you treat yourself to, say, a new pair of slacks and a half-pint of shandy and then you save the rest for a rainy day, after paying your bills, of course.

Sadly, it’s not a perfect world and your money always seems to disappear without a trace.

That’s the way of the world and more or less the hand we’ve been dealt. Well, for me anyway – I’m what you’d call a ‘frivolous spender’.

To find out more about putting a financial plan in place, click here to visit Royal London

No matter how good (or bad) you are with money, one thing we’d all agree on is that a little financial help wouldn’t go amiss. If you spend too much, there are often ways to save money and if you manage to save a lot, there may be better ways to look after your money.

So which kind of spender are you? Royal London has some ideas to help you make the most of your money and plan for your financial future.

1. Won’t spend a penny unless they absolutely have to. i.e., the one who always disappears when it’s their turn to buy a round
Well done, Mr Sensible. But don’t you also want friends? Looking after your money and making sure you have enough to pay the bills is really important, so you’re doing well there, but there’s no harm in having some fun as well.

If it’s the bills themselves that are holding you back then the friendly experts at Royal London wisely suggest you gather together your latest bills for all your utilities, like gas, broadband and your mobile phone, and then set yourself a week to cut your bills. For example, you could tackle a different bill every lunchtime, shopping around on comparison websites to see if you could get a better deal.

Some UK households could save over £300 on their gas and electricity bills by swapping to the cheapest energy tariff, according to Ofgem, the UK’s gas and electricity regulator. In other words, a few minutes shopping around could prove very fruitful for your bank balance. And don’t forget, automatic switching services like Switchcraft or Look After My Bills find and switch you to the best energy deals, which can help you save time and money.

2. The one who starts off with good intentions but always ends up living off baked beans by the end of every month
The main thing here is to break any bad habits that might be stopping you from getting to the end of the month, when payday is a distant memory… and relying on baked beans. Royal London suggests taking a look at your spending to see where you might be able to cut back and so make your money go further.

Cutting that takeaway coffee to once or twice a week, or preparing some of your meals at home, will all add up to help you save money. Reducing your spending by just £2 a day could save you over £700 a year. Just think how many tins of baked beans you could buy with that.

3. The one who blows it all on payday

Right. Where to begin? You felt like a millionaire for a few days and are now penniless. I know the feeling but, luckily, Royal London has some ideas to help you.

Firstly, you need to find out where your money’s going. Sounds obvious but until it’s laid out in front of us, most of us don’t realise exactly how much we’re spending each month. Royal London suggests going through your bank statements to identify any wayward spending, cancelling old subscriptions and use a money management app or spending diary to help plan what you want to spend and keep track of it.

Once you’ve got to grips with this it’s also worth saving up small change. If you’re a keen app user, there are lots of ways you can use your phone to save (or invest) your change. For example, Monzo, a mobile-only bank, has a Coin Jar feature on its app which rounds up your purchases automatically, transferring the extra coins to a savings pot.

Determined to make a change? Luckily, you can. Find out more about Royal London’s determination to focus on long-term decisions for its customers, visit

Determined to make a change? Luckily, you can. Find out more about Royal London’s determination to focus on long-term decisions for its customers, visit
Click here to visit Royal London and start thinking about your financial future.

[ By The Hook ]

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