What kind of saver are you?

Quiz

Have you ever really thought about what kind of saver you are?

Well, if you’d like to find out, look no further! Our nifty saver quiz may help you figure out how you like to save as well as looking at some savings options for you.

Just answer all the questions and make a note of your answers to calculate what kind of saver you are!

1. You enter a competition and win £1,000! What will you do with your winnings?

• Pop it straight into my savings where it’ll gain the most interest.
• Great! That’ll go nicely towards our holiday pot for when we go away in a few months.
• Fantastic news, I can get that designer coat I was looking at last week!
• Thank goodness, that will take a big chunk off my credit card bill.

2. It’s pay day, how are you budgeting this month?

• My direct debits and standing orders are all set up – the same amount will go into my savings as it always does.
• Not as much spending this month – I’ve got my new car to save up for.
• That means drinks after work tonight then maybe I’ll go shopping at the weekend too.
• I don’t suppose I’ll get much for myself, most of it will go straight to bills.

3. The boiler breaks down in the middle of December – how are you affording to fix it?

• That’s okay, we’ll call the engineer in the morning and just dip into the savings.
• I wish this had happened two months ago before we spent all the savings on the new sofa.
• Oh no! I’ll have to cancel the weekend away to afford it – what a shame, I was really looking forward to that.
• What else can go wrong? I’ll just have to put it on the credit card.

4. A couple of days until pay day, how are you feeling?

• Same as always, nothing ever really changes my budget.
• Great, I can put some more into my savings for the new kitchen.
• Phew! I’m down to my last few pennies.
• Finally – maybe I can get out of my overdraft this month.

5. It’s a couple of weeks since you’ve been paid – how’s your bank balance looking?

• I’m on budget like always – I may even be able to put some extra in my savings this month.
• My balance is looking a bit low, but I’ve put extra into my savings for Christmas this month.
• Ouch – I’ve spent more than I thought. I’ll have to cut back until next pay day.
• Back into my overdraft again – I don’t think I’ll ever be able to stay out of it.

6. Your family planned a trip last year that you couldn’t make. Your circumstances have changed and now you can go, but it’s next month. What are you doing?

• I’ll pay with my savings; I wouldn’t want to miss out on a family trip.
• I guess I can use the money I’ve been saving for the new TV, I don’t want to miss seeing the family.
• You only live once, I’ll have to just not spend anything else for the rest of the month.
• I wish I could, but I can’t afford it right now.

7. It’s nearing pay day and you’re under budget, what are you doing with the extra money?

• Straight into the savings, there’s nothing else I really need to use it for.
• That’s a bit more pocket money for our holiday next month. I’ll top up the savings.
• Amazing, I can go on a shopping spree this weekend.
• That’s a surprise – I’ll try to pay back some money on the credit card.

8. Your favourite shop is having a closing down sale, how do you react?

• That’s a shame, but I really don’t need anything new. I’ll leave it.
• We’re saving for the new washing machine, so we need to focus on that right now.
• I can’t miss out on it if they’re closing for good! I’ll have to go and stock up.
• I shouldn’t really, but if I won’t be able to go next month I’ll go and get some bits but pay on the credit card – I’ll be able to pay it back soon.

9. The car has failed its MOT, how are you getting it fixed?

• That’s okay, my savings are looking healthy, so I can use them.
• Luckily, I knew this might happen, so I’ve been budgeting for it for a few months and already have the money saved up.
• I was hoping this wouldn’t happen, but I can cancel the meal this weekend and get it fixed.
• It’s either fixing it or getting the bus, so I’ll have to go into my overdraft to pay for it.

10. Thinking about the future, how do you feel about your savings?

• I’m just happy to continue what I’m doing; it seems to be working well and I don’t really get caught out by surprises.
• I think what I’m doing is working okay, but I do wish I had some additional savings to fall back on other than when I’m saving for big purchases.
• I like feeling secure month to month, but I don’t worry about too far in the future.
• I don’t really want to think about savings, I need to pay off my debts first.

Total up your answers and make a note then look below to see what type of saver you are.

Mostly (A) = The Natural Saver

You’re the kind of saver that doesn’t really need to think about it, you just naturally save every month. You most likely have a healthy savings balance and would never feel the need to take out a loan or pay for things on a credit card.

The Natural Savers are more likely to consider moving some of their savings into long-term, fixed rate savings accounts to take advantage of the higher interest rates. They are clearly good at saving, so may still be able to have some left over for a rainy day in an Easy Access account.

Mostly (B) = The Goal Saver

You’re great at saving when you have a reason to. You like to save in larger chunks for something like a holiday or a new car, but if you aren’t saving for something specific, you normally don’t save.

The Goal Savers would look at different options to suite their savings goal. Like a Notice account or an Easy Access account. Also, a Regular Savings account if they know they going to be saving for a whole year and can keep up with the regular monthly deposits.

Mostly (C) = The Impulse Spender

You like spending your money when you get it and aren’t too worried about saving. You’ve been able to manage your spending and budgeting enough that you haven’t needed to take out a loan or a credit card, but you generally don’t have much money left over to save.

The Impulse Spender is likely to have an Easy Access account. They might not be ready committing to a fixed rate but want to have an option of putting money away if they have some left over.

Mostly (D) = The Borrower

You live pay slip to pay slip and are struggling to get your debt down. You may be into your overdraft or are borrowing from loans or credit cards. But plan to look at your monthly budget and think about where you can cut your spending.

The Borrowers are likely to have a Regular Saver or Easy Access account so their money is available when they need it. Or have no savings account.

Now you know what kind of saver you are, why not get in touch and learn all about how we can help you save your money in the way that suits you? Find out more by visiting our website or by popping into your local branch.

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