• Sequor

Saver or spender, which one are you?

Updated: Jul 23, 2020



July is savings month in South Africa, so we decided it would be prudent to talk about saving.


Are you a saver? Or do you spend money as quickly (or as slowly) as you earn it?

We are part of a society that promotes spending and consumerism, and we find ourselves bombarded day and night with the message that spending money is good. Are we surprised that so many of us overspend?


Whenever we watch TV, pick up a magazine or go onto the internet, we are bombarded with advertiser’s messages telling us how to spend our money. “You deserve to drive a new car!” they say to us, or “Buy this shampoo for soft flowy hair” or “This is the best brand of jeans”, “Buy anything” they say, just buy!


So, the question remains, are you a saver or a spender? Do you know exactly how much money is in your wallet or your purse at the moment? Do you keep track of exactly how much you spend and where you spend it? Then you’re probably a saver.

If, on the other hand you can’t imagine life without those brand new running shoes, or you don’t have a clue where you spent that R 200 you had in your wallet last week, you’re more likely to be a spender.


Most of us fall somewhere in the middle of the saving/ spending continuum, but a lot of people are on the extreme of one side or the other. Whichever one you lie on, we are not making any value judgements. We believe understanding your ‘Money personality’ is critical to understanding how to better manage your finances. Being a saver or a spender isn’t a good or bad thing, however, either personality can cause problems if not well managed.

If you’re a natural saver, good for you! It doesn’t necessarily make you a better person, but you definitely have a great start on managing your personal finances. If you’re a spender, fear not! We all love nice things and living the good life. The only problem is, if you spend all your resources on the good life today, you won’t have much left for the good life later. Spenders mostly need to learn to exercise self-control. If you’re a spender, you’re not alone! Most people find it easier to spend than to save.


Don’t lose heart! Managing money is a skill set that can be learned. Establish what your ‘Money personality’ is and seek help. Find a friend who’s good with money, a finance coach or a financial planner. Anyone who can help you better manage your finances. Come up with a plan, a rational plan to help you better manage your finances.

Making a fundamental change in finances is difficult, support will make it easier. Ask for support, and start making changes.


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