What type of spender and saver are you?

[BanditsBum]

DH and I were brought up in totally different money environments.

My parents hate spending money but they love building their savings. They own their house outright and it is riddled with damp and other issues which they could more than afford to fix but will not pay for it. They are very generous to their grandkids but are cheap in almost every other way.

DH was brought up by parents who, if they won a million pounds would borrow another two on top. They recently came into some money which they knew about a few weeks in advance, they had it spent (and more) long before it landed in their bank, they just bought on credit then paid it off but still owed loads. They enjoy themselves though and if they want something then they buy it whether they can afford it or not.

I like to think we have landed in the middle, we have healthy savings but still buy what we want (if we can afford it though - no debt). I for sure have inherited some cheapness though and DH would probably go mad spending if I wasn't there to balance him out.

So Mumsnet, what kind of spender/saver are you?

I don't spend more than I have. I have never had to budget because I just don't overspend. When I have any money saved I spend it on something sensible like overpaying the mortgage. But I can afford holidays and things as I don't go for expensive ones. I find it very hard to part with large sums of money. Probably because my parents are tight af.

We’re in the middle: save/invest and have clear budgets but also blow a fair bit on whatever we fancy.

My view towards money is that it’s only money. I can always earn more. I like nice things, I like to spend money, I don’t go wild but I always keep in mind the several people I know of who put great stock in saving as much as possible yet died relatively young and never got to enjoy the fruits of being frugal.

I have good pension provision (final salary defined benefit scheme) through work, which means I don’t put as much into my pension as people with a defined contribution scheme or a private pension. I suppose that helps. I overpay my mortgage where I can, but not if it would mean saying no to a great holiday or something I wanted. I don’t really have any financial plans except to pay off the mortgage and have a decent amount of savings for when needed.

Me and dp are opposites on this.
I spend, spend, spend. If we want or need something I will buy it. I have no credit card, no overdraft, only 6 months left on my car loan. So I basically spend what I can afford from my wages.
Dp on the other hand transfers a set amount to our joint savings account each week as soon as he gets paid and stays tight on the rest of his money.
Luckily, by doing this weve just managed to save the deposit for our mortgage which has just been approved (even with my erratic debit card spending).

You have to have someone money coming in to do anything with.
We are in the middle.
Far more stable now. Don't really save enough but don't get into debt. We have small savings for big expenses like Xmas etc. But if we needed a new car we would struggle. We can't afford a new kitchen.

We are definitely more savers than spenders but will splash out on the odd luxury. We save on everyday stuff like food and bills as much as we can often frequenting the reduced shelves in supermarkets. We have not increased our general spending habits when our income has increased so have managed to pay off our mortgage and invest in pensions and property. We don't have any debt and only buy things we can afford.
We have however had some fabulous holidays and my bike cost more than a small car.

DH was brought up by immigrant parents who saved every penny but valued education very highly. He still has their thrifty habits now even though he doesn't need to.
My parents were more middle class and I had a very comfortable upbringing however I have always been careful with money so the influence of DH has made me even more so.
At our current stage in life I think being very careful in the past has meant we have more options now in that I can afford to work part time and we don't panic when DH's company announces a round of redundancies.

Pretty high income, we don't save loads each month but always tuck DH's bonus away for anything that comes up in the year - we always allocate a lump towards the birthday/Christmas presents for our children. We just like to enjoy it, like weekends away/short breaks, meals out with the children now they're older etc

Is your do ok with this?!?

I am a saver just like my parents. DH is a shopaholic. Opposite attracts? I almost admire his ability to part with cash for something ‘worthwhile’.
I always get buyer’s regret, which makes shopping a rather unpleasant experience, so I only buy things that I absolutely need. 50% of my earning is saved automatically. I then budget the remainder and end up saving 10-20% of that depending on what I need.
I admire militant savers’ attitude but I also believe in being relaxed, healthy and happy. So spending money to fix damp issue is deemed a necessity to me. Owning a safer car is a necessity so it justifies the cost. Owning one or two pairs of comfortable yet solid shoes are worth the extra cost. Good books are worth any money.

I cannot think of many other things in life, in my personal opinion and experience, that justifies the higher price tag- simple basic standard would do!

My background is pretty middle class. My parents were sensible about saving but we lived pretty comfortably.

I tend to spend on quality things which tend to last and don't particularly deny myself anything I want but always look for the best way to buy them. I've bought far less in lockdown, particularly on clothing.

Holidays and experiences are a priority. Luckily my taste doesn't really run to Chanel handbags or weekly manicures and I'm fine eating out and just having a main and drink so my day to day budget is low.

I overpay my mortgage each month and save a fair amount. I never spend everything I have coming in and am fortunate to be in that position. I think I've got a pretty good balance.