What’s your money mindset?


Your money mindset isn’t always black and white. Most of our financial knowledge is embedded in us from a young age and we’re usually heavily influenced by our parents. Did you put your pocket money in a piggy bank, or skip straight down to the sweet shop to spend your dosh? Once you pinpoint what type of money mindset you have, you can understand it, budget and make your money go much further.

Once you pinpoint what type of money mindset you have, you can then understand it, budget, and make your money go much further.

But things change. The recession hits and seems never-ending, you have children and although you’d love to be a saver, in reality you may be more of a ‘scrambler’ or even a ‘splurger’ (see below).

But it all comes back to how you think about money. Financial decisions and the responsibility they hold aren’t as simple as they used to be because you’re not just looking after your own piggy bank, you’re now in charge of looking after your family and their future.

According to research by HSBC, 48% of people aged 25 plus have never saved for retirement. They also found the main priority was saving for a holiday (43%) over setting up a nest egg.

If we had our sensible saver hat on, saving would always be at the top of our list of financial priorities. But what about seeing our children’s little faces light up when they visit Disneyland or Alton Towers?

The fact is it’s all about balance. It’s dangerous to walk the tightrope if you haven’t got a crash mat or the skills to know how to balance correctly. You’re setting yourself up for a fall. The same goes for your finances.

So, which one of the following types sounds most like you?

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Saver – you’ve done your budget, you’re putting something away each month and are trying to plan for the future, but sometimes get a little confused when it comes to the best way to go about it.

Splurger – you’re an impulsive shopper, may be in debt and all too often kick those bills under the doormat. You want to get back in control of your finances, but don’t know where to start.

Scrambler – you’re aware you should be saving, but circumstances mean money is tight. You struggle to save and want to set up a plan so there’s a bit more wriggle room.

Money mindset: Saver


You tend to be in control of your cash and aren’t bad at putting it away, but you may still worry about how best to invest your money.

By building on your money mindset and increasing your knowledge, you’ll find there are ways to make your money work harder and go even further for you.

It’s also wise to have a plan in case of unexpected changes because you never know what surprises life will throw at you. For example, do you have your will in order?

Look at this plan of action and you’ll soon be speeding down your super savings highway:

  1. Invest your money the right way. Make the most of tax-free savings by getting the facts about cash ISAs and Junior ISAs.
  2. Improve your credit rating. If you want to get the best credit card, loan and mortgage deals, you’ll need a good credit score. Find out how to boost your credit rating and check your credit score for free here.
  3. Want to increase the value of your property? Read these five quick wins to add value to your home.
  4. Remember the importance of writing a will.
  5. Keep up to date with the latest deals, discounts and freebies.


Moneymindset: Splurger


You could say you’re an impulsive spender, living from one wage slip to the next and wondering where the money went at the end of the month.

You might feel stressed and worried about controlling your debt, but there is a light at the end of the tunnel. The best way to move forward is to concentrate on getting back in control, deciding on a financial plan of action and seeking help to get back on track.

  1. Find out how to get out of debt in 10 simple steps.
  2. Make sure you don’t get ripped off with pay day loans – check out these alternatives.
  3. Take a closer look at your outgoings with our savvy spending calculator.
  4. Make an easy budget in 30 minutes.
  5. Got credit card debts? Consider transferring them to a 0% balance transfer credit card and pay off your debt without paying any interest.
  6. Supermarket pricechecker – so you never need to pay full price for your weekly shop.

Money mindset: Scrambler

scramblerYou don’t overspend, but you’re aware that you need to budget and each month you seem to be scrambling for those last pennies. Essentially, your income and outgoings seem to chase each other, leaving not a lot of room for saving or emergencies.

Check where your money is leaking with our savvy spending calculator. Don’t be scared to shop around. Often the biggest cuts can be made with a simple switch or phonecall.

It’s a good idea to look at options for increasing your income so you feel greater security for you and your family. Start small and think big. Have a savings goal and make it happen.