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Are you a saver or a spender?

Have you ever thought about which money personality you have?

I know some people have mentioned it is genetic, which may be possible but I always felt it was interesting that two people can grow up in the same household with the same parents and one be a spender and the other a saver. 

But when you think about it opposites attract so I’m sure one parent was a spender and the other was a saver.

It could also be their personal experiences, where one person spends because they didn’t have it and the other saves because they didn’t have it. 

If you are not sure if you are a saver or a spender, here are some signs to help you figure out which one you are.

You may be a saver if:

You Don’t Shop Recreationationally

You only buy what you need and will sometimes go without in order to not have to dip into your accounts. 

You don’t enjoy shopping and only do it as needed.

You purchase quality items for a low price so you are not constantly replacing items.

You Started Saving Early

You have always been savers as if you were born that way. 

It could have also been instilled in you as a kid by a saver parent but you always had money in your piggy bank.

 If you received money as a birthday or a Christmas gift you always saved some of it.

You operate as if you don’t have any money. 

You Saved When They Didn’t Have A High Income

Some people think that they can’t save money until they make more money but savers are able to save money regardless of their income. 

For you, it gives you gratification to know that you have money in the bank.

You developed the habit early and that made it easier for you to save when your income increased.

Related: How To Start Saving With A Low Income

You Live Below Their Means

You are not going to have all of your income walking out the door to pay bills. 

You live well below your means in order to save.

A saver I spoke with early this year was saving 40% of her income each month, but she didn’t aim for that percentage, she kept her expenses low and saved the rest.

You Avoid Using Credit Cards

Unless you have too.

This is in conjunction with keeping your expenses low. 

You only use credit cards when it is a large expense and you don’t want to take the money out of your savings because savings is security. 

For example, if you needed to do some work to your home, you may use a 0% interest (if paid in a year) credit card offer and actually pay the balance in the year to avoid the interest.

  You understand the concept of compound interest and you keep it top of mind.

It makes you uncomfortable when you have to use credit so they only do it when absolutely necessary.

You Hoard Money and Are Not Generous

This one is not for all savers, but some savers do hoard money and will only give if you ask. 

This is not because you are mean, it is just due to your past experiences so you are scared that you may need the money after you give it to someone else.  

You may be a spender if:

Makes A Decent Amount Of Money But Doesn’t Know Where It’s Going

Spenders can have a good salary but they don’t know where it goes after payday. 

You may be paying your bills on time but it is hard for you to track the money left over after bills. 

You also have a habit of running out of money before payday.

You Don’t Have A Budget

This one is related to the last one.

Budgets have a negative wrap so the name along kills a spender’s shopping high.

You don’t like restrictions so you think a budget is not going to let you shop but you can build shopping into their budget.

You Shop On A Regular Basis

You shop on a regular basis and it doesn’t have to be for clothes or shoes. 

That’s a big misconception, it could be for anything.

There are spenders who just need to buy something so they always walk in the house with a bag, which could have candy to household items like, pots or lightbulbs.

Related: 9 Signs You’re Overspending

You like to live in the moment

You get a high when you are shopping.

You’re not concerned about whether or not you need the item they are purchasing. 

You are looking for instant gratification.

You Use Credit Cards On A Regular Basis

As a spender, you will use a credit card to satisfy your need to purchase an item. 

Even if you don’t use credit cards and you’re using cash you are not saving.

You are using all of your disposable income shopping for items you don’t need and just want. 

You’re A Gift-Giver

When you are shopping you love to pick up gifts for others. 

As a spender, you tend to give to those in need and those who are not in need.

Due to your shopping habits, you may see something your friend said they needed/wanted and you will pick it up because you are right there.

Is One Better Than The Other?

A saver is not better than a spender and a spender is not better than a saver.  

You both have to work towards being financially stable and enjoying life.

Finding a balance will provide a sense of gratification that you won’t receive from either extreme. 

It also makes it easier to compromise in relationships.

Which one are you? A saver or a spender?