Savers vs. Spenders


TWiCE knows that no matter who you are, or what season of life you find yourself in, everyone is different. Psychologists have attempted to map out and better understand our behaviours and why we do the things we do, including our spending habits. While there’s always a bit of variance from person to person, nearly everyone falls into one of two camps when it comes to spending habits and behaviours. We’re either savers, or we’re spenders.


The name might give it away, but savers end up having more money put aside than spenders. Savers are generally less likely to impulse buy or pay full price for recently released items, and generally go out less. Spenders on the other hand, often go out for meals more often purchase products on release.  If they want something, they will go and buy it right away. About a third of Britons consider themselves savers rather than spenders, but at the same time we’re more financially constrained than we have been in past years. So what’s the deal, and should we be spenders or a savers?


Well one isn’t necessarily better than the other. Changing your behaviour is something that takes a decent amount of conscientious effort. The best thing to do is look at your spending habits and ask yourself if that was something that a saver or a spender would do? Once you get a better idea as to how you use your money, you can start to look at ways to make the most of your money.



For spenders, it’s about setting reasonable limits to your spending and there are a couple of ways to do this. Reduce and potentially eliminate the use of your credit cards, maybe leave them at home when you can, and try withdrawing cash from your bank account so you have a physical amount you have to part with when you do. When you go to spend, ask yourself whether what you’re purchasing is a ‘want’ or a ‘need’. If you’ve set yourself a savings goal, once you’ve reached it, you can spend a responsible amount to reward yourself and keep you motivated.


For savers, good savings habits have already put you in good stead to continue to get ahead, but it’s important to make sure you’re enjoying yourself along the way. There’s no point saving all that money if you’re miserable while you’re doing it. Set your savings and importantly, your spending goals out in front of you; that way, you’ve got a reminder to keep you focused. Then when you do achieve your goal, it makes the reward so much sweeter because you know how much hard work you put into it.


Regardless of whether you’re a spender, a saver, or something in between, it takes goal setting, a bit of personal accountability, and knowing yourself to get to where you want to be. TWiCE knows that not everybody can go and do this alone, and that’s why we’re determined to provide the help and support that people need to take the right steps on their financial journey. If you’d like to learn more or find out how we can help, you can always check out what we do.

- Tom L


Disclaimer:  The above information does not replace financial advice.  Please ensure you seek independent financial advice before making any decisions regarding your finances.  We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances.  Please note that we sometimes link to other websites but we cannot be held responsible for their content.



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